TCRAP_Public/180403.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, April 3, 2018, Vol. 21, No. 065

                            Headlines


A U S T R A L I A

BEDROCK OFFSITE: Second Creditors' Meeting Set for April 10
COOMBOONA HOLDINGS: Harvey Norman Dairy Venture in Receivership
ENGINEERING MAINTENANCE: 1st Creditors' Meeting Set for April 23
INTERSTAR MILLENIUM: S&P Takes Actions on 18 Classes From 6 Deals
SOUTHLINE PTY: First Creditors' Meeting Set for April 9

SHOULDA WOULDA: Second Creditors' Meeting Set for April 9
WIZDOM CORP: First Creditors' Meeting Set for April 11


C H I N A

ANBANG INSURANCE: Former Boss Seeks Leniency in Fraud Case
CHINA OIL: 2017 Full-Year Results Support Moody's Ba2 CFR
DALIAN WANDA: Fitch Keeps BB+ IDR & Unsec. Rating on Watch Neg
GANGTAI GROUP: Fitch Rates US$100MM Unsec. Notes Due 2019 'B'
JINGRUI HOLDINGS: S&P Assigns 'B' LT CCR, Outlook Stable

XUZHOU ECONOMIC: Fitch Rates US$400MM Notes 'BB+'; On RWN


H O N G  K O N G

NOBLE GROUP: Liquidation Not Only Option to Plan, Goldilocks Says


I N D I A

ABG SHIPYARD: Liberty House Offers INR5,200cr for Business
ADHUNIK CORPORATION: Ind-Ra Lowers Long Term Issuer Rating to BB
ANIL CONSTRUCTION: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
AQUA DEVELOPERS: ICRA Assigns B+ Rating to INR25cr Cash Loan
ARAVALI PRINTERS: CRISIL Assigns B- Rating to INR21MM Loan

BARSHI MUNICIPAL: Ind-Ra Withdraws 'BB' LT Issuer Rating
BEED MUNICIPAL: Ind-Ra Withdraws 'B+' LT Issuer Rating
BINANI CEMENT: NCLT Suggests Out-of-Court Settlement
CHAKKRA COAL: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
CLAYMINE MICRONS: CRISIL Reaffirms B+ Rating on INR13.8MM Loan

DHRUVDESH METASTEEL: ICRA Reaffirms B Rating on INR20cr Loan
ELECTROSTEEL STEELS: Vedanta Wins Auction to Buy Bankrupt Business
EVER ELECTRONICS: ICRA Gives B+ LongTerm Rating to INR15cr Limits
GANADHI PATI: ICRA Assigns B+/A4 Ratings to INR26.5cr Debts
HOLIDAYS LIMITED: ICRA Moves D Ratings to Not Cooperating Cat.

INDIABULLS REAL: Moody's Confirms and Then Withdraws B1 CFR
IVR HOTELS: Ind-Ra Moves 'D' Term Loan Rating to Non-Cooperating
IVRCL LIMITED: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
JAGDAMBAA AGRO: CRISIL Reaffirms B+ Ratings on INR27MM Loans
JALA SHAKTI: CRISIL Lowers Rating on INR26.5MM LT Loan to D

JMK MOTORS: CRISIL Reaffirms B+ Rating on INR7MM Loan
KARVY DIGIKONNECT: CRISIL Puts B+ Rating on Watch Developing
KRISHNA TUFF: ICRA Moves B Ratings to Not Cooperating Category
MAHAVIR EDUCATIONAL: ICRA Withdraws B- Ratings on INR7.12cr Loans
MUNDRA INVESTMENTS: ICRA Assigns B+ Ratings to INR15.5cr Loans

NAVBHARAT INSULATION: CRISIL Cuts Ratings on INR6.85MM Loans to D
PALAPPILLIL TECHNO: CRISIL Assigns 'B' Rating to INR5.6MM LT Loan
PATEL INC: CRISIL Moves Ratings on INR7.5MM Loans to B+/Stable
PERFECT INFRAENGINEERS: CRISIL Assigns B- Rating to INR6MM Loan
PRATIK HOSIERY: CRISIL Reaffirms B- Rating on INR7MM Loan

REMEDY MEDICAL: ICRA Keeps B Ratings in Not Cooperating Category
SAMPURAN PACKAGING: CRISIL Moves Ratings on INR10.65MM Loans to B
SATYA SAI: CRISIL Reaffirms B+ Rating on INR3MM Cash Credit
SATHYANARAYANA AGRO: ICRA Removes B Rating from Not Cooperating
SATYESHWAR HEEMGHAR: ICRA Keeps B- Rating in Not Cooperating Cat.

SHREE DURGA: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
SHRIM INDUSTRIES: CRISIL Assigns B Rating to INR10.55MM Loan
SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.40cr Loan
SRI BALAJI: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
SRIRAM FASTENERS: CRISIL Assigns 'B' Rating to INR2.84MM LT Loan

SUPRABHA CONSTRUCTION: CRISIL Reaffirms B Cash Credit Rating
SUPREME TEX: Insolvency Resolution Process Extended for 90 Days
TRIMEX INDUSTRIES: ICRA Withdraws D Rating on INR30cr Loan
TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch Developing
VADERA TRADELINK: ICRA Withdraws B+ Rating on INR12cr Loan

VARUN RESOURCES: Bombay High Court Orders Sale of Six Ships
VASANT COTTON: ICRA Hikes Ratings on INR6.74cr Loans to B+
YAVATMAL MUNICIPAL: Ind-Ra Withdraws 'BB' LT Issuer Rating


M O N G O L I A

MIK HOLDING: Fitch Assigns First-Time 'B-' IDR; Outlook Stable


N E W  Z E A L A N D

CBL CORP: Bank of China Impairs NZ$33MM Likely CBL-Linked Loan


S O U T H  K O R E A

KUMHO TIRE: Union Agrees to Accept Overseas Sale Plan


V I E T N A M

VIETNAM: S&P Affirms BB- Sovereign Credit Rating, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week March 26 to March 30, 2018


                            - - - - -


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


BEDROCK OFFSITE: Second Creditors' Meeting Set for April 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bedrock
Offsite Pty Ltd has been set for April 10, 2018, at 11:00 a.m. at
Level 27, 259 George Street, in Sydney, New South Wales.

The purpose of the meeting are (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 April 9, 2018, at 4:00 p.m.

Sule Arnautovic and Amanda Young of Jirsch Sutherland were
appointed as administrators of Bedrock Offsite on Feb. 23, 2018.


COOMBOONA HOLDINGS: Harvey Norman Dairy Venture in Receivership
---------------------------------------------------------------
The Australian Dairyfarmer reports that Gerry Harvey's investment
in a Victorian dairy farm could end up costing Harvey Norman
shareholders more than AUD60 million.

ADF relates that the future of the dairy farm and cattle breeding
business, Coomboona Holdings, is uncertain after National
Australia Bank took control of the company on March 23, appointing
receivers and managers to protect its position after Coomboona
directors including Mr. Harvey appointed administrators.

According to the report, Mr. Harvey outlaid AUD34 million for a
49.9 per cent stake in Coomboona in September 2015, angering
investors by buying the stake through a Harvey Norman subsidiary,
HNM Galaxy, rather than one of his private companies.

Harvey Norman also lent Coomboona almost AUD29 million, according
to Harvey Norman's latest accounts, AUD18.5 million of which was
repayable on demand and AUD10.2 million repayable in 2020, the
report says.

ADF says Harvey Norman is now at risk of losing its entire equity
investment and some or all of its debt exposure if the receivers
-- Peter Anderson, William Harris and Matthew Caddy of McGrath
Nicol -- fail to find a buyer willing to pay a high enough price
to repay National Australia Bank, which is a secured creditor that
ranks ahead of Harvey Norman.

According to the report, the receivers and managers said
Coomboona, about 15 kilometres north-west of Shepparton, will
continue to trade while they attempt to sell the business as a
going concern.

"We are in the process of conducting a review of the financial
position and operations of Coomboona with a view to stabilising
the business while we run an orderly sale campaign," the report
quotes Mr. Anderson as saying.  "We will be in communication with
all relevant stakeholders and will be providing updates as
appropriate."

The administrators, Ryan Eagle and Stewart McCallum of Ferrier
Hodgson, are assessing Coomboona's financial position and expect
to hold the first creditors meeting in Melbourne on April 6, ADF
notes.


ENGINEERING MAINTENANCE: 1st Creditors' Meeting Set for April 23
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Engineering
Maintenance and Contract Solutions Pty Ltd will be held at the
offices of Vincents, Level 34, 32 Turbot Street, in Brisbane,
Queensland, on April 12, 2018, at 10:30 a.m.

Nick Combis of Vincents was appointed as administrator of
Engineering Maintenance on March 29, 2018.


INTERSTAR MILLENIUM: S&P Takes Actions on 18 Classes From 6 Deals
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class B notes issued
by Perpetual Trustee Co. Ltd. as trustee of Interstar Millennium
Series 2002-1G Trust, Interstar Millennium Series 2003-3G Trust,
Interstar Millennium Series 2004-1E Trust, Interstar Millennium
Series 2004-4E Trust, Interstar Millennium Series 2004-5 Trust,
and Interstar Millennium Series 2005-2L Trust.

At the same time, S&P lowered its rating on the Interstar
Millennium Series 2004-1E Trust class AB notes and affirmed our
ratings on the class A notes for Interstar Millennium Series 2003-
3G Trust, Interstar Millennium Series 2004-1E Trust, Interstar
Millennium Series 2004-4E Trust, Interstar Millennium Series 2004-
5 Trust, and Interstar Millennium Series 2005-2L Trust.

The lowered ratings on the class B notes reflect:

-- That the class B notes are the junior notes in these
    structures, not benefitting from any subordination or
    overcollateralization.

-- The small and increasingly concentrated nature of the pools.
    As of Dec. 31, 2017, five of the trusts have fewer than 500
    consolidated loans, with the exception of Interstar 2004-4E,
    which has 523 consolidated loans. Interstar 2003-3G and
    Interstar 2004-5 contain 214 and 224 consolidated loans,
    respectively.

-- That as outstanding assets and notes decrease significantly,
    S&P takes the view that tail risk takes greater precedence in
    transactional performance and our rating analysis. S&P
    expects that its ratings on pools beyond a 5% pool factor
    will be increasingly driven by the potential for event risk,
    and other tail risks.

-- That as of Dec. 31, 2017, all transactions have top 10
    borrower concentrations of greater than 10%, with the top 10
    borrowers in the Interstar 2003-3G and Interstar 2004-5
    trusts representing 17.26% and 19.16%, respectively.

-- That S&P has assessed pool concentrations by sizing an
    alternate loss scenario for the pool. Under this scenario,
    the top 10 loans at the 'AAA' rating level and top four loans
    at the 'BBB' rating level default and are recovered upon. The
    loss severity for each loan is the higher of 50%, the loan's
    loss severity, and the pool's weighted-average loss severity.
    The expected loss for the pool is the higher of that number,
    and the number sized applying S&P's "Australian RMBS Rating
    Methodology And Assumptions" criteria, published Sept. 1,
    2011. This approach is consistent with the "U.S. RMBS
    Surveillance Credit And Cash Flow Analysis For Pre-2009
    Originations" criteria, published March 2, 2016.

-- That arrears for these transactions are tracking
    significantly higher than S&P's Standard & Poor's Performance
    Index for prime residential mortgage-backed securities
    (RMBS). A total of 7.00% of the loans in the Interstar 2005-
    2L transaction are more than 30 days in arrears. The figure
    is 4.90% for the Interstar 2003-3G transaction.

-- The 'BBB' category ratings reflect the strong cash flows
    available to each trust, despite the small size of the pools.
    S&P Global Ratings' cash-flow modeling supports a higher-
    than-assigned rating level in certain scenarios; however,
    emerging event risk weakens the overall profile of the
    transactions. S&P Global Ratings assesses the financial
    strength of the class B notes as adequate, but they are more
    likely to have a weakened capacity to pay as the transaction
    size decreases further and the potential effect of event risk
    increases.

The lowered rating on the Interstar 2004-1E class AB notes
reflects:

-- The relatively small amount of credit enhancement available
    to this class of note in the form of subordination, which is
    now A$1.05 million, as a result of the pro-rata paydown of
    the structure. In S&P's opinion, this leaves this tranche
    vulnerable to increasing tail risk in a 'AAA' rating
    scenario.

The affirmations of our ratings on the class A notes reflect:

-- The buildup of credit support to the class A notes in the
    form of subordination provided by the class B notes is higher
    than the assessed level of credit support required at the
    'AAA (sf)' rating level in all cases.

-- S&P's view of the credit risk of the underlying collateral
    portfolios, which consist of loans to prime-quality
    borrowers, with lower weighted-average loan-to-value ratios,
    and seasoning of more than five years in all cases.

-- Lenders' mortgage insurance is provided for all loans in each
    of the portfolios.

-- The strong cash flows available to each trust, despite the
    small size of the pools.

A list of Affected Ratings can be viewed at:

                      https://bit.ly/2uxPdWm


SOUTHLINE PTY: First Creditors' Meeting Set for April 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Southline
Pty. Ltd. will be held at the offices of Hall Chadwick, Level 14,
440 Collins Street, in Melbourne, Victoria, on April 9, 2018, at
11:00 a.m.

David Anthony Ross and Gaurav Mishra of Hall Chadwick were
appointed as administrators of Southline Pty on March 26, 2018.


SHOULDA WOULDA: Second Creditors' Meeting Set for April 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Shoulda Woulda
Coulda Pty Ltd has been set for April 9, 2018, at 1:00 p.m. at 2nd
Floor, 106 Hardware Street, in Melbourne, Victoria.

The purpose of the meeting are (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 April 6, 2018, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Shoulda Woulda on March 7, 2018.


WIZDOM CORP: First Creditors' Meeting Set for April 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wizdom
Corporation Pty Ltd, trading as Living Vogue, will be held at the
offices of Clifton Hall, Level 3, 431 King William Street, in
Adelaide, SA, on April 11, 2018, at 10:30 a.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Wizdom Corporation on March 28,
2018.



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


ANBANG INSURANCE: Former Boss Seeks Leniency in Fraud Case
----------------------------------------------------------
Reuters reports that the former chairman of China's Anbang
Insurance Group Co Ltd requested leniency at the end of his high-
profile trial in Shanghai for alleged economic crimes, including
fraud and embezzlement involving more than $10 billion, according
to court statements.

According to Reuters, Wu Xiaohui had contested the charges against
him during the proceedings on March 28 but in a closing statement
appeared to reverse course, saying he understood and regretted the
crimes, the court said on an official social media feed.

Reuters relates that the one-day trial came a month after the
government seized control of Anbang, owner of New York's Waldorf
Astoria hotel, capping the company's precipitous downfall amid
Beijing's crackdown on financial risk.

The Shanghai No.1 Intermediate People's Court said Wu had
"expressed deep self-reflection, understanding of and regret for
the crimes, and expressed deep remorse for his actions" in his
closing statement, according to an online post seen by Reuters on
March 29.

"(He) thanked the justice system for its help, education and
remedy, and requested a light sentence," it said.

Reuters relates that the court said it would issue a verdict at an
unspecified later date.

Founded in 2004, Anbang became one of the most aggressive
investors behind a wave of overseas acquisitions by China's firms
in recent years that have attracted the attention of global
regulators and investors, Reuters says.

Its downfall was swift, as was Wu's, highlighting Beijing's
resolve in a sweeping campaign to deleverage the economy, cut
financial risk and discourage what it sees as profligate investing
by large companies, according to Reuters.

On March 28, the Shanghai No. 1 Intermediate People's Court issued
a stream of updates on the case, with alleged details that provide
a rare glimpse into the conglomerate's complex ownership structure
and fundraising activities.

According to Reuters, prosecutors said Wu had concealed his
control over Anbang and faked financial statements to cheat
China's insurance regulator for approvals to sell insurance
products to the public for investment, the court said.

He broke the rules by telling his company to sell investment-
purpose insurance products that exceeded the approved amount, the
court, as cited by Reuters, said.

By Jan. 5, 2017, it said, Anbang had oversold CNY724 billion
(US$115 billion) of insurance products and transferred some of the
funds to his other companies for investment, debt repayment and
personal spending, Reuters discloses.

All told, Wu was accused of swindling CNY65.2 billion, Reuters
adds.

Wu raised objections during the proceedings, contesting alleged
facts and charges, according to the court statements cited by
Reuters.

He claimed he did not understand the law and did not know whether
his behaviour constituted a crime. He also believed he had not
violated regulatory restrictions, Reuters says.

Wu, known for his hard-driving, hands-on approach and single-
minded ambition, has been detained since June, sources have said.

The crimes that Wu has been accused of are punishable by up to
life imprisonment, according to the criminal code.

Reuters relates that Anbang said in a statement on March 28 that
it had ample cashflow and its operations were stable following its
takeover by Beijing.

After a spate of high-profile deals worth more than $30 billion,
Anbang began to run into roadblocks even before Wu's detention,
failing to close on a handful of investments and facing criticism
over its opaque shareholding structure, adds Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world
over the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to
take control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.


CHINA OIL: 2017 Full-Year Results Support Moody's Ba2 CFR
---------------------------------------------------------
Moody's Investors Service says that China Oil and Gas Group
Limited's (COG) results for 2017 are in line with Moody's
expectations and support its Ba2 corporate family and senior
unsecured ratings and the stable ratings outlook.

"COG's stable 2017 results are supported by a solid growth in gas
sales volumes and stable leverage," says Ralph Ng, a Moody's
Analyst.

COG's revenue increased 19% year-on-year to HKD7.7 billion in
2017, mainly driven by a 20% growth in gross gas sales volumes to
3.3 billion cubic meters over the same period. This growth was
contributed primarily by increased gas consumption in China,
specifically, a 34% rise in gas consumption by commercial and
industrial customers of its existing projects, particularly in
Jiangsu and Shandong provinces.

The growth in gas sales volumes in more economically developed
areas, such as Jiangsu, has reduced the concentration of cash flow
derived from COG's projects in Qinghai province, and improved the
overall dollar margin of gas sales.

The company's projects in Qinghai province contributed 44% of its
total gas sales volumes, down from 46% last year and its average
dollar margin of gas sales in 2017 improved to RMB0.41 per cubic
meter from RMB0.37. Both these credit positive factors are in line
with Moody's expectations.

Moody's expects that the company will achieve a low double-digit
percentage growth in gas sales volume in 2018, supported by the
natural gas demand in China, as well as the five new concession
rights obtained in 2017.

However, the revenue from its pipeline connection services fell to
HKD525 million, down about 27% from last year.

The company's overseas upstream oil and gas operations recorded
HKD353 million in revenue, up 17% from the same period last year.
The profit margin for the segment also improved significantly to
22% in 2017 from 10% in 2016, supported by rising oil prices
during 2017.

Moody's believes COG's exposure to overseas operations and oil
prices will remain a credit constraint, even though its upstream
operations are self-sustaining, with a manageable level of capital
spending.

The company's upstream business accounted for 4.6% of its total
revenue in 2017 and 16.6% of total assets at the end of 2017.

Total reported debt at the end of 2017 increased slightly to
HKD5.7 billion, representing 6.6% growth over a year ago, and
Moody's expects that the company will incur annual capital
expenditure of HKD1 billion, split at a ratio of 80:20 between
city gas projects and upstream operations.

Overall, COG's projected retained cash flow/debt should register
around 14%-16% (13%-14% for 2017) and debt/capitalization 47%-48%
(48% for 2017). Such credit metrics are consistent with COG's
current Ba2 ratings and stable ratings outlook.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

China Oil and Gas Group Limited is mainly engaged in the piped
city gas business in China. In 2014, the company expanded into the
oil and gas production business in Canada.

The company is listed on the Hong Kong Exchange. Mr. Xu Tie-liang,
the company's chairman, is the largest shareholder, with a 24.5%
stake at the end of 2017.


DALIAN WANDA: Fitch Keeps BB+ IDR & Unsec. Rating on Watch Neg
--------------------------------------------------------------
Fitch Ratings has maintained Dalian Wanda Commercial Management
Group Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating
(IDR), senior unsecured rating and the ratings on its outstanding
US dollar senior notes of 'BB+' on Rating Watch Negative (RWN).

The ratings are being maintained on RWN even though Wanda has paid
down the second instalment of the offshore syndicated loan of
US$520 million. Wanda is also in the process of disposing of some
of its offshore assets to obtain additional offshore liquidity and
renewed its US$1.5 billion offshore note issuance quota with the
National Development and Reform Commission (NDRC). The Rating
Watch will be resolved when the last offshore loan instalment of
US$1 billion due May 2018 is repaid and the company has made
credible plans for addressing its other offshore financing needs.

KEY RATING DRIVERS

Early Repayment of Offshore Loan: As at end-March 2018, Wanda has
repaid the first and second instalments totalling US$693 million
of its US$1,732 million offshore syndicated loans, using asset
sales proceeds and internal cash. The final instalment of US$1
billion on its offshore syndicated loan is due in May 2018; in
addition it has a US$600 million note due in November 2018 and
another US$600 million notes due in 2024.

Assets Sales Boost Liquidity: Wanda and its 65%-owned subsidiary
Wanda Hotel Development Company Limited (Wanda Hotel), are in the
process of disposing of assets in UK, Australia and US. These
disposals are in various stages of completion. Although the sale
proceeds are accrued to Wanda Hotel, it appears that the cash can
be accessed by Wanda to address its debt maturities as Wanda Hotel
had HKD11.6 billion (USD1.5 billion) due to Wanda as of end-
January 2018.

Offshore Debt Access Unproven: Subsequent to addressing the May
repayment, the company will have to provide a credible plan for
its remaining offshore financing. Wanda has not issued any
offshore debt recently despite the renewal of its quota by NDRC.

Property Development Wind-down Credit Positive: Wanda intends to
wind down its property development business in the next one to two
years and focus on property management, mostly the rental-
generating Wanda Plaza complexes. Fitch believes that the change
may boost Wanda Properties' credit profile in the future because
the disposal of the more volatile property development business
may reduce the company's business risks and increase its recurring
EBITDA interest coverage, which Fitch estimates to have been above
1.2x at end-2017.

Strong Onshore Business: Wanda is China's largest shopping-mall
operator by the number of properties it owns and the scale of its
recurring income. Wanda has 211 Wanda Plazas in operation, with
another 13 million sq m under construction that will add close to
100 Wanda Plazas. Compared with global peers, Wanda's 2016 rental
EBITDA of CNY12.2 billion (USD1.8 billion) places it second behind
US-based Simon Property Group, Inc. (A/Stable), and is higher than
the US$1.6 billion EBITDA of France's Unibail-Rodamco SE (A/Rating
Watch Negative) and Hong Kong-based Swire Properties Limited's
(A/Stable) US$1.2 billion.

DERIVATION SUMMARY

The scale of Wanda's investment property business is comparable to
major global investment properties companies like Simon Property,
Unibail and Swire Properties. However, Wanda's recurring
EBITDA/gross interest is less than 2.0x, compared with its peers'
average of more than 5.5x. Its net debt/recurring EBITDA is weaker
than Simon Property's and Swire Properties', but stronger than
Unibail's.

Wanda's rating is constrained by the lack of financial
transparency at its parent, Dalian Wanda Group Co., Limited, which
Fitch believe to have a materially weaker credit profile than
Wanda. In addition, the current difficulty that Wanda is facing
with its offshore liquidity management has rendered its credit
profile non-investment grade.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

- 6% positive rental reversion each year

- Balance of Wanda Plaza development land bank to be sold by
   2020

- Trade payables to decline 55% by 2019

- Dividend paid to average CNY5 billion a year over the next
   five years

RATING SENSITIVITIES

The Rating Watch Negative will be resolved when there is more
certainty about the company's ability to address the May repayment
of the syndicated loans, and Wanda is able to articulate a clear
and credible medium-term financing strategy.

LIQUIDITY

Alleviated Offshore Liquidity Risk: Wanda's repayment of its first
and second offshore syndicated loan instalments has alleviated its
near term offshore liquidity concerns. Repayment of the final
instalment on the syndicated loan facilities in May, and the
redemption or refinance of the offshore senior notes due in
November 2018 will further improve its offshore liquidity,
although the company's ability to raise offshore debt at a
reasonable cost is still uncertain. Wanda's onshore liquidity is
still strong due to large asset sales and sharp reduction in
expansionary capex.

FULL LIST OF RATING ACTIONS

Dalian Wanda Commercial Management Group Co. Ltd.

-- Long-Term Foreign-Currency IDR affirmed at 'BB+', RWN
    maintained

-- Senior unsecured rating affirmed at 'BB+', RWN maintained

Wanda Properties International Co. Limited

-- US$600 million 7.25% notes due 29 January 2024 affirmed at
   'BB+', RWN maintained

Wanda Properties Overseas Limited

-- US$600 million 4.875% notes due 21 November 2018 affirmed at
   'BB+', RWN maintained


GANGTAI GROUP: Fitch Rates US$100MM Unsec. Notes Due 2019 'B'
-------------------------------------------------------------
Fitch Ratings has assigned Gangtai Group Co., Ltd.'s (B/Stable)
US$100 million 9.75% senior unsecured notes due 2019 a final
rating of 'B' with a Recovery Rating of 'RR4'. The notes were
issued directly by Gangtai Group and are rated at the same level
as Gangtai Group's senior unsecured rating because they constitute
its direct and senior unsecured obligations.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on March 12, 2018.

China-based Gangtai Group has businesses such as jewellery
retailing, real-estate development, cultural and media, financial
investments and trading. The company operates its main jewellery
business through 39.2%-owned Gangtai Holdings, which is listed on
Shanghai Stock Exchange. Gangtai Group's ratings are supported by
its diversified jewellery brand portfolio, expansion into other
business segments and improving credit profile. The ratings are
constrained by limited access to the cash at Gangtai Holdings, a
short history of operating in the financial investments and
cultural and media segments, and the company's high leverage.

KEY RATING DRIVERS

Proportionate Consolidation: Gangtai Group's rating is derived
using a bottom-up approach in line with Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch assesses that there is
moderate to weak linkage between Gangtai Group and its associate
Gangtai Holdings. Therefore, Gangtai Group is rated on a
proportionate consolidated basis.

Limited Cash Access: Gangtai Group's access to Gangtai Holdings'
cash is limited because the parent does not hold the majority of
the listed company. Gangtai Group cannot easily access Gangtai
Holdings' cash flows except via dividends. Fitch expects Gangtai
Group to receive dividends of CNY10 million-15 million a year from
the listed company, compared with group EBITDA of CNY0.5 billion-
1.0 billion a year during 2017-2020.

Multi Jewellery Brand Retailer: Gangtai Holdings retails a
diversified portfolio of four brands of jewellery in China, and is
the group's major revenue and EBITDA generator. According to
Euromonitor, jewellery sales in China are expected to increase by
3%-5% a year in 2017-2020. Fitch expects the jewellery retailer to
have generated 51% of group revenue and 57% of group gross profit
in 2017 compared with 79% of revenue and 57% of gross profit in
2016. Gangtai Group acquired Italian jewellery and watch company
Buccellati in 2H17 and Fitch expect the group to inject the
acquired company into Gangtai Holdings in 2018.

Benefits from Business Diversification: Gangtai Group also
benefits from improving business diversification through the
development of its residential and commercial property, financial
investments and cultural and media segments. The cultural and
media business is still at the investment stage, and Fitch expects
it to break even on a free cash flow (FCF) basis only from 2020.
However, the property business is likely to be the key driver of
Gangtai Group's revenue and EBITDA from 2018. The cultural and
media, financial investments and trading businesses will make only
minimal revenue and cash flow contribution to the group in the
next three years.

Weak Financial and Credit Profile: On a proportionally
consolidated basis, Gangtai Group's financial profile is weak,
with low FFO fixed-charge coverage of 0.6x and EBITDA gross
interest coverage of 0.8x by end-2017, and high FFO net leverage
of 17.5x and net debt/EBITDA of 13.3x. Although revenue growth and
margin expansion are likely to pick up in 2017-2020, Fitch expect
Gangtai Group to generate negative FCF of CNY400 million-700
million a year in 2017-2018 due to capex on residential and
commercial property development. FCF is likely to only turn
positive from 2019 after the completion of a major property
project.

Fitch expects Gangtai Group's FFO net leverage to fall to 5x-8x
and FFO fixed-charge coverage to improve to 1.2x-2.3x in 2018-
2020, following the completion of several residential property
development projects as well as the injection of Buccellati into
Gangtai Holdings.

DERIVATION SUMMARY

Gangtai Group has higher leverage, lower coverage and a more
volatile margin than Gangtai Holdings. Gangtai Holdings' financial
profile is comparable with consumer companies rated between 'BB-'
and 'B-', including Chinese watch retailer Hengdeli Holdings
Limited (B-/Stable) and Chinese department store operator Golden
Eagle Retail Group Limited (BB-/Negative). In particular, Gangtai
Holdings and Hengdeli require heavy working capital to finance the
inventory for jewellery and watch retailing, respectively.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

- Revenue growth of 1%-9% per year, with EBITDA margin expanding
   to 7.4%-12.8% in 2017-2020, from 7.1% in 2016

- Lower working capital requirement in 2017-2020

- Capex at CNY400 million-500 million a year during 2017-2020

- CNY40 million-50 million dividend payout (10% payout ratio)
   from Gangtai Holdings; no dividend payout from unlisted
   entities

RATING SENSITIVITIES

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

- Gangtai Holdings successfully executes business plans,
   including improving the profitability of Buccellati

- FFO adjusted net leverage sustained below 5x, based on
   proportionate consolidation

- FFO fixed charge coverage sustained above 1.5x, based on
   proportionate consolidation

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

- Gangtai Holdings has poor business execution, including
   widening losses at Buccellati

- FFO adjusted leverage above 6.5x for a sustained period, based
   on proportionate consolidation

- FFO fixed charge coverage below 1.2x for a sustained period,
   based on proportionate consolidation

LIQUIDITY

Adequate Liquidity: At end-June 2017, on a proportionate
consolidation basis, Gangtai Group had short-term debt of CNY5.4
billion (including a gold loan of CNY2.0 billion and of the
current portion of long-term debt of CNY725 million), long-term
borrowings of CNY2.8 billion and long-term bonds of CNY2.4
billion. The group had available cash of CNY5.2 billion and an
unused credit facility of CNY2.1 billion. Fitch believes Gangtai
Group will be able to roll over the short-term debt.


JINGRUI HOLDINGS: S&P Assigns 'B' LT CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Jingrui Holdings Ltd. The outlook is stable. Jingrui is
a China-based property developer, which recently refocused its
strategy in higher tier cities in the Yangtze River Delta.

S&P said, "The rating reflects Jingrui's small operating scale,
small market share, weak competitiveness in its core markets,
lower profitability than its peers, and our expectation that the
company will increase its leverage to replenish its small land
reserves to expand and refocus in higher-tier cities. In our view,
the company has largely completed its strategic transition and
inventory clearance in the past few years. We anticipate its
profitability will gradually recover and move toward the lower end
of the market average. Jingrui also demonstrates good control of
its funding costs relative to similar peers."

