TCRAP_Public/180501.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, May 1, 2018, Vol. 21, No. 085

                            Headlines


A U S T R A L I A

84 DIXON: First Creditors' Meeting Slated for May 9
AUSSIE FARMERS: Mulled IPO Months Before AUD80 Million Collapse
GRENFELL SECURITIES: First Creditors' Meeting Set for May 7
HANLEC ELECTRICAL: First Creditors' Meeting Set for May 8
HANLEC POWER: First Creditors' Meeting Set for May 8

HERMITAGE BENDIGO: ASIC Seeks to Wind Up 5 Land Banking Companies
RAG PROPERTY: First Creditors' Meeting Set for May 7
WARNE TRANSPORT: First Creditors' Meeting Set for May 8


C H I N A

GRIDSUM HOLDING: Suspends Audit Report on Financial Statements
HNA GROUP: Borrowing Costs Surge to Record Last Year
ZHONGHONG HOLDING: Defaults on More Than CNY1.1BB Loans


I N D I A

AKAR TOOLS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
AMBA FOODS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
AMBICA CHEMICALS: Ind-Ra Maintains 'B' Rating in Non-Cooperating
ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
APOLLO COMPUTING: Ind-Ra Affirms BB- Long-Term Issuer Rating

ARCHEAN CHEMICAL: ICRA Reaffirms D Rating on INR404.34cr Loan
BLUEFLAME INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr Loan
CADILLAC GRANITO: ICRA Withdraws B Rating on INR15cr Term Loan
CHAMARIA INFRASTRUCTURES: Ind-Ra Assigns B Rating, Outlook Stable
DCS TECHNO: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating

DOABA KHALSA: CARE Assigns D Rating to INR31.20cr LT Loan
ELEGANT SALES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
ESSAR STEEL: Lenders to Assess Numetal, ArcelorMittal Bids
ESSAR STEEL: Numetal Challenges ArcelorMittal's Eligibility
GEM MOTORS: CARE Assigns B+ Rating to INR19.78cr LT Loan

HARAN CHANDRA: ICRA Cuts Ratings to D; Remains in Not Cooperating
IBD UNIVERSAL: ICRA Moves D Rating to Not Cooperating Category
INDIAN ART: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
KISH EXPORTS: ICRA B Rating Remains in Not Cooperating Category
KISSAN SOLVEX: CARE Assigns B+ Rating to INR14cr LT Loan

KOHINOOR FOODS: CARE Lowers Rating on INR747.30cr Loan to D
LIGHT CRAFT: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
MAYURAKSHI COLD: CARE Reaffirms B+ Rating on INR8.07cr Loan
MIDAS AGRO: ICRA Moves B Rating to Not Cooperating Category
NAVDURGA ISPAT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

P & Y ENTERPRISES: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
P KISHANCHAND: ICRA Reaffirms B Rating, Removes From Not Coop.
PATNA SAHIB: CARE Assigns 'D' Rating to INR21.75cr LT Loan
PRAFFUL EXPORTS: Ind-Ra Maintains B LT Rating in Non-Cooperating
PRJ POLYMERS: ICRA Moves B+ Rating to Not Cooperating Category

RATIONAL HANDLOOM: Ind-Ra Maintains BB Rating in Non-Cooperating
RIVIPAC POLYMERS: CARE Assigns B Rating to INR4.32cr LT Loan
SDM PROJECTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SHILPI CABLE: ICRA Cuts Rating to D; Keeps Not Cooperating Cat.
SHINDE DEVELOPERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating

SHREE BALBIR: ICRA Assigns B+ Rating to INR12cr Cash Loan
SHREE GANGA: CARE Assigns B Rating to INR1.75cr LT Loan
SHRI MURUGAN: ICRA Assigns B+ Rating INR12cr Cash Loan
SINGHAL BUSINESS: CARE Assigns B+ Rating to INR9cr LT Loan
SIYARAM COTTON: CARE Assigns B+ Rating to INR13.90cr LT Loan

SKYWIN SPINNING: Ind-Ra Rates INR138.8MM Loan 'BB+'
SRI POWER: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
SRI SARVARAYA: ICRA Moves D Rating to Not Cooperating Category
SWIFT CERAMIC: ICRA Withdraws B+ Rating on INR3.50cr Cash Loan
USS EXIM: ICRA Withdraws 'B' Rating on INR1cr LT Loan

VIRENDRA KUMAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
VISHRAMBHAI GORASIA: Ind-Ra Affirms BB- LT Rating, Outlook Stable
VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to D


M A L A Y S I A

KONSORTIUM TRANSNASIONAL: Auditors Cast Going Concern Doubt


S O U T H  K O R E A


GM KOREA: To Turn Around Next Year, General Motors CFO Says


X X X X X X X X

* BOND PRICING: For the Week April 23 to April 27, 2018


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84 DIXON: First Creditors' Meeting Slated for May 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of 84 Dixon
Pty Ltd will be held at the offices of Morgan Conley, Level 6,
239 George Street, in Brisbane, on May 9, 2018, at 10:00 a.m.

Daniel Moore -- daniel.moore@dpmrecovery.com.au -- of DPM
Recovery was appointed as administrator of 84 Dixon on April 26,
2018.