Given the company's small operating scale and that it has only
started to rebuild its presence in higher-tier cities in recent
years, S&P believes Jingrui will experience higher execution risk
than peers with established market positions in land acquisitions,
particularly at more reasonable cost. In addition, homebuyers in
higher-tier cities also have much higher standards with regard to
product quality, while Jingrui will also need to operate under
tighter market policies. In S&P's view, Jingrui's improved
performance in the past one to two years was partly due to
favorable market conditions, and it still lacks the proven ability
and brand reputation to operate in the competitive higher-tier
cities in different cycles. Its ability to set premium pricing in
these cities is limited, due to its lack of an established brand,
while its small scale limits its financial ability to acquire
quality land amid fierce competition in the land market. However,
S&P notes that Jingrui has expanded cooperation with other
developers and set up fund structures for project development to
reduce capital needs. Jingrui also attempts to improve product
quality by providing customized interior design to potential
buyers in some of its projects to differentiate itself from its
competitors.

Jingrui has undergone a significant strategic change in the past
few years, moving its focus and market exposure away from lower-
tier cities to high-tier cities, where Jingrui has more than 80%
of its land reserve now. However, the company had quickly cleared
its inventories at below market price to recoup its financial
resources for land replenishment in higher-tier cities in the past
two to three years, thus resulting a material margin decline and
substantial weakening in profitability.

S&P said, "We believe the strategic transition is largely
complete. The lingering effect from projects in lower-tier cities
is diminishing, but it is still having some impact. In addition,
considering the effect of higher land costs and tightening
government policies despite stronger housing demand in higher-tier
cities, we believe that Jingrui's profitability will gradually
restore to the lower-end of the market average with an EBITDA
margin at around 20%.

"To achieve its sales growth of about 20% each year, we believe
Jingrui's current land bank is running low, and will need
considerable land purchases. Indeed, we estimate that the
company's current land reserves of 4.4 million square meters
(sqm), or 2.5 million sqm on an attributable basis, are only
sufficient for development in the next two to three years. As
such, we expect that its debt to EBITDA ratio will increase to
about 8x in 2018 and 2019, from 5.5x in 2017. At the same time,
EBITDA interest coverage will tighten to around 1.8x-2.0x, from
2.5x in 2017.

"In our view, Jingrui has competitive funding costs and fair
funding access compared to other developers of similar size. Over
the past years, Jingrui has experience in tapping onshore and
offshore debt markets and offshore equity placements. It reduced
its average funding costs to around 7% in 2017 from 8.5% in 2016.
We believe the competitive funding rates and access to funding
channels is a result of the favorable market conditions in recent
years as well as Jingrui's long operating record and history of
tapping various funding channels.

"The stable outlook reflects our expectation that Jingrui will
grow its contracted sales moderately while maintaining
satisfactory project execution in the next two years. We expect
the contracted sales gross profit margin will improve to around
23%-25%. We also expect the company's financial leverage will
remain high, despite a meaningful improvement in 2017.

"We could lower the rating if Jingrui's leverage deteriorates or
its debt servicing ability worsens beyond our base case. This
could be indicated by a debt-to-EBITDA ratio of above 8x, or
EBITDA interest coverage of less than 1.5x in the next 12 months.
This could happen if (1) the gross margin fails to recover
significantly from the low level in the past two years, or (2) the
company's debt-funded expansion from land acquisitions is more
aggressive than we anticipated."

The rating upside is limited in the next 12 months. A significant
improvement in its scale and profitability combined with debt-to-
EBITDA ratio staying below 5x on a sustainable basis could lead to
an upgrade.


XUZHOU ECONOMIC: Fitch Rates US$400MM Notes 'BB+'; On RWN
---------------------------------------------------------
Fitch Ratings has assigned Xuzhou Economic and Technology
Development Zone State-Owned Assets Management Co., Ltd.'s (XETZ,
BB+/Rating Watch Negative (RWN)) US$400 million 6.75% notes due
2021 a final rating of 'BB+' and placed the notes on RWN. The
notes are issued by XETZ's indirect and wholly owned subsidiary
Jinshine International Co., Ltd and are unconditionally and
irrevocably guaranteed by XETZ.

The offshore notes are rated at the same level as XETZ's Issuer
Default Ratings (IDR) as they represent its direct, general,
unsubordinated, unconditional and unsecured obligations and shall
at all times rank pari passu among themselves and at least pari
passu with all other present and future unsecured obligations of
XETZ. The final rating follows the receipt of documents conforming
to information already received and is in line with the expected
rating assigned on March 20, 2018.

KEY RATING DRIVERS

Publication of Updated Criteria: Fitch Ratings placed XETZ's Long-
Term Foreign- and Local-Currency IDRs on RWN on Dec. 20, 2017,
following the publication of Exposure Draft: Government Related
Entities Criteria. The updated criteria was released on Feb. 7,
2018; see Fitch Releases Government-related Entities Rating
Criteria. The bonds have also been placed on RWN, as they
constitute XETZ's direct, general, unsubordinated, unconditional
and unsecured obligations.

Links to Xuzhou Municipality: XETZ's ratings are credit linked to
Xuzhou municipality. This is reflected in its 100% state
ownership, strong government oversight of its financials and the
strategic importance of its operation to the municipality. These
factors result in a high likelihood of extraordinary support, if
needed. Therefore, XETZ is classified as a credit-linked
government-related entity (GRE) under Fitch's criteria.

Xuzhou's Healthy Creditworthiness: Fitch considers the budget
performance of Xuzhou, as a logistic hub in eastern China, as
satisfactory. The municipality has a diversified socio-economic
profile and its gross regional product (GRP) ranks fifth among
Jiangsu province's 13 prefectures. The province's GRP, in turn, is
the second largest among all provinces in China. Xuzhou's GRP per
capita of CNY66,845 in 2016 was below the Jiangsu level of
CNY95,259, but higher than the national level of CNY53,890. These
strengths are partially mitigated by potentially high contingent
liabilities arising from Xuzhou's public-sector entities and the
municipality's weak transparency.

Weak Financial Profile: As a local-government financing vehicle,
XETZ's financial profile in the previous five years has been
characterised by large capex, negative free cash flow and high
leverage. Fitch expects this to continue in the medium term.
Operating revenue fell by 8% in 2016, as the company invested in
projects that do not yet recognise revenue. Fitch believes the
revenue drop is temporary. XETZ has also strengthened the terms
and conditions of government project repurchasing, which should
improve the company's liquidity.

RATING SENSITIVITIES

Links with Municipality: An upgrade of Fitch's credit view of
Xuzhou and a stronger or more explicit support commitment from the
government may trigger positive rating action on XETZ. Significant
weakening of the company's strategic importance to the
municipality, dilution of the municipality's shareholding or lower
explicit and implicit municipal support may result in a downgrade.

A downgrade may also stem from weaker government fiscal
performance or increased indebtedness, leading to deterioration in
its creditworthiness.

Any change in XETZ's Issuer Default Ratings will result in a
change to a similar extent in the rating on the notes.

Fitch will monitor the application of existing and new central
government laws, regulations and directives that effectively
prohibit or restrict support by local and regional governments to
GREs, such as XETZ, and may affect the entities' ability to
service their debts. Fitch interprets such initiatives as the
central government's efforts to disentangle GREs from public-
sector balance sheets, address indiscriminate GRE debt growth and
encourage greater market discipline.

Depending on the degree of certainty and the extent of the
prohibitions, the agency will take rating action that could result
in a widening of notching or the adoption of a bottom-up ratings
approach, possibly to the extent of removing all support
expectations.



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


NOBLE GROUP: Liquidation Not Only Option to Plan, Goldilocks Says
-----------------------------------------------------------------
The Strait Times reports that Goldilocks Investment Company, a
major shareholder of Noble Group, on March 29 issued another
statement highlighting "serious inaccuracies and deficiencies" of
Noble Group's response to the Singapore bourse regarding its
restructuring support agreement (RSA).

Chief of these include Goldilocks' belief that liquidation is not
the only alternative to the RSA plan, and that Noble's board has
not provided any substantive justification as to why its existing
management deserves "free equity, along with a full release from
liability," the Strait Times relates.

In a March 26 announcement, Noble said its restructuring is fair
and equitable to shareholders on the basis that senior creditors
are the economic owners of Noble, Goldilocks noted.

This means that the board takes the position that its shareholders
are "out of money", Goldilocks said, the report relays.

Concurrently, the embattled commodities trader is saying that it
is able to continue as a going concern until such time as the
restructuring is completed, and the fund manager is contesting
that these positions are not consistent, according to the Strait
Times.

According to report, Goldilocks said it is inappropriate for the
board to use Noble's liquidation value as a basis to prematurely
conclude that senior creditors are the sole economic owners of
Noble.

The Strait Times relates that the investment firm added that
Noble's intent in doing so is twofold - to threaten and oppress
shareholders; and to push through the RSA that has been negotiated
with a small number of creditors.

Contrary to what Noble's board is claiming, alternatives to
restructuring contemplated under the RSA are not limited to
liquidation, Goldilocks, as cited by the Strait Times, said.
"White knight and refinancing proposals have been put forward to
the board, and the board has rejected them, without providing any
details or reasons."

In addition, Goldilocks is also contending that Noble's board has
failed to provide any meaningful response as to why its existing
management, whose stewardship led to net losses of US$4.9 billion
in fiscal year 2017 should be entitled to receive a 10 per cent
equity of the New Noble post-restructuring, the Strait Times
relays.

The report adds that Goldilocks also noted that the board has not
explained why Noble's management should be entitled to receive "a
cashless, interest-free loan" from senior creditors to subscribe
for an option for a further 10 per cent of the ordinary share
capital of New Noble.

Among other issues, Goldilocks pointed out that Noble's board has
not provided adequate justification that an administration process
in England would be better than judicial management in Singapore,
Reuters relays.

In particular, Noble has not offered details including the "costs,
process duration, and certainty of outcomes" that make an
administration order in the UK preferable, especially since
Singapore already has a highly developed and flexible
restructuring regime that is a world leader in innovation,
Goldilocks, as cited by the Strait Times, said.

The fund manager added that Noble has side-stepped the point that
although its 2018, 2020 and 2022 notes are governed either by
English law or New York law, all three notes are listed and quoted
in Singapore, where Noble has more real and tangible connections,
the Strait Times adds.

                         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
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018. In addition, the company said it would not make the
payments despite being given 30-day grace periods to meet both
obligations. The failure to make these payments will trigger
cross-defaults on the company's other obligations. We do not
expect Noble to meet any outstanding obligations as the company
preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management expects
to be completed by the end of July. S&P will conduct another
review the company's credit profile after the restructuring is
complete.



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


ABG SHIPYARD: Liberty House Offers INR5,200cr for Business
----------------------------------------------------------
The Hindu Business Line reports that London-based metals group
Liberty House has offered to pump in INR5,200 crore on a deferred
payment basis of over 5 to 10 years for ABG Shipyard Ltd, in a
fresh round of bidding for the debt-laden shipbuilder that closed
on March 27.

According to the report, Liberty House has also agreed to bring in
INR400 crore upfront in its bid submitted to the Interim
Resolution Professional (IRP) from BDO India LLP, which is
overseeing the resolution process under the Insolvency and
Bankruptcy Code (IBC).

The offer made by Liberty House, led by India-born British
businessman Sanjeev Gupta, is more than the liquidation value of
INR2,200 crore set by the lenders, the report says.

The Hindu Business Line notes that Liberty House was the only
entity to submit an offer for the yard that owes some INR18,245
crore to banks led by ICICI Bank Ltd.

"The offer of Liberty House was well received by the lenders as it
was above the liquidation value," a person briefed on the bid
said, asking not to be named, The Hindu Business Line relays.

The Hindu Business Line notes that the IRP has forwarded the bid
to the committee of creditors, expected to meet on April 10, to
take a final call on the offer. The resolution of ABG Shipyard has
to be completed by April 30.

The report says the lone bid submitted by Liberty House, in an
earlier round of bidding, was rejected because it was below the
liquidation value.

Mahindra & Mahindra and the Mistry family-controlled Shapoorji
Pallonji Group had given expression of interest for the company,
but neither of them submitted binding bids, the report notes.
Among lenders, ICICI Bank has made the highest claim of INR4,877
crore, followed by IDBI Bank at INR2,573 crore and State Bank of
India at INR2,316 crore, The Hindu Business Line discloses.

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is
engaged in the construction and repair of various types of
vessels as well as rigs. ASL has constructed and delivered 156
vessels over the last 23 years. ASL has capacity to build vessels
up to 1,20,000 Dead Weight Tonnage (DWT) at Dahej and upto 20,000
DWT at Surat, Gujarat.

ABG Shipyard is among the list of 12 large companies that RBI had
identified in June 2017 for banks to refer to the bankruptcy court
immediately.


ADHUNIK CORPORATION: Ind-Ra Lowers Long Term Issuer Rating to BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Adhunik
Corporation Ltd's (ACL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+' while resolving the Rating Watch Negative (RWN). The
Outlook is Negative. The instrument-wise rating actions are as
follows:

-- INR550 mil. Fund-based working capital limits downgraded to
    IND BB and off toRating Watch Negative; and

-- INR220 mil. Non-fund-based working capital limit affirmed
    with IND A4+ and off toRating Watch Negative.

KEY RATING DRIVERS

The downgrade and Negative Outlook reflect Ind-Ra's expectation of
a decline in ACL's financial flexibility, as Adhunik group
companies Adhunik Alloys & Power Limited, Adhunik Metaliks
Limited, Zion Steel Limited and Orissa Manganese & Minerals Ltd
have been referred to and accepted by National Company Law
Tribunal under the Insolvency and Bankruptcy Code, 2016. Ind-Ra
expects that the development could affect ACL's refinancing
ability in the near-to-medium term, as the group companies have a
common set of bankers.

ACL's credit profile continues to deteriorate. According to FY17,
interest cover (operating EBITDA/interest expense) declined to
1.34x (FY16: 1.53x) and net leverage (net debt/operating EBITDA)
increased to 5.78x (2.89x) due to an increase in year-end debt for
funding inventory. Revenue fell to INR2,668.5 million in FY17
(FY16: INR3,319.9 million) due to a fall in sales realizations and
billet sales volume, partially offset by an increase in low-value
sponge iron sales volume. EBITDA margin declined to 4.0% in FY17
(FY16: 4.7%) due to an increase in other operating expenses.

RATING SENSITIVITIES

Positive: An improvement in liquidity and financial flexibility
could result in a positive rating action.

Negative: Any deterioration in liquidity could result in a
negative rating action.

COMPANY PROFILE

Incorporated in 1996, ACL operates a 60,000 metric tons per annum
sponge iron facility and a 97,500 metric tons per annum alloy
steel billet facility with five induction furnaces in West Bengal.




ANIL CONSTRUCTION: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Anil Construction
Company's (ACC) Long-Term Issuer Rating to 'IND BB' from IND BB-
(ISSUER NOT COOPERATING). The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. (increased from INR30 mil.) Fund-based limits
    upgraded with IND BB/Stable rating;

-- INR20 mil. Proposed fund-based limits* assigned with
    Provisional IND BB/Stable rating; and

-- INR70 mil. Non-fund-based limits affirmed with IND A4+
    rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by ACC to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in ACC's revenue
leading to an improvement in its credit metrics. Revenue surged to
INR180.25 million in FY17 (FY16: INR86.5 million) due to an
increase in work orders outside its home district, Shivpuri in
Madhya Pradesh. However, the scale of operations continued to be
small. As of end-February 2018, the company had an order book of
INR571.63 million (3.17x of FY17 revenue), which is to be
completed by FY20. Interest coverage (operating EBITDA/gross
interest expense) improved to 8.43x in FY17 (FY16 2.7x) and net
leverage (total adjusted net debt/operating EBITDAR) to 1.35x
(3.63x), although remained modest, due to the growth in revenue.
However, EBITDA margins declined to 6.97% in FY17 (FY16: 10.09%)
due to an increase in construction cost.

The ratings, however, remain constrained by the company's presence
in a highly competitive and fragmented construction industry,
along with its susceptibility to volatility in raw material
prices.

The ratings also remain constrained by high customer concentration
risk, since ACC executes road construction and maintenance
contracts primarily for Madhya Pradesh Rural Road Development
Authority.

However, the ratings are comforted by ACC's comfortable liquidity
position as reflected by 49.73% average utilization of its fund-
based facilities during the 12 months ended February 2018.

RATING SENSITIVITIES

Negative: A decline in revenue or operating profitability, leading
to deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in revenue, while maintaining
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2000, ACC is a partnership firm engaged in road
construction and maintenance for Madhya Pradesh Rural Road
Development Authority, with whom it has a Class A contractor
status.


AQUA DEVELOPERS: ICRA Assigns B+ Rating to INR25cr Cash Loan
------------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR25.00-crore fund-based bank facilities of Aqua Developers. The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Cash
   Credit                25.00     [ICRA]B+(Stable); Assigned

Rationale

The assigned rating takes into account the long and established
track record of the firm's partners in real estate market in
Rajkot, moderate funding risk as the bank debt has been tied-up
and receipt of major regulatory approvals for the project.
The rating, however, is constrained by the firm's exposure to
execution-related risk in terms of timely completion of project
within the budgeted cost, exposure to selling risk on account of
low bookings achieved (about 8% of total saleable area) and the
limited amount of customer advances received (about 10% of total
sales). The rating also takes into account the exposure of the
firm's operations to the cyclicality inherent in the real estate
sector. Further, ICRA also notes that AQUA is a partnership
concern and any capital withdrawal may impact the credit profile.

Outlook: Stable

ICRA expects that the firm would benefit from the experience of
its partners in real-estate development in Rajkot. The outlook may
be revised to Positive if healthy sales progress and speedy
execution of ongoing project result in improved receipt of
customer advances. The outlook may be revised to 'Negative' if
cash flow from operations is lower than expected, either because
of subdued response to the project or low customer advances or if
any significant delay in completion weakens the liquidity position
of the firm. Besides, any further significant investment in land
bank would also be a key monitorable.

Key rating drivers

Credit strengths

Established experience of promoters in the residential real estate
development business: The partners of Aqua Developers have been
engaged in real estate development in Rajkot region for over two
decades with total developed area of over about 1.65 million
square feet over the years.

Moderate funding risk and limited regulatory risk: The bank debt
has been tied which is INR25 crore out of the total project cost
of INR54 crore resulting in moderate funding risk along with
limited dependence on customers advances (about 11% of total
project size). Further, AQUA has received major regulatory
approvals for the project, resulting in a low regulatory risk for
the ongoing project.

Credit challenges

High execution risk: The execution risk for the project remains
high since about 42% of the total project cost has been incurred
till January 2018. Execution of the project in time and within
estimated cost remains critical with bulk of repayment due in
FY2020. Any delay in the project execution and cost over-run may
result in cash flow mismatches and impact the liquidity profile of
the firm.

Low booking status coupled with low collection efficiency: The
project consists of 104 apartment units, out of which AQUA has
received bookings for 8 apartments, representing about 8% of the
total saleable area. Hence, its market risk remains high, given
that about 92% of the inventory still remains to be sold. Further,
the company has received limited advances of INR0.6 crore (about
10% of total area booked) till January 2018 reflecting low
collection efficiency.

Exposure to cyclicality of the real-estate sector: The exposure to
sales risk is further accentuated by the intense competition in
the Rajkot real-estate market as well as the inherent cyclicality
observed in the real-estate sector, which may impact the progress
of the construction and collection from customers.

Risks inherent in partnership firm constitution: Any substantial
capital withdrawal, given the partnership nature of the firm's
constitution, could impact the net-worth and gearing levels

Rajkot based, Aqua Developers (AQUA) was established in 2016 and
is coming up with the project i.e. AQUA-Majestic Living. The
project consists of four towers of 13 floors and two basements
which has 104 units covering a total saleable area of 286,000 sq.
fts. The construction started from April 2017 and expected to be
completed by December 2019, with sales expected to be complete
within three-four years. The partners have experience of more than
two decades in the real estate segment and five ongoing projects.


ARAVALI PRINTERS: CRISIL Assigns B- Rating to INR21MM Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Aravali Printers and Publishers
Private Limited (APPPL). The ratings reflects stretched liquidity
and below average financial risk profile, large working capital
requirement and modest sale of operations. These rating weakness
are partially offset by extensive experience of promoters.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility        1         CRISIL B-/Stable

   Letter of Credit          4         CRISIL A4

   Bank Guarantee            4         CRISIL A4

   Cash Credit              21         CRISIL B-/Stable

Key Rating Drivers & Detailed Description

Weaknesses:

* Stretched liquidity and below average financial risk profile:
Total outside liabilities to networth was high at 3 times as on
March 31, 2017. The interest coverage and net cash accruals to
total debt was at 1.5 times and 0.03 times respectively for fiscal
2017. The liquidity profile is stretched marked by limited cushion
in cash accruals and repayments, and fully utilised bank limit.

* Modest scale of operations: Revenues have declined in the past 3
three fiscals, to INR57 crores in fiscal 2017, due to lower order
book and sluggish demand from government departments. Modest scale
restricts bargaining power with customers and suppliers amid
intense competition in the industry.

* Large working capital requirements: Operations are working
capital intensive in nature as reflected in gross current assets
days of 429 days as on March 31, 2017, on account of high debtors
of 346 days sue to delayed payments from customers and moderate
inventory. Management of working capital will be key monitorable.

Strengths:

* Extensive experience of promoter: Promoters have over three
decades of experience in the printing business and have
established strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that APPPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if sustained improvement in revenue,
profitability and working capital cycle, leads to better financial
risk profile and liquidity. The outlook may be revised to
'Negative' in case of decline in revenue or profitability, or
increase in working capital requirements leads to further
deterioration in financial profile and liquidity.

APPPL) was incorporated in November 1982 by three brothers Mr.
Madanlal Goel, Mr. Subhash Goel, and Mr. Suresh Goel. The company
is engaged in offset printing and publishing at New Delhi.


BARSHI MUNICIPAL: Ind-Ra Withdraws 'BB' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Barshi Municipal
Council's (BMC) Long-Term Issuer Rating of 'IND BB'. The Outlook
was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the issuer
rating was assigned under Atal Mission for Rejuvenation and Urban
Transformation programme and no specific debt was issued against
the rating. Ind-Ra will no longer provide rating or analytical
coverage for BMC.

COMPANY PROFILE

BMC is a class 'A' municipal council. The functioning of BMC is
tasked and carried out through various departments such as water
supply and sewerage, education, health, town planning and
development, and women and child welfare. Barshi is located in
Solapur district in Maharashtra - located at around 70km north of
Solapur city.


BEED MUNICIPAL: Ind-Ra Withdraws 'B+' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Beed Municipal
Council's (BMC) Long-Term Issuer Rating of 'IND B+'. The Outlook
was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating as the issuer
rating was assigned under Atal Mission for Rejuvenation and Urban
Transformation programme and no specific debt was issued against
the rating. Ind-Ra will no longer provide rating or analytical
coverage for BMC.

COMPANY PROFILE

BMC was established in 1952 as one of the 36 districts of
Maharashtra state. It provides basic civic services, implements
and monitors various human settlement developmental projects such
as water supply, sewerage waste management, solid waste
management, education to its citizen.


BINANI CEMENT: NCLT Suggests Out-of-Court Settlement
----------------------------------------------------
BloombergQuint reports that in an interesting twist to the Binani
Cement Ltd. insolvency proceedings, the National Company Law
Tribunal on March 27 suggested an out-of-court settlement between
Binani and its committee of creditors. This after Binani
Industries Ltd. argued for a termination of the insolvency
proceedings against its subsidiary.

At least 14 different petitions have been filed in the Binani
Cement insolvency matter underway at the NCLT in Kolkata, the
report says. Key among them is the Binani Industries' termination
petition, and that's what the hearing was mostly focused on, the
report relates.

According to BloombergQuint, Binani Industries has signed an
agreement with unsuccessful bidder UltraTech Cement Ltd. to sell
its 98.43 percent shareholding in the cement business to the
Aditya Birla Group company for Rs7,266 crore. This deal was
determined outside the ongoing resolution process in which Dalmia
Bharat Ltd.-led consortium was selected as winning bidder by the
CoC. Dalmia has contested the UltraTech-Binani deal as illegal,
the report notes.

BloombergQuint says the key highlights of the hearing are:

- Judge begins with discussing petitions related to objections
   to the committee of creditors' approval of resolution plan.

- SBI Hong Kong claims equality with other financial creditors.

- Judge inquires why resolution professional has not presented
   UltraTech's email offer to the CoC.

- Resolution professional says CoC unanimously decided on Dalmia
   as H1 (top) bidder.

- Binani Industries seeks 10 days to pay off all the financial
   and operational creditors and petitions for termination of
   insolvency proceedings against Binani Cement.

- Binani Industries says it has now found means to pay all the
   creditors and can make the payment before April 10.

- Judge says once proceedings start under the insolvency process
   the debtor has to approach the Supreme Court for approval to
   pay all creditors.

- Binani Industries argues that Dalmia Bharat Ltd. is trying to
   buy assets at a low value and that the tribunal can allow
   Binani Industries termination application by exercising
   inherent power.

- Judge asks resolution professional if they can consider giving
   Binani two weeks to pay all debts. Says as Binani has sought
   two weeks proceedings will take time.

- Judge suggests if CoC can consider out of court settlement.
   Says it's a suggestion not order.

- Dalmia Bharat agitates against consideration orders by NCLT.

- Judge says no direction given by court. Open to COC to
   consider Binani proposal. All petitions to be heard on
   April 2.

BloombergQuint adds that the board of Binani Industries Ltd. met
two weeks ago and decided to approach the NCLT to end insolvency
proceedings against Binani Cement following the pact with
UltraTech.

To terminate the process, Binani Cement will have to repay its
lenders and other liabilities, which by the company's estimate
total between INR5,600 and INR6,000 crore, BloombergQuint says.

                     About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2017, Financial Express said the Kolkata bench of the
National Company Law Tribunal (NCLT) on July 25, 2017, admitted
an insolvency petition against Binani Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process. In all, the
company owes a consortium of lenders close to INR3,042.93 crore.
Edelweiss ARC, which has bought over a chunk of the debt from
bankers, is now the leader of the consortium.


CHAKKRA COAL: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank loan facilities of Chakkra Coal India Private
Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting     7.5        CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit     6          CRISIL A4 (Reaffirmed)

   Overdraft            2.5        CRISIL A4 (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile and large working capital requirement. These weaknesses
are offset by its promoters' experience of more than 20 years in
the coal industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Financial risk profile is
constrained by high total outside liabilities to tangible networth
ratio of 60.47 times as on March 31, 2017, and average interest
coverage of 2.67 times for fiscal 2017.

* Large working capital requirement: Working capital requirement
remains large due to inventory and substantial credit offered to
clients. Inventory and receivables were at 50 and 84 days,
respectively, as on March 31, 2017.

Strength

* Experience of the promoters: The promoters' experience of more
than 20 years will continue to support business risk profile.

Outlook: Stable

CRISIL believes CCPL will continue to benefit from the promoters'
extensive experience in the coal industry. The outlook may be
revised to 'Positive' if significant improvement in capital
structure or increase in revenue and operating margin leads to a
better financial risk profile. The outlook may be revised to
'Negative' if profitability weakens due to increased competition,
or if working capital management deteriorates.

CCPL was established in 2001 as a proprietorship firm named
Chakkra Coal India and was reconstituted as a private limited
company with the present name in 2012. It trades in domestic and
imported coal, primarily in the 5300-6000 gross calorific value
(GCV) category. Its daily operations are managed by Mr G Vinodh
Kumar and Ms A Lakshmi.


CLAYMINE MICRONS: CRISIL Reaffirms B+ Rating on INR13.8MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Claymine Microns LLP at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.8       CRISIL A4 (Reaffirmed)

   Cash Credit            2.4       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan    13.8       CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Claymine on dated december 29, 2017.

The ratings reflect on the firm's exposure to project
implementation related risks and to timely stabilization and
ability to scale up operations during its initial phase of
operations. These rating weaknesses are partly mitigated by the
extensive experience of its partners in ceramic industry, their
funding support and lower demand offtake risk associated with the
project dated December 29, 2017.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of Promoters: Promoters of Claymine have
experience of about a decade in ceramic industry and have gained
knowledge of different areas of operations. CRISIL believes that
the firm will benefit from promoters experience in the ceramic
industry.

* Low demand risk: Demand off take risk is low as around 50 per
cent of supply will be within group firms and companies involved
in ceramic industry coupled with expected demand from tile
processing and trading companies set up in Morbi.

Weakness:

* Exposed to implementation of the project in a timely manner
coupled with ability to scale up operations: The project is still
in implementation stage so the firm's ability of timely execution
of the project and generate anticipated revenue will be a key
monitor able.

* Average financial risk profile marked by debt funded capex: The
net worth is small and the capital structure leveraged. The
gearing is expected to remain high, but should improve with a
build-up in networth and gradual repayment of term loans. Debt
protection metrics are expected to remain average.

Outlook: Stable

CRISIL believes Claymine will benefit over experience of promoters
in ceramic industry along with high demand of feldspar in Morbi,
Gujarat where the plant is located. The outlook may be revised to
'Positive' if the company generates more than anticipated revenue,
profitability and cash accruals. Conversely, the outlook may be
revised to 'Negative' if there is a delay in project
implementation which will eventually lead to lower revenue, lower
profitability and cash accruals, and stretch in cash cycle weakens
financial risk profile, especially liquidity.

Claymine is a limited liability partnership established in 2017.
The firm is setting up a manufacturing unit for purification of
potash and sodium feldspar, which is majorly used as a raw
material in the ceramic industry. Its proposed production capacity
will be of 150,000 MT per annum. Expected commencement of
commercial operations is from mid-March, 2018. The manufacturing
facility is located at Wankaner, in the Morbi district of Gujarat.


DHRUVDESH METASTEEL: ICRA Reaffirms B Rating on INR20cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B to the
INR20.00-crore cash-credit limits and the INR16.30-crore (reduced
from INR28.00-crore) term loans of Dhruvdesh Metasteel Private
Limited (DMPL). The outlook on the long-term rating is Stable.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the
INR7.00-crore short-term non-fund based limits of DMPL.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund
   Based (Cash
   Credit)              20.00      [ICRA]B (Stable); Reaffirmed

   Long Term-Term
   Loan                 16.30      [ICRA]B (Stable); Reaffirmed

   Short Term-Non-
   fund Based            7.00      [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of the ratings takes into account the extensive
experience of the promoters in the sponge iron (SI) manufacturing
industry, the diversified revenue stream with presence of power
plant and the proximity of the manufacturing plant to the iron-ore
pellet producers which ensures continuous availability of the
input material and lowers the transportation cost. The ratings
also take into account the continuous infusion of funds made by
the promoters over the last three years to support the debt
servicing. The ratings, however, remain constrained by steep
decline in DMPL's operating income and profitability in FY2016,
FY2017 and H1FY2018, owing to weak performance of the power
segment. The company continues to remain dependent on the promoter
funding to meet the debt repayment obligations as the cash
accruals are inadequate to meet the company's debt repayment
obligations. The ratings also take into account the fragmented and
competitive nature of the industry which limits the company's
pricing flexibility and the inherent cyclicality of the industry
which is likely to keep the profitability and cash flows volatile.

Going forward, the fluctuations in input prices and SI
realisations, and the timeliness of infusion of funds by the
promoters, remain the key rating sensitivities.

Outlook: Stable

The 'Stable' outlook reflects ICRA's expectation that the
promoters would continue to infuse funds in a timely manner to
support the debt repayment. The outlook may be revised to
'Positive' if there is significant improvement in the scale of
operations and profitability leading to adequate coverage
indicators. The outlook may be revised to 'Negative' if there
are any adverse price movements leading to further weakening of
the profitability and coverage indicators.

Key Rating Drivers

Credit strengths

Extensive experience of the promoters in the sponge iron
manufacturing industry: The promoters of the company have more
than 40 years of experience in the iron and steel industry. The
company, over the 15 years of operations, has established strong
relationship with the suppliers and customers. The experience of
the promoters coupled with established relationships helps in
managing the business risks effectively.

Proximity of the manufacturing plant to the iron ore pellet
producers: DMPL's plant is located in Koppal district of
Karnataka, neighbouring district of Bellary which is known for its
iron ore deposits. The company procures iron ore pellets primarily
from BMM Ispat Ltd, MSPL Limited, Minera Steel and Power Pvt Ltd
and Xindia Steels Limited, which are all in close proximity to the
company's plant. As a result, risk of raw material unavailability
is low and the company is also not required to stock up on pellets
and places orders as and when required.

Continuous infusion of funds made by the promoters to support the
debt servicing: The debt servicing of the company is continuously
supported by infusion of funds by the promoters. During FY2017,
the promoters infused INR8.69 crore of preference share capital
and during FY2018, the promoters have infused another INR8.70
crore till February 2018.

Diversified revenue stream due to presence in power segment: The
company has a 10MW power plant which runs on 2 waste-heat recovery
boilers and one coal fired boiler. The power plant not only
provides an alternate revenue stream for the company but also
helps in reducing the overall power consumption cost as the cost
of power production using the waste-heat recovery boilers is very
minimal.

Credit weaknesses

Steep decline in operating income and margins in FY2017 and H1
FY2018 owing to weak performance of the power segment: While the
company derived a major portion of its revenues from the sponge
iron segment, the profitability of the company was largely
supported by its power segment. However, with increase in coal
cost in FY2017 and H1 FY2018, running the coal fired boilers
became financially unviable, given the decline in the power
realisation owing to low demand from the state utilities. This has
resulted in reduction in revenues as well as profits from the
power segment leading to overall decline in the company's
operating income and margins.

Weak financial profile characterised by inadequate coverage
indicators: With decline in operating margins from 7.0%
in FY2016 to 2.2% in FY2017, and significant interest and
financial expenses, the company reported net loss in FY2017.
The coverage indicators declined significantly as the interest
cover decreased from 1.2 times in FY2016 to 0.3 times in
FY2017 and the Total Debt/OPBDITA increased from 6.1 times in
FY2016 to 24.5 times in FY2017. The debt-service coverage ratio
declined to 0.2 times owing to the sizeable repayment obligations
on the term loans. During H1 FY2018, the company continued to
report net losses and the coverage indicators remained inadequate.

Fragmented and competitive nature of the industry limiting the
company's pricing flexibility: The sponge iron industry is highly
fragmented and competitive, with the presence of large number of
small and medium sized players, intensified further by the
presence of large integrated steel manufacturers, many of which
have sponge iron production facility. Moreover, the entry barriers
for sponge iron sector remain low, given low cost and gestation
period involved with setting up of a stand-alone sponge iron unit
compared to the large and integrated steel making facilities.
Also, threat from alternative product exists, as scrap can be used
as a substitute for sponge iron. Owing to the high competitive
nature of the industry, the company enjoys minimal pricing
flexibility.

Exposure of the margins to fluctuations in the input prices: Given
the moderate scale of operations and limited pricing flexibility,
the margins of the company remain exposed to fluctuations in the
prices of the raw materials such as iron ore pellets and coal as
well as variations in the sponge iron realisations. The input and
outprices are subject to cyclicality inherent in the industry and
the company's cash flows are expected to remain volatile as a
result.

Incorporated in 2003, Dhruvdesh Metasteel Private Limited is
engaged in the production of sponge iron. The company has
its plant in Koppal district of Karnataka with two sponge iron
kilns of 100 tons per day capacity each and a 10MW cogeneration
power plant. The annual production capacity is 60,000 MT if iron
ore lumps is used as raw material and 84,000 MT if iron ore
pellets are used as raw material. The company supplies sponge iron
primarily to steel producers in Maharashtra, Andhra Pradesh, Tamil
Nadu, Kerala, Goa and Karnataka.


ELECTROSTEEL STEELS: Vedanta Wins Auction to Buy Bankrupt Business
------------------------------------------------------------------
Sankalp Phartiyal of Reuters Mumbai reports that Vedanta Limited,
the Indian unit of diversified mining group Vedanta Resources plc,
said on March 31 that it had won in an auction to acquire bankrupt
Electrosteel Steels Ltd.

The financial details of the transaction have not been disclosed.

In a March 31 statement, Vedanta Ltd relayed that it has been
declared as the successful resolution applicant by the Committee
of Creditors (CoC) for Electrosteel Steels under the Corporate
Insolvency Resolution Process of the Insolvency and Bankruptcy
Code 2016.

Vedanta also relayed that it has received a letter of intent for
Electrosteel Steels on March 31.  Vedanta has accepted the terms
of the LoI.  The closure of the transaction will be subject to
compliance with applicable regulatory requirements and as per the
final terms approved by the National Company Law Tribunal (NCLT).

Reuters cites that the LoI is from Electrosteel Steel's creditors
group led by top lender State Bank of India.

Business Standard reports the LoI is believed to be INR55 billion,
although no exact figures has been released by the Company.

Tata Steel, Renaissance Steel and Edelweiss Alternative Asset
Advisors Pte Ltd were the suitors for Electrosteel Steels, Reuters
cites.

                  About Electrosteel Steels

Electrosteel Steels Limited operates in the steel manufacturing
industry in India. Its products include pig iron, billets, TMT
bars, wire rods, and ductile iron pipes. The company was
incorporated in 2006 and is headquartered in Kolkata, India.

As previously reported by The Troubled Company Reporter - Asia
Pacific, The Economic Times cited that Electrosteel Steels is
saddled with a debt burden of INR10,274 crore, an amount it owes
to a consortium of banks led by the State Bank of India (SBI).
The Company has been facing insolvency proceedings after it was
admitted in the National Company Law Tribunal (NCLT), India's
designated court for bankruptcy cases, in July 2017.

In December 2017, the NCLT extended the time period for
Electrosteel Steels' Corporate Insolvency Resolution Process for a
period of 90 days with effect from January 17, 2018.

In the quarter ended December 2017, Electrosteel Steels incurred a
loss of INR3.28 versus a loss of INR4.13 billion a year ago.
Revenue from operations in the December 2017 quarter totaled
INR8.8 billion versus INR5.07 billion a year ago.


EVER ELECTRONICS: ICRA Gives B+ LongTerm Rating to INR15cr Limits
-----------------------------------------------------------------
ICRA Ratings placed the ratings on watch with developing
implications on certain bank facilities of Ever Electronics
Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Term       5.00      [ICRA]B+; placed on ratings
   Loan                            watch with developing
                                   Implications

   Non-fund based-       7.00      [ICRA]A4; placed on ratings
   Bank Guarantee                  watch with developing
                                   Implications

   Unallocated          15.00      [ICRA]B+/[ICRA]A4; placed on
   Limits                          ratings watch with developing
                                   implications

Material Event

Following the recent announcement by Amber Enterprises India
Limited made to the stock exchange that it will be acquiring a 70%
stake in Ever Electronics Private Limited (EEPL) in tranches which
is expected to be completed by June 2018.

Impact of the Material Event

ICRA has taken note of the above event and placed the long-term
and short-term rating of [ICRA]B+ and [ICRA]A4 respectively
outstanding on the INR27.00 crore fund based, non-fund based
facilities and unallocated limits of EEPL on ratings watch with
developing implications.

ICRA is in discussion with the company's management to understand
the proper facts of the matter as well as potential impact of the
event in terms of the business and financial implications which
may arise, post which it will take a suitable rating action.


GANADHI PATI: ICRA Assigns B+/A4 Ratings to INR26.5cr Debts
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR12.00-crore bank-guarantee limit and INR14.50-crore unallocated
limit of Ganadhi Pati Construction Private Limited. The outlook on
the long-term rating is 'Stable'. The bank-guarantee limit and the
unallocated limit of the company have also been rated on the
short-term scale at [ICRA]A4.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       12.00       [ICRA]B+ (Stable)/[ICRA]A4;
                                    Assigned

   Unallocated          14.50       [ICRA]B+ (Stable)/[ICRA]A4;
                                    Assigned

Rationale

The assigned ratings take into account experience of over three
decades of GCPL's promoter in the civil-construction business
through a group entity and the company's high revenue visibility
in the near to medium term, given its unexecuted order-book
position of INR124.93 crore as on February 28, 2018 to be executed
in the coming two years along with a maintenance period of five
years. The ratings also draw comfort from the company's reputed
clientele comprising government bodies, which leads to relatively
lower counterparty risk.

The ratings are, however, constrained by GCPL's small scale of
operations, as reflected by an operating income of INR37.93 crore
and tangible net worth of INR1.51 crore in FY2017, and full
utilisation of GCPL's non-fund based limit, at present, thereby
providing no cushion to bid for additional fresh orders.

Nonetheless, likely sanction of the proposed enhancement in the
non-fund based limit is expected to provide some cushion. The
ratings also take into account the fragmented and highly
competitive nature of the industry, which coupled with a tender-
based contract-awarding system, keeps the margins of all players,
including GCPL, under check. GCPL is also exposed to high sectoral
and geographical-concentration risks as the company's operations
are limited mainly to the construction and maintenance of water-
supply channels in Bihar. Also, the company executes orders only
from the Public Health Engineering Department, Bihar, at present,
exposing the company to high client-concentration risk.

Outlook: Stable

ICRA believes that GCPL will continue to benefit from the
experience of its promoter in the civil-construction business. The
outlook may be revised to 'Positive' if substantial growth in its
revenue and profitability strengthens its financial risk profile.
The outlook may be revised to 'Negative' if the turnover of the
company, profitability and cash accruals are substantially lower
than expected, or if there are delays in project execution, or
stretch in the working-capital cycle.

Key rating drivers

Credit strengths

Significant experience of the promoter in the civil-construction
business: GCPL is a civil contractor operating out of Bihar. The
promoter of GCPL, Mr. Janardan Prasad, has over three decades of
experience in the civil-construction space.

Comfortable outstanding order-book provides revenue visibility in
the near to medium term: The company, as on February 28, 2018, had
an unexecuted order book of INR124.93 crore, to be executed over
the coming two years along with a maintenance period of five
years, thus providing revenue visibility in the near to medium
term.

Reputed clientele comprising Government bodies reduces counter-
party risk: GCPL's clientele comprises Government agencies, which
results in low counterparty-credit risk.

Credit challenges

Small scale of operations: GCPL is a small-sized civil
construction player with operating income of INR37.93 crore in its
first year of operations, that is, FY2017. The tangible net worth
of the company also remained low at INR1.51 crore as on March 31,
2017.

High utilisation of non-fund based limits: The company requires
bank guarantees to meet various project requirements including
bank guarantee for earnest money deposits, performance guarantees,
mobilisation advance etc. ICRA notes that GCPL's non-fund based
limit remains fully utilised. So, no cushion is available in its
non-fund based limit, at present, to bid for additional fresh
orders. Nonetheless, likely sanction of the proposed enhancement
in the non-fund based limit is expected to provide some cushion.

High sectoral, geographical and client-concentration risks: GCPL's
operations are limited to the construction and maintenance of
water-supply channels in Bihar. So, the company remains exposed to
high sectoral and geographical-concentration risks. The company,
at present, executes orders only from the Public Health
Engineering Department, Bihar, thereby exposing the company to
high client-concentration risk as well.

Intense competition in a fragmented industry with a tender-based
contract-awarding system restrict margins: ICRA notes that the
civil-construction industry is intensely competitive on account of
the fragmented nature with presence of a large number of players.
This coupled with the lowest bidding-business procurement system
keeps the margins of all players, including GCPL, under check.

Incorporated in 1998, Ganadhipati Constructions Private Limited
(GCPL) commenced operations in FY2017. The company is involved in
civil-construction activities related to water supply in Bihar.
The promoter of GCPL, Mr. Janardan Prasad, is also the proprietor
of a proprietorship firm, J.P. Enterprises (JPE), involved in the
same line of business in Bihar and Jharkhand since 1982.


HOLIDAYS LIMITED: ICRA Moves D Ratings to Not Cooperating Cat.
--------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR300.00-crore bank
lines of Country Club Hospitality and Holidays Limited to the
'Issuer not co-operating' category. The rating is now denoted as:
"[ICRA]D; ISSUER NOT CO-OPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Term Loan          281.45      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

   Unallocated Limit   18.55      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has not shared information. The current
rating action has been taken by ICRA basis best available/ limited
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 1989, CCHHL is in the holiday and leisure services
business providing family clubbing facilities and timeshare
vacations to its members spread across 51 properties (33 owned, 16
associated properties and 2 leased) reinforced by 220-plus India
and global affiliations (via Country Vacations) and 3900 resorts
(via RCI affiliation). It has 436,933 individual members and 600
corporate members comprising brands like Microsoft, Tech Mahindra,
CMC Limited (now merged with TCS Limited) and Dr. Reddy's Labs,
among others. CCHHL started its operations under the banner
Amrutha Estates in 1981 as a real estate development company in
South India. In 1989, the company entered the clubbing business
with the objective to make clubbing accessible and affordable to
the upwardly population in India.


INDIABULLS REAL: Moody's Confirms and Then Withdraws B1 CFR
------------------------------------------------------------
Moody's Investors Service has confirmed Indiabulls Real Estate
Limited's (IBREL) corporate family rating (CFR) at B1.
Simultaneously, Moody's has confirmed the senior unsecured debt
rating of the USD-denominated bonds issued by IBREL's wholly-owned
subsidiary, Century Limited, at B1. The rating actions conclude
Moody's review for downgrade initiated on December 13, 2017,
following IBREL's full acquisition of Indiabulls Properties
Investment Trust. The outlook on the ratings is stable.

At the same time, Moody's will withdraw the ratings for business
reasons.

At the time of withdrawal, IBREL's ratings are:

- IBREL's CFR at B1;

- Senior unsecured notes due 2019 issued by Century Limited,
   rated B1.

RATINGS RATIONALE

"The ratings confirmation at B1 reflects Moody's view that IBREL's
credit metrics will improve, with a substantial reduction in debt,
using proceeds received from its recently executed divestment of a
50% stake in Indiabulls Properties and Indiabulls Real Estate
Company for an aggregate enterprise value of approximately USD1.46
billion," says Saranga Ranasinghe, a Moody's Assistant Vice
President and Analyst.

On March 23, 2018, IBREL announced that its subsidiaries have
executed definitive transaction documents with entities controlled
by Blackstone Group L.P., to divest its 50% indirect stakes in
Indiabulls Properties Private Limited and Indiabulls Real Estate
Company Private Limited. Moody's estimates that IBREL will receive
about INR35.5 billion in proceeds. The company has also publicly
announced that a substantial part of the sales proceeds will be
used for debt repayment.

After considering that proceeds from the transactions will be used
to repay debt, Moody's expects IBREL's consolidated leverage - as
measured by adjusted debt/homebuilding EBITDA - to register around
3.8x -- 4.1x over the next 12-18 months.

"While IBREL's pro-forma credit metrics will look slightly weaker
than its regional rated peers, this situation is balanced by its
diversified business profile with low project concentration risk,"
adds Ranasinghe.

IBREL currently has 15 residential projects at different price
levels, and has reached a point in its development life cycle
where the majority of its projects are either at the handover
stage or close to handover. The largest project by gross
development value, Blu Estate & Club, is currently 99.7% sold and
pending handover. Collections from this project should bring in
more than INR22 billion over the next 12--18 months, which will
support the company's cash flow generation.

The B1 CFR also incorporates Moody's expectation that future
investments by IBREL to develop commercial assets will be funded
primarily by operating cash flow.

IBREL has recently changed its business focus from developing
residential assets to commercial leasing assets; marking a shift
to a more capital-intensive strategy, given the heavy upfront cash
outflow needed to develop commercial assets. Because the majority
of its projects are close to handover, Moody's expects that IBREL
will generate positive cash flow through cash collections that
will be used to fund investments in developing commercial assets.

The ratings outlook is stable, reflecting Moody's expectation that
IBREL will generate positive cash flow through improvements in
operating sales and collections. The outlook also takes into
account the fact that the company will make no sizeable
acquisition of land parcels.

WITHDRAWAL OF ALL RATINGS

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Indiabulls Real Estate Limited is one of the largest real estate
developers in India. The company focuses on the Mumbai
Metropolitan Region and National Capital Region.


IVR HOTELS: Ind-Ra Moves 'D' Term Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVR Hotels and
Resorts Limited's (IVRHRL) Long-Term Issuer Rating at 'IND D'
while simultaneously migrating the ratings to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information. The
rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR450 mil. Term loans (Long-term) affirmed and migrated to
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The affirmation reflects the current classification of IVRHRL as a
non-performing asset by its banker.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.

COMPANY PROFILE

IVRHRL is a subsidiary of IVRCL Limited ('IND D (ISSUER NOT
COOPERATING)'). It is developing a golf township project in
Sriperumbudur, Chennai.


IVRCL LIMITED: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Limited's
Long-Term Issuer Rating at 'IND D' while simultaneously migrating
it to the non-cooperating category. The issuer did not participate
in the surveillance exercise, despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. The rating will now appear as 'IND D(ISSUER
NOT COOPERATING)' on the agency's website.

IND D ratings on these facilities are affirmed and migrated to
non-cooperating category (ISSUER NOT COOPERATING):

-- INR16.8 bil. Consortium fund-based limits (long-term)

-- INR19.46 bil. Long-term loans (long-term) due on FY24

-- INR2.0 bil. Non-convertible debentures* (long-term) due on
    FY24

-- INR48.5 bil. Consortium non-fund based limits (long-
    term/short-term)

*ISIN details have not been received

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The affirmation reflects the failure of the corporate debt
restructuring process and initiation of the insolvency proceedings
against the company.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months would be
positive for the ratings.

COMPANY PROFILE

IVRCL is based in Hyderabad and provides engineering, procurement
and construction services to the sectors of irrigation, water
supply, transportation, buildings and industrial structures. It is
listed on the National Stock Exchange and Bombay Stock Exchange.


JAGDAMBAA AGRO: CRISIL Reaffirms B+ Ratings on INR27MM Loans
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Jagdambaa Agro Mill Private Limited.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           13.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       2         CRISIL B+/Stable (Reaffirmed)

   Term Loan             11.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect below-average financial risk
profile, large working capital requirement, and the susceptibility
to fluctuations in paddy prices, extent of rainfall, and changes
in government policies. These weaknesses are partially offset by
the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth and gearing were
average at INR2.63 crore and 12.27 times, respectively, as on
March 31, 2017 due to sizeable net loss in the first year of
operations and large working capital debt. Interest coverage and
net cash accrual to total debt ratios were 1.8 times and 11%,
respectively, in fiscal 2017.

* Large working capital requirement: Working capital requirement
is likely to remain large over the medium term, driven by sizeable
inventory; hence, its prudent management will remain a key
monitorable.

* Vulnerability to fluctuations in raw material prices, uncertain
rainfall, and unfavorable regulations: Cultivation of paddy
depends on monsoon and irrigation, and hence the company is
susceptible to the risk of shortage or price fluctuations because
of unfavorable climatic conditions or government regulations.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of around a decade, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes JAMPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability along with prudent working capital management
strengthen the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if steep decline in profitability, any
large, debt-funded capital expenditure, or stretch in the working
capital cycle weakens the financial risk profile.

JAMPL, incorporated in March 2014, has set up a rice mill with an
installed capacity of 12 tonne per hour at Garhbanaili in Purnea,
Bihar, to manufacture non-basmati parboiled rice. Production has
commenced from July 2016. Mr. R K Patwari, Mr. Bijay Kumar Puria,
and Mr. Sunil Kumar Agrawal are the promoters.


JALA SHAKTI: CRISIL Lowers Rating on INR26.5MM LT Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Jala Shakti Limited (JSL) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        26.5      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating action follows recent instances of delay in servicing
of term debt obligation by JSL. CRISIL believes that JSL's
liquidity will remain constrained due to weak cash flows from
operations.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to hydrology: The hydro project is on
river, Baleni ka Nallah, a tributary of Ravi River, which has a
both snow-fed and rain-fed catchment. Occurrence of any event
beyond the company's control, such as significantly low water flow
because of any natural disaster, can adversely affect the
company's business.

Strengths

* Extensive entrepreneurial experience of the promoters
The key promoters Mr. Y. Aditya and Mr. B. P. Ramanna, have a
long-standing entrepreneurial experience of over two decades in
trading as well as operating hydro power projects. The company
benefits from the technical expertise of the promoters.
Established relationship with the principal further strengthen the
market position.

* Limited exposure to demand and price risk with assured offtake
through long term (PPA): JSL entered into 40 years PPA with
Himachal Pradesh State Electricity Board Limited (HPSEB), for the
entire capacity of 5.00 MW at a fixed tariff rate of INR2.5 per
kWh. The PPA ensures a revenue visibility for the company over the
medium term.

Established in 1996, as a closely held public limited company, JSL
is a special purpose vehicle, which operates a 5 MW Dunali hydro
power project (DHPP) in Chamba, Himachal Pradesh. The DHPP is a
run-of-the river project on Baleni ka Nala, a tributary of Ravi
River which has a both snow fed and rain-fed catchment. The
project commenced its commercial operations in May 2013. The
company is promoted by Mr. Y. Aditya and Mr. B. P. Ramanna.


JMK MOTORS: CRISIL Reaffirms B+ Rating on INR7MM Loan
-----------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of JMK Motors Pvt. Ltd. (JMK) at 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Channel Financing        7       CRISIL B+/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility                 1.4     CRISIL B+/Stable (Reaffirmed)

   Loan Against Property    4.2     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.55    CRISIL B+/Stable (Reaffirmed)

The ratings reflect modest scale of operations in highly
competitive automotive dealership industry and modest debt
protection metrics. The above weaknesses are partially offset by
the extensive experience of the promoters and their funding
support.

Analytical Approach

CRISIL has treated unsecured loans from the promoters (Rs 7.28
crore as on March 31, 2017), as neither debt nor equity (NDNE) as
these loans are subordinated to bank debt and are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly competitive automotive
dealership industry: JMK reported modest operating income of INR44
crores in fiscal 2017 and is expected to report operating incomes
of around INR50 crores in the current fiscal.

* Moderate debt protection metrics: JMK reported interest coverage
ratio of 1.6 times and net cash accrual to adjusted debt of 10% in
fiscal 2017. Debt protection metrics are expected to remain modest
over the medium term.

Strengths

* Extensive experience of the promoters: The promoters of the
company have more than 15 years of experience in the industry
which helps in maintaining good relationships with customers and
principal.

* Funding support from the promoters: The promoters continue to
support JMK through unsecured loans. JMK reported unsecured loans
from promoters of INR7.28 crore on March 31, 2017.

Outlook: Stable

CRISIL believes that JMK will benefit over the medium term from
the extensive experience of its promoters. The outlook may be
revised to 'Positive' if significant ramp-up in scale of
operations and improvement in operating profitability lead to
large net cash accrual, and if liquidity improves with efficient
working capital management. The outlook may be revised to
'Negative' if substantial decline in scale leads to lower net cash
accrual, or if liquidity deteriorates on account of larger-than-
expected working capital requirement or debt-funded capital
expenditure.

Set up in 2000 by Mr. Rakesh Singh Baghel and his wife, Ms.
Pratibha Singh, JMK is an authorised dealer and service provider
for Tata Motors passenger vehicles in Jhansi district, Uttar
Pradesh.


KARVY DIGIKONNECT: CRISIL Puts B+ Rating on Watch Developing
------------------------------------------------------------
CRISIL Ratings has placed its ratings on the bank facilities of
Karvy DigiKonnect Limited on 'Watch with Developing Implications'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             15        CRISIL B+ (Placed on 'Rating
                                   Watch with Developing
                                   Implications')

   Proposed Long Term     2.64     CRISIL B+ (Placed on 'Rating
   Bank Loan Facility              Watch with Developing
                                   Implications')

   Term Loan              2.36     CRISIL B+ (Placed on 'Rating
                                   Watch with Developing
                                   Implications')

The rating action follows acquiring of 100% stake by Karvy Data
Management Services Ltd (KDMSL) in Digicall Teleservices Pvt Ltd,
which was renamed KDKL. CRISIL believes the acquisition will have
an impact on the company's business risk profile, given the
synergies with, and management support of, KDMSL (fully owned by
Karvy Stock Broking Ltd). CRISIL is in discussion with KDMSL's
management to understand the implications of this deal on its
business and financial risk profiles. CRISIL will remove the
rating from watch and take a final rating action on obtaining
clarity on these issues.

The rating continues to reflect KDKL's modest scale of operations
in the data processing and outsourced services industry, and
below-average financial risk profile because of a high total
outside liabilities to tangible networth ratio. These weaknesses
are partially offset by the extensive experience of its promoters.

Analytical Approach

CRISIL has combined the business and financial risk profiles of
KDKL and Digicall Global Pvt Ltd (DGPL) as both the companies have
the same promoters and similar operations. Moreover, there are
business fungibility between the two entities.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of promoters: Industry presence of over two
decades has enabled the promoters to establish market links that
has helped to add customers such as Vijaya Bank, Airtel, and Delhi
Transport. KDKL has 8 branches and around 7000 employees across
locations.

Weaknesses

* Modest scale of operations: With net sales of INR108 crore in
fiscal 2017, scale remains small.

* Susceptibility to employee attrition: The business process
outsourcing industry has high employee attrition (10-15% rate). To
mitigate this, the company rewards employees with yearly increment
and incentives for exceptional performers.

Incorporated in 1994, KDKL provides the full range of inbound,
outbound, and back-office service solutions across multiple
domains and to industry verticals such as telecom, BFSI (banking,
financial services, and insurance), retail, travel, hospitality,
and healthcare.  Recently KDMSL has taken over 100% stake in KDKL.

DGPL is an international call centre providing inbound and
outbound support to its clients. It is wholly owned by KDKL.


KRISHNA TUFF: ICRA Moves B Ratings to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the long term rating for the bank
facilities of Krishna Tuff Private Limited (KTPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING."

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.50       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Term Loan              4.32       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Unallocated Limits     1.18       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in June 2012, Krishna Tuff Private Limited (KTPL) is
engaged in manufacturing toughened glass and insulated glass
(double glazed glass) of thickness ranging from 4-12 mm, which is
supplied to fabricators and builders in Gujarat. The unit is
located at Chatral in Gujarat, with an installed manufacturing
capacity of about 2,00,000 sq. m. of toughened glass per annum.
KTPL commenced its commercial operations from October 2014. It is
promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and family. The
promoters have more than a decade of experience in the industry
through an associate concern, Ghanshyam Glass Corporation, which
is engaged in the trading of glasses.


MAHAVIR EDUCATIONAL: ICRA Withdraws B- Ratings on INR7.12cr Loans
-----------------------------------------------------------------
ICRA Ratings has withdrawn the long term rating of [ICRA]B-
assigned to the INR7.12-crore bank facilities of Mahavir
Educational Society.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Term
   Loan                 3.82      [ICRA]B- (Stable); Withdrawn

   Unallocated          3.30      [ICRA]B- (Stable); Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company and based on no objection
certificate provided by its banker.

Incorporated in 2011, MES is a single asset society which runs and
operates 'Delhi Public School' in Kurukshetra (Haryana). The
school commenced operations in AY2012-13 and at present caters to
students till Standard XI. It proposes to commence admissions for
Standard XII from AY2017-18 onwards. The society is managed by a
board of seven members and is headed by Mr. Subhash Chand Jain.
The members have significant experience in the education sector
and are associated with other educational institutions as well.


MUNDRA INVESTMENTS: ICRA Assigns B+ Ratings to INR15.5cr Loans
--------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR15.50 crore bank facilities of Mundra Investments Private
Limited. ICRA has also assigned the short-term rating of [ICRA]A4
to the INR0.50-crore non-fund based facility, including the
INR2.00-crore letter of credit facility, which is a sub-limit of
the cash credit facility of MIPL. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.50       [ICRA]B+ (Stable); Assigned
   Term Loan            10.00       [ICRA]B+ (Stable); Assigned
   Letter of Credit     (2.00)      [ICRA]A4; Assigned
   Bank Guarantee        0.50       [ICRA]A4; Assigned

Rationale

The rating assigned takes into account the long track record of
the promoters in diverse businesses like housing construction, the
hospitality sector, manufacturing and distribution of building
materials, woven sacks and the plastics industry, and trading in
cement and steel. The company's transition from trading to
manufacturing, along with successful project commissioning has
positively improved the operating scale in FY2017. The ratings
also take into account the favorable demand prospects for flexible
packaging material in the domestic market, which provides revenue
visibility.

The ratings are, however, constrained by the modest operating
scale due to the nascent stage of manufacturing operations,
working capital intensive operations and the leveraged capital
structure due to debt-funded capex.

Nevertheless, some comfort can be drawn from about 20% of the debt
being constituted by unsecured loans from the promoters' family.
The net profitability continues to remain weak and may remain
under pressure due to depreciation and interest costs because of
implementation of the recent debt-funded capital expenditure.
Moreover, there are pricing pressures from an intensely
competitive business environment and fragmented industry
structure, characterised by numerous unorganised players.

Outlook: Stable

On the back of stabilisation of capex undertaken, ICRA expects
moderate revenue growth over the next three years from anticipated
improvement in the capacity utilisation levels. The outlook may be
revised to Positive if substantial growth in revenue and
profitability, and better working capital management, strengthens
the financial risk profile. The outlook may be revised to Negative
if cash accrual is insufficient to meet the long-term debt
repayments, or if any major capital expenditure is incurred, or
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Long track record of the promoters in diverse business interests:
The professionally qualified key partners, Mr. Alok Mundra and Mr.
Vikas Mundra, with an experience of over a decade in the business,
jointly look after the business. They also have experience in the
manufacturing of poly woven sacks through the Group company,
Silvassa Woven Sacks Private Limited. The Mundra Group has diverse
business interests in housing construction, the hospitality
sector, manufacturing and distribution of building materials,
polypropylene (PP) woven sacks and trading in cement and steel.

Transition from trading to manufacturing, along with successful
project commissioning, has positively improved the operating scale
in FY2017: Till FY2015, the company was engaged in trading cement
and steel. In FY2017, the company set up a manufacturing facility
with an annual manufacturing capacity of 3,600 MT at 80% capacity
utilisation. MIPL registered considerable growth of 110% in OI to
record INR24.33 crore in FY2017 as against INR11.55 crore in
FY2016. Most of its sales (~47%) were generated by the sale of
woven PP bags in FY2017.

Favourable demand prospects for flexible packaging material in the
domestic market: Globally woven sack production is 6.25 million
tonnes per annum with the industry growing at 5.6% CAGR over the
last five years. India is one of the leading woven sack producers,
with consumption levels growing at 8.7% CAGR, faster than the
world average. Since bulk packaging has to be strong, durable,
lightweight, providing adequate protection with increased storage/
shelf life, easily handled, cost effective, reusable and
recyclable with minimal environmental impact, PP woven sacks are
ideal for bulk packaging needs.

Credit weaknesses

Modest scale of operations: MIPL is a medium sized player in the
flexible packaging industry. Despite registering considerable
growth of 110% in OI, its operating scale remained modest at
INR24.33 crore in FY2017, as against INR11.55 crore in FY2016,
with the addition of 3,600 MT manufacturing capacity for poly
woven sacks.