AUSSIE FARMERS: Mulled IPO Months Before AUD80 Million Collapse
---------------------------------------------------------------
Sue Mitchell at Australian Financial Review reports that Aussie
Farmers Direct was considering an initial public offering only
months before collapsing last month, owing more than $80 million
to creditors including franchisees, staff and primary producers.

According to a report to creditors by the administrators of Stay
in Bed Milk & Bread, which traded as Aussie Farmers, directors
appointed advisers in mid-2017 to help the group raise pre-
initial public offering funding, AFR relays.

"They thought there was enough of an upside story to get people
on board," AFR quotes one source close to the company as saying.
"But the accounts would not have made pretty reading."

AFR says Aussie Farmers abandoned IPO plans in mid-to-late
November after failing to generate enough interest from
investors, who were no doubt spooked by the fact the company had
racked up losses of more than $52 million pre-tax since 2015 and
could only keep trading with the support of its major
shareholders.

After abandoning IPO plans, Aussie Farmers appointed a global
investment bank to find buyers for the business, which was
launched in 2005 and delivered fresh food boxes, meal kits and
packaged groceries to about 150,000 customers using a network of
franchisees, AFR relates.

By February 2018, three potential buyers had expressed interest
in the business, but no firm offers emerged, according to AFR.

AFR relates that Aussie Farmers was losing AUD500,000 a week when
directors finally pulled the plug in March after major
shareholders including Everyday Gourmet, Hendale AM (Singapore)
and Sujajo Investments withdrew their support following
unsuccessful efforts to restructure, recapitalise or sell the
business.

According to the administrators report, the shareholders had
advanced more than AUD70 million to Aussie Farmers' parent
company over the past four years and had committed to financially
support the group until July 2018, AFR relays.

Directors pointed the finger at competition from Coles and
Woolworths, new entrants in the home delivery market and an
influx of cheap imported produce.

However, the administrators, Craig Shepard and Leanne Chesser of
KordaMentha, said Aussie Farmers' unsustainable growth strategy
contributed to its demise, AFR adds.

"(Aussie Farmers) strategy appeared to be focused on sales
growth," the administrators report, as cited by AFR, said.
"To drive sales, management invested heavily in building a
geographic footprint, IT platform and logistics infrastructure
that resulted in a significant fixed cost base that was not
supported by the level of revenue that was being generated."

According to AFR, the administrators have recommended Stay in Bed
Milk & Bread be wound up at the second creditors' meeting on
April 26 as no deed of company arrangement has been proposed.

Aussie Farmers had realisable assets of AUD4.9 million and owed
secured creditors and unsecured creditors including staff,
franchisees and primary producers more than AUD80 million,
resulting in a net assets deficiency of AUD69.6 million, AFR
discloses.

Major secured creditors include Baida Poultry, BMW Finance, Crown
Equipment, Everyday Gourmet, Hendale, Sujajo, Loscam, Luv-a-Duck,
Pro-Pac Packaging, Royal Wolf, Shaw Investments, a company
associated with chief executive Brendan Shaw, Visy and Metcash,
adds AFR.

AFR notes that Aussie Farmers subsidiary The General Store had a
strategic partnership with Metcash's Campbells Cash & Carry to
pick and pack pantry items and household goods.

While there were no buyers for the business as a going concern,
the administrators are still trying to sell Aussie Farmers'
intellectual property, including a database of 1 million customer
records, a bespoke e-commerce platform, trademarks and domain
names. The administrators have received three non-binding offers
for the IP assets and expect to complete a sale by the end of
this month, AFR reports.

AFR says the administrators refunded AUD58,060 to customers who
had ordered but not received deliveries but another 3000
customers owed a total of AUD40,630, most likely because of items
missing from deliveries, now rank as unsecured creditors, taking
the number of creditors to 3,600.

The administrators said they not found any evidence that
directors had breached their duties or failed to act in good
faith. From December 2017, the company relied on Safe Harbour
laws to protect itself from insolvent trading claims, adds AFR.

                       About Aussie Farmers

Aussie Farmers Direct was an online grocery delivery company. The
company had 160 employees in Victoria, 59 in NSW and about 13 in
Queensland, South Australia and Western Australia. There were 35
franchisees in Victoria, 30 in NSW, nine in South Australia,
eight in both Queensland and Western Australia and three in the
ACT.

Aussie Farmers Direct is the trading name of Stay in Bed Milk &
Bread Pty Ltd. That company lists its shareholder as Aussie
Farmers Holding Company.

Leanne Kylie Chesser and Craig Peter Shepard of KordaMentha
were appointed as administrators of Aussie Farmers Direct on
March 5, 2018.


GRENFELL SECURITIES: First Creditors' Meeting Set for May 7
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Grenfell
Securities Limited will be held at the offices of Farnsworth
Shepard, Level 5, 2 Barrack Street, in Sydney, NSW, on May 7,
2018, at 11:00 a.m.

Adam Shepard at Farnsworth Shepard was appointed as administrator
of Grenfell Securities on April 24, 2018.


HANLEC ELECTRICAL: First Creditors' Meeting Set for May 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Hanlec
Electrical Pty Ltd will be held at Level 3, 35 Outram Street, in
West Perth, WA, on May 8, 2018, at 10:00 am.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Hanlec Electrical on April 27, 2018.


HANLEC POWER: First Creditors' Meeting Set for May 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hanlec
Power Solutions Pty Ltd will be held at Level 3, 35 Outram
Street, in West Perth, WA, on May 8, 2018, at 11:00 am.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Hanlec Power on April 27, 2018.


HERMITAGE BENDIGO: ASIC Seeks to Wind Up 5 Land Banking Companies
-----------------------------------------------------------------
The Australian Securities and Investments Commission has started
legal action in the Federal Court in Melbourne to wind up
companies associated with two land banking schemes operated in
Victoria and to disqualify Michael Grochowski and Ian Edward
Stephens from managing corporations.

The two land banking schemes are known as:

   * Hermitage Bendigo (formerly Acacia Banks) located at Midland
     Highway, Bagshot, Victoria; and

   * Veneziane, located at Brooklyn Park Drive and Balmer Grange,
     Brookfield.

ASIC is seeking to appoint liquidators to four development
companies which operated, or were associated with, the land
banking schemes.  The development companies are:

   * Brookfield Riverside Pty Ltd (ACN 159 111 047);
   * Bilkurra West Pty Ltd (ACN 169 059 143);
   * Bilkurra South Pty ltd (ACN 602 374 390); and
   * Gillies Road Pty Ltd (ACN 163 866 724).

ASIC is also seeking to appoint liquidators to Project Management
(Aust) Pty Ltd (ACN 151 902 126) (PMA) and is seeking orders
disqualifying Mr Stephens and Mr Grochowski from managing
corporations for such period as the Court considers justified.
ASIC alleges that PMA, Mr Stephens and Mr Grochowski were
involved in the operation of the land banking schemes and that
bank accounts relating to the development companies were operated
by PMA under the control of Mr Grochowski.

ASIC is concerned that the development companies and PMA are
insolvent and that it is just and equitable that the companies
are wound up.  ASIC's investigation suggests that the development
companies raised in excess of AUD15m from unsophisticated
investors by the sale of options to purchase land or off the plan
contracts of sale in land proposed to be developed by the
development companies. However, the development companies have
never owned the land.

ASIC's investigation also suggests that attempts by the
development companies to purchase the land have failed and that
the developments are therefore unable to proceed or to be
completed.

ASIC is also concerned that monies raised from investors have
been transferred between a number of companies without any
apparent concern for obligations that might be owed to those
investors and that the majority of funds raised from investors
have been dissipated.

Background

This proceeding is part of ASIC's wider and ongoing investigation
into land banking schemes.

ASIC has already taken action in respect of:

   * Midland Hwy Pty Ltd and Bilkurra Investments Pty Ltd
     operating the Hermitage Bendigo scheme; and

   * Foscari Holdings Pty Ltd operating the Foscari scheme in
     respect of land at 99 Palmers Road, Truganina.

Land banking is a real estate investment scheme involving the
acquisition of large blocks of land by a promoter or developer of
the scheme, often in undeveloped rural areas, who then offer
portions of the land to investors.

Land banking companies typically promote the investment with
representations of high potential returns if the land is
developed, or if plans for rezoning and development are
finalised.  Investors either purchase a lot in the land, or
acquire an option to purchase a lot of land in an unregistered
plan of subdivision.

Investors should be vigilant when investing in such schemes and
seek independent legal and financial advice.  Investors should
also assess their risk tolerance for this type of scheme.  ASIC
notes that many of the promoters of land banking schemes offer
access to lawyers and financial advice, but is concerned that
those advisors may not be independent.

These types of investments may constitute a managed investment
scheme and/or a financial product.  Developers and promoters
should therefore hold an Australian Financial Services Licence
and register these schemes with ASIC.

Further information on land banking is available on ASIC's
MoneySmart website.

At the first case management hearing of this matter on April 20,
2018 the Court made orders for the filing of pleadings,
affidavits and submissions.  ASIC's winding up application is to
be listed by the Court for a hearing to be held after June 22,
2018 and the matter is otherwise listed for a directions hearing
at 10:15 a.m. on June 8, 2018.


RAG PROPERTY: First Creditors' Meeting Set for May 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of RAG
Property Group Pty Ltd formerly trading as Blackburns Taxi Trucks
and Exalted Property Services will be held at Level 5, 97 Pirie
Street, in Adelaide, SA, on May 7, 2018, at 1:00 p.m.

Clifford Stuart Rocke, Jeremy Joseph Nipps, and Sam Kaso of Cor
Cordis were appointed as administrators of RAG Property on April
24, 2018.


WARNE TRANSPORT: First Creditors' Meeting Set for May 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Warne
Transport (QLD) Pty Ltd will be held at the offices of Mackay
Goodwin, Level 10, 239 George Street, in Brisbane, Queensland, on
May 8, 2018, at 11:00 a.m.

Domenico Alessandro Calabretta of Mackay Goodwin were appointed
as administrators of Warne Transport on April 24, 2018.



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GRIDSUM HOLDING: Suspends Audit Report on Financial Statements
--------------------------------------------------------------
Gridsum Holding Inc., disclosed that PricewaterhouseCoopers Zhong
Tian LLP ("PwC"), the Company's independent registered public
accounting firm, notified the Company's Board of Directors and
Audit Committee on April 20, 2018, that PwC's audit report for
the Company's financial statements for the year ended December
31, 2016 should no longer be relied upon. Therefore, investors
should not rely on that audit opinion.