Weak net profitability and coverage indicators, which may remain
under pressure: The company reported net loss of 0.08% in FY2017
from an earlier 0.6% in FY2016, because of the increase in
depreciation from significant investment in gross block and
finance cost to fund the external debt funded capex. Nevertheless,
NCA stood positive at INR1.47 crore in FY2017. Interest coverage
improved to 1.54 times in FY2017 with growth in operating profit,
but maybe under pressure, going forward. Fluctuation in raw
material prices are passed on the customers, though MIPL's
bargaining power with its suppliers remains low, owing to small
procurement quantities.

Highly leveraged capital structure due to debt-funded capex,
however, 20% of debt is constituted by unsecured loans from
related parties: The company has a leveraged capital structure
with gearing at 2.91x in FY2017. Out of the total debt of INR20.43
crore as on March 2017, term loans from banks stand at INR13.23
crore, followed by unsecured loan from related parties of INR4.33
and overdraft of INR2.87 crore. The total debt to operating profit
ratio (TD/OPBDIT) remained high at 8.23x in FY2017. With scheduled
debt repayments stretching up to FY2023, generating sufficient
accruals internally or funding support from promoters will be
critical from the credit perspective.

Working capital intensive nature of operations: The working
capital intensity of operations was high with NWC/OI at 42% as on
March 31, 2017. The suppliers of the company comprise large
players from the petrochemical industry, which generally supplies
material against cash payment or a credit period of up to a week.
MIPL is paid by its customers within 2-3 months in the trading
segment, while it is paid within 30-40 days for the sale of goods,
with an extended credit for Group companies. The company maintains
an inventory position of about 30 days to efficiently service
customer requirements.

Intense competitive pressures from both organised and unorganised
players leading to pricing pressures: The woven sacks industry is
dominated by players operating predominantly in the small and
medium scale sector. The industry is highly fragmented with over a
thousand players leading to intense competition and pricing
pressure. The fragmentation, coupled with the limited product
differentiation, leads to pressure on the margins.

Promoted by Mr. Alok Mundra, Mundra Investments Private Limited
was incorporated in 1992 for trading in cement and steel. From
FY2017, the company began manufacturing PP woven sacks. The key
partners, Mr. Alok Mundra and Mr. Vikas Mundra, with an experience
of over a decade in the business, jointly look after the business.
The Mundra Group has diverse business interests in housing
construction, the hospitality sector, manufacturing and
distribution of building materials, PP woven sacks and trading in
cement and steel.

In FY2017, the company reported a net loss of INR0.02 crore on an
operating income of INR24.33 crore, as compared to a net profit of
INR0.07 crore on an operating income of INR11.55 crore in the
previous year.


NAVBHARAT INSULATION: CRISIL Cuts Ratings on INR6.85MM Loans to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Navbharat Insulation and Engg. Co. (NIEC) to 'CRISIL D/CRISIL
D' from 'CRISIL C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            1.95     CRISIL D (Downgraded from
                                   'CRISIL C')

   Letter of Credit       0.9      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Working Capital
   Term Loan              2        CRISIL D (Downgraded from
                                   'CRISIL C')

The downgrade is driven by weak liquidity on account of working
capital-intensive operations and modest cash generation.
Furthermore, a long working capital cycle, especially due to
stretch in debtors, has resulted in full utilization of the bank
limit. CRISIL believes liquidity will remain constrained over the
medium term due to modest cash generation and working capital-
intensive operations.

The ratings reflect a modest scale of operations, large working
capital requirement, and a weak financial risk profile because of
a modest networth, high gearing, and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoter in the insulation industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: NIEC registered revenues of about
INR10.77 crore in 2016-17. NIEC's scale of operations remains
modest compared to that of other players in the engineering,
procurement, and construction (EPC) industry. NIEC's modest scale
of operations limits the firm's bargaining power with its clients,
which are large industrial houses.

* Working-capital-intensive operations: NIEC's operations are
highly working-capital-intensive because of high receivable and
inventory days. The firm's inventory was at 305 days as on March
31, 2017. In addition to the large inventory, the firm has large
receivables of 64 days as on March 31, 2017 on account of its
limited bargaining power with its clients. Nevertheless, NIEC's
working capital requirements are partially supported by large
payables of 135 days.

Strengths:

* Extensive experience of the promoters: The management's
experience of over five decades helps the firm undertake critical
and highly technical insulation projects such as insulation of oil
refineries, chemical factories, and engineering companies. Though
the firm's revenues are modest, with its increased focus on the
industrial insulation segment, its revenues are expected to grow
at a healthy pace over the medium term.

NIEC, set up by Mr R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.


PALAPPILLIL TECHNO: CRISIL Assigns 'B' Rating to INR5.6MM LT Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Palappillil Techno Rubbers (PTR).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        5.6       CRISIL B/Stable
   Proposed Cash

   Credit Limit          1.5       CRISIL B/Stable

The ratings reflect PTR's exposure to risks associated with timely
commencement and stabilization of its crumb rubber manufacturing
unit. This strength is partially offset by the experience of the
partners.

Key Rating Drivers & Detailed Description

Weakness:

* Risks associated with timely commencement and stabilisation of
the crumb rubber manufacturing unit: PTR is planning to commence
the operations by mid of fiscal 2019; the timely commencement and
stabilisation of operations will remain a key rating driver.

Strength

* Experience of partners: Benefits derived from the partners'
experience of over 20 years, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes PTR will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised to
'Positive' if a substantial increase in scale of operations and
profitability leads to sizeable cash accrual through timely
commencement and stabilisation of the aluminum manufacturing unit.
Conversely, the outlook may be revised to 'Negative' if decline in
turnover, lower-than-expected cash accrual, larger-than-expected
working capital requirement, or any large, debt-funded capital
expenditure weakens the liquidity and financial risk profile,
driven by delayed commencement and stabilisation of the unit.

PTR was set up in 2018 by the partners, namely Mr. PM Varghese ,
Mr. Sajeev Kurian, Mathew V. Palappillil,PV Kuriakose & Pu.
Atlias. And iss engaged in establishing a crumb rubber factory
having a manufacturing capacity of 9,000 tonne crumb rubber
annually on a three-shift basis. The facility may commence
operations by September 2018.


PATEL INC: CRISIL Moves Ratings on INR7.5MM Loans to B+/Stable
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Patel Incorporation (PI) to
CRISIL B/Stable/CRISIL A4 (Issuer not cooperating). However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities of
PI from' CRISIL B/Stable Issuer not cooperating' to 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Overdraft             7.4      CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable'; Issuer Not
                                  Cooperating)

   Proposed Long Term    0.1      CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B/Stable'; Issuer Not
                                  Cooperating)

The ratings reflect modest scale of operations and modest
financial risk profile. The above weaknesses are partially offset
by the extensive experience of the partners and prudent working
capital management.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The scale of operations has remained
modest despite PI's presence in the trading segment for more than
a decade. The operating income was INR21.1 crore in fiscal 2017
and is expected to be around INR26.0 crore in fiscal 2018. PI is
expected to remain a modest player in highly fragmented industry.

* Modest financial profile: PI reported TOLANW in the range of
3.2-4.0 times over the two fiscals through 2017. Leverage is
expected to remain high over the medium term on account of trading
nature of operations. Interest coverage has been weak at around
1.2 times over the same period and is expected to remain around
similar levels over the medium term.

Strengths

* Extensive experience of the partners: The partners of the firm
have more than a decade of experience in the industry which helps
in maintaining good relationships with customers. Their experience
is expected to continue to aid the business risk profile of the
firm over the medium term.

* Prudent working capital management: PI has prudent working
capital management as reflected in low inventory of 3-21 days and
moderate debtors of 41-70 days over the four fiscals through
fiscal 2017.

Outlook: Stable

CRISIL believes that PI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports a significant
increase in its revenue or profitability, leading to improved debt
protection metrics and leverage. Conversely, the outlook may be
revised to 'Negative' if PI's financial risk profile deteriorates,
most likely because of increase in working capital requirements or
substantial decline in operating income or profitability.

Set up in 2006 as a proprietorship firm, Patel Incorporation (PI)
is engaged in trading of iron and steel (Flats, Coils, Scrap
etc.). PI is located in Kanpur and is promoted by Mr Ritesh Patel.
The firm procures majority of its raw material primarily from Tata
Steel Limited (TSL) and Steel Authority of India Limited (SAIL)
through the Metal Junction.


PERFECT INFRAENGINEERS: CRISIL Assigns B- Rating to INR6MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank loan facilities of Perfect Infraengineers
Limited (PIL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             1.5        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    2.0        CRISIL B-/Stable

   Letter of Credit      1.0        CRISIL A4

   Bank Guarantee        5.5        CRISIL A4

   Cash Credit           6.0        CRISIL B-/Stable

The ratings reflect modest scale of operations and working capital
intensive operations. These weaknesses are mitigated by extensive
experience of PIL's promoters in the heating, ventilating, and air
conditioning (HVAC) industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented industry:
PIL has modest scale of operations as reflected in its estimated
revenues of INR14-15 crores in 2017-18. The modest scale of
operations is on account of intense competition in the heating,
ventilation, and air conditioning industry. The heating,
ventilation, and air conditioning industry is highly fragmented
with the presence of a large number of unorganized players having
small scale of operations.

* Working capital intensive operations: PIL has large working
capital requirements as reflects in its gross current assets of
about 450 days for fiscal 2018. This is mainly driven by high
debtors of around 250 days.

Strengths

* Extensive experience of promoters in the heating, ventilation,
and air conditioning (HVAC) industry: The promoters had extensive
experience of more than two decades into HVAC industry. Over the
years, they have established healthy relations with customers and
suppliers. The company have completed various government projects.

Outlook: Stable

CRISIL believes PIL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
revenue reports significant and sustainable improvement along with
prudent working capital management, while enhancing financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
revenue or margins significantly decline, or stretched working
capital cycle or large, debt-funded capital expenditure weakens
financial risk profile.

Incorporated in 1993, PIL is a turnkey project contractor for the
supply, installation, testing, commissioning and maintenance of
mechanical, electrical and plumbing and heating, ventilation and
air conditioning equipment. In addition, it undertakes annual
maintenance contracts and supplies air conditioners on rental. It
is listed on the National Stock Exchange.


PRATIK HOSIERY: CRISIL Reaffirms B- Rating on INR7MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Pratik Hosiery Private Limited
(PHPL). The rating reflects the modest scale of operations,
exposure to intense competition, and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Export Packing
   Credit                 7         CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       1         CRISIL A4 (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
constrained by small networth and subdued debt protection metrics,
though aided by moderate gearing. Networth and gearing were
INR9.97 crore and 1.41 times, respectively, as on March 31, 2017.
Interest coverage and net cash accrual to total debt ratios stood
at 1.95 times and 7%, respectively, in fiscal 2017.

* Small scale of operations amidst intense competition: Intense
competition in the cotton yarn business has kept the scale of
operations small, with operating income of INR19.2 crore in fiscal
2017, and constrains the bargaining power with suppliers and
customers. Domestic manufacturers further face competition from
cheaper substitutes made of blended or synthetic yarn, and cotton
fabrics made in China.

Strength

* Extensive experience of the promoter: The two decade-long
experience of the promoter in the textiles industry and his
healthy relationships with customers and suppliers, will continue
to support the business risk profile.

Outlook: Stable

CRISIL believes PHPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' in case of growth in revenue, and if efficient working
capital management strengthens the financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' in
case of muted order inflow or decline in operating margin, or if
any debt-funded capital expenditure weakens the financial risk
profile.

PHPL, incorporated in 1995, manufactures readymade garments.
Operations of the Tamilnadu-based company are managed by Mr ARR
Venkatachalam.


REMEDY MEDICAL: ICRA Keeps B Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the ratings for the INR12.00 crore bank
facilities of Remedy Medical Services Pvt. Ltd. (RMSPL) continue
to remain under 'Issuer Not Cooperating' category. The ratings are
now denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based           8.20        [ICRA]B (Stable) ISSUER NOT
   Limits-Term                      COOPERATING; Rating continues
   Loan                             to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based            0.50       [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                      COOPERATING; Rating continues
   Credit                           to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated Limits    3.30       [ICRA]B (Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating continues to remain
                                    under 'Issuer Not
                                    Cooperating' Category

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

Established in 1999, Remedy Medical Services Private Limited
(RMSPL) commenced operations as a diagnostic centre in November,
2001. In 2004, it had set up a multi-speciality hospital in
Kolkata with a total capacity of 49 beds. The capacity was
enhanced in Q3FY2016 to 56 beds.


SAMPURAN PACKAGING: CRISIL Moves Ratings on INR10.65MM Loans to B
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sampuran Packaging (SP) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on bank facilities of SP from
'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          2.62       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Long Term Loan       7.00       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Proposed Long Term   1.03       CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable' Issuer Not
                                   Cooperating)

The rating continues to reflect the firm's small scale of
operations, exposure to intense competition in the fragmented
packaging industry, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of its
partners in the packaging industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: SP's small scale, reflected in
revenue of INR7.24 crore in fiscal 2017, and exposure to
competition in the packaging materials industry, which has a large
number of unorganised players, limits its pricing power and
affects its working capital cycle. However, with the firm's fully
automated plant commencing operations in January 2018, scale of
operations should increase, backed by increased operating
efficiency.

* Exposure to intense competition in a fragmented industry
SP faces competition from a large number of players at the bottom
of the value chain, as the paper packaging industry has low entry
barriers due to low capital and technology requirements.

* Large working capital requirement: The firm had gross current
assets of 329 days as on March 31, 2017, driven by large inventory
and receivables. It provides credit of 50-70 days to customers. It
had inventory of 202 days as on March 31, 2017, mainly due to
large pending orders. The inventory is expected at 140-160 days
over the medium term. Operations will remain working capital
intensive over the medium term.

Strengths

* Partners' extensive experience in the packaging industry and
established relationships with customers: The key partner Mr
Rajbeer Singh has been in the paper packaging business since 1994,
resulting in healthy relationships with customers in Chandigarh,
and in Ambala and Gurugram (both in Haryana).

Outlook: Stable

CRISIL believes SP will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if revenue increases more than expected and working
capital management improves. The outlook may be revised to
'Negative' if revenue and operating margin decline significantly,
or if working capital cycle is stretched, weakening the financial
risk profile.

SP was set up as a partnership firm in 2011 by Mr Sampuran Singh,
Ms Neelam Chowdhary, and their son Mr Rajbir Singh, in Ambala. It
manufactures packaging material such as corrugated boxes, used in
outer packing of different commodities, and has a fully automated
plant in Ambala.


SATYA SAI: CRISIL Reaffirms B+ Rating on INR3MM Cash Credit
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Satya Sai Agro Industries (SSAI) at 'CRISIL B+/Stable/CRISIL
A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        6         CRISIL A4 (Reaffirmed)

   Cash Credit           3         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        0.6       CRISIL B+/Stable (Reaffirmed)
   Proposed Fund-

   Based Bank Limits     0.4       CRISIL B+/Stable (Reaffirmed)

The rating reflects modest scale of operations in the intensely
competitive rice milling industry and its below-average financial
risk profile marked by high gearing, modest debt protection
metrics and net worth. These rating weaknesses are partially
offset by the benefits derived from the extensive experience of
SSAI promoters in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the intensely competitive rice
milling industry: The Firm has modest scale of operations as seen
in the revenues of INR12.2 Cr as on March 31, 2017.

* Below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth: The firm has small
net worth of INR2 Cr as on March 31, 2017 along with moderate
gearing of 1.8 times. The debt protection metrics are below
average with NCATD and Interest Coverage being 0.03 times and 1.3
times for 2016-17.

Strengths

* Extensive experience of SSAI promoters in the rice milling
industry: SSAI is promoted by Mr. Mr. Ch. Rama Rao who has around
17 years of experience in the rice milling business; the firm has
established healthy relationship with its key customers thereby
resulting in healthy offtake.

Outlook: Stable

CRISIL believes that SSAI will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to an improvement in
its financial risk profile, or in case of significant infusion of
capital, resulting in improved capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive debt-funded expansions, or if its revenue and
profitability decline substantially, or if the partners withdraw
capital from the firm leading to weakening in its financial risk
profile.

Established as a partnership firm in 1999 and based in West
Godavari (Andhra Pradesh), SSAI. It is engaged in milling and
processing of paddy into rice, rice bran, and husk. It has an
installed paddy milling capacity of 6 tonnes per hour. The firm is
promoted by Mr. Ch. Rama Rao and his wife, Mrs. Ch Lakshmana Rao.
The firm has established one Processing unit and an Administration
cum sales office in Poduru Mandal of West Godavari district.

The Firm has recorded PAT of INR0.01 Cr on Operating Income of
INR12.2 Cr for the Fiscal 2017 vis-a-vis PAT of INR0.01 Cr on
Operating Income of INR13.6 Cr for the Fiscal 2016.


SATHYANARAYANA AGRO: ICRA Removes B Rating from Not Cooperating
---------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B (Stable)
from the 'ISSUER NOT COOPERATING' category as Sathyanarayana Agro
Industries has now submitted its 'No Default Statement' ("NDS")
which validates that the company is regular in meeting its debt
servicing obligations. The company's rating was moved to the
'ISSUER NOT COOPERATING' category in February 2018.

The current rating takes into account the moderate scale of
operations of the firm and the high working capital intensive
nature of operations, leading to reliance on external borrowings,
resulting in high gearing and moderate coverage indicators. The
rating also factors in the intensely competitive nature of the
rice industry with the presence of several large and small-scale
players which constrain volumes and pricing flexibility of rice
millers.

The rating also takes into account the susceptibility of revenues
and margins to inherent agro-climatic risks and changes in
Government policies, which impact the availability and the price
of paddy. The rating also takes note of the risks inherent in the
partnership nature of the firm such as limited ability to raise
funds, withdrawal of capital, etc. The rating, however, continues
to derive comfort from the long experience of the promoters in the
rice industry, the firm's proximity to paddy-growing areas in
Raichur and the nearby districts, in turn, facilitating easy
procurement of raw materials and the stable demand outlook, as
rice is an important part of the staple Indian diet.

Going forward, the firm's ability to improve its scale of
operations and profitability, and generate adequate cash flows,
while efficiently managing working capital requirements
would remain the key rating sensitivities.


SATYESHWAR HEEMGHAR: ICRA Keeps B- Rating in Not Cooperating Cat.
-----------------------------------------------------------------
ICRA Ratings said the ratings for the INR10.00 crore bank
facilities of Satyeshwar Heemghar Private Limited (SHPL) continue
to remain under 'Issuer Not Cooperating' category. The ratings are
now denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based            5.42       [ICRA]B- (Stable) ISSUER NOT
   Limits-Term Loan                 COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category


   Fund Based            3.40       [ICRA]B- (Stable) ISSUER NOT
   Limits-Cash Credit               COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based            1.00       [ICRA]B- (Stable) ISSUER NOT
   Limits-Working                   COOPERATING; Rating continues
   Capital Loan                     to remain under 'Issuer Not
                                    Cooperating' category

   Non Fund Based       0.18        [ICRA]A4 ISSUER NOT
   Limits-Bank                      COOPERATING; Rating continues
   Guarantee                        to remain under 'Issuer Not
                                    Cooperating' category

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

Incorporated in September 2014, Satyeshwar Heemghar Private
Limited (SHPL) is promoted by the West Bengal-based Ghosh family.
The company provides cold storage facility to potato farmers and
traders on a rental basis and has a storage capacity of 22,790
metric tonnes (MT). The cold storage unit is located at Mohaboni,
Paschim Midnapore, West Bengal.


SHREE DURGA: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Shree Durga Fibers (SDF).

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

The rating continues to reflect SDF's modest scale of operations
in the intensely competitive cotton industry, vulnerability to
changes in the government policy, and an average financial risk
profile. These weaknesses are partially offset by the experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: SDF has a
ginning and pressing capacity of 260 bales per day; the firm is
expected to utilise around 70% of the capacity during the peak
season (6-8 months each year). Low capacity utilisation over the
medium term may constrain the operating efficiency and return on
capital employed ratio.

* Vulnerability to changes in government policy: The Government of
India fixes the minimum support price (MSP) for every crop year.
When the price of any variety of cotton drops below MSP, the
Cotton Corporation of India and the National Agricultural Co-
operative Marketing Federation intervene immediately and purchase
cotton at MSP, without any quantitative limit, and thus, help
cotton farmers avoid distress sale. Profitability may remain
susceptible to such government intervention; hence, any change in
government policy will remain a rating sensitivity factor.

* Average financial risk profile: Gearing and networth were
moderate at 2.72 times and INR5 crore, respectively, as on
March 31, 2017. Interest coverage and net cash accrual to total
debt ratios were weak at 1.61 times and 0.03 time, respectively,
in fiscal 2017.

Strength

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

Outlook: Stable

CRISIL believes SDF will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if substantial improvement in cash accrual or large
capital infusion strengthens the capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, stretch in the working capital cycle or any large, debt-
funded capital expenditure weakens the liquidity.

SDF, established in 2008 at Shahada (Maharashtra), gins and
presses cotton; it also trades in cotton bales. SDF is a part of
the group of companies, promoted by Mr Ajay Goyal and family; the
Sendhwa (Madhya Pradesh)-based group has interests in the cotton
and sugar industries.

Profit after tax (PAT) and net sales were INR0.6 crore and
INR120.4 crore, respectively, in fiscal 2017, against INR0.5 crore
and INR87 crore, respectively, in fiscal 2016.


SHRIM INDUSTRIES: CRISIL Assigns B Rating to INR10.55MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' ratings on the
bank facilities of Shrim Industries Private Limited (SIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            10.55       CRISIL B/Stable (Assigned)

The ratings reflect SIPL's below-average financial risk profile
and exposure to risks related to the implementation and
stabilisation of the project. These weaknesses are partially
offset by the extensive experience of its promoters in the food
processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project-related risks: As SIPL has just started its
operation in the second half of FY17, the implementation and
demand risks are moderate. Hence the successful and timely ramp up
of the project will remain a key rating sensitivity factor.

* Below-average financial risk profile: Networth is small and
capital structure leveraged. Gearing is expected to remain high,
but should improve with a build-up in networth and gradual
repayment of term loans. Debt protection metrics are expected to
remain average.

Strengths

* Extensive experience of the promoters: The promoters' experience
in the food processing industry for close to a decade and also
knowledge on mushroom cultivation should support the company.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit from the
experience of its promoters. The outlook may be revised to
'Positive' if significant ramp-up in scale of operations and
profitability strengthens financial risk profile. The outlook may
be revised to 'Negative' if modest increase in scale of operations
or increase in working capital requirement or any large debt-
funded capital expenditure weakens capital structure.

Incorporated in 2014, SIPL is promoted by Mr Shubham Sharma and Ms
Priti Sharma. The company is setting up a plant in Kotdwar,
Uttarakhand to majorly cultivate and sell white button mushroom.
It has started production of oyster mushroom from September 2017
on a modest scale. The company is also planning to sell compost
and spawn.


SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.40cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR15.40-crore fund-based facility of Shrimati Sulochna Devi
Education Foundation. The outlook on the long-term rating is
Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-Term
   Loan                  15.40      [ICRA]B+(Stable);Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by
negative cash accruals following by net losses, adverse capital
structure and weak coverage indicators. ICRA notes that the net
cash accrual remained inadequate to suffice debt repayment
obligation and the same has been supported through unsecured loans
from the promoter group. The rating also takes into account the
vulnerability of profitability to hike in fee structure that is
subject to approval from regulatory authority.

The rating, however, derives comfort from SSF's association with
Delhi Public School society (DPSS) which provides an established
brand name, operational expertise and an experienced management.
Also, the company has witnessed healthy increase in number of
enrolment from 550 students in AY2015-AY20163 to 1215 students in
AY2017-AY2018.

Outlook: Stable

ICRA believes SSF will continue to benefit from established brand
name of DPSS. The outlook may be revised to 'Positive' if company
reports healthy improvement in profitability leading to sufficient
net cash accruals to repay debt obligations or substantial equity
infusion leading to improvement in capital structure, which
strengthens financial risk profile. The outlook may be revised to
'Negative' in case of de-growth in revenue or profitability or
delay in debt servicing obligations or major debt-funded capital
expenditure which may lead to weak liquidity position of the
company.

Key rating drivers

Credit strengths

Benefits derived from SSF's association with DPSS: SSF has an
agreement with Delhi Public School society (DPSS), and currently
operates a CBSE English medium school in Jamnagar (Gujarat) under
the name of "Delhi Public school Janmagar", under the common logo
and motto of DPSS. Thus SSF benefits in terms of DPSS's
established brand name, ranking & accreditation, management as
well as operational expertise and facilities for extracurricular
activities. The company also witnesses healthy increase in number
of students from 550 in first academic year to 1215 in AY2017-
AY2018 (YoY increase of nearly 300 students).

Credit challenges

Weak financial profile: SSF operating income witnessed growth of
about 50% in FY2017 to INR5.97 crore from INR3.98 crore in FY2016
on account of healthy increase in number of students in AY2017-
AY2018. The operating profitability also improved to 21.22% in
FY2017 from 19.22% in FY2016 with economies of scale due to its
fixed nature of expenses. However, due to high interest and
depreciation costs, SSF continued to report net loss in FY2017
leading to negative cash accrual in FY2017. The total debt stood
at INR23.64 crore as on March 31, 2017 comprising term loan of
INR13.21 crore (56% of total debt), unsecured loans of INR6.97
crore (29%) from promoters and bus loan of INR2.93 crore. The
unsecured loans are interest-free in nature and largely remain
subordinated to term loan. The increased debt level to support its
debt-funded capital expenditure in FY2017 coupled with negative
net-worth of INR3.42 crore led to adverse capital structure in
FY2017. The coverage indicators also stood weak with interest
coverage indicator of 0.60 times and DSCR of 0.44 times in FY2017.
The servicing of debt repayments obligations is largely dependent
upon support from promoters. The working capital intensity
remained negative with -12% in FY2017.

Hike in fee structure subject to approval from regulatory
authority: The company derives its revenue from fee receipts
of its students. Any hike in fee structure is subject to approval
from the appointed Fee Regulatory Committee (FRC). The FRC has
powers to verify the justifications offered by the school for the
fees being charged by them. Hence, the change in fee structure is
vulnerable to approval from the regulatory authority.

Incorporated under section 25 of the Companies Act 1956 in
September 2012; SSF runs Delhi Public School located on a
land parcel of nine acres in the Vasai village of Jamnagar
district in Gujarat. The school commenced operations in AY2015-
AY2016 and at present caters to students from pre-primary to
standard IX. At present, it has 1215 students compared to total
capacity of about 1960 students. The company is promoted by Mr.
Javed Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.

In FY2017, the company reported a net loss of INR1.79 crore on an
OI of INR5.97 crore, as compared to a net loss of INR1.26 crore on
an OI of INR3.98 crore in the previous year.


SRI BALAJI: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term facilities of Sri Balaji Agencies (SBA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               5        CRISIL B+/Stable (Reaffirmed)

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

The rating continues to reflect SBA's weak financial risk profile
and modest scale of operations in the intensely competitive steel
products trading business. These weaknesses are partially offset
by its established relationship with its key supplier and
customers, and the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Modest networth of INR2.15 crore
and gearing of 3.7 times as on March 31, 2017 reflect the below-
average financial risk profile. Debt protection metrics are weak
with interest coverage of 1.35 times and net cash accrual to
adjusted debt of 0.01 time in fiscal 2017.

* Modest scale of operations: Intense competition due to the
presence of numerous small and medium sized players keeps scale of
operation small-revenue was INR63.8 crore in fiscal 2017.

Strengths

* Moderate experience of the management: The management's
experience of 10 years in the industry has helped the firm to
establish itself in the intensely competitive steel trading
industry.

Outlook: Stable

CRISIL believes SBA will continue to benefit from its established
relationships with its key supplier and customers. The outlook may
be revised to 'Positive' if increase in revenue and profitability
strengthen financial risk profile. The outlook may be revised to
'Negative' if decline in profitability or stretch in working
capital cycle or any debt-funded capital expenditure weakens
financial risk profile.

Established in 2008, Chennai-based SBA is a proprietorship firm of
Ms Anupama Khemka. It is a dealer of JSW Steel Ltd's products. Mr
Munish Khemka manages the operations.


SRIRAM FASTENERS: CRISIL Assigns 'B' Rating to INR2.84MM LT Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Sriram Fasteners (SF).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       .16        CRISIL B/Stable

   Cash Credit             2.50        CRISIL B/Stable

   Long Term Loan          2.84        CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and risks related to initial stage of
operations: Scale of operations has been modest. Commercial
operations began on March 31, 2017. In fiscal 2018 till December
2017, revenue was INR2.1 crore; it is expected to reach around
INR6 crore by the end of the fiscal. Scale may gradually improve
over the medium term but as of now will remain exposed to risks
related to the initial stage of the business.

* Weak financial risk profile: Networth and gearing were average
at INR1.17 crore and 3.04 times, respectively, as on March 31,
2017. Interest coverage and net cash accrual to adjusted debt
ratios are projected at 1.9 times and 0.08 time, respectively, in
fiscal 2018.

Strength

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

Outlook: Stable

CRISIL believes SF will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if there is better-than-expected increase in the
scale of operations and profitability along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if lower-than-expected cash accrual, incremental
working capital requirement, or any large, debt-funded capital
expenditure weakens the liquidity.

SF was set up in January 2016 by the partners, Mr. Sri Pramod
Kumar Todi, Mr. Basant Kumar Todi, Mr. Aditya Todi, Mr. Deepak
Gupta and Ms. Julie Wahlang. The Guwahati (Assam)-based firm
manufactures nut & bolt, barbed wire, torkari, chain link and
fencing wire. SF stated commercial production with total installed
capacity of 27,600 tonne/annum.


SUPRABHA CONSTRUCTION: CRISIL Reaffirms B Cash Credit Rating
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on bank facilities of
Suprabha Construction Company Private Limited (SCCPL) at 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4 (Reaffirmed)
   Cash Credit           5.8       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    3.7       CRISIL B/Stable (Reaffirmed)
   Term Loan             2.0       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale of and working
capital intensive operations in highly competitive civil
construction industry. These rating weaknesses are partially
offset by extensive experience of promoters and average financial
risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: SCCPL has modest scale of operations
as indicated by revenue of INR19 crore in fiscal 2017. While the
revenues are expected to increase over the medium term, it will
remain modest in highly fragmented civil construction industry.

* Large working capital requirements: SCCPL has large working
capital requirements as indicated by high gross current asset of
221 days as on March, 2017. This is on account of high
receivables.

Strengths

* Extensive experience of promoters: The company benefits from the
extensive experience of promoters of over 3 decades in civil
construction segment.

* Average financial risk profile: The financial risk profile is
average marked by moderate capital structure (gearing estimated to
be around 1 time in fiscal 2018) and debt protection metrics
(interest coverage ratio and NCATD estimated to be 2.5 times and
0.22 times in fiscal 2018).

Outlook: Stable

CRISIL believes SCCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if significant improvement in revenue and debt-
funded working capital requirement while maintaining operating
profitability leads to higher-than-expected cash accrual. The
outlook may be revised to 'Negative' if stretched working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile, particularly liquidity.

SCCPL was established in Nashik, Maharashtra, in 2005 by Mr
Praveen Bhoi. The firm is a registered contractor with the Public
Works Department (PWD), Maharashtra. It undertakes contracts for
construction of roads and allied civil works for the PWD and local
government bodies.


SUPREME TEX: Insolvency Resolution Process Extended for 90 Days
---------------------------------------------------------------
The National Company Law Tribunal (NCLT), in a March 23, 2018
order, granted an extension of 90 days for completion of the
corporate insolvency resolution process of Supreme Tex Mart Ltd.