In its letter, dated April 16, 2018 ("PwC Letter"), PwC informed
the Company of certain issues it had identified in conducting its
audit of the Company's financial results for the year ended
December 31, 2017. Those issues relate to certain revenue
recognition, cash flow, cost, expense items, and their underlying
documentation which PwC had previously raised with the Company.
Of the items specifically identified in the PwC Letter, the
Company estimates a 2016 revenue impact of approximately RMB 2
million and a 2016 expense impact of approximately RMB 6 million.
There can be no assurance that the Company or PwC will not
identify more items as the Company finalizes the review. The
Audit Committee Chairman and the Company's Co-Chief Financial
Officer have discussed the topics covered by the PwC Letter with
representatives of PwC. The Company's Audit Committee is fully
investigating these issues with assistance from external legal
and accounting advisors and is working diligently toward an
expeditious conclusion of the investigation. The Company
undertakes no obligation to update its disclosures on this topic
until the Audit Committee investigation is complete. Because PwC
will not be in a position to issue reports on the Company's
financial statements until the Audit Committee completes its
review and PwC is satisfied that any outstanding issues have been
satisfactorily addressed, the Company's 20-F filing will be
delayed until such audit is completed.

Mr. Guosheng Qi, Chief Executive Officer of Gridsum, commented,
"For many years, starting well before our IPO, we have been
committed to transparency and good corporate governance and
remain so. When we became aware of certain accounting issues, we
immediately took measures to address this situation. Our Audit
Committee started an investigation and appointed a respected
global law firm to conduct that review with the assistance of
'big four' forensic accounting specialists. This work is still
ongoing. I have full confidence in the integrity and
professionalism of all parties involved and we hope to report our
results as soon as practicable after that work concludes."

"Meanwhile, we continue to make good progress in our efforts to
grow the Company and expand our product range and client base.
Our fundamentals and business prospects remain robust, and we
look forward to continuing to work toward increasing shareholder
value."

                           About Gridsum

Gridsum Holding Inc. (NASDAQ: GSUM) is a provider of cloud-based
big-data analytics and AI solutions for multinational and
domestic enterprises and government agencies in China.  Gridsum's
core technology, the Gridsum Big Data Platform, is built on a
distributed computing framework and performs real-time multi-
dimensional correlation analysis of both structured and
unstructured data. This enables Gridsum's customers to identify
complex relationships within their data and gain new insights
that help them make better business decisions. The Company is
named "Gridsum" to symbolize the combination of distributed
computing (Grid) and analytics (sum). As a digital intelligence
pioneer, the Company's mission is to help enterprises and
government organizations in China use data in new and powerful
ways to make better informed decisions and be more productive.


HNA GROUP: Borrowing Costs Surge to Record Last Year
----------------------------------------------------
Prudence Ho at Bloomberg News reports that HNA Group Co.'s
interest expenses surged to a record last year, topping all other
non-financial companies in Asia and illustrating why the once-
acquisitive Chinese conglomerate had to dump more than $13
billion of assets in the past four months.

Borrowing costs surged to 32.1 billion yuan ($5.1 billion) in
2017 from 20.2 billion yuan a year earlier, Bloomberg relates
citing figures derived from an annual report released on
April 27. Earnings before interest and taxes rose too but not
enough to cover the payments -- a rarity for a non-financial
company with assets of over $100 billion. Total debt jumped 21
percent to 598.2 billion yuan, or about $94 billion, Bloomberg
discloses.

Bloomberg says the report provides the most extensive details yet
of HNA's financial distress before it began offloading property
from Hong Kong to New York, and selling shares in companies from
Hilton Worldwide Holdings Inc. to Deutsche Bank AG in 2018. More
disposals are on the way, as HNA still has put up more than $7
billion in real estate and stock for sale, according to a
Bloomberg tally.

The disposals have been emblematic of China's sudden loss of
appetite for foreign trophy assets, Bloomberg notes. HNA and
other acquisitive Chinese conglomerates such as Anbang Insurance
Group Co., Dalian Wanda Group Co. and CEFC China Energy Co. are
now hunkering down after going on a multiyear buying binge
gobbling up everything from New York's Waldorf Astoria hotel to
large stakes in Deutsche Bank, according to Bloomberg.

Yet the reversal of HNA's empire-building ways has stood out. In
the face of a liquidity crunch, HNA was said to have told Chinese
lenders early this year that it planned to sell about $16 billion
in assets during the first half of 2018. The group is on its way,
having disposed of $13 billion this year, with the biggest being
the $6 billion sale of its Hilton Worldwide stake.

Bloomberg notes that the disposals have helped improve investor
sentiment on HNA. Some of the conglomerate's bonds -- including a
dollar-denominated one due in December and a local note due next
year -- are headed for their sharpest three-month increases ever.
Also, Chinese President Xi Jinping recently announced measures to
bolster the economy in HNA's home base of Hainan, which could
benefit the embattled group.

Yet challenges abound, says Bloomberg. The probability of an HNA
default in the coming year touched a 10-month high of 0.6 percent
this month, according to the Bloomberg Default Risk model, and
the group faces record bond repayments in the second half.
Analysts at Bondcritic Ltd. and Australia & New Zealand Banking
Group Ltd. have recently said that it's unclear whether HNA's
problems are behind it.

Short-term debts climbed 25 percent last year to 192.6 billion
yuan. That exceeded what HNA's cash and earnings could cover,
illustrating the urgency of its liquidity needs. While this
year's asset sales give HNA some breathing room, the company
still faces the challenge of regaining the trust of its lenders
to help bring down borrowing costs, Bloomberg discloses.

Total debt amounted to about 20 times the company's Ebit, while
net income was only 0.2 percent of assets. Those ratios ranked
the Chinese group among the worst globally for non-financial
companies of its size, while interest expenses ranked No. 1 in
Asia, according to data compiled by Bloomberg as of April 27.

                            About HNA

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

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


ZHONGHONG HOLDING: Defaults on More Than CNY1.1BB Loans
-------------------------------------------------------
The Wall Street Journal reports that a Chinese property developer
whose owner bought a stake in SeaWorld Entertainment Inc. is
piling up overdue loans worth hundreds of millions of dollars, as
a government campaign to control debt starts to squeeze China's
property sector.

Zhonghong Holding Co. disclosed in a regulatory filing on
April 23 that it defaulted on more than CNY1.1 billion in
borrowings, doubling in the past five weeks a pile of overdue
debt that totaled CNY2.27 billion ($360 million), according to
the Journal.

The Journal relates that in the filing with the Shenzhen Stock
Exchange, Zhonghong said the debt came from "various kinds of
borrowings" and didn't disclose further details. Zhonghong is
talking with creditors, which include financial institutions and
banks, said a company representative. She declined to disclose
further information, saying, "It's complicated," the Journal
relays.

While Zhonghong is a relatively small developer of offices,
shopping malls and other commercial real estate, its mounting
defaults are seen as a bellwether of emerging problems in the
real-estate sector that could ripple across the banking system,
according to the Journal.

"This is a reflection of the challenges that particularly smaller
developers are facing, and refinancing is particularly
difficult," the Journal quotes Cindy Huang, an S&P Global Ratings
analyst, as saying. "It wouldn't be a surprise to see more
defaults like this."

A two-year-old government effort to rein in debt and risky
lending is bearing down on the property sector, which suffers in
many places from overbuilding and speculation, the Journal says.
Regulators are forcing banks to bring hidden debts from nonbank,
or "shadow," lenders on the books and close those off-book
channels.

That tightening, said S&P's Ms. Huang and other analysts, is
especially pinching smaller firms such as Zhonghong, which are
finding it tougher to borrow than during the heyday of the
housing boom when new borrowings could replace old debts, the
Journal relates.

According to the Journal, Zhonghong has been showing signs of
trouble, reporting a net loss of 2.48 billion yuan for 2017. Its
controlling shareholder, Wang Yonghong, splashed out last year on
SeaWorld, paying $448.5 million via his Zhonghong Zhuoye Group to
Blackstone Group LP to become the U.S. theme-park and
entertainment company's largest shareholder. Mr. Wang later made
a failed bid for Brookdale Senior Living Inc., a U.S. operator of
elderly residential centers.

After Mr. Wang's Zhonghong Zhuoye failed to repay more than
CNY213 million in debt owed a trust company, a Beijing court
early this year froze the company's entire 26.5% controlling
stake in the property developer, the Journal reports citing a
regulatory filing.

Zhonghong, which is registered in the eastern province of Anhui,
also said last week that it received a regulatory warning for
failing to disclose in time its overdue debts and a decision to
suspend work on a project on smaller island off the coast of
Hainan island, the Journal relays.

Developers across China are sitting on a mountain of borrowings.
Amid the pile, at least $40 billion in bonds may come due this
year, compared with $10 billion last year, if creditors exercise
options for full repayment, the Journal discloses.

The Journal relates that Zhonghong owes CNY2.9 billion of
outstanding local-currency bonds, according to data provider
FactSet, though those don't appear to be part of its overdue
debt. As of April 26, there were no reports of yuan bond defaults
by any Chinese developer this year, according to data provider
Wind Information, which provides daily updates on bond defaults,
the Journal relates.

For Zhonghong, trust financing is likely to be at the center of
its problems, said S&P's Ms. Huang. Loans from trusts to
developers rapidly surged last year until the government stepped
up scrutiny of the financing channel. New issuances plunged 30%
in the first three months of the year to about $25 billion,
according to an S&P Global Ratings report cited by the Journal.

"This points to a pretty ominous sign for smaller developers,
those that have relied on trust financing," the Journal quotes
Ms. Huang as saying. "They will be impacted first and foremost."

In last week's filing, Zhonghong warned that failure to make
payments on its overdue debts may result in late fees, other
penalties and further funding pressure, though it didn't provide
due dates for those debts, the Journal reports. Zhonghong is
"currently negotiating with relevant creditors to properly
resolve the issue and is working hard to raise funds," according
to the regulatory filing, the Journal relays.

Headquartered in Beijing, China, Zhonghong Holding Co., Ltd.
engages in the development and sale of real estate. It also
engages in industrial investment, management and consulting,
infrastructure investment, property management, rental, hotel
management, decoration, metal materials, building materials,
machinery and electrical equipment sales and project investment.



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AKAR TOOLS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Akar Tools
Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR45 mil. Long-term loans maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR343 mil. Fund-based facilities maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, Akar Tools manufactures and sells hand
tools, automobile forgings, leaf springs and parabolic springs.