Counsel for the Company said it needs more time to complete the
resolution process, noting that the last date for accepting
expressions of interest for the Company's assets based on the
fresh guidelines of the Insolvency and Bankruptcy Board of India
(IBBI) was March 27, 2018.

The initial 180-day period provided under Section 12(1) of the
Insolvency and Bankruptcy Code 2016 expired on March 28, 2018.

                     About Supreme Tex Mart

Incorporated in October 1988, Supreme Tex Mart Limited --
http://www.supremetexmart.com/-- manufactures and sells yarns,
fabrics, and garments in India. Supreme Tex Mart Limited also
exports its products. Supreme Tex Mart was earlier known as
Supreme Woollen Mills Pvt. Ltd. Its head office is at B-72, Focal
Point, Phase-VIII, Ludhiana, Punjab.

The NCLT - Chandigarh Bench ordered the commencement of Supreme
Tex Mart's corporate insolvency resolution process (CIRP) on
September 29, 2017 (CP-IB-No. 67/CHD/Pb/2017).

Allahabad Bank (the Petitioner) applied for the initiation of CIRP
for Supreme Tex Mart.

Mr. Bhupesh Gupta was appointed as Resolution Profession for
Supreme Tex Mart on November 9, 2017. He can be reached at:

   Bhupesh Gupta
   218L, Sector 38 C,
   Chandigarh-160036
   Email: bkg.majestic@gmail.com


TRIMEX INDUSTRIES: ICRA Withdraws D Rating on INR30cr Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]D ISSUER
NOT COOPERATING assigned to the INR10.00-crore1 fund-based term-
loan facility and INR30.00-crore cash-credit facility of Trimex
Industries Private limited. ICRA has also withdrawn the short-term
rating of [ICRA]D ISSUER NOT COOPERATING assigned to the INR20.00-
crore fund-based facility of TIPL. The outlook on the long term
rating 'stable' has also been withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term-Fund      10.00     [ICRA]D ISSUER NOT COOPERATING;
   based, Term                   Withdrawn
   loan

   Long term-Fund      30.00     [ICRA]D ISSUER NOT COOPERATING;
   based, Cash                   Withdrawn
   credit facility

   Short term-Non      20.00     [ICRA]D ISSUER NOT COOPERATING;
   fund based                    Withdrawn

Rationale

The ratings have been withdrawn in accordance with ICRA's policy
on withdrawal and suspension, as desired by the company and based
on the no-objection certificate provided by TIPL's banker.

Incorporated in 1984, TIPL processes and trades in minerals and
mineral sands. The company procures materials such as barite,
rutile, feldspar, ilmenite, and iron ore from state-mining
entities of Andhra Pradesh and Karnataka, then processes and
exports the same. TIPL has four crushing units at Koduru, Andhra
Pradesh with a capacity to process around 10,000 tonne of barite
per month. During FY2015, the company entered into an agreement to
acquire a greenfield single superphosphate (SSP) fertiliser unit
in Rajasthan. The fertiliser plant has a capacity to produce
180,000 tonne of SSP per annum.


TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch Developing
---------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Trinity
Transformers Private Limited (TTPL) remains on 'Rating Watch with
developing Implications' while reaffirming its short term rating
at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)

   Cash Credit            10       CRISIL B (Continues on 'Rating
                                   Watch with Developing
                                   Implications')

   Letter of Credit       10       CRISIL A4 (Reaffirmed)

   Long Term Loan         21       CRISIL B (Continues on 'Rating
                                   Watch with Developing
                                   Implications')

   Open Cash Credit        7       CRISIL B (Continues on 'Rating
                                   Watch with Developing
                                   Implications')

CRISIL had, on June 6, 2017, placed the long-term rating on watch
following announcement that two directors of promoter company,
Trinity Infraventures Ltd, had been taken into judicial custody in
connection with a land scam in Hyderabad. CRISIL is closely
monitoring the development and is in discussion with the company's
management for further clarity. CRISIL will remove the ratings
from watch after ascertaining the implications of the legal
proceedings on the group's credit risk profile.

The ratings reflect TTPL's nascent stage and working capital
intensive nature- of operations in an intensely competitive
transformer manufacturing industry. The rating also reflects its
below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and its customer
relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations in an intensely competitive
transformer manufacturing industry: With revenue of INR40 crores
in fiscal 2017, its first year of operations, TTPL is depicting
nascent stage of operations. Also, TTPL faces competition from
large and established players and small local players which makes
it exposed to intense competition and low pricing flexibility
constraining its profitability.

* Large working capital requirement: Operations entail large
working capital management, with high inventory 75-100 days and
high debtors of about 130-150 days. High gross current assets, 453
days as on March 31, 2017, are expected to improve over the medium
term.

* Below-average financial risk profile: TTPL has below-average
financial risk profile marked by high adjusted gearing of 3.63
times and small networth of INR14.85 crores on March, 2017. TTPL
has modest debt protection metrics marked by net cash accruals to
total debt (NCATD) and interest coverage of 0.09 times and 4.14
times for fiscal 2017.

Strengths

* Extensive experience of promoters and their established customer
relationships: The promoters, with experience of almost three
decades in the electrical industry, have forger healthy
relationships with suppliers and customers. TTPL is promoted by
the Hyderabad-based Trinity Infrastructure Pvt Ltd (TIPL) which is
promoted and managed by Mr.PVS Sharma. TIPL is an investment
vehicle for the Trinity group.

Established in 2012 as a private limited company, TTPL is a
manufacturer of amorphous metal distribution transformers
(AMDT's). Based in Hyderabad (Telangana), the company is promoted
by Mr. P.V.S. Sarma and Mr.Reddi Subramanyam. The company started
its commercial operations in February, 2016.


VADERA TRADELINK: ICRA Withdraws B+ Rating on INR12cr Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of "[ICRA]B+
(Stable) Issuer Not-Cooperating" and short-term rating of
"[ICRA]A4 Issuer Not-Cooperating" on the INR17.0 crore of bank
facilities of Vadera Tradelink Private Limited.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term          12.0      [ICRA]B+ (Stable) ISSUER NOT
   Fund based                   COOPERATING; Withdrawn

   Long-term/          5.0      [ICRA]B+ (Stable) ISSUER NOT
   Short-term                   COOPERATING; Withdrawn
   Non-fund based

Rationale

The ratings assigned to Vadera Tradelink Private Limited (VTPL)
have been withdrawn in accordance with ICRA's policy on withdrawal
and suspension.

VTPL was incorporated by Mr. Bhoor Chand Jain and family (Vadera
Family) in 2008. The company commenced operations in 2011 in
Barmer, Rajasthan. The company is currently engaged in diverse
businesses including manufacturing of plastic packaging, PET
containers, HDPE pipe fittings and corrugated box manufacturing.
The company is also engaged in the trading of food grains, plastic
goods and building materials. The company also undertakes civil
construction work.


VARUN RESOURCES: Bombay High Court Orders Sale of Six Ships
-----------------------------------------------------------
The Economic Times reports that the Bombay High Court has directed
the sale of six ships operated by financially insolvent Varun
Resources, India's largest operator of liquefied petroleum gas
(LPG) carriers.

The six ships are LPG Maharshi Devatreya, Maharshi Krishna Treya,
Maharshi Bhavatreya, Maharshi Bhardwaj, Maharshi Shubhatreya and
Maharshi Mahatreya, Indiaexpress.com disclosed.

According to The Economic Times, the Bombay High Court ordered the
Sheriff of Mumbai on March 27 to have the vessels appraised by
independent surveyors; fix the terms and conditions of sale; issue
advertisement and take all steps to complete the sale; and make a
report to the court for confirmation of the sale.  An auction is
expected, the winner of which will be announced on April 20, ET
relays.

ET cites that the Court entered the judgment by virtue of a
lawsuit made by fleet management company Darya Shipping, which was
responsible for managing seven of its ships.

Darya Shipping alleged that it was never paid for management
services it rendered, ET notes.

According to the report, Abhishek Khare, the lawyer representing
the plaintiff, said Darya Shipping has spent in excess of INR23
crore in managing the fleet. The Court ordered a payment of INR12
crore on March 23, INR9 crore of which should be shortly released.
For the remaining amount, it will have to furnish bank guarantees,
ET discloses.

The report adds that Darya's petition has disclosed that the ships
are in a condition that is unsafe for marine life and crew. All
six are in need of fuel, fresh water and food supplies. The crew
hasn't been paid since December 2017. They haven't bathed for a
month and there is an epidemic of skin disease. Five of the
vessels are parked at Kandla Port and one in Cochin.

                     About Varun Resources

Varun Resources Limited is in the shipping business, where they
are carrier of liquefied petroleum gas.

The National Company Law Tribunal - Mumbai Bench ordered the
commencement of a corporate insolvency resolution process (CIRP)
against Varun Resources Limited on June 23, 2017 -- upon the
petition of Indian Bank, the lead bank of a consortium of 12 banks
to which the Company owes more than Rs2,000 crore. The case is
Indian Bank Limited (petitioner) vs Varun Resources Ltd (corporate
debtor), CP No. 247/MAH/2017.

Sanjeev Maheshwari was appointed as the interim resolution
professional in the case:

Sanjeev Maheshwari
3rd Floor, Vaastu Darshan, Azad Lane
Andheri (East), Mumbai 400-069
Email: vrl.irp@gmail.com

On December 1, 2017, Darya Shipping was appointed to provide
technical ship management and manning services to the Company's
ships.

On December 12, 2017, the NCLT approved a 90-day extension of the
CIRP for Varun Resources.  The CIRP for the Company expired on
December 10, 2017.

On March 8, 2018, the Committee of Creditors (CoC) in the case
rejected a resolution plan put forward by third party Navis
Midstream LLC and decided to go ahead with the liquidation of the
Company.


VASANT COTTON: ICRA Hikes Ratings on INR6.74cr Loans to B+
----------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]B+ from
[ICRA]B for the INR6.74-crore (enhanced from INR5.99 crore) fund-
based facilities of Vasant Cotton. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-Cash       5.50       [ICRA]B+ (Stable); Upgraded
   Credit                           from [ICRA]B

   Fund-based-Term       1.24       [ICRA]B+ (Stable); Upgraded
   Loan                             from [ICRA]B

Rationale

The rating upgrade takes into account the improvement in the
financial risk profile of the firm over the past three fiscals
supported by an improvement in its scale of operations,
profitability and debt coverage indicators. The rating also
derives comfort from the extensive experience of the partners in
the cotton ginning industry and the proximity of the
firm's manufacturing unit to raw material sources.

The rating, however, continues to remain constrained by the firm's
weak financial profile characterised by moderate scale of
operations, thin profitability margins, weak coverage indicators
and high working capital intensity. The rating also factors in the
vulnerability of its profitability to any fluctuations in raw
material prices (raw cotton) and to regulatory risks with regards
to the minimum support price (MSP). The rating is also constrained
by the inherently low value-added nature of the ginning business
and stiff competition, which results in thin margins. ICRA notes
the partnership constitution of VC, wherein any significant
withdrawals from the capital account could adversely impact its
net worth and thereby its credit profile.

Outlook: Stable

ICRA expects VC to benefit from the experience of its promoters
and from its locational advantages. The outlook may be revised to
Positive in case of substantial growth in revenue and
profitability, capital infusion and better working capital
management, which strengthens its financial risk profile. The
outlook may be revised to Negative in case of a significant
decline in scale and profitability leading to lower-than-expected
cash accruals, or substantial capital withdrawals or a stretch in
the working capital cycle leading to weakening of the liquidity
profile.

Key rating drivers

Credit strengths

Extensive experience of promoters in the cotton industry: The
promoters of VC have over a decade of experience in the cotton
ginning industry, leading to established relationships with
customers and suppliers.

Location-specific advantages: The firm is based out of Rajkot
(Gujarat), an area with high cotton acreage and quality cotton
crop and hence benefits in terms of lower transportation cost and
easy access to quality raw material.

Improvement in scale of operations and profitability in FY2017:
The firm's operating income (OI) increased by 23% to INR43.29
crore in FY2017 from INR35.32 crore in FY2016, with stabilisation
of operations, which led to an increase in its sales volume.
Further, it has recorded sales of INR40.68 crore in 9M FY2018. The
profitability has also improved to 2.05% in FY2017 from 1.88% in
FY2016 with better sales realisations.

Credit challenges

Weak financial risk profile: The scale of operations remained
moderate at INR43.29 crore in FY2017. Further, due to the low
value added nature of cotton ginning operations, coupled with
stiff competition, resulted in low operating profitability at
2.05% and net profit margins at 0.80% in FY2017. The capital
structure continued to remain leveraged with a gearing of 2.37
times as on March 31, 2017. Low profitability and high debt level
resulted in weak debt protection metrics with TD/OPBITDA of 7.66
times, NCA/TD of 5% and interest coverage at 2.46 times as on
March 31, 2017. Further, the working capital intensity remained
high as reflected by NWC/OI at 18% in FY2017 owing to high
inventory holding.

Profitability vulnerable to fluctuations in raw material prices
and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend upon various
factors like seasonality, climatic conditions, global demand and
supply situation, export policy, etc. Further, it is also exposed
to the regulatory risks with regards to the MSP set by the
Government.

Intense competition and fragmented industry structure: The firm
faces stiff competition from other small and unorganised players
in the industry, which limits its bargaining power with customers
and suppliers, and hence exerts pressure on its margins.

Risks associated with a partnership concern: Any capital
withdrawal, given the partnership nature of the constitution,
could adversely impact the capital structure of the firm.

Established in 2014, VC is involved in ginning and pressing of raw
cotton from its manufacturing facility in Rajkot (Gujarat). The
firm is equipped with 24 ginning machines and a pressing machine
with an installed processing capacity of 200 bales per day (with
24-hour of operations).


YAVATMAL MUNICIPAL: Ind-Ra Withdraws 'BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Yavatmal
Municipal Council's (YMC) Long-Term Issuer Rating of 'IND BB' with
a Stable Outlook.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the issuer
rating was assigned under Atal Mission for Rejuvenation and Urban
Transformation programme and no specific debt was issued against
the rating. Ind-Ra will no longer provide rating or analytical
coverage for YMC.

COMPANY PROFILE

YMC is the local governing body of the city of Yavatmal. The
council was established in 1894. The municipal council consists of
democratically elected members. The last municipal election was
held in 2016. YMC is headed by a chief officer who is the
administrative head. The council is responsible for providing
civic services and maintenance of civic infrastructure in the
city.



===============
M O N G O L I A
===============


MIK HOLDING: Fitch Assigns First-Time 'B-' IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B-' to MIK Holding JSC (MIK Holding) and
Mongolian Mortgage Corporation HFC LLC (MIK HFC), collectively
referred to as MIK. The Outlook is Stable.

MIK Holding is the holding company of MIK HFC, which is the main
operating company in the group and was established in 2006 by Bank
of Mongolia (BoM) and 10 commercial banks to support housing
finance by packaging and selling residential mortgage-backed
securities (RMBS) or covered bonds in the capital market. MIK
Holding became a listed company in 2015. Ulaanbaatar City Bank is
the largest shareholder with a 26% stake while Mongolian state-
owned enterprises, including Development Bank of Mongolia, State
Bank and Bank of Mongolia, hold 19.3% of the company.

KEY RATING DRIVERS

IDRs

The 'B-' IDR is underpinned by Fitch assessment of MIK's mortgage
loans with a recourse business conducted through MIK HFC, which
comes under the group's liquidity model business, one of its two
main operations. MIK Holding's IDR is equalised with the rating of
MIK HFC due to MIK Holding's low double leverage ratio of around
100% and the two entities' high levels of integration in terms of
business, management and operations.

Fitch has also taken into consideration the company's aggressive
growth strategy and a planned US dollar bond issuance, which will
cause its leverage to rise sharply and debt service capacity to
weaken. MIK has nearly 10 years of experience in the liquidity
model business since 2008. The financial metrics for the business
have been strong and MIK enjoys the leading position in the
sector. However, the company's track record may not be
representative of the company's future performance, in Fitch's
view. The planned US dollar bond and asset growth will materially
change the company's business profile. MIK's ability to manage its
credit profile and sustain its franchise beyond purchasing
mortgages under the Mongolian government's affordable housing
program, which is MIK's other main business - the securitisation
model business, has yet to be proven over time.

The aggressive growth plan will also create execution risks for a
company of its size. The bond proceeds will mainly be used to
expand the company's market-priced liquidity model business, which
will expose MIK to higher levels of counterparty risk. The company
will need to expand its assets quickly to enable it to cover the
interest expense on the US dollar bond, which may cause an
increase in its risk appetite or looser underwriting standards to
accommodate the growth target. The US dollar funding may also
increase the company's currency risk and create volatility for its
earnings if there are no effective hedging tools in place.

MIK operates two main business models. Under the securitisation
model business, it purchases qualified mortgage loans from
originating banks to package into RMBS. MIK does not have any risk
exposure in this model as the risk of the underlying assets will
be fully absorbed by the senior and junior tranches of the RMBS.
The interest rates on the mortgage loans and RMBS under this model
are fixed according to the government's affordable housing
program. The RMBS special purpose companies (SPCs) are
consolidated on MIK Holding's and MIK HFC's balance sheets as MIK
HFC has effective control over these SPCs. Purchased mortgage pool
receivables under this model accounted for 91% of MIK's total
assets as at end-2017.

Under the liquidity model business, MIK purchases market-priced
mortgage loans with recourse from commercial banks and holds them
on MIK HFC's balance sheet. This can be viewed as loans to the
commercial banks using mortgage loans as collateral and repayment
sources. MIK HFC uses its own funds and policy loans from the
German Bank for Reconstruction and Development (KfW) for this
business. The proceeds from the planned US dollar bond will help
the liquidity model business expand from 1% of total assets
currently to over 20%, based on the company's forecast. Fitch
expect the growth of this business to be contingent on the
availability of new funding.

MIK plays an important policy role in providing alternative
funding for commercial banks' mortgage loan business and supports
the Mongolian government's affordable housing program. However,
the government's financial profile is considered weak and the
sovereign's (B-/Positive) fiscal flexibility is limited.
Therefore, Fitch believe sovereign support cannot be relied upon
and the ratings on MIK Holding and MIK HFC are driven by their
standalone credit profiles.

RATING SENSITIVITIES

IDR

Positive rating action may arise if MIK can demonstrate the
ability and successful track record to prove the sustainability of
its liquidity business model, to maintain its credit profile and
manage the market risk associated with the US dollar bond while
executing its growth plan.

The rating is not tied to the sovereign, but a downgrade in the
sovereign rating, indicating a weakening operating environment,
would impact MIK's IDR. An improvement in MIK's operating
environment would have a positive impact on various rating
factors, but would be unlikely to trigger a rating upgrade until
the sustainability of the company profile is proven.

Negative rating actions may result if the company's liquidity and
funding profile and cash flow deteriorate materially, threatening
its ability to repay debt. A substantial shift in its business
model and a material increase in risk appetite, as well as
deteriorating asset quality beyond Fitch expectations, could also
lead to a rating downgrade.

A significant increase in MIK Holding's standalone debt that would
cause the double leverage ratio to rise may lead to a downgrade on
MIK Holding's IDR.



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


CBL CORP: Bank of China Impairs NZ$33MM Likely CBL-Linked Loan
--------------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Bank of China New
Zealand's unit included a NZ$12 million provision for impairment
losses linked to one loan in its latest disclosure statement for
the year to Dec. 31 after reports it lent EUR19.5 million to CBL
Corp, currently in voluntary administration.

A spokesperson for Bank of China New Zealand said the bank
declined to comment.

However, in the disclosure statement, it said "as at Dec. 31,
2017, NZ Banking Group has identified a loan with a carrying value
of EUR19.5 million (NZ$33.02 million), gross of provisions for
impairment losses, to be impaired," BusinessDesk relates. "The
loan is impaired on the basis of objective evidence indicating the
recoverable amount of the loan is less than the carrying value."

The bank's explanation that "recoverability" of the loan "is
complex in nature and limited in availability," according to the
report. Industry observers say it had exposure to CBL, the report
notes.

"That's because of a specific exposure that is in the public
domain. They have one loan that is proving problematic," the
report quotes John Kensington, head of banking and finance for
KPMG in New Zealand, as saying. According to the report, Mr.
Kensington said the bank is one of the three lenders to CBL
Corporation and "they have made a level of provision they believe
is appropriate for that." The prior year included a NZ$501,000
provision. The provision was more than half of its net operating
income of NZ$21.6 million in the period.

BusinessDesk relates that the provision for impairment loss on the
loan reflects management's best estimate of loss incurred and it
underscored "there is a high degree of judgment and uncertainty in
the provision and the loss ultimately suffered by the bank may be
significantly greater or less than the amount provided."

CBL's half-year report dated Aug. 30 shows it had bank debt with
ANZ Bank and the remaining NZ$50 million and EUR50 million would
both mature on November 30. According to NBR, that debt was
refinanced and extended to about NZ$170 million to NZ$180 million
through a consortium of banks led by ANZ and including ICBC and
BOC, BusinessDesk relays.

                         About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together with
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as
well as distributes construction-sector insurance products in
France through a network of brokers.

CBL Corp. went into voluntary administration in late February
2018, in a move to prevent other regulators from taking action
after the Reserve Bank moved to have its subsidiary CBL Insurance
placed in interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators
by the Board of CBL Corporation Ltd and certain of its
subsidiaries.

The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL
entities -- CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings
Europe Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company
Ltd; Deposit Power Ltd; South British Funding Ltd; and CBL
Corporate Services Ltd.



====================
S O U T H  K O R E A
====================


KUMHO TIRE: Union Agrees to Accept Overseas Sale Plan
-----------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co.'s labor and
management said on March 31 they have decided to accept a plan by
creditors to sell the debt-ridden company to China's Qingdao
Doublestar Co.

"We agreed on the plan to attract capital from China's Qingdao
Doublestar Co. and normalize management," they said after an
emergency meeting at Gwangju City Hall, Yonhap relays.

Labor and management will soon submit the decision to the
company's creditors, Yonhap says.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2018, Yonhap News Agency said that the chief of Kumho
Tire Co. on March 13 urged its unyielding union to come to the
negotiating table for earnest dialogue so all sides can find a way
to keep the company afloat.  Yonhap related that Kumho Tire's main
creditor Korea Development Bank (KDB) and the company's management
have said the only possible option at this stage is to sell the
financially troubled tiremaker to Qingdao Doublestar Co. as the
Chinese company has a concrete investment plan to turn Kumho Tire
around.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars.  In addition,
the company provides batteries for automobiles.  The company is
part of the Kumho Asiana Group.



=============
V I E T N A M
=============


VIETNAM: S&P Affirms BB- Sovereign Credit Rating, Outlook Stable
----------------------------------------------------------------
On March 29, 2018, S&P Global Ratings affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on Vietnam. The
outlook is stable. The transfer and convertibility assessment
remains unchanged at 'BB-'.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that
Vietnam's economy will continue to expand rapidly, underpinning
gradual improvements in its key fiscal credit measures in the next
one to two years.

"We may raise our ratings if the economy's continued
outperformance significantly improves fiscal outturns, and
systemic banking system risks recede appreciably."

S&P may lower the ratings if:

-- Rapid credit growth materially weakens Vietnamese banks'
    credit metrics;

-- Government debt or guarantees on debts owed by
    non-financial public enterprises rise considerably from
    current levels; or

-- Annual fiscal deficits are higher than we had expected,
    leading to a higher annual change in net general government
    debt relative to GDP.

RATIONALE

The ratings on Vietnam reflect the country's lower middle-income
economy, legacy banking sector weaknesses, and the country's
emerging institutional settings, which may hamper policy
responsiveness. These weaknesses are offset by Vietnam's external
settings, which feature broadly balanced external accounts, strong
foreign direct investment (FDI) inflows, and a manageable external
debt burden.

Institutional and Economic Profile: FDI-oriented economy to drive
growth despite centralized institutional settings

-- Vietnam has a low-income but fast-growing economy, with per
    capita GDP forecast at approximately US$2,524 in 2018.

-- S&P expects export-led growth and robust domestic demand to
    keep the trend growth for real per capita GDP above average
    for the forecast period.

-- Vietnam's highly centralized policy environment remains a key
    constraint.

S&P said, "Although Vietnam has a lower middle-income economy,
with GDP per capita that we project at approximately US$2,524 in
2018, the economy is relatively diversified. Recent improvements
in macroeconomic stability have supported a strong performance in
the sizable foreign-owned and export-focused manufacturing sector
(electronics, mobile phones, and clothing). The robust FDI-
oriented economy is fueling stronger domestic activity. Low
household leverage provides space for continued private
consumption growth, but this trend is offset by weak banks and
government enterprises. We expect real GDP per capita growth at
approximately 5.6% through 2021 to be higher than the average of
Vietnam's peers' in this category."

The downside risks to Vietnam's growth outlook include
uncertainties regarding the trade policies of major global
economies, coupled with modest domestic policy progress on
government enterprise reforms, fiscal consolidation, and banking
sector reform.

S&P views the financial and technical assistance Vietnam receives
from donors as supportive to the rating. The government's
socioeconomic development plans also provide useful policy anchors
that have improved macroeconomic stability and inflation
management over recent years.

However, decision-making remains highly centralized under the one-
party system, and transparency is impaired, in S&P's opinion.
Therefore, the government's ability to develop and implement swift
policy responses is uncertain. The Vietnamese economy has become
increasingly market-oriented over the past decade. Nevertheless,
policymakers still rely on direct administrative controls--such as
quantitative credit guidance--to regulate economic activity.

Flexibility and Performance Profile: Fiscal, debt metrics reflect
continued risks

-- The government is achieving gradual fiscal consolidation, but
    structural measures remain limited.

-- External metrics have stabilized on strong trade flows and
    robust FDI inflows, bolstering foreign exchange buffers.

-- Fiscal and debt consolidation could disappoint without more
    purposeful reforms.

S&P said, "We view Vietnam's shortfall in basic services to the
population and in infrastructure to be a constraint on fiscal
performance. This factor is likely to result in spending pressure
for a long time. The government's fiscal flexibility could also be
constrained by guarantees related to its state-owned enterprises.
However, these guarantees are now declining relative to GDP
following measures by the government to restrict their provision
in 2017. We expect this trend to continue throughout the forecast
period, in line with the government's strict adherence to its
public and publicly-guaranteed debt ceiling of 65% of GDP.

"We expect the Vietnam Asset Management Co. (VAMC) to begin to
issue debt for the funding of bad asset purchases, with a target
of Vietnamese dong (VND) 3.5 trillion in 2018. We have included
this debt in our calculation of general government indebtedness in
the forecast years. The VAMC was recently empowered by legislation
to purchase and resolve nonperforming assets with cash; the VAMC's
previous process relied solely on exchanging special bonds for
troubled assets from banks.

"In our opinion, Vietnam's fiscal settings are unlikely to improve
dramatically in the absence of more structural fiscal
consolidation measures and the continued equitization (sale of
shares) of state-owned firms. On the other hand, its external
metrics are adequate. Vietnam's current account is likely to
remain broadly in balance annually to 2020. Robust manufacturing
and services (mainly tourism), exports, and large (and rising)
remittances will counteract strong growth in the import of capital
and consumption goods."

Strong FDI in manufacturing, combined with competitive unit labor
costs relative to peers (Malaysia, Thailand, and Indonesia) and a
large, young, and educated labor force, implies further strength
in exports over 2018-2020. Participation in free trade agreements
could provide further upside to Vietnam's export earnings. S&P
expects Vietnam to continue to pursue enhanced market access via
bilateral and multilateral free trade initiatives, including the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership and the Regional Comprehensive Economic Partnership.
Amid a broad-based global recovery in 2017, robust FDI inflows and
remittances boosted Vietnam's external liquidity and strengthened
its overall external metrics. The country's external debt stock
position, as measured by narrow net external debt (the ratio of
gross external debt less official reserves and financial sector
external assets to current account receipts [CARs]) has improved,
and we expect it to average 9.4% over 2018-2021.

S&P said, "At the same time, we project external liquidity needs
(measured by the ratio of gross external financing needs to CARs
and usable reserves) to remain below 90% over the period. We do
not expect to see a marked deterioration in Vietnam's external
financing due to a reduction in disbursements from donors, or a
destabilizing shift in foreign direct investments or portfolio
equity investments."

Other factors that mitigate risks associated with Vietnam's
international liabilities include a low reliance on external
savings by Vietnam's combined bank and company sectors, as well as
the moderate and mainly long-term and concessional nature of the
government's external borrowings. However, Vietnam's external data
lack consistency, with persistently high errors and omissions in
its balance of payments.

Vietnam's banks benefit from being in an external net asset
position, with limited linkages to global markets. However, its
system stability is hampered by high nonperforming assets and
cross-ownership, connected lending, and legacy exposure to
borrowers affected by the 2009-2012 real estate downturn. Capital
adequacy is reportedly above the 9% regulatory minimum. However,
unclear loan classification and provisioning, combined with
government policies directed at the resolution of distressed banks
through the VAMC, weigh on a fuller assessment of the condition
and outlook for Vietnam's financial system.

Relative to GDP, the total system size is relatively large for a
sovereign at this development level. S&P said, "We classify
Vietnam's banking sector in group '9' under our Banking Industry
Credit Risk Assessment (with '1' being the highest assessment and
'10' being the lowest). For these reasons, we deem the sovereign
to face moderate contingent liability risk from the banking
sector. In addition, Vietnam's rapid credit growth in recent years
could eventually contribute to economic imbalances, particularly
if it continues to significantly outpace nominal GDP growth. This
remains a downside risk to our broader assessment of
creditworthiness."