AMBA FOODS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amba Foods'
(Amba) Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR90 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 4, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Amba was incorporated in 2000 as a partnership firm. It is
engaged in rice milling and sorting. The firm is based in Cheeka
(Haryana).


AMBICA CHEMICALS: Ind-Ra Maintains 'B' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ambica
Chemicals' Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR42.2 mil. Long-term loan maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR23.8 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, Ambica Chemicals is a proprietorship firm
engaged in the manufacturing of nebivelol hydrochloride and drugs
intermediates.


ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anantnath Silk
Mills Private Limited's (ASMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR241.5 mil. (increased from INR231.3 mil.) Fund-based limit
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR27.5 mil. (reduced from INR40.1 mil.) Term loan due on
    July 2021 affirmed IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects ASMPL's continued moderate credit
metrics and profitability, due to intense competition. In FY17,
net leverage (Ind-Ra-adjusted total net debt/operating EBITDAR)
was 2.7x (FY16: 2.6x) and interest coverage (operating
EBITDA/gross interest expense) was 3.2x (3.0x). However, EBITDA
margin improved to 9.4% in FY17 (FY16: 8.6%), on account of
increased contribution from its high-margin linen fabric product.

The ratings remain constrained by ASMPL's modest scale of
operations, marked by revenue of INR1,003.2 million in FY17
(FY16: INR1,092.9 million). The revenue fell in FY17 on account
of a sluggish demand due to demonetization and a general slowdown
in the domestic and export markets, leading to lower order
volumes. According to FY18 provisional financials, revenue
increased to INR1,404.4 million because of an increase in sales
contribution from linen fabric product.

The ratings are also constrained by ASMPL's long net working
capital cycle of 127 days in FY17 (FY16: 105 days) due to high
receivable days of 56 (46 days) and high inventory holding days
of 118 (84).

The ratings, however, are supported by the company's comfortable
liquidity position, with 72% average use of the fund-based
facilities during the 12 months ended March 2018.

The ratings are also supported by ASMPL's established operational
track record coupled with its promoters' over 30 years of
experience in the suiting fabric manufacturing business, leading
to well-established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A substantial decline in the profitability resulting in
deterioration in the credit profile, on a sustained basis, would
lead to a negative rating action.

Positive: Substantial growth in the top line while maintaining
the profitability leading to an improvement in the credit
metrics, on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, ASMPL manufactures suiting fabric and linen
product. The company is equipped with in-house fabric weaving
facilities. ASMPL operates with a capacity of 114 looms.


APOLLO COMPUTING: Ind-Ra Affirms BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Apollo Computing
Laboratories Private Limited's (ACL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR11.9 mil. Term loans due on January 2018 withdrawn (limits
     repaid in full) and the rating is withdrawn;

-- INR120 mil. (increased from INR100 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable rating;

-- INR260 mil. (increased from INR220 mil.) Non-fund based
    limits affirmed with IND A4+ rating; and

-- INR260 mil. Non-fund-based limits assigned with IND BB-
    /Stable rating.

KEY RATING DRIVERS

The affirmation reflects ACL's continued medium scale of
operations and moderate margins and credit metrics, due to the
project nature of business. The company caters to the aerospace
and defense segments, and designs and develops electronics
products as per customer requirements. The project life cycle may
extend up to 2 years, depending on the complexity of the product.
In FY17, revenue declined to INR254 million (FY16: INR354.6
million) owing to delays in obtaining orders from government
institutions. Although EBITDA margins improved to 25.6% FY17
(FY16: 24.1%), due to lower raw material expenses, interest
coverage fell to 2.7x (3.3x) and net leverage indicators
increased to 2.3x (1.8x) due to a rise in debt levels.

The ratings also factor in ACL's modest liquidity, due to the
working capital intensive nature of business. Its net cash
conversion cycle was long at 355 days in FY17, due to a large
number of critical tests and delays on account of clearances from
customers for defense orders. Also, its average peak use of the
working capital was around 95% during April 2017 to March 2018.

However, the ratings are supported by ACL's over 20 years of
relationships with reputed clientele. Its major customers include
Defense Research and Development Organization, Hindustan
Aeronautics Limited and Aeronautical Development Agency. The
ratings also reflect over two decades of the experience of ACL's
founders in the defense equipment manufacturing industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in liquidity position could be positive for the
ratings action.

Negative: Further stretch in liquidity will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1992, ACL manufactures a wide range of customized
electronic systems (around 300 products) for the aerospace
industry. The company's manufacturing unit is located in
Hyderabad, Telangana.


ARCHEAN CHEMICAL: ICRA Reaffirms D Rating on INR404.34cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long -term rating of [ICRA]D assigned to
the. INR240.25 crore (revised from INR599.0 crore) term loans,
INR53.41 crore fund-based working capital facilities (revised
from INR99.00 crore), and INR404.34 crore long-term fund-based
unallocated facilities (revised from INR0.0 crore) of Archean
Chemical Industries.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-Term
   Loan                 240.25      [ICRA]D; Reaffirmed

   Fund based-Working
   Capital Facilities    53.41      [ICRA]D; Reaffirmed

   Long-term,
   Unallocated limits   404.34      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation takes into account the continuing delays
in debt servicing following from the large delay in achieving
full commercial operation, the resultant cost overrun which
reflected in incremental losses, and an unfavorable debt
repayment schedule. ICRA also notes that, management had proposed
a restructuring of the debt under the S4A restructuring scheme
during FY2017, and subsequently the lenders had approved it in
March 2017 (with effect from October 2016) wherein the banks had
converted part of the debt into equity / Optionally Convertible
Debentures (OCDs). Nevertheless, the company continues to post
substantial losses due to the weak international prices of its
products and hence continues to delay on its restructured debt
obligations. The promoters have been unable to infuse the
requisite additional funds due to the weak financial profile of
the Archean Group.

However, ICRA considers the improvement in the production volumes
of the bromine and industrial salt during 9M FY2018 as well as
stabilisation in Sulphate of Potash (SOP) production. ICRA also
notes that, the offtake agreements signed for salt and the robust
market demand for bromine mitigates the business risk
significantly. Owing to lack of funds required for meeting
working capital requirements, company had shut down its plant for
two to three months during FY2017.

Scenarios for Rating Upgrade: Improvement in salt and SOP sale
volumes and sustained improvement in operating profitability
aiding in meeting the debt obligations in a timely manner.

Key rating drivers

Credit strengths

Diversified product portfolio: ACIPL manufactures industrial
salt, bromine and SOP in its integrated marine chemicals
facility. During FY2018, the company witnessed improvement in
production of all the three products. however, owing to lower
cash accruals and lack of sufficient funding, capacity
utilisation remains low at an absolute level.

Integrated manufacturing plant provides cost advantages in the
manufacturing process: ACIPL's integrated manufacturing plant is
located at Hajipir near Rann of Kutch (Gujarat). The company uses
the abundant and unique Rann brine as raw material and. this
provides a cost advantage relative to the other producers.
Distinctive location of Rann of Kutch acts as a major entry
barrier for newer players as available land has already been
taken up by the existing players, including ACIPL.

In-place marketing arrangements reduce business risks for to a
large extent: The Company has long-term offtake agreement with
Sojitz Corporation of Japan, an equity investor in the project,
for the entire production quantity of industrial salt and this
has reduced the company's business risk significantly given the
contribution of salt to the overall revenue mix. The marketing of
bromine, the other key product, has also been successful with the
company able to acquire a number of new customers.

Credit challenges

Delays in debt servicing: The company continues to delay on its
debt obligation commitments since current scale of operations and
cash accruals are insufficient to meet the repayments despite the
debt restructuring completed in October 2016. Lower scale of
operations is mainly on account of lack of availability of funds
required for meeting working capital requirements.

The initial targeted COD for the project was April 2012, whereas,
the company had been able to achieve completion only by June
2015. The large delay was due to multiple factors such as delay
in receipt of approvals, heavy rainfall and changes in scope of
the project. However, company didn't reschedule the repayments
and continued to service the term loans. This, in addition to the
operational losses and substantial working capital requirements,
has strained the liquidity of the company.

Subdued prices of SOP & salt and lower production volume
impacting the profitability: Selling prices of industrial salt
and SOP has remained subdued in line with global prices trend and
this has impacted the overall profitability of the company.

Financial Profile is characterised by levered capital structure
and modest coverage indicators: Weakened profitability since last
few years has significantly deteriorated company's net worth
position. This coupled with high debt levels has resulted in
highly levered capital structure with the gearing as on March
2017at 9.7 times. Owing to lower operating profits, interest
cover further declined to 0.7 times during FY2017 compared to 1.0
times during FY2016.

Company's operations are exposed to risk of excessive rain fall:
Company's operations are exposed to risk of excessive
rain fall which can adversely impact the quality of key raw
materials as well as operational stoppage impacting the scale
of production.

Incorporated in July 2009, ACIPL has set up an integrated marine
chemicals complex for producing sulphate of potash (SOP),
industrial salt and bromine. The project was commissioned in June
2015. The manufacturing plant is located in Hajipir, in the Kutch
district of Gujarat. The integrated complex utilizes naturally
available brine flowing over marine mineral deposits in the Rann
of Kutch. The Archean Group is already one of the leading
producers of industrial salt in the country; through this project
it has also become the first domestic manufacturer of SOP.

ACIPL is part of the Archean Group, which is a conglomerate with
businesses across building materials, mining & minerals,
industrial chemicals & fertilizers, shipping & shipbuilding, oil
& gas, and renewable energy industries.

In FY2017, the company reported a net loss of INR73.24 crore on
an operating income of INR288.35 crore, as compared to a net loss
of INR88.63 crore on an operating income of INR341.36 crore in
the previous year.


BLUEFLAME INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Blueflame Industries Private Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            2.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Blueflame
Industries Private Limited are constrained by its small scale of
business along with short track record of operations, regulated
nature of business, working capital intensive nature. However,
the aforesaid constraints are partially offset by its experienced
management and stable demand outlook for LPG cylinder.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of business along with nascent stage of operations:
BIPL is a relatively small player in the manufacturing of LPG
Cylinder industry as the company has achieved the TOI of around
INR6.37 crore during the first two months of operations in FY18.
The small scale of operation restricts the financial risk profile
of the company limiting its ability to absorb losses or financial
exigencies in adverse economic scenario. Further, BIPL commenced
operation since January, 2018 and accordingly has a limited
operational track record of around three months.