In S&P's view, the State Bank of Vietnam has a limited ability to
support sustainable economic growth while attenuating economic or
financial shocks. This reflects chiefly its limited independence,
which weakens its ability to calibrate monetary policies with
fiscal, economic, and development policies; use of market-
orientated instruments to conduct policy; and record in
maintaining low inflation. Nevertheless, the central bank has
pursued an increasingly market-oriented framework that allows the
dong to trade more freely. Further progress on this front,
combined with a deeper and more diversified financial and capital
market, may lead to a more effective monetary policy framework and
improved credit metrics in the long term

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

  Ratings Affirmed

  Vietnam

   Sovereign Credit Rating                BB-/Stable/B
  Transfer & Convertibility Assessment
    Local Currency                        BB-

  Vietnam
   Senior Unsecured                       BB-



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


* BOND PRICING: For the Week March 26 to March 30, 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
BOART LONGYEAR MANAGEME      1.50    12/31/22    USD      50.00
DBCT FINANCE PTY LTD         2.28    06/09/26    AUD      74.17
KEYBRIDGE CAPITAL LTD        7.00    07/31/20    AUD       0.94
LAKES OIL NL                10.00    05/31/18    AUD       7.25
MIDWEST VANADIUM PTY LT     11.50    02/15/18    USD       0.34
MIDWEST VANADIUM PTY LT     11.50    02/15/18    USD       0.34
QUINTIS LTD                  8.75    08/01/23    USD      70.13
QUINTIS LTD                  8.75    08/01/23    USD      70.13
QUINTIS LTD                  8.75    08/01/23    USD      70.13
TREASURY CORP OF VICTOR      0.50    11/12/30    AUD      72.31


  CHINA
  -----

AKESU XINCHENG ASSET IN      7.50    10/10/18    CNY      25.14
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20    CNY      40.43
ANHUI CHIZHOU CITY TIAN      7.40    10/23/20    CNY      60.51
ANHUI SHENGYUN ENVIRONM      6.98    03/23/20    CNY      41.00
ANKANG DEVELOPMENT & IN      6.35    03/06/20    CNY      40.11
ANQING ECONOMIC&TECHNOL      6.00    06/18/20    CNY      60.22
ANQING ECONOMIC&TECHNOL      6.00    06/18/20    CNY      60.36
ANQING URBAN CONSTRUCTI      6.76    12/31/19    CNY      40.52
ANQING URBAN CONSTRUCTI      6.76    12/31/19    CNY      40.65
ANSHAN HI-TECH INDUSTRY      8.50    12/20/20    CNY      62.75
ANSHUN STATE-RUN ASSETS      6.98    01/10/20    CNY      39.97
ANSHUN STATE-RUN ASSETS      6.98    01/10/20    CNY      39.98
ANYANG INVESTMENT GROUP      8.00    04/17/19    CNY      40.48
BAICHENG ZHONGXING URBA      7.00    12/18/19    CNY      40.52
BAISHAN URBAN CONSTRUCT      7.00    07/31/19    CNY      40.07
BAIYIN CITY DEVELOPMENT      6.78    07/19/20    CNY      59.75
BAIYIN CITY DEVELOPMENT      6.78    07/19/20    CNY      60.07
BAODING NATIONAL HI-TEC      7.33    12/24/19    CNY      40.35
BAOJI INVESTMENT GROUP       7.14    12/26/18    CNY      25.22
BAOJI INVESTMENT GROUP       7.14    12/26/18    CNY      25.30
BAOSHAN STATE-OWNED ASS      7.30    12/10/19    CNY      40.20
BAOTOU STATE OWNED ASSE      7.03    09/17/19    CNY      40.49
BAYAN ZHUOER HETAO WATE      8.54    03/31/22    CNY      62.58
BAYANNUR LINHE DISTRICT      7.90    11/13/20    CNY      61.42
BAYANNUR URBAN DEVELOPM      6.40    03/15/20    CNY      40.38
BAYANNUR URBAN DEVELOPM      6.40    03/15/20    CNY      40.51
BEIJING BIOMEDICINE IND      6.35    07/23/20    CNY      60.27
BEIJING CAPITAL DEVELOP      5.95    05/29/19    CNY      40.23
BEIJING CAPITAL DEVELOP      6.50    02/27/21    CNY      60.97
BEIJING CAPITAL DEVELOP      6.50    02/27/21    CNY      61.14
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY      61.48
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY      61.72
BEIJING CHAOYANG STATE-      5.25    03/27/20    CNY      39.79
BEIJING CHAOYANG STATE-      5.25    03/27/20    CNY      39.96
BEIJING CONSTRUCTION EN      5.95    07/05/19    CNY      40.12
BEIJING CONSTRUCTION EN      5.95    07/05/19    CNY      40.15
BEIJING FUTURE SCIENCE       6.28    09/22/19    CNY      50.37
BEIJING GUCAI GROUP CO       8.28    12/15/18    CNY      40.73
BEIJING GUCAI GROUP CO       6.60    09/06/20    CNY      60.60
BEIJING GUCAI GROUP CO       6.60    09/06/20    CNY      60.78
BEIJING HAIDIAN STATE-O      5.50    08/07/20    CNY      59.70
BEIJING HAIDIAN STATE-O      5.50    08/07/20    CNY      59.90
BEIJING JINGMEI GROUP C      6.14    09/09/20    CNY      60.00
BEIJING JINGMEI GROUP C      6.14    09/09/20    CNY      60.32
BEIJING JINLIYUAN STATE      7.00    10/28/20    CNY      61.26
BEIJING XINGZHAN STATE       6.48    08/31/19    CNY      40.54
BENGBU URBAN INVESTMENT      6.30    09/11/20    CNY      60.67
BENGBU URBAN INVESTMENT      6.30    09/11/20    CNY      60.80
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY      49.23
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY      61.84
BIJIE XINTAI INVESTMENT      7.15    08/20/19    CNY      40.53
BIJIE XINTAI INVESTMENT      7.15    08/20/19    CNY      40.60
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY      62.49
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY      62.50
BORALA MONGOL AUTONOMOU      7.18    08/09/20    CNY      60.28
BORALA MONGOL AUTONOMOU      7.18    08/09/20    CNY      60.81
C&D REAL ESTATE CO LTD       6.15    04/03/20    CNY      40.40
CANGZHOU CONSTRUCTION &      6.72    01/23/20    CNY      40.15
CANGZHOU CONSTRUCTION &      6.72    01/23/20    CNY      40.92
CHANGDE ECONOMIC DEVELO      7.19    09/12/19    CNY      40.65
CHANGDE ECONOMIC DEVELO      7.19    09/12/19    CNY      40.76
CHANGDE ECONOMIC DEVELO      7.00    03/24/21    CNY      61.32
CHANGDE ECONOMIC DEVELO      7.00    03/24/21    CNY      61.46
CHANGDE URBAN CONSTRUCT      6.50    02/25/20    CNY      40.35
CHANGDE URBAN CONSTRUCT      6.50    02/25/20    CNY      40.71
CHANGJIZHOU STATE OWNED      6.00    06/03/19    CNY      50.22
CHANGRUN INVESTMENT HOL      6.88    09/16/20    CNY      60.60
CHANGRUN INVESTMENT HOL      6.88    09/16/20    CNY      60.70
CHANGSHA CITY CONSTRUCT      6.95    04/24/19    CNY      40.34
CHANGSHA CITY CONSTRUCT      6.95    04/24/19    CNY      40.40
CHANGSHA COUNTY XINGCHE      8.35    04/06/19    CNY      40.00
CHANGSHA COUNTY XINGCHE      8.35    04/06/19    CNY      40.58
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY      73.09
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY      73.82
CHANGSHA ECONOMIC & TEC      8.45    04/13/22    CNY      73.04
CHANGSHA LUSHAN URBAN C      7.70    02/27/21    CNY      61.33
CHANGSHA LUSHAN URBAN C      7.70    02/27/21    CNY      61.83
CHANGSHA PILOT INVESTME      6.70    12/10/19    CNY      40.50
CHANGSHA PILOT INVESTME      6.70    12/10/19    CNY      40.69
CHANGSHU BINJIANG URBAN      6.85    04/27/19    CNY      39.92
CHANGSHU BINJIANG URBAN      6.85    04/27/19    CNY      40.16
CHANGSHU CITY OPERATION      8.00    01/16/19    CNY      20.42
CHANGSHU DEVELOPMENT IN      5.80    04/19/20    CNY      60.10
CHANGSHU DEVELOPMENT IN      5.80    04/19/20    CNY      60.29
CHANGXING URBAN CONSTRU      6.80    11/30/19    CNY      40.19
CHANGXING URBAN CONSTRU      6.80    11/30/19    CNY      40.34
CHANGYI ECONOMIC AND DE      7.35    10/30/20    CNY      55.37
CHANGYI ECONOMIC AND DE      7.35    10/30/20    CNY      55.85
CHANGZHI CITY CONSTRUCT      6.46    02/26/20    CNY      40.35
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY      62.36
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY      63.75
CHANGZHOU HI-TECH GROUP      6.18    03/21/20    CNY      40.41
CHANGZHOU HI-TECH GROUP      6.18    03/21/20    CNY      40.46
CHANGZHOU JINTAN DISTRI      8.30    03/14/19    CNY      20.46
CHANGZHOU JINTAN DISTRI      6.38    04/26/20    CNY      60.28
CHANGZHOU WUJIN CITY CO      6.22    06/08/18    CNY      25.05
CHAOHU URBAN TOWN CONST      7.00    12/24/19    CNY      40.12
CHAOHU URBAN TOWN CONST      7.00    12/24/19    CNY      40.39
CHAOYANG CONSTRUCTION I      7.30    05/25/19    CNY      40.18
CHAOYANG CONSTRUCTION I      7.30    05/25/19    CNY      40.62
CHEN ZHOU GAO KE ASSET       7.25    10/21/20    CNY      61.11
CHENGDU CITY DEVELOPMEN      6.18    01/14/20    CNY      40.46
CHENGDU CITY DEVELOPMEN      6.18    01/14/20    CNY      40.51
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18    CNY      25.07
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18    CNY      26.00
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19    CNY      40.20
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19    CNY      40.30
CHENGDU HI-TECH INVESTM      6.28    11/20/19    CNY      40.42
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY      60.95
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY      61.26
CHENGDU XINCHENG XICHEN      8.35    03/19/19    CNY      20.41
CHENGDU XINDU XIANGCHEN      8.60    12/13/18    CNY      40.80
CHENGDU XINGCHENG INVES      6.17    01/28/20    CNY      40.28
CHENGDU XINGCHENG INVES      6.17    01/28/20    CNY      40.35
CHENGDU XINGJIN URBAN C      7.30    11/27/19    CNY      40.66
CHENGDU XINGJIN URBAN C      7.30    11/27/19    CNY      40.76
CHENZHOU DEVELOPMENT IN      7.34    09/13/19    CNY      40.20
CHENZHOU DEVELOPMENT IN      7.34    09/13/19    CNY      40.69
CHENZHOU XINTIAN INVEST      6.30    07/17/20    CNY      60.10
CHIFENG CITY HONGSHAN I      7.20    07/25/19    CNY      40.22
CHINA GOVERNMENT BOND        1.64    12/15/33    CNY      73.17
CHINA RAILWAY CORP           3.40    10/27/46    CNY      74.11
CHINA SECURITY & FIRE C      4.45    11/11/19    CNY      67.22
CHINA YIXING ENVIRONMEN      7.10    10/18/20    CNY      60.81
CHIZHOU CITY MANAGEMENT      7.17    10/17/19    CNY      40.46
CHIZHOU CITY MANAGEMENT      7.17    10/17/19    CNY      40.60
CHONGQING BEICHENG CONS      7.30    10/16/20    CNY      60.73
CHONGQING BEIFEI INDUST      7.13    12/25/19    CNY      40.63
CHONGQING CHANGSHOU DEV      7.45    09/25/19    CNY      40.24
CHONGQING CHANGSHOU DEV      7.45    09/25/19    CNY      40.67
CHONGQING CITY CONSTRUC      5.12    05/21/20    CNY      59.79
CHONGQING CITY CONSTRUC      5.12    05/21/20    CNY      59.80
CHONGQING DASUN ASSET D      6.98    09/10/20    CNY      60.59
CHONGQING DAZU DISTRICT      6.75    04/26/20    CNY      60.55
CHONGQING DAZU DISTRICT      6.75    04/26/20    CNY      60.65
CHONGQING FULING DISTRI      8.40    03/23/19    CNY      40.52
CHONGQING FULING DISTRI      8.40    03/23/19    CNY      40.92
CHONGQING FULING DISTRI      7.89    03/20/21    CNY      61.58
CHONGQING FULING DISTRI      7.89    03/20/21    CNY      62.25
CHONGQING FULING STATE-      6.39    01/21/20    CNY      40.17
CHONGQING FULING STATE-      6.39    01/21/20    CNY      40.40
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY      61.47
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY      61.47
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY      61.57
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY      61.70
CHONGQING HECHUAN INDUS      6.19    06/17/20    CNY      60.26
CHONGQING HECHUAN INDUS      6.19    06/17/20    CNY      60.32
CHONGQING HECHUAN RURAL      8.28    04/10/18    CNY      24.99
CHONGQING HONGRONG CAPI      7.20    10/16/19    CNY      40.63
CHONGQING HONGYE INDUST      6.30    06/03/20    CNY      60.27
CHONGQING HONGYE INDUST      6.30    06/03/20    CNY      60.77
CHONGQING JIANGJIN HUAX      7.46    09/21/19    CNY      40.63
CHONGQING JIANGJIN HUAX      7.46    09/21/19    CNY      40.66
CHONGQING JINYUN ASSET       6.75    06/18/19    CNY      40.09
CHONGQING LAND PROPERTI      7.35    04/25/19    CNY      40.10
CHONGQING LAND PROPERTI      7.35    04/25/19    CNY      40.56
CHONGQING LAND PROPERTI      6.30    08/22/20    CNY      60.70
CHONGQING LAND PROPERTI      6.30    08/22/20    CNY      61.05
CHONGQING MAIRUI CITY I      6.82    08/17/19    CNY      40.41
CHONGQING NAN'AN URBAN       8.20    04/09/19    CNY      40.47
CHONGQING NANCHUAN DIST      7.35    09/06/19    CNY      40.44
CHONGQING NANCHUAN DIST      7.35    09/06/19    CNY      40.45
CHONGQING NANFA URBAN C      6.43    04/27/20    CNY      60.20
CHONGQING NANFA URBAN C      6.43    04/27/20    CNY      60.23
CHONGQING QIANJIANG CIT      8.40    03/23/19    CNY      40.86
CHONGQING QIANJIANG CIT      8.40    03/23/19    CNY      41.00
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY      61.71
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY      82.45
CHONGQING QIJIANG EAST       6.75    01/29/20    CNY      40.41
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY      60.99
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY      61.33
CHONGQING SHUANGQIAO EC      6.75    04/26/20    CNY      60.22
CHONGQING SHUANGQIAO EC      6.75    04/26/20    CNY      60.30
CHONGQING THREE GORGES       6.40    01/23/19    CNY      24.80
CHONGQING THREE GORGES       6.40    01/23/19    CNY      25.15
CHONGQING WANSHENG ECO       6.39    04/17/20    CNY      60.28
CHONGQING WANSHENG ECO       6.39    04/17/20    CNY      60.39
CHONGQING WESTERN MODER      7.08    10/18/20    CNY      60.75
CHONGQING WESTERN MODER      7.08    10/18/20    CNY      61.06
CHONGQING XINGRONG HOLD      8.35    04/19/19    CNY      40.54
CHONGQING XIYONG MICRO-      6.76    07/25/19    CNY      40.42
CHONGQING YONGCHUAN HUI      7.33    10/16/19    CNY      40.54
CHONGQING YONGCHUAN HUI      7.33    10/16/19    CNY      41.00
CHONGQING YUFU ASSET MA      6.50    09/04/19    CNY      40.00
CHONGQING YUFU HOLDING       6.50    09/04/19    CNY      40.39
CHONGQING YULONG ASSET       6.87    05/31/19    CNY      40.44
CHONGQING YUXING CONSTR      7.30    12/10/19    CNY      39.52
CHONGQING YUXING CONSTR      7.30    12/10/19    CNY      40.62
CHONGQING YUZHONG STATE      7.25    02/26/21    CNY      61.16
CHUXIONG AUTONOMOUS DEV      6.60    03/29/20    CNY      39.51
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19    CNY      40.48
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19    CNY      40.55
CHUZHOU TONGCHUANG CONS      7.05    01/09/20    CNY      40.86
CHUZHOU TONGCHUANG CONS      7.05    01/09/20    CNY      60.00
CIXI STATE OWNED ASSET       6.60    09/20/19    CNY      40.36
CIXI STATE OWNED ASSET       6.60    09/20/19    CNY      40.41
DALI ECONOMIC DEVELOPME      8.80    04/24/19    CNY      40.59
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY      61.95
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY      62.04
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY      62.13
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY      62.49
DALIAN CHANGXING ISLAND      6.60    01/25/20    CNY      41.00
DALIAN CHANGXING ISLAND      6.60    01/25/20    CNY      41.60
DALIAN DETA INVESTMENT       6.50    11/15/19    CNY      40.56
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19    CNY      40.16
DALIAN LVTAI INVESTMENT      7.00    08/08/21    CNY      66.04
DALIAN PUWAN ENGINEERIN      7.09    02/20/21    CNY      59.97
DALIAN PUWAN ENGINEERIN      7.09    02/20/21    CNY      89.00
DALIAN RONGQIANG INVEST      8.60    03/30/19    CNY      41.05
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY      62.00
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY      62.36
DALIAN SHUNXING INVESTM      6.97    10/18/20    CNY      61.10
DALIAN SHUNXING INVESTM      6.97    10/18/20    CNY      61.81
DANDONG CITY DEVELOPMEN      8.00    12/21/18    CNY      40.56
DANYANG INVESTMENT GROU      8.10    03/06/19    CNY      20.45
DANYANG INVESTMENT GROU      8.10    03/06/19    CNY      20.45
DANYANG INVESTMENT GROU      6.81    10/23/19    CNY      50.15
DANYANG INVESTMENT GROU      6.81    10/23/19    CNY      50.70
DANYANG INVESTMENT GROU      6.90    10/23/20    CNY      60.93
DAQING GAOXIN STATE-OWN      6.88    12/05/19    CNY      39.99
DAQING GAOXIN STATE-OWN      6.88    12/05/19    CNY      40.37
DAQING URBAN CONSTRUCTI      6.55    10/23/19    CNY      40.00
DAQING URBAN CONSTRUCTI      6.55    10/23/19    CNY      40.26
DAQING URBAN CONSTRUCTI      7.10    03/05/21    CNY      60.50
DAQING URBAN CONSTRUCTI      7.10    03/05/21    CNY      60.88
DASHIQIAO URBAN CONSTRU      6.58    02/21/20    CNY      40.18
DASHIQIAO URBAN CONSTRU      6.58    02/21/20    CNY      60.33
DAYE CITY CONSTRUCTION       7.30    03/03/21    CNY      61.18
DAYE CITY CONSTRUCTION       7.30    03/03/21    CNY      61.26
DAYE CITY CONSTRUCTION       7.95    11/27/20    CNY      61.88
DAZHOU INVESTMENT CO LT      6.99    12/25/19    CNY      40.64
DAZHOU INVESTMENT CO LT      6.99    12/25/19    CNY      40.64
DEYANG CITY CONSTRUCTIO      6.99    12/26/19    CNY      40.45
DEYANG CITY CONSTRUCTIO      6.99    12/26/19    CNY      40.51
DEZHOU DEDA URBAN CONST      7.14    10/18/19    CNY      40.82
DONGTAI COMMUNICATION I      7.39    07/05/18    CNY      25.00
DONGTAI COMMUNICATION I      7.39    07/05/18    CNY      25.08
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19    CNY      40.66
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19    CNY      60.00
DONGTAI UBAN CONSTRUCTI      8.65    01/13/21    CNY      62.90
DONGYING CITY URBAN ASS      6.75    04/20/18    CNY      34.90
ENSHI URBAN CONSTRUCTIO      7.55    10/22/19    CNY      40.77
EZHOU CITY CONSTRUCTION      7.08    06/19/19    CNY      40.37
FEICHENG CITY ASSETS MA      7.10    08/14/18    CNY      25.08
FENGCHENG CITY CONSTRUC      7.50    02/28/21    CNY      61.74
FENGCHENG CITY CONSTRUC      7.50    02/28/21    CNY      61.95
FENGCHENG CITY CONSTRUC      8.65    01/14/21    CNY      62.09
FENGCHENG CITY CONSTRUC      8.65    01/14/21    CNY      81.50
FENGHUA CITY INVESTMENT      7.45    09/24/19    CNY      40.57
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY      62.02
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY      68.00
FUJIAN JINJIANG URBAN C      6.35    04/26/20    CNY      60.57
FUJIAN LONGYAN CITY CON      7.45    08/14/19    CNY      40.70
FUJIAN LONGYAN CITY CON      7.45    03/04/21    CNY      61.62
FUJIAN NANPING HIGHWAY       6.69    01/28/20    CNY      40.46
FUJIAN NANPING HIGHWAY       7.90    10/26/18    CNY      40.48
FUQING CITY STATE-OWNED      6.66    03/01/21    CNY      55.22
FUSHUN URBAN INVESTMENT      5.95    05/11/18    CNY      40.00
FUSHUN URBAN INVESTMENT      8.53    03/22/22    CNY      63.17
FUSHUN URBAN INVESTMENT      8.53    03/22/22    CNY      63.75
FUXIN INFRASTRUCTURE CO      7.55    10/10/19    CNY      40.55
FUXIN INFRASTRUCTURE CO      7.55    10/10/19    CNY      41.00
FUYANG CONSTRUCTION INV      7.60    03/13/21    CNY      61.68
FUYANG CONSTRUCTION INV      7.65    03/21/21    CNY      61.82
FUYANG CONSTRUCTION INV      7.65    03/21/21    CNY      62.06
FUYANG CONSTRUCTION INV      7.60    03/13/21    CNY      62.07
FUZHOU INVESTMENT DEVEL      6.78    01/16/20    CNY      40.58
FUZHOU JIANGONG GROUP C      6.80    12/10/19    CNY      70.90
FUZHOU URBAN AND RURAL       6.35    09/25/18    CNY      25.13
GANSU PROVINCIAL HIGHWA      6.75    11/16/18    CNY      20.22
GANSU PROVINCIAL HIGHWA      7.20    09/19/18    CNY      40.38
GANSU PROVINCIAL STATE-      5.40    03/06/20    CNY      69.78
GANSU PROVINCIAL STATE-      5.40    03/06/20    CNY      70.17
GANZHOU CITY DEVELOPMEN      6.40    07/10/18    CNY      25.07
GANZHOU DEVELOPMENT ZON      6.70    12/26/18    CNY      25.16
GANZHOU DEVELOPMENT ZON      6.70    12/26/18    CNY      25.26
GANZHOU DEVELOPMENT ZON      7.40    02/19/20    CNY      51.04
GANZHOU DEVELOPMENT ZON      7.40    02/19/20    CNY      51.15
GANZHOU DEVELOPMENT ZON      8.15    12/31/19    CNY      51.49
GANZHOU DEVELOPMENT ZON      8.15    12/31/19    CNY      51.65
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY      61.63
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY      61.81
GAOMI STATE-OWNED ASSET      6.75    11/15/18    CNY      25.15
GAOMI STATE-OWNED ASSET      6.75    11/15/18    CNY      25.15
GAOMI STATE-OWNED ASSET      6.70    11/15/19    CNY      40.42
GAOMI STATE-OWNED ASSET      6.70    11/15/19    CNY      40.47
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY      61.35
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY      61.70
GUANG ZHOU PANYU COMMUN      6.30    04/12/19    CNY      50.06
GUANG ZHOU PANYU COMMUN      6.30    04/12/19    CNY      50.10
GUANGAN INVESTMENT HOLD      8.18    04/25/19    CNY      40.30
GUANGAN INVESTMENT HOLD      8.18    04/25/19    CNY      40.56
GUANGXI BAISE DEVELOPME      6.50    07/04/19    CNY      40.27
GUANGXI BAISE DEVELOPME      6.50    07/04/19    CNY      40.27
GUANGXI LAIBIN URBAN CO      8.36    03/14/19    CNY      40.90
GUANGXI LAIBIN URBAN CO      8.36    03/14/19    CNY      41.08
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY      61.98
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY      62.13
GUANGYUAN INVESTMENT HO      7.25    11/26/19    CNY      40.53
GUANGZHOU DEVELOPMENT Z      6.70    08/14/22    CNY      71.96
GUILIN ECONOMIC CONSTRU      6.90    05/09/18    CNY      25.04
GUILIN ECONOMIC CONSTRU      6.90    05/09/18    CNY      25.05
GUIYANG HI-TECH HOLDING      6.01    12/01/19    CNY      50.05
GUIYANG JINYANG CONSTRU      6.70    10/24/18    CNY      25.16
GUIYANG JINYANG CONSTRU      6.70    10/24/18    CNY      25.19
GUIYANG PUBLIC HOUSING       6.70    11/06/19    CNY      40.41
GUIYANG PUBLIC HOUSING       6.70    11/06/19    CNY      40.61
GUIYANG URBAN DEVELOPME      6.20    02/28/20    CNY      40.17
GUIZHOU KAILI CITY CONS      7.80    02/21/21    CNY      61.60
GUIZHOU KAILI CITY CONS      8.30    12/12/20    CNY      62.20
GUIZHOU KAILI CITY CONS      8.30    12/12/20    CNY      62.62
GUOAO INVESTMENT DEVELO      6.89    10/29/18    CNY      25.21
GUOAO INVESTMENT DEVELO      6.89    10/29/18    CNY      25.21
HAIAN COUNTY CITY CONST      7.45    03/04/21    CNY      61.23
HAIAN COUNTY CITY CONST      7.45    03/04/21    CNY      61.83
HAIAN COUNTY DEVELOPMEN      7.40    02/21/20    CNY      50.68
HAIAN COUNTY DEVELOPMEN      7.40    02/21/20    CNY      51.04
HAIAN COUNTY DEVELOPMEN      7.49    02/21/21    CNY      61.12
HAIAN COUNTY DEVELOPMEN      7.49    02/21/21    CNY      61.80
HAICHENG URBAN INVESTME      8.39    11/07/18    CNY      40.59
HAICHENG URBAN JINCAI L      8.56    12/19/20    CNY      61.09
HAILAR DISTRICT URBAN I      6.20    05/14/20    CNY      60.11
HAIMEN CITY DEVELOPMENT      8.35    03/20/19    CNY      20.83
HAIMEN COMMUNICATION IN      8.00    03/18/21    CNY      62.84
HAINAN HARBOR & SHIPPIN      6.80    10/18/19    CNY      70.58
HAINAN HARBOR & SHIPPIN      6.80    10/18/19    CNY      70.60
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY      61.30
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY      61.42
HAINING STATE-OWNED ASS      6.08    03/06/20    CNY      39.60
HAINING STATE-OWNED ASS      6.08    03/06/20    CNY      40.00
HAINING STATE-OWNED ASS      7.80    09/20/18    CNY      40.46
HAINING STATE-OWNED ASS      7.80    09/20/18    CNY      40.46
HAIXI STATE DEVELOPMENT      8.60    01/02/21    CNY      62.14
HAIXI STATE DEVELOPMENT      8.60    01/02/21    CNY      62.85
HAIYAN COUNTY STATE-OWN      7.00    09/04/20    CNY      61.08
HAIYAN COUNTY STATE-OWN      7.00    09/04/20    CNY      61.16
HANDAN CITY DEVELOPMENT      7.05    12/24/19    CNY      40.79
HANDAN CITY DEVELOPMENT      7.05    12/24/19    CNY      42.00
HANDAN CITY DEVELOPMENT      7.60    11/25/20    CNY      62.02
HANGZHOU CANAL COMPREHE      6.00    04/02/20    CNY      39.80
HANGZHOU CANAL COMPREHE      6.00    04/02/20    CNY      40.33
HANGZHOU FUYANG CITY CO      7.10    02/26/21    CNY      61.45
HANGZHOU FUYANG CITY CO      7.10    02/26/21    CNY      61.58
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY      61.72
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY      61.79
HANGZHOU HIGH-TECH INDU      6.45    01/28/20    CNY      40.48
HANGZHOU HIGH-TECH INDU      6.45    01/28/20    CNY      40.52
HANGZHOU MUNICIPAL CONS      5.90    04/25/18    CNY      24.90
HANGZHOU MUNICIPAL CONS      5.90    04/25/18    CNY      24.96
HANGZHOU XIAOSHAN ECO&T      6.70    12/26/18    CNY      25.22
HANGZHOU YUHANG CITY CO      7.55    03/29/19    CNY      20.41
HANGZHOU YUHANG CITY CO      7.55    03/29/19    CNY      20.44
HANGZHOU YUHANG CITY CO      7.00    03/03/21    CNY      61.72
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY      61.09
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY      63.49
HANGZHOU YUHANG INNOVAT      6.50    03/18/20    CNY      40.38
HANGZHOU YUHANG INNOVAT      6.50    03/18/20    CNY      40.58
HANJIANG STATE-OWNED-AS      8.12    01/12/19    CNY      20.42
HANJIANG STATE-OWNED-AS      8.12    01/12/19    CNY      40.50
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY      61.42
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY      61.85
HARBIN HELI INVESTMENT       7.48    09/26/18    CNY      40.25
HARBIN HELI INVESTMENT       7.48    09/26/18    CNY      40.37
HARBIN HIGH-TECH INDUST      7.00    09/16/20    CNY      61.67
HARBIN HIGH-TECH INDUST      7.00    09/16/20    CNY      61.84
HARBIN WATER INVESTMENT      5.70    05/06/20    CNY      60.50
HARBIN WATER INVESTMENT      5.70    05/06/20    CNY      60.65
HEBEI SHUNDE INVESTMENT      6.98    12/05/19    CNY      40.61
HEBEI SHUNDE INVESTMENT      6.98    12/05/19    CNY      41.94
HECHI CITY CONSTRUCTION      8.50    12/18/20    CNY      62.16
HECHI CITY CONSTRUCTION      8.50    12/18/20    CNY      62.22
HEFEI BINHU NEW ZONE CO      6.35    06/13/19    CNY      70.52
HEFEI CONSTRUCTION INVE      6.60    08/28/18    CNY      40.00
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19    CNY      40.86
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19    CNY      40.97
HEFEI HAIHENG INVESTMEN      7.30    06/12/19    CNY      40.50
HEFEI INDUSTRIAL INVEST      6.30    03/20/20    CNY      40.42
HEFEI NEW & HIGH TECHNO      6.90    03/12/20    CNY      71.26
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19    CNY      20.54
HEFEI XINCHENG STATE-OW      7.88    04/23/19    CNY      40.45
HEGANG KAIYUAN CITY INV      6.50    07/19/19    CNY      40.17
HEIHE CITY CONSTRUCTION      8.48    03/23/19    CNY      41.03
HEILONGJIANG HECHENG CO      7.05    06/21/22    CNY      70.00
HEILONGJIANG POST-DISAS      7.06    11/20/20    CNY      74.75
HENAN JIYUAN CITY CONST      7.50    09/25/19    CNY      40.65
HENGYANG CITY CONSTRUCT      7.06    08/13/19    CNY      40.47
HENGYANG CITY CONSTRUCT      7.06    08/13/19    CNY      40.50
HENGYANG HONGXIANG STAT      6.20    06/19/20    CNY      60.36
HENGYANG HONGXIANG STAT      6.20    06/19/20    CNY      60.55
HEYUAN CITY URBAN DEVEL      6.55    03/19/20    CNY      40.31
HEYUAN CITY URBAN DEVEL      6.55    03/19/20    CNY      40.60
HEZE INVESTMENT DEVELOP      7.14    03/24/21    CNY      61.57
HONGHEZHOU ROAD DEVELOP      6.27    05/06/20    CNY      60.25
HUAIAN CITY URBAN ASSET      6.87    12/26/19    CNY      40.64
HUAIAN CITY URBAN ASSET      6.87    12/26/19    CNY      40.75
HUAIAN CITY WATER HOLDI      8.25    03/08/19    CNY      20.55
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19    CNY      40.36
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19    CNY      41.06
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY      61.30
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY      61.44
HUAIAN NEW CITY INVESTM      7.45    03/04/21    CNY      61.42
HUAIAN NEW CITY INVESTM      7.45    03/04/21    CNY      61.91
HUAIAN QINGHE NEW AREA       6.68    01/24/20    CNY      40.18
HUAIAN QINGHE NEW AREA       6.68    01/24/20    CNY      40.34
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18    CNY      25.08
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18    CNY      25.40
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20    CNY      61.00
HUANGGANG CITY CONSTRUC      7.10    10/19/19    CNY      40.54
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY      61.65
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY      61.80
HUANGGANG CITY CONSTRUC      8.60    12/25/20    CNY      62.84
HUANGGANG CITY CONSTRUC      8.60    12/25/20    CNY      63.50
HUANGSHI CIHU HIGH-TECH      8.70    12/05/20    CNY      62.12
HUANGSHI CIHU HIGH-TECH      9.30    01/21/21    CNY      63.08
HUANGSHI URBAN CONSTRUC      6.96    10/25/19    CNY      40.58
HUBEI QUANZHOU YANGTZE       6.50    04/02/20    CNY      70.11
HUIAN STATE ASSETS INVE      7.50    10/15/19    CNY      40.52
HUIAN STATE ASSETS INVE      7.50    10/15/19    CNY      40.61
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY      60.52
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY      60.58
HUNAN CHANGDE DEYUAN IN      7.18    10/18/18    CNY      25.17
HUNAN CHENGLINGJI HARBO      7.70    10/15/18    CNY      25.21
HUNAN CHENGLINGJI HARBO      7.70    10/15/18    CNY      25.23
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY      61.49
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY      62.42
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY      80.00
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY      85.00
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY      61.74
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY      62.12
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18    CNY      25.15
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18    CNY      25.19
HUZHOU CITY INVESTMENT       6.70    12/14/19    CNY      40.63
HUZHOU NANXUN STATE-OWN      8.15    03/31/19    CNY      20.45
HUZHOU WUXING NANTAIHU       8.79    01/16/21    CNY      62.27
INNER MONGLIA SHENG MU       4.48    12/28/20    CNY      55.00
INNER MONGOLIA HIGH-TEC      7.20    09/25/19    CNY      40.43
INNER MONGOLIA HIGH-TEC      7.20    09/25/19    CNY      40.50
INNER MONGOLIA KE'ERQIN      7.75    09/24/19    CNY      40.55
INNER MONGOLIA ZHUNGEER      6.94    05/10/18    CNY      50.02
JIAMUSI NEW ERA INFRAST      8.25    03/22/19    CNY      20.27
JIAMUSI NEW ERA INFRAST      7.90    02/26/21    CNY      61.37
JIAMUSI NEW ERA INFRAST      7.90    02/26/21    CNY      61.79
JIAN CITY CONSTRUCTION       7.80    04/20/19    CNY      40.40
JIAN CITY CONSTRUCTION       7.80    04/20/19    CNY      40.46
JIANAN INVESTMENT HOLDI      7.68    09/04/19    CNY      40.70
JIANAN INVESTMENT HOLDI      7.68    09/04/19    CNY      40.71
JIANGDONG HOLDING GROUP      6.90    03/27/19    CNY      20.28
JIANGMEN CITY BINJIANG       6.60    02/28/20    CNY      38.06
JIANGMEN CITY BINJIANG       6.60    02/28/20    CNY      40.31
JIANGMEN NEW HI-TECH IN      7.39    11/04/20    CNY      61.36
JIANGSU FURUDONGHAI DEV      7.09    09/13/20    CNY      60.87
JIANGSU FURUDONGHAI DEV      7.09    09/13/20    CNY      60.88
JIANGSU HANRUI INVESTME      8.16    03/01/19    CNY      20.32
JIANGSU HUAJING ASSETS       6.00    05/16/20    CNY      59.91
JIANGSU JINGUAN INVESTM      6.40    01/28/19    CNY      25.03
JIANGSU JURONG FUDI BIO      8.70    04/26/19    CNY      70.84
JIANGSU LIANYUN DEVELOP      6.10    06/19/19    CNY      39.69
JIANGSU LIANYUN DEVELOP      6.10    06/19/19    CNY      40.04
JIANGSU NEWHEADLINE DEV      7.00    08/27/20    CNY      55.66
JIANGSU NEWHEADLINE DEV      7.00    08/27/20    CNY      55.72
JIANGSU SUHAI INVESTMEN      7.20    11/07/19    CNY      40.40
JIANGSU SUHAI INVESTMEN      7.20    11/07/19    CNY      40.40
JIANGSU TAICANG PORT DE      7.66    05/16/19    CNY      40.47
JIANGSU WUZHONG ECONOMI      8.05    12/16/18    CNY      40.71
JIANGSU WUZHONG ECONOMI      8.05    12/16/18    CNY      40.71
JIANGSU XISHAN ECONOMIC      6.99    11/01/19    CNY      40.48
JIANGSU XISHAN ECONOMIC      6.99    11/01/19    CNY      40.56
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19    CNY      40.48
JIANGXI HEJI INVESTMENT      8.00    09/04/19    CNY      40.60
JIANGXI HEJI INVESTMENT      8.00    09/04/19    CNY      40.66
JIANGYIN CITY CONSTRUCT      7.20    06/11/19    CNY      40.39
JIANGYIN CITY CONSTRUCT      7.20    06/11/19    CNY      40.40
JIANGYIN GAOXIN DISTRIC      6.60    02/27/20    CNY      40.51
JIANGYIN GAOXIN DISTRIC      7.31    04/25/18    CNY      50.01
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY      60.65
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY      61.62
JIANHU URBAN CONSTRUCTI      6.50    02/22/20    CNY      39.93
JIANHU URBAN CONSTRUCTI      6.50    02/22/20    CNY      40.90
JIASHAN STATE-OWNED ASS      6.80    06/06/19    CNY      40.36
JIAXING CITY CULTURE MI      8.16    03/08/19    CNY      20.52
JIAXING CITY NANHU NEW       7.45    02/26/21    CNY      61.37
JIAXING ECONOMIC&TECHNO      6.78    06/14/19    CNY      40.18
JIAXING ECONOMIC&TECHNO      6.78    06/14/19    CNY      40.20
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY      61.56
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY      61.96
JILIN CITY CONSTRUCTION      6.34    02/26/20    CNY      40.01
JILIN CITY CONSTRUCTION      6.34    02/26/20    CNY      40.12
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY      60.35
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY      61.55
JILIN RAILWAY INVESTMEN      6.63    06/26/19    CNY      70.24
JIMO CITY URBAN DEVELOP      8.10    12/17/19    CNY      50.50
JIMO CITY URBAN DEVELOP      8.10    12/17/19    CNY      51.06
JINAN CITY CONSTRUCTION      6.80    03/20/21    CNY      61.58
JINAN XIAOQINGHE DEVELO      7.15    09/05/19    CNY      39.80
JINAN XIAOQINGHE DEVELO      7.15    09/05/19    CNY      40.62
JINGDEZHEN STATE-OWNED       6.59    06/25/20    CNY      59.89
JINGDEZHEN STATE-OWNED       6.59    06/25/20    CNY      60.42
JINGJIANG BINJIANG XINC      6.80    10/23/18    CNY      25.00
JINGJIANG BINJIANG XINC      6.80    10/23/18    CNY      25.07
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY      60.73
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY      60.77
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY      70.80
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY      71.06
JINGZHOU ECONOMIC TECHN      8.20    12/09/20    CNY      61.76
JINGZHOU URBAN CONSTRUC      7.98    04/24/19    CNY      40.49
JINING CITY CONSTRUCTIO      8.30    12/31/18    CNY      20.41
JINING CITY YANZHOU DIS      5.90    05/28/21    CNY      70.50
JINING HI-TECH TOWN CON      6.60    01/28/20    CNY      40.45
JINING HI-TECH TOWN CON      6.60    01/28/20    CNY      40.45
JINING WATER SUPPLY GRO      7.18    01/22/20    CNY      40.74
JINSHAN STATE-OWNED ASS      6.65    11/27/19    CNY      40.54
JINZHONG CITY PUBLIC IN      6.50    03/18/20    CNY      40.18
JINZHOU CITY INVESTMENT      7.08    06/13/19    CNY      40.22
JINZHOU CITY INVESTMENT      7.08    06/13/19    CNY      40.25
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY      62.35
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY      62.59
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY      61.49
JINZHOU HUAXING INVESTM      9.10    01/21/21    CNY      62.12
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY      85.00
JISHOU HUATAI STATE OWN      7.37    12/12/19    CNY      40.19
JIUJIANG CITY CONSTRUCT      8.49    02/23/19    CNY      20.51
JIUJIANG CITY CONSTRUCT      8.49    02/23/19    CNY      20.52
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19    CNY      50.29
JIUJIANG STATE-OWNED AS      6.68    03/07/20    CNY      40.72
JIUQUAN ECONOMIC DEVELO      7.40    02/26/21    CNY      61.33
JIXI STATE OWN ASSET MA      7.18    11/08/19    CNY      40.21
KAIFENG DEVELOPMENT INV      6.47    07/11/19    CNY      40.29
KAIYUAN CITY TOWN CONST      7.88    02/24/21    CNY      59.55
KAIYUAN CITY TOWN CONST      7.88    02/24/21    CNY      61.69
KARAMAY URBAN CONSTRUCT      7.15    09/04/19    CNY      40.92
KARAMAY URBAN CONSTRUCT      7.15    09/04/19    CNY      41.16
KASHI URBAN CONSTRUCTIO      7.18    11/27/19    CNY      40.00
KASHI URBAN CONSTRUCTIO      7.18    11/27/19    CNY      40.63
KIZILSU KIRGHIZ AUTONOM      7.15    09/16/20    CNY      60.89
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20    CNY      61.70
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20    CNY      80.00
KUERLE CITY CONSTRUCTIO      7.48    09/10/18    CNY      25.21
KUERLE CITY CONSTRUCTIO      7.48    09/10/18    CNY      25.25
KUNMING CITY CONSTRUCTI      7.60    04/13/18    CNY      25.00
KUNMING CITY CONSTRUCTI      7.60    04/13/18    CNY      25.02
KUNMING DIANCHI INVESTM      6.50    02/01/20    CNY      40.39
KUNMING DIANCHI INVESTM      6.50    02/01/20    CNY      40.44
KUNMING INDUSTRIAL DEVE      6.46    10/23/19    CNY      40.25
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19    CNY      40.00
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19    CNY      40.48
KUNSHAN HITECH INDUSTRI      7.10    03/26/21    CNY      61.93
KUNSHAN HITECH INDUSTRI      7.10    03/26/21    CNY      62.17
KUNSHAN HUAQIAO INTERNA      7.98    12/30/18    CNY      20.35
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY      61.45
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY      61.58
LANZHOU CITY DEVELOPMEN      8.20    12/15/18    CNY      40.76
LEQING CITY STATE OWNED      6.50    06/29/19    CNY      39.90
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY      45.44
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY      46.91
LIAONING YAODU DEVELOPM      7.35    12/12/19    CNY      40.53
LIAOYANG CITY ASSETS OP      6.88    06/13/18    CNY      35.00
LIAOYANG CITY ASSETS OP      7.10    11/13/19    CNY      40.47
LIAOYUAN STATE-OWNED AS      8.17    03/13/19    CNY      20.12
LIAOYUAN STATE-OWNED AS      8.17    03/13/19    CNY      40.50
LIJIANG GUCHENG MANAGEM      6.68    07/26/19    CNY      40.27
LINCANG STATE-OWNED ASS      6.58    04/11/20    CNY      60.36
LINCANG STATE-OWNED ASS      6.58    04/11/20    CNY      62.00
LINFEN CITY INVESTMENT       7.23    02/22/19    CNY      50.40
LINFEN CITY INVESTMENT       7.23    02/22/19    CNY      50.73
LINFEN CITY INVESTMENT       6.20    05/23/20    CNY      59.80
LINFEN CITY INVESTMENT       6.20    05/23/20    CNY      60.25
LINFEN YAODU DISTRICT I      6.99    09/27/20    CNY      59.99
LINHAI CITY INFRASTRUCT      6.30    03/21/20    CNY      40.04
LINHAI CITY INFRASTRUCT      6.30    03/21/20    CNY      40.41
LINYI CITY ASSET MANAGE      6.68    12/12/19    CNY      40.65
LINYI ECONOMIC DEVELOPM      8.26    09/24/19    CNY      40.89
LISHUI CITY CONSTRUCTIO      6.00    05/23/20    CNY      60.40
LISHUI URBAN CONSTRUCTI      5.80    05/29/20    CNY      59.88
LIUPANSHUI DEVELOPMENT       6.97    12/03/19    CNY      41.30
LIUPANSHUI DEVELOPMENT       7.50    02/19/21    CNY      61.57
LIUZHOU CITY INVESTMENT      7.18    12/31/22    CNY      71.14
LIUZHOU DONGCHENG INVES      8.30    02/15/19    CNY      20.45
LIUZHOU DONGCHENG INVES      7.40    10/29/20    CNY      61.28
LIUZHOU DONGCHENG INVES      7.40    10/29/20    CNY      61.31
LIUZHOU INVESTMENT HOLD      6.98    08/15/19    CNY      40.37
LIYANG CITY CONSTRUCTIO      8.20    11/08/18    CNY      33.75
LIYANG CITY CONSTRUCTIO      6.20    03/08/20    CNY      40.38
LIYANG CITY CONSTRUCTIO      6.20    03/08/20    CNY      40.45
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20    CNY      61.19
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20    CNY      61.37
LOUDI CITY CONSTRUCTION      7.28    10/19/18    CNY      25.15
LOUDI CITY CONSTRUCTION      7.28    10/19/18    CNY      25.20
LU'AN CITY CONSTRUCTION      8.00    12/02/20    CNY      61.83
LUOHE CITY CONSTRUCTION      6.99    10/30/19    CNY      40.52
MAANSHAN ECONOMIC TECHN      7.10    12/20/19    CNY      40.78
MEISHAN CITY ASSET OPER      7.84    02/26/21    CNY      62.08
MEISHAN HONGDA CONSTRUC      6.56    06/19/20    CNY      60.21
MEISHAN HONGDA CONSTRUC      6.56    06/19/20    CNY      60.59
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20    CNY      60.61
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20    CNY      60.68
MIANYANG INVESTMENT HOL      7.70    03/26/19    CNY      40.49
MIANYANG INVESTMENT HOL      7.70    03/26/19    CNY      40.59
MIANYANG SCIENCE TECHNO      6.30    07/22/18    CNY      27.43
MIANYANG SCIENCE TECHNO      7.16    05/15/19    CNY      40.14
MINXIXINGHANG STATE-OWN      6.20    03/26/19    CNY      25.22
MINXIXINGHANG STATE-OWN      6.20    03/26/19    CNY      50.00
MUDANJIANG STATE-OWNED       7.08    08/30/19    CNY      40.01
MUDANJIANG STATE-OWNED       7.08    08/30/19    CNY      40.43
NANAN CITY TRADE INDUST      8.50    04/25/19    CNY      40.61
NANCHANG CITY CONSTRUCT      6.19    02/20/20    CNY      40.53
NANCHANG COUNTY URBAN C      6.50    07/17/19    CNY      50.34
NANCHANG COUNTY URBAN C      6.50    07/17/19    CNY      50.34
NANCHANG ECONOMY TECHNO      6.88    01/09/20    CNY      40.44
NANCHANG MUNICIPAL PUBL      5.88    02/25/20    CNY      40.35
NANCHANG MUNICIPAL PUBL      5.88    02/25/20    CNY      40.46
NANCHANG WATER CONSERVA      6.28    06/21/20    CNY      60.52
NANCHANG WATER CONSERVA      6.28    06/21/20    CNY      60.59
NANCHONG DEVELOPMENT IN      6.69    01/28/20    CNY      40.59
NANCHONG ECONOMIC DEVEL      8.16    04/26/19    CNY      40.42
NANJING JIANGBEI NEW AR      6.94    09/07/19    CNY      40.50
NANJING JIANGBEI NEW AR      6.94    09/07/19    CNY      40.55
NANJING JIANGNING SCIEN      7.29    04/28/19    CNY      40.40
NANJING PUKOU ECONOMIC       7.10    10/08/19    CNY      40.00
NANJING PUKOU ECONOMIC       7.10    10/08/19    CNY      40.42
NANJING STATE OWNED ASS      5.40    03/06/20    CNY      39.80
NANJING STATE OWNED ASS      5.40    03/06/20    CNY      39.88
NANJING STATE OWNED ASS      5.60    03/06/23    CNY      69.51
NANJING STATE OWNED ASS      5.60    03/06/23    CNY      69.70
NANJING URBAN CONSTRUCT      5.68    11/26/18    CNY      24.98
NANJING URBAN CONSTRUCT      5.68    11/26/18    CNY      25.12
NANJING XINGANG DEVELOP      6.80    01/08/20    CNY      40.21
NANNING URBAN CONSTRUCT      8.20    12/26/20    CNY      61.05
NANNING URBAN CONSTRUCT      8.20    12/26/20    CNY      61.52
NANPING CITY WUYI NEW D      6.70    08/06/20    CNY      60.73
NANPING CITY WUYI NEW D      6.70    08/06/20    CNY      61.07
NANTONG CITY GANGZHA DI      7.15    01/09/20    CNY      40.74
NANTONG CITY GANGZHA DI      7.15    01/09/20    CNY      40.78
NANTONG CITY TONGZHOU D      6.80    05/28/19    CNY      40.26
NANTONG CITY TONGZHOU D      6.80    05/28/19    CNY      40.31
NANTONG ECONOMIC & TECH      5.80    05/17/20    CNY      60.08
NANTONG ECONOMIC & TECH      5.80    05/17/20    CNY      60.09
NANYANG INVESTMENT GROU      7.05    10/24/20    CNY      61.11
NEIJIANG INVESTMENT HOL      7.00    07/19/18    CNY      25.05
NEIJIANG INVESTMENT HOL      7.00    07/19/18    CNY      25.06
NEOGLORY HOLDING GROUP       8.10    11/23/18    CNY      70.10
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY      61.37
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY      61.38
NINGBO CITY YINZHOU CIT      6.50    03/18/20    CNY      40.00
NINGBO CITY YINZHOU CIT      6.50    03/18/20    CNY      40.00
NINGBO EASTERN NEW TOWN      6.45    01/21/20    CNY      40.06
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18    CNY      25.12
NINGDE CITY STATE-OWNED      7.99    12/05/20    CNY      62.04
NINGDE CITY STATE-OWNED      7.99    12/05/20    CNY      62.21
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY      61.60
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY      62.06
PANJIN CONSTRUCTION INV      7.50    05/17/19    CNY      40.69
PANJIN PETROLEUM HIGH T      6.95    01/10/20    CNY      40.31
PANJIN PETROLEUM HIGH T      6.95    01/10/20    CNY      40.32
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY      61.55
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY      61.96
PEIXIAN STATE-OWNED ASS      7.20    12/06/19    CNY      40.29
PINGDINGSHAN CITY DEVEL      7.86    05/08/19    CNY      40.41
PINGDINGSHAN CITY DEVEL      7.86    05/08/19    CNY      40.47
PINGDU CITY STATE OWNED      7.25    11/05/20    CNY      60.85
PINGDU CITY STATE OWNED      7.25    11/05/20    CNY      61.09
PINGHU CITY INVESTMENT       7.20    09/18/19    CNY      40.60
PINGLIANG CHENGXIANG CO      7.10    09/17/20    CNY      60.93
PINGTAN COMPOSITE EXPER      6.58    03/15/20    CNY      40.49
PINGTAN COMPOSITE EXPER      6.58    03/15/20    CNY      60.40
PINGXIANG HUIFENG INVES      7.06    10/11/20    CNY      61.21
PINGXIANG URBAN CONSTRU      6.89    12/10/19    CNY      39.80
PIZHOU RUNCHENG ASSET O      7.55    09/25/19    CNY      40.68
PIZHOU RUNCHENG ASSET O      7.55    09/25/19    CNY      40.70
PUER CITY STATE OWNED A      7.38    06/20/19    CNY      40.29
PULANDIAN CITY CONSTRUC      8.48    12/12/18    CNY      56.17
PULANDIAN CITY CONSTRUC      7.60    11/19/20    CNY      61.60
PULANDIAN CITY CONSTRUC      7.60    11/19/20    CNY      61.70
PULANDIAN CITY CONSTRUC      7.74    04/21/21    CNY      82.40
PUTIAN STATE-OWNED ASSE      8.10    03/21/19    CNY      20.52
PUTIAN STATE-OWNED ASSE      8.10    03/21/19    CNY      40.50
PUTIAN URBAN CONSTRUCTI      7.59    02/26/21    CNY      61.98
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY      61.88
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY      62.14
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY      61.76
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY      62.42
QIANAN XINGYUAN WATER I      6.45    07/11/18    CNY      25.01
QIANAN XINGYUAN WATER I      6.45    07/11/18    CNY      25.01
QIANDONG NANZHOU DEVELO      8.80    04/27/19    CNY      40.40
QIANDONGNANZHOU KAIHONG      7.80    10/30/19    CNY      40.60
QIANNAN AUTONOMOUS PREF      6.90    09/04/20    CNY      60.92
QIANXI NANZHOU HONGSHEN      6.99    11/22/19    CNY      40.24
QIDONG STATE-OWNED ASSE      7.30    11/20/22    CNY      70.50
QIDONG STATE-OWNED ASSE      7.30    11/20/22    CNY      71.60
QINGDAO CHENGYANG DEVEL      7.09    03/10/21    CNY      61.20
QINGDAO CHENGYANG DEVEL      7.09    03/10/21    CNY      61.97
QINGDAO CHINA PROSPERIT      7.30    04/18/19    CNY      40.32
QINGDAO CHINA PROSPERIT      7.30    04/18/19    CNY      40.55
QINGDAO CITY CONSTRUCTI      6.89    02/16/19    CNY      20.20
QINGDAO CITY CONSTRUCTI      6.89    02/16/19    CNY      20.27
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY      71.66
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY      76.00
QINGDAO JIAOZHOU CITY D      6.59    01/25/20    CNY      40.59
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY      61.06
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY      61.53
QINGYUAN TRANSPORTATION      8.20    12/19/20    CNY      61.93
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19    CNY      19.90
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19    CNY      20.03
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18    CNY      25.01
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18    CNY      25.26
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19    CNY      40.52
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19    CNY      40.73
QINHUANGDAO DEVELOPMENT      7.46    10/17/19    CNY      40.14
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY      61.40
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY      61.51
QINZHOU BINHAI NEW CITY      7.00    08/27/20    CNY      60.46
QINZHOU BINHAI NEW CITY      7.00    08/27/20    CNY      60.78
QINZHOU CITY DEVELOPMEN      7.10    10/16/19    CNY      70.98
QITAIHE CITY CONSTRUCTI      7.30    10/18/19    CNY      40.50
QUANZHOU TAISHANG INVES      7.08    12/10/19    CNY      40.62
QUANZHOU TAISHANG INVES      7.08    12/10/19    CNY      40.72
QUANZHOU TAISHANG INVES      7.22    02/25/21    CNY      61.65
QUANZHOU TAISHANG INVES      7.22    02/25/21    CNY      62.49
QUANZHOU URBAN CONSTRUC      6.48    01/11/20    CNY      40.50
QUANZHOU URBAN CONSTRUC      6.48    01/11/20    CNY      40.97
QUJING DEVELOPMENT INVE      7.25    09/06/19    CNY      40.39
QUJING DEVELOPMENT INVE      7.25    09/06/19    CNY      40.48
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20    CNY      60.00
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20    CNY      60.26
RONGCHENG ECONOMIC DEVE      6.45    03/18/20    CNY      40.63
RUDONG COUNTY DONGTAI S      7.45    09/24/19    CNY      40.48
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY      61.75
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY      61.76
RUGAO CITY ECONOMIC TRA      8.30    01/22/21    CNY      61.00
RUGAO CITY ECONOMIC TRA      8.30    01/22/21    CNY      62.69
RUGAO COMMUNICATIONS CO      8.51    01/26/19    CNY      25.51
RUGAO COMMUNICATIONS CO      6.70    02/01/20    CNY      40.55
RUGAO COMMUNICATIONS CO      6.70    02/01/20    CNY      60.81
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY      61.00
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY      62.83
RUIAN STATE OWNED ASSET      6.93    11/26/19    CNY      39.94
RUIAN STATE OWNED ASSET      6.93    11/26/19    CNY      40.57
RUSHAN CITY STATE-OWNED      6.90    09/11/20    CNY      61.10
RUSHAN CITY STATE-OWNED      6.90    09/11/20    CNY      61.34
SANMING CITY CONSTRUCTI      6.40    03/05/20    CNY      40.40
SANMING CITY CONSTRUCTI      6.40    03/05/20    CNY      40.47
SANMING STATE-OWNED ASS      6.99    06/14/18    CNY      40.15
SANMING STATE-OWNED ASS      6.92    12/05/19    CNY      40.79
SHAANXI WEINAN HIGH-TEC      8.28    02/28/21    CNY      60.91
SHAANXI WEINAN HIGH-TEC      8.28    02/28/21    CNY      62.00
SHANDONG JINMAO TEXTILE      9.00    02/21/19    CNY      69.83
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY      60.91
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY      61.27
SHANDONG TAIFENG HOLDIN      5.80    03/12/20    CNY      39.38
SHANDONG WEISHANHU MINI      6.15    03/13/20    CNY      66.18
SHANGHAI BUND GROUP DEV      6.35    04/24/20    CNY      60.43
SHANGHAI BUND GROUP DEV      6.35    04/24/20    CNY      60.53
SHANGHAI CHENGTOU CORP       4.63    07/30/19    CNY      39.80
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19    CNY      50.89
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19    CNY      50.90
SHANGHAI FENGXIAN NANQI      6.25    03/05/20    CNY      40.38
SHANGHAI JIADING INDUST      6.71    10/10/18    CNY      25.11
SHANGHAI JIADING INDUST      6.71    10/10/18    CNY      25.17
SHANGHAI JINSHAN URBAN       6.60    12/21/19    CNY      40.51
SHANGHAI LAKE DIANSHAN       5.95    01/30/21    CNY      74.96
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19    CNY      40.24
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19    CNY      40.26
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19    CNY      40.32
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19    CNY      70.18
SHANGHAI MINHANG URBAN       6.48    10/23/19    CNY      40.44
SHANGHAI MINHANG URBAN       6.48    10/23/19    CNY      40.56
SHANGHAI NANFANG GROUP       6.70    09/09/19    CNY      50.21
SHANGHAI NANFANG GROUP       6.70    09/09/19    CNY      50.46
SHANGHAI SONGJIANG TOWN      6.28    08/15/18    CNY      24.80
SHANGHAI SONGJIANG TOWN      6.28    08/15/18    CNY      25.11
SHANGHAI URBAN CONSTRUC      5.25    11/30/19    CNY      40.03
SHANGLUO CITY CONSTRUCT      6.75    09/09/19    CNY      50.48
SHANGLUO CITY CONSTRUCT      6.75    09/09/19    CNY      50.54
SHANGLUO CITY CONSTRUCT      7.05    09/09/20    CNY      60.83
SHANGLUO CITY CONSTRUCT      7.05    09/09/20    CNY      60.88
SHANGQIU DEVELOPMENT IN      6.60    01/15/20    CNY      40.42
SHANGRAO CITY CONSTRUCT      7.30    09/10/19    CNY      40.67
SHANGYU HANGZHOU BAY DI      6.95    10/11/20    CNY      58.99
SHANGYU HANGZHOU BAY DI      6.95    10/11/20    CNY      60.80
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY      62.10
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY      63.23
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19    CNY      40.30
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19    CNY      40.60
SHAOXING CHENGBEI XINCH      6.21    06/11/18    CNY      24.98
SHAOXING CHENGBEI XINCH      6.21    06/11/18    CNY      25.00
SHAOXING CHENGZHONGCUN       6.50    01/24/20    CNY      40.16
SHAOXING CHENGZHONGCUN       6.50    01/24/20    CNY      40.43
SHAOXING HI-TECH INDUST      6.75    12/05/18    CNY      25.06
SHAOXING KEQIAO DISTRIC      6.30    02/26/19    CNY      25.24
SHAOXING PAOJIANG INDUS      6.90    10/31/19    CNY      40.50
SHAOXING SHANGYU COMMUN      6.70    09/11/19    CNY      40.30
SHAOXING SHANGYU COMMUN      6.70    09/11/19    CNY      40.38
SHAOXING URBAN CONSTRUC      6.40    11/09/19    CNY      40.46
SHAOYANG CITY CONSTRUCT      7.40    09/11/18    CNY      25.22
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY      62.30
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY      62.69
SHENYANG SUJIATUN DISTR      6.40    06/20/20    CNY      60.38
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY      70.14
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY      70.18
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20    CNY      60.07
SHIYAN CITY INFRASTRUCT      7.98    04/20/19    CNY      40.51
SHIYAN CITY INFRASTRUCT      6.88    10/11/20    CNY      60.64
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY      60.63
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY      61.12
SHOUGUANG JINCAI STATE-      6.70    10/23/19    CNY      40.35
SHOUGUANG JINCAI STATE-      6.70    10/23/19    CNY      40.58
SHUANGLIU COUNTY WATER       7.40    02/26/20    CNY      50.94
SHUANGLIU SHINE CHINE C      8.40    03/16/19    CNY      40.63
SHUANGLIU SHINE CHINE C      8.48    03/16/19    CNY      40.97
SHUANGLIU SHINE CHINE C      8.40    03/16/19    CNY      41.12
SHUANGLIU SHINE CHINE C      8.48    03/16/19    CNY      71.13
SHUANGYASHAN DADI CITY       6.55    12/25/19    CNY      40.08
SHUANGYASHAN DADI CITY       6.55    12/25/19    CNY      40.20
SHUYANG JINGYUAN ASSET       6.50    12/03/19    CNY      40.21
SHUYANG JINGYUAN ASSET       6.50    12/03/19    CNY      40.24
SICHUAN CHENGDU ABA DEV      7.18    09/12/20    CNY      60.36
SICHUAN COAL INDUSTRY G      7.70    01/09/18    CNY      45.00
SONGYUAN URBAN DEVELOPM      7.30    08/29/19    CNY      31.41
SUIFENHE HAIRONG URBAN       6.60    04/28/20    CNY      59.41
SUINING DEVELOPMENT INV      6.62    04/25/20    CNY      60.32
SUINING DEVELOPMENT INV      6.62    04/25/20    CNY      60.37
SUINING KAIDA INVESTMEN      8.69    04/21/21    CNY      82.33
SUIZHOU DEVELOPMENT INV      7.50    08/22/19    CNY      40.31
SUIZHOU DEVELOPMENT INV      7.50    08/22/19    CNY      40.40
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY      61.83
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY      62.53
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20    CNY      61.38
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19    CNY      20.30
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19    CNY      20.52
SUQIAN WATER GROUP CO        6.55    12/04/19    CNY      40.39
SUZHOU CITY CONSTRUCTIO      7.45    03/12/19    CNY      20.39
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20    CNY      60.41
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20    CNY      60.45
SUZHOU FENHU INVESTMENT      7.49    02/28/21    CNY      61.56
SUZHOU INDUSTRIAL PARK       5.79    05/30/19    CNY      40.08
SUZHOU TECH CITY DEVELO      7.32    11/01/18    CNY      25.28
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19    CNY      40.21
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19    CNY      40.29
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20    CNY      56.04
SUZHOU WUJIANG EASTERN       8.05    12/05/18    CNY      40.67
SUZHOU WUJIANG EASTERN       8.05    12/05/18    CNY      40.73
SUZHOU XIANGCHENG URBAN      6.95    09/03/19    CNY      40.45
SUZHOU XIANGCHENG URBAN      6.95    09/03/19    CNY      40.58
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY      61.57
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY      61.74
TACHENG DISTRICT STATE-      7.49    10/16/19    CNY      50.65
TACHENG DISTRICT STATE-      7.49    10/16/19    CNY      50.70
TAIAN TAISHAN INVESTMEN      6.76    01/25/20    CNY      40.71
TAICANG ASSET MANAGEMEN      8.25    12/31/18    CNY      40.78
TAICANG ASSET MANAGEMEN      8.25    12/31/18    CNY      40.94
TAICANG ASSET MANAGEMEN      7.00    02/27/21    CNY      61.12
TAICANG ASSET MANAGEMEN      7.00    02/27/21    CNY      61.70
TAICANG HENGTONG INVEST      7.45    10/30/19    CNY      40.63
TAICANG URBAN CONSTRUCT      6.75    01/11/20    CNY      40.73
TAIXING CITY CHENGXING       8.30    12/12/20    CNY      62.14
TAIXING CITY CHENGXING       8.30    12/12/20    CNY      62.50
TAIYUAN HIGH-SPEED RAIL      6.50    10/30/20    CNY      56.04
TAIYUAN LONGCHENG DEVEL      6.50    09/25/19    CNY      40.25
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY      61.54
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY      62.11
TAIZHOU CITY HUANGYAN D      6.85    12/17/18    CNY      25.19
TAIZHOU CITY JIANGYAN U      7.10    09/03/20    CNY      61.64
TAIZHOU CITY NEW BINJIA      7.60    03/05/21    CNY      61.07
TAIZHOU HAILING ASSETS       8.52    03/21/19    CNY      20.50
TAIZHOU JIANGYAN STATE       6.85    12/03/19    CNY      39.96
TAIZHOU JIANGYAN STATE       6.85    12/03/19    CNY      40.25
TAIZHOU JIAOJIANG STATE      7.46    09/13/20    CNY      56.39
TAIZHOU JIAOJIANG STATE      7.46    09/13/20    CNY      56.88
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20    CNY      40.10
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20    CNY      40.38
TAIZHOU XINTAI GROUP CO      6.85    08/14/18    CNY      25.05
TAIZHOU XINTAI GROUP CO      6.85    08/14/18    CNY      25.06
TANGSHAN CAOFEIDIAN DEV      7.50    10/15/20    CNY      59.82
TANGSHAN URBAN CONSTRUC      7.10    02/26/21    CNY      61.21
TANGSHAN URBAN CONSTRUC      7.10    02/26/21    CNY      61.96
TIANJIN BAOXING INDUSTR      7.10    10/17/20    CNY      60.89
TIANJIN BAOXING INDUSTR      7.10    10/17/20    CNY      61.60
TIANJIN BINHAI NEW AREA      5.19    03/13/20    CNY      39.80
TIANJIN CITY JINGHAI UR      7.90    11/26/20    CNY      61.67
TIANJIN DONGFANG CAIXIN      7.99    11/23/18    CNY      40.66
TIANJIN DONGLI CITY INF      6.05    06/19/20    CNY      60.14
TIANJIN ECO-CITY INVEST      6.76    08/14/19    CNY      40.27
TIANJIN ECO-CITY INVEST      6.76    08/14/19    CNY      40.29
TIANJIN ECONOMIC TECHNO      6.20    12/03/19    CNY      40.32
TIANJIN ECONOMIC TECHNO      6.20    12/03/19    CNY      40.41
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY      71.07
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY      71.08
TIANJIN GUANGCHENG INVE      6.97    02/22/23    CNY      69.04
TIANJIN HANBIN INVESTME      8.39    03/22/19    CNY      20.46
TIANJIN HI-TECH INDUSTR      7.80    03/27/19    CNY      20.29
TIANJIN HI-TECH INDUSTR      7.80    03/27/19    CNY      20.35
TIANJIN HUANCHENG URBAN      7.20    03/21/21    CNY      61.47
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY      71.26
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY      81.14
TIANJIN JINNAN CITY CON      6.95    06/18/19    CNY      40.31
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY      61.79
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY      81.00
TIANJIN REAL ESTATE TRU      8.59    03/13/21    CNY      60.86
TIANJIN REAL ESTATE TRU      8.59    03/13/21    CNY      63.16
TIANJIN RESIDENTIAL CON      8.00    12/19/20    CNY      61.36
TIANJIN TEDA CONSTRUCTI      6.89    04/27/20    CNY      60.91
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY      61.67
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY      61.75
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY      62.20
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY      62.40
TIELING PUBLIC ASSETS I      7.34    05/29/18    CNY      24.90
TIELING PUBLIC ASSETS I      7.34    05/29/18    CNY      25.05
TONGCHUAN DEVELOPMENT I      7.50    07/17/19    CNY      40.10
TONGLIAO URBAN INVESTME      6.64    04/09/20    CNY      60.31
TONGLING CONSTRUCTION I      6.98    08/26/20    CNY      60.64
TONGLING CONSTRUCTION I      6.98    08/26/20    CNY      60.92
TONGLING CONSTRUCTION I      8.20    04/28/22    CNY      73.24
TONGLING CONSTRUCTION I      8.20    04/28/22    CNY      81.00
TONGREN FANJINGSHAN INV      6.89    08/02/19    CNY      40.33
TONGREN TOURISM INVESTM      8.00    02/20/21    CNY      61.51
TONGREN TOURISM INVESTM      8.00    02/20/21    CNY      62.58
TONGXIANG CITY CONSTRUC      6.10    05/16/20    CNY      59.50
TONGXIANG CITY CONSTRUC      6.10    05/16/20    CNY      60.29
TULUFAN DISTRICT STATE-      7.20    08/09/19    CNY      50.54
TULUFAN DISTRICT STATE-      7.20    08/09/19    CNY      50.87
ULANQAB CITY JI NING DI      6.88    03/19/20    CNY      39.72
URUMQI CITY CONSTRUCTIO      6.35    07/09/19    CNY      39.00
URUMQI CITY CONSTRUCTIO      6.35    07/09/19    CNY      40.25
URUMQI CITY CONSTRUCTIO      7.20    11/06/18    CNY      50.44
URUMQI ECO&TECH DEVELOP      8.58    01/10/19    CNY      25.60
URUMQI GAOXIN INVESTMEN      6.18    03/05/20    CNY      39.93
URUMQI GAOXIN INVESTMEN      6.18    03/05/20    CNY      40.10
URUMQI STATE-OWN ASSET       6.17    03/16/21    CNY      75.14
URUMQI STATE-OWNED ASSE      6.48    04/28/18    CNY      24.98
VANZIP INVESTMENT GROUP      7.92    02/04/19    CNY      22.34
WAFANGDIAN STATE-OWNED       8.55    04/19/19    CNY      40.52
WAFANGDIAN STATE-OWNED       6.20    06/20/20    CNY      59.90
WAFANGDIAN STATE-OWNED       6.20    06/20/20    CNY      60.18
WEIFANG BINCHENG INVEST      8.59    02/14/21    CNY      62.51
WEIFANG BINCHENG INVEST      8.59    02/14/21    CNY      62.88
WEIFANG BINHAI INVESTME      6.16    04/16/21    CNY      70.11
WEIFANG DONGFANG STATE-      7.78    03/24/21    CNY      61.00
WEIFANG DONGFANG STATE-      7.78    03/24/21    CNY      62.05
WEIFANG DONGXIN CONSTRU      6.88    11/20/19    CNY      40.37
WEIFANG DONGXIN CONSTRU      6.88    11/20/19    CNY      40.46
WEIHAI WENDENG URBAN PR      6.38    03/06/20    CNY      40.42
WEINAN CITY INVESTMENT       6.69    01/15/20    CNY      40.33
WEINAN CITY INVESTMENT       6.69    01/15/20    CNY      40.46
WENLING CITY STATE OWNE      7.18    09/18/19    CNY      40.39
WENLING CITY STATE OWNE      7.18    09/18/19    CNY      40.64
WENSHAN URBAN CONSTRUCT      8.10    02/27/21    CNY      62.19
WENSHAN URBAN CONSTRUCT      8.10    02/27/21    CNY      82.00
WENZHOU ANJUFANG CITY D      7.65    04/24/19    CNY      40.35
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20    CNY      40.46
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20    CNY      40.54
WENZHOU HIGH-TECH INDUS      7.95    03/21/21    CNY      61.82
WUHAI CITY CONSTRUCTION      8.20    03/31/19    CNY      20.37
WUHAN CAIDIAN URBAN CON      7.24    05/28/21    CNY      36.06
WUHAN CHEDU GROUP CO LT      7.18    02/27/21    CNY      61.34
WUHAN CHEDU GROUP CO LT      7.18    02/27/21    CNY      61.81
WUHAN JIANGXIA URBAN CO      8.99    01/20/21    CNY      62.58
WUHAN METRO GROUP CO LT      5.70    02/04/20    CNY      40.36
WUHAN METRO GROUP CO LT      5.70    02/04/20    CNY      60.20
WUHAN REAL ESTATE DEVEL      5.90    03/22/19    CNY      25.09
WUHAN REAL ESTATE DEVEL      5.90    03/22/19    CNY      50.00
WUHAN URBAN CONSTRUCTIO      5.60    03/08/20    CNY      40.01
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18    CNY      25.05
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18    CNY      25.07
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22    CNY      70.69
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22    CNY      71.21
WUHU JINGHU CONSTRUCTIO      6.68    05/16/20    CNY      60.75
WUHU XINMA INVESTMENT C      7.18    11/14/19    CNY      40.23
WUHU XINMA INVESTMENT C      7.18    11/14/19    CNY      40.68
WUJIANG ECONOMIC TECHNO      6.88    12/27/19    CNY      40.63
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY      61.58
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY      62.53
WUXI CONSTRUCTION AND D      6.60    09/17/19    CNY      40.42
WUXI CONSTRUCTION AND D      6.60    09/17/19    CNY      40.50
WUXI HUISHAN ECONOMIC D      6.03    04/22/19    CNY      50.21
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20    CNY      59.55
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20    CNY      60.85
WUXI TAIHU INTERNATIONA      7.60    09/17/19    CNY      40.68
WUXI TAIHU INTERNATIONA      7.60    09/17/19    CNY      40.68
WUXI XIDONG NEW TOWN CO      6.65    01/28/20    CNY      40.21
WUXI XIDONG NEW TOWN CO      6.65    01/28/20    CNY      40.28
WUXI XIDONG TECHNOLOGY       5.98    10/26/18    CNY      40.21
WUXI XIDONG TECHNOLOGY       5.98    10/26/18    CNY      40.45
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY      61.02
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY      61.04
WUZHOU DONGTAI STATE-OW      7.40    09/03/19    CNY      40.50
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20    CNY      40.28
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20    CNY      40.29
XI'AN AEROSPACE BASE IN      6.96    11/08/19    CNY      40.54
XIAN CHANBAHE DEVELOPME      6.89    08/03/19    CNY      40.41
XI'AN HI-TECH HOLDING C      5.70    02/26/19    CNY      25.18
XI'AN HI-TECH HOLDING C      5.70    02/26/19    CNY      51.03
XI'AN URBAN INDEMNIFICA      7.31    03/18/19    CNY      40.55
XI'AN URBAN INDEMNIFICA      7.31    03/18/19    CNY      40.76
XI'AN URBAN INDEMNIFICA      7.31    04/18/19    CNY      70.50
XI'AN URBAN INDEMNIFICA      7.31    04/18/19    CNY      70.87
XIANGTAN CITY CONSTRUCT      8.00    03/16/19    CNY      20.45
XIANGTAN CITY CONSTRUCT      8.00    03/16/19    CNY      20.48
XIANGTAN HI-TECH GROUP       6.90    01/15/20    CNY      40.43
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY      61.43
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY      61.83
XIANGTAN JIUHUA ECONOMI      7.43    08/29/19    CNY      40.52
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20    CNY      60.69
XIANGTAN ZHENXIANG STAT      6.60    08/07/20    CNY      60.81
XIANGTAN ZHENXIANG STAT      6.60    08/07/20    CNY      60.86
XIANNING CITY CONSTRUCT      7.50    08/31/18    CNY      25.12
XIANNING CITY CONSTRUCT      7.50    08/31/18    CNY      25.20
XIANNING HIGH-TECH INVE      5.80    06/05/20    CNY      59.68
XIANNING HIGH-TECH INVE      5.80    06/05/20    CNY      59.69
XIANTAO CITY CONSTRUCTI      8.15    02/24/21    CNY      61.77
XIANTAO CITY CONSTRUCTI      8.15    02/24/21    CNY      62.52
XIAOGAN URBAN CONSTRUCT      8.12    03/26/19    CNY      20.52
XINGAN LEAGUE URBAN DEV      8.20    03/06/21    CNY      61.36
XINGAN LEAGUE URBAN DEV      8.20    03/06/21    CNY      95.00
XINGHUA URBAN CONSTRUCT      7.25    10/23/18    CNY      25.11
XINING CITY INVESTMENT       7.70    04/27/19    CNY      40.51
XINING ECONOMIC DEVELOP      5.90    06/04/20    CNY      59.95
XINJIANG FUYUN COUNTY S      8.67    03/05/20    CNY      51.35
XINJIANG SHIHEZI DEVELO      7.50    08/29/18    CNY      24.98
XINJIANG UYGUR AR HAMI       6.25    07/17/18    CNY      25.04
XINJIANG WUJIAQU URBAN       6.10    05/23/20    CNY      60.30
XINJIANG WUJIAQU URBAN       6.10    05/23/20    CNY      60.44
XINXIANG INVESTMENT GRO      5.85    04/15/20    CNY      59.70
XINXIANG INVESTMENT GRO      5.85    04/15/20    CNY      60.24
XINYANG HUAXIN INVESTME      6.95    06/14/19    CNY      40.31
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY      61.16
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY      61.23
XINYU CITY CONSTRUCTION      7.08    12/13/19    CNY      40.61
XINZHENG NEW DISTRICT D      6.52    06/28/19    CNY      50.08
XINZHENG NEW DISTRICT D      6.52    06/28/19    CNY      50.32
XINZHENG NEW DISTRICT D      6.40    01/29/21    CNY      74.50
XINZHENG NEW DISTRICT D      6.40    01/29/21    CNY      74.87
XINZHOU ASSET MANAGEMEN      7.39    08/08/18    CNY      25.03
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY      61.55
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY      61.91
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY      61.97
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY      62.01
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY      61.96
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY      62.24
XUCHANG GENERAL INVESTM      7.78    04/27/19    CNY      40.53
XUZHOU CITY TONGSHAN DI      6.60    08/08/20    CNY      60.66
XUZHOU CITY TONGSHAN DI      6.60    08/08/20    CNY      60.71
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19    CNY      20.53
XUZHOU XINSHENG CONSTRU      7.48    05/08/18    CNY      25.06
XUZHOU XINSHENG CONSTRU      7.48    05/08/18    CNY      25.13
YAAN DEVELOPMENT INVEST      7.00    09/13/20    CNY      60.00
YAAN DEVELOPMENT INVEST      7.00    09/13/20    CNY      60.90
YAAN STATE-OWNED ASSET       7.39    07/04/19    CNY      40.20
YANCHENG CITY DAFENG DI      7.08    12/13/19    CNY      40.62
YANCHENG CITY DAFENG DI      7.08    12/13/19    CNY      60.59
YANCHENG CITY DAFENG DI      8.70    01/24/21    CNY      62.03
YANCHENG CITY DAFENG DI      8.50    12/30/20    CNY      62.82
YANCHENG CITY DAFENG DI      8.70    01/24/21    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      61.17
YANCHENG CITY TINGHU DI      7.95    11/15/20    CNY      61.27
YANCHENG ORIENTAL INVES      6.99    10/26/19    CNY      40.44
YANCHENG SOUTH DISTRICT      6.93    10/26/19    CNY      40.40
YANCHENG SOUTH DISTRICT      6.93    10/26/19    CNY      40.58
YANCHENG SOUTH DISTRICT      8.19    12/16/18    CNY      40.68
YANGJIANG HENGCAI CITY       6.85    09/09/20    CNY      60.89
YANGJIANG HENGCAI CITY       6.85    09/09/20    CNY      61.16
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY      61.66
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY      62.57
YANGZHOU HANJIANG URBAN      6.20    03/12/20    CNY      40.28
YANGZHOU HANJIANG URBAN      6.20    03/12/20    CNY      60.10
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19    CNY      20.27
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19    CNY      20.42
YANGZHOU URBAN CONSTRUC      6.30    07/26/19    CNY      40.27
YIBIN STATE-OWNED ASSET      5.80    05/23/18    CNY      40.05
YICHANG MUNICIPAL FINAN      7.12    10/16/19    CNY      40.60
YICHANG MUNICIPAL FINAN      7.12    10/16/19    CNY      40.65
YICHANG URBAN CONSTRUCT      6.85    11/08/19    CNY      40.50
YICHANG URBAN CONSTRUCT      6.85    11/08/19    CNY      40.60
YICHANG URBAN CONSTRUCT      8.13    11/17/19    CNY      53.71
YICHUN CITY CONSTRUCTIO      7.35    07/24/19    CNY      39.50
YICHUN CITY CONSTRUCTIO      7.35    07/24/19    CNY      39.80
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY      61.16
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY      61.45
YILI STATE-OWNED ASSET       6.70    11/19/18    CNY      25.06
YILI STATE-OWNED ASSET       6.70    11/19/18    CNY      25.15
YINGTAN INVESTMENT CO        7.50    12/12/22    CNY      72.40
YINING CITY STATE OWNED      8.90    01/23/21    CNY      63.28
YINING CITY STATE OWNED      8.90    01/23/21    CNY      90.00
YIXING CITY DEVELOPMENT      6.90    10/10/19    CNY      40.32
YIXING CITY DEVELOPMENT      6.90    10/10/19    CNY      40.36
YIYANG CITY CONSTRUCTIO      7.36    08/24/19    CNY      40.51
YIYANG CITY CONSTRUCTIO      7.36    08/24/19    CNY      40.52
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20    CNY      40.20
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20    CNY      40.27
YIZHENG CITY CONSTRUCTI      7.78    06/14/19    CNY      40.46
YIZHENG CITY CONSTRUCTI      8.60    01/09/21    CNY      61.61
YIZHENG CITY CONSTRUCTI      8.60    01/09/21    CNY      62.16
YONGZHOU CITY CONSTRUCT      7.30    10/23/20    CNY      61.38
YONGZHOU CITY CONSTRUCT      7.30    10/23/20    CNY      61.43
YONGZHOU CITY LINGLING       7.80    04/02/21    CNY      61.82
YUEYANG CITY CONSTRUCTI      6.05    07/12/20    CNY      59.50
YUEYANG CITY CONSTRUCTI      6.05    07/12/20    CNY      60.53
YUHUAN CITY COMMUNICATI      7.15    10/12/19    CNY      39.98
YUHUAN CITY COMMUNICATI      7.15    10/12/19    CNY      40.61
YULIN CITY INVESTMENT O      6.81    12/04/18    CNY      25.08
YULIN CITY INVESTMENT O      6.81    12/04/18    CNY      25.22
YULIN URBAN CONSTRUCTIO      6.88    11/26/19    CNY      40.20
YULIN URBAN CONSTRUCTIO      6.88    11/26/19    CNY      40.50
YUNCHENG URBAN CONSTRUC      7.48    10/15/19    CNY      40.82
YUSHEN ENERGY DEVELOPME      8.50    02/21/21    CNY      62.15
YUSHEN ENERGY DEVELOPME      8.50    02/21/21    CNY      62.17
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20    CNY      40.36
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20    CNY      40.51
YUYAO WATER RESOURCE IN      7.20    10/16/19    CNY      40.58
ZHANGJIAGANG FREE TRADE      7.10    08/23/20    CNY      60.96
ZHANGJIAGANG FREE TRADE      7.10    08/23/20    CNY      61.04
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19    CNY      40.48
ZHANGJIAJIE ECONOMIC DE      7.40    10/18/19    CNY      40.70
ZHANGJIAKOU CONSTRUCTIO      7.00    10/26/19    CNY      40.40
ZHANGJIAKOU TONGTAI HOL      6.90    07/05/18    CNY      40.08
ZHANGZHOU CITY CONSTRUC      6.60    03/26/20    CNY      40.58
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20    CNY      61.27
ZHAOYUAN STATE-OWNED AS      6.64    12/31/19    CNY      40.70
ZHEJIANG CHANGXING VIA       7.99    03/03/21    CNY      61.60
ZHEJIANG CHANGXING VIA       7.99    03/03/21    CNY      61.79
ZHEJIANG HUZHOU HUANTAI      6.70    11/28/19    CNY      40.42
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19    CNY      40.41
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19    CNY      40.65
ZHEJIANG PROVINCE DEQIN      6.90    04/12/18    CNY      40.00
ZHEJIANG PROVINCE DEQIN      6.40    02/22/20    CNY      40.22
ZHEJIANG PROVINCE XINCH      6.60    04/24/20    CNY      60.34
ZHEJIANG PROVINCE XINCH      6.60    04/24/20    CNY      60.34
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20    CNY      60.24
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20    CNY      60.44
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY      60.93
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY      62.06
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY      67.00
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY      71.00
ZHENJIANG CULTURE AND T      6.60    01/30/20    CNY      40.16
ZHENJIANG NEW AREA URBA      8.35    02/26/21    CNY      61.01
ZHENJIANG NEW AREA URBA      8.99    01/16/21    CNY      62.40
ZHENJIANG TRANSPORTATIO      7.29    05/08/19    CNY      40.01
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18    CNY      25.00
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18    CNY      25.10
ZHONGWEI CITY CONSTRUCT      8.20    03/26/21    CNY      62.19
ZHONGWEI CITY CONSTRUCT      8.20    03/26/21    CNY      82.11
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20    CNY      55.67
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20    CNY      56.22
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18    CNY      20.00
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18    CNY      20.02
ZHUCHENG ECONOMIC DEVEL      7.50    08/25/18    CNY      21.35
ZHUCHENG ECONOMIC DEVEL      6.80    11/29/19    CNY      40.42
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19    CNY      50.03
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19    CNY      50.12
ZHUHAI HUIHUA INFRASTRU      7.15    09/17/20    CNY      60.93
ZHUJI CITY CONSTRUCTION      6.92    07/05/18    CNY      40.15
ZHUJI CITY CONSTRUCTION      6.92    12/19/19    CNY      40.62
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY      61.86
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY      61.99
ZHUMADIAN INVESTMENT CO      6.95    11/26/19    CNY      40.66
ZHUMADIAN INVESTMENT CO      6.95    11/26/19    CNY      40.66
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20    CNY      61.31
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18    CNY      40.30
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18    CNY      40.31
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19    CNY      40.57
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19    CNY      40.69
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19    CNY      40.31
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19    CNY      40.50
ZIBO CITY PROPERTY CO L      5.45    04/27/19    CNY      24.03
ZIBO CITY PROPERTY CO L      6.83    08/22/19    CNY      40.10
ZIBO CITY PROPERTY CO L      6.83    08/22/19    CNY      40.61
ZIGONG GAOXIN INVESTMEN      6.30    03/13/20    CNY      40.32
ZIGONG STATE-OWNED ASSE      6.86    06/17/18    CNY      39.97
ZIYANG CITY CONSTRUCTIO      7.58    01/09/19    CNY      25.16
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY      61.10
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY      61.33
ZOUCHENG CITY ASSET OPE      6.18    03/12/19    CNY      24.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19    CNY      25.02
ZOUPING COUNTY STATE-OW      6.98    04/27/18    CNY      40.00
ZOUPING COUNTY STATE-OW      7.30    02/24/21    CNY      61.73
ZOUPING COUNTY STATE-OW      7.30    02/24/21    CNY      62.05
ZUNYI CITY HUICHUAN DIS      6.75    04/24/19    CNY      50.03
ZUNYI INVESTMENT GROUP       8.53    03/13/19    CNY      20.90
ZUNYI INVESTMENT GROUP       8.53    03/13/19    CNY      20.92
ZUNYI ROAD & BRIDGE ENG      7.15    08/17/20    CNY      55.60
ZUNYI STATE-OWNED ASSET      6.98    12/26/19    CNY      40.00
ZUNYI STATE-OWNED ASSET      6.98    12/26/19    CNY      41.00