Working Capital intensive nature of business: LPG cylinders are
manufactured either in two piece or three piece construction. In
two piece construction, cylinders are fabricated by welding two
domed ends directly together. A three piece cylinder is
fabricated by joining two domed ends to a cylindrical body. The
domed ends can be tori-Spherical; Semi ellipsoidal. The raw
material as per IS 6240 or equivalent either in coil or sheet
form may be used for producing LPG cylinders. For a two piece
cylinder, circular blanks are cut from sheet to produce top and
bottom domes. Top dome further undergoes piercing operation to
accommodate bung. Valve protection ring and foot rings are
produced by blanking, rolling, joining and forming operations.
There are different stages involved in manufacturing of LPG
cylinder. Hence it is a working capital intensive nature of
business.

Regulated nature of business: Liquefied Petroleum Gas (LPG)
Cylinders are manufactured and tested under stringent norms
before they get certified by Bureau of Indian Standards (BIS) for
market use. These LPG cylinders are designed and manufactured as
per Indian standard. Normally, cylinders are produced in batches
from raw material specified in Indian standards and tested before
dispatching to market. As a part of design, cylinder thickness is
calculated, that is based on the shape of the cylinder dome and
cylindrical portion of the dome. Cylinders are then produced
through various stages and tested before BIS Certifies. The
essential tests to be conducted on cylinders before they get
certified by Bureau of Indian standards such tests are Acceptance
test, Burst and volumetric expansion test, Hydrostatic stretch
test and burst test, Hydrostatic test, Pneumatic leak test,
Radiographic examination and, Fatigue test/ Cycle test.

Key Rating Strengths

Experienced management: Mr. Nitin Punamchand Khara, Mr. Elesh
Punamchand Khara, Mr. Sunil Kumar Saria and Mr. Sunil Kumar
Aggarwal are the directors of BIPL and looks after the overall
management of the company. Mr. Nitin Punamchand Khara having
around three decades of experience in the same line of business,
looks after the day to day operations of the company. He is
supported by other directors and a team of experienced
professionals. The promoters are actively involved in the
strategic planning and running the day to day operations of the
company along with a team of experienced personnel.

Healthy demand prospect of the LPG cylinder: Liquid Petroleum Gas
(LPG) is used worldwide for cooking and heating, especially in
the area without connection to piped natural gas. It is a clean
fuel. What distinguish LPG from other fuels is cylinder
management. Because LPG has to be stored under pressure, metal
cylinders are required. India is a fastest LPG consumption
country in the world. In India government also launched several
programmes to cover up the villages which are currently using
traditional methods of fuelling for cooking. LPG demand growth is
expected to remain high in near future. Accordingly, metal
cylinder demands are high in near future.

Blueflame Industries Private Limited was incorporated in 2015 by
Mr. Nitin Punamchand Khara with an objective to enter into LPG
cylinder manufacturing and repair business. The company has
established a LPG cylinder manufacturing unit at Dhanbad,
Jharkhand with an installed capacity of 5,00,000 LPG cylinders
per annum. The commercial operation of the company started from
January, 2018. The company has also obtained necessary license
from the respective authority. The registered office of the
company is located at Nagpur, Maharashtra.

Mr. Nitin Punamchand Khara, having more than three decades of
experience in the same line of business, looks after the overall
management of the company along with the other directors and
supported by the team of experienced professionals.


CADILLAC GRANITO: ICRA Withdraws B Rating on INR15cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B on the
INR15.00-crore term loan facility and the INR7.50-crore cash
credit facility of Cadillac Granito Pvt. Ltd. ICRA has also
withdrawn the short-term rating of [ICRA]A4 on the INR2.50-crore
non-fund based bank guarantee facility of CGPL.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-
   Term Loan             15.00       [ICRA]B; Withdrawn

   Fund-based-
   Cash Credit            7.50       [ICRA]B; Withdrawn

   Non-fund Based-
   Bank Guarantee         2.50       [ICRA]A4; Withdrawn

Rationale

The ratings assigned to CGPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.

Outlook: Not applicable

Cadillac Granito Pvt. Ltd. (CGPL) was incorporated in May 2016 by
Mr. Sanjay Kachrola, Mr. Amit Parecha, and Mr. Deepak Parecha.
The company manufactures single charge and twin charge vitrified
tiles. The manufacturing unit is located at Morbi, Gujarat.


CHAMARIA INFRASTRUCTURES: Ind-Ra Assigns B Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chamaria
Infrastructures Private Limited (CIPL) a Long-Term Issuer Rating
of 'IND B'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR55 mil. Term loan due on January 2025 assigned with IND
     B/Stable rating.

KEY RATING DRIVERS

The ratings reflect the occupancy risk associated with CIPL's
under-construction hotel project, i.e. Vilasa International, in
Burhar, Madhya Pradesh.

The project cost of INR95 million is being funded in a
debt/equity ratio of 1.8:1.0. The project is progressing as per
the schedule and is scheduled to be launched in May 2018.

The ratings, however, are supported by the advanced stage of
project completion and the project's favorable location in
proximity to targeted corporates.

RATING SENSITIVITIES

Negative: Any delay in the commencement of commercial operations
will lead to a negative rating action.

Positive: The project coming online on the scheduled launch date
and the stabilization of operations leading to the generation of
sufficient cash flows will lead to a positive rating action.

COMPANY