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17    CNY      69.88


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25    03/13/17    USD      49.74
BERAU COAL ENERGY TBK P      7.25    03/13/17    USD      51.97
DAVOMAS INTERNATIONAL F     11.00    12/08/14    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    12/08/14    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    05/09/11    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    05/09/11    USD       0.55


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25    USD      12.88
CORE EDUCATION & TECHNO      7.00    05/07/49    USD       0.59
GTL INFRASTRUCTURE LTD       6.73    10/26/22    USD      74.48
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      26.03
PRAKASH INDUSTRIES LTD       5.25    04/30/15    USD      21.00
PYRAMID SAIMIRA THEATRE      1.75    07/04/12    USD       1.00
RELIANCE COMMUNICATIONS      6.50    11/06/20    USD      61.41
SVOGL OIL GAS & ENERGY       5.00    08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20    USD      60.00


JAPAN
-----

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      73.98
DOOSAN CAPITAL SECURITI     20.00    04/22/19    KRW      62.03
HEUNGKUK FIRE & MARINE       5.70    12/29/46    KRW      50.15
KIBO ABS SPECIALTY CO L      5.00    12/25/19    KRW      70.32
KIBO ABS SPECIALTY CO L      5.00    08/29/19    KRW      71.28
KIBO ABS SPECIALTY CO L      5.00    02/26/19    KRW      72.42
KIBO ABS SPECIALTY CO L      5.00    02/25/19    KRW      72.69
KOREA TREASURY BOND          1.50    09/10/66    KRW      69.79
OKC SECURITIZATION SPEC     10.00    01/03/20    KRW      36.38
SAMPYO CEMENT CO LTD         7.30    04/12/15    KRW      70.00
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         7.50    07/20/14    KRW      70.00
SAMPYO CEMENT CO LTD         7.30    06/26/15    KRW      70.00
SINBO SECURITIZATION SP      5.00    10/30/19    KRW      66.41
SINBO SECURITIZATION SP      5.00    06/23/20    KRW      68.92
SINBO SECURITIZATION SP      5.00    03/15/20    KRW      69.67
SINBO SECURITIZATION SP      5.00    02/28/21    KRW      70.01
SINBO SECURITIZATION SP      5.00    01/27/21    KRW      70.27
SINBO SECURITIZATION SP      5.00    12/22/20    KRW      70.55
SINBO SECURITIZATION SP      5.00    09/23/20    KRW      71.29
SINBO SECURITIZATION SP      5.00    08/26/20    KRW      71.51
SINBO SECURITIZATION SP      5.00    07/28/20    KRW      71.73
SINBO SECURITIZATION SP      5.00    06/24/19    KRW      71.79
SINBO SECURITIZATION SP      5.00    03/13/19    KRW      72.55
SINBO SECURITIZATION SP      5.00    02/25/20    KRW      72.97
SINBO SECURITIZATION SP      5.00    01/28/20    KRW      73.20
SINBO SECURITIZATION SP      5.00    12/30/19    KRW      73.44
SINBO SECURITIZATION SP      5.00    09/30/19    KRW      74.22
SINBO SECURITIZATION SP      5.00    07/29/18    KRW      74.34
SINBO SECURITIZATION SP      5.00    08/27/19    KRW      74.49
SINBO SECURITIZATION SP      5.00    06/25/18    KRW      74.64
SINBO SECURITIZATION SP      5.00    07/29/19    KRW      74.72
SINBO SECURITIZATION SP      5.00    05/26/18    KRW      74.95
SINBO SECURITIZATION SP      5.00    06/25/19    KRW      75.00
WISE MOBILE SECURITIZAT     20.00    09/17/18    KRW      74.04


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35    03/01/26    LKR      73.42


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50    09/15/20    MYR       1.11
ASIAN PAC HOLDINGS BHD       3.00    05/25/22    MYR       0.76
BERJAYA CORP BHD             2.00    05/29/26    MYR       0.32
BERJAYA CORP BHD             5.00    04/22/22    MYR       0.43
BRIGHT FOCUS BHD             2.50    01/22/31    MYR      73.62
ELK-DESA RESOURCES BHD       3.25    04/14/22    MYR       0.95
HIAP TECK VENTURE BHD        5.00    06/27/21    MYR       0.42
I-BHD                        3.00    10/09/19    MYR       0.36
IRE-TEX CORP BHD             1.00    06/10/19    MYR       0.02
LAND & GENERAL BHD           1.00    09/24/18    MYR       0.11
PERODUA GLOBAL MANUFACT      0.50    12/17/25    MYR      67.45
PUC BHD                      4.00    02/15/19    MYR       0.20
REDTONE INTERNATIONAL B      2.75    03/04/20    MYR       0.10
SENAI-DESARU EXPRESSWAY      1.35    06/30/31    MYR      55.80
SENAI-DESARU EXPRESSWAY      1.35    12/31/30    MYR      57.15
SENAI-DESARU EXPRESSWAY      1.35    06/28/30    MYR      58.52
SENAI-DESARU EXPRESSWAY      1.35    12/31/29    MYR      59.85
SENAI-DESARU EXPRESSWAY      1.35    12/29/28    MYR      62.57
SENAI-DESARU EXPRESSWAY      1.35    06/30/28    MYR      63.96
SENAI-DESARU EXPRESSWAY      1.35    12/31/27    MYR      65.36
SENAI-DESARU EXPRESSWAY      1.35    06/30/27    MYR      66.78
SENAI-DESARU EXPRESSWAY      1.35    06/30/26    MYR      69.68
SENAI-DESARU EXPRESSWAY      1.15    06/30/25    MYR      71.54
SENAI-DESARU EXPRESSWAY      1.15    12/31/24    MYR      73.17
SENAI-DESARU EXPRESSWAY      0.50    12/31/38    MYR      74.44
SENAI-DESARU EXPRESSWAY      1.15    06/28/24    MYR      74.89
SOUTHERN STEEL BHD           5.00    01/24/20    MYR       1.68
THONG GUAN INDUSTRIES B      5.00    10/10/19    MYR       2.55
UNIMECH GROUP BHD            5.00    09/18/18    MYR       0.95
VIZIONE HOLDINGS BHD         3.00    08/08/21    MYR       0.07


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

PRECINCT PROPERTIES NEW      4.80    09/27/21    NZD       1.01


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      6.00    03/28/20    SGD      46.88
ASL MARINE HOLDINGS LTD      6.35    10/01/21    SGD      46.88
AUSGROUP LTD                 8.45    10/20/18    SGD      60.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD       1.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD       1.00
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD      49.72
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD      50.36
BLD INVESTMENTS PTE LTD      8.63    03/23/15    USD       4.80
BLUE OCEAN RESOURCES PT      4.00    12/31/20    USD      25.89
ENERCOAL RESOURCES PTE       9.25    08/05/14    USD      38.11
EZION HOLDINGS LTD           4.88    06/11/21    SGD      14.84
EZION HOLDINGS LTD           4.70    05/22/19    SGD      14.88
EZION HOLDINGS LTD           4.60    08/20/18    SGD      14.88
EZION HOLDINGS LTD           5.10    03/13/20    SGD      14.88
EZION HOLDINGS LTD           4.85    01/23/19    SGD      14.88
EZRA HOLDINGS LTD            4.88    04/24/18    SGD       6.05
INDO INFRASTRUCTURE GRO      2.00    07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT      6.00    12/11/24    USD      69.13
MICLYN EXPRESS OFFSHORE      8.75    11/25/18    USD      36.70
ORO NEGRO DRILLING PTE       7.50    01/24/19    USD      42.96
OSA GOLIATH PTE LTD         12.00    10/09/18    USD       2.56
PACIFIC RADIANCE LTD         4.30    08/29/18    SGD      11.13
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       0.53
MDX PCL                      4.75    09/17/03    USD      30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00    10/10/25    USD      69.62
DEBT AND ASSET TRADING       1.00    10/10/25    USD      71.75



                             *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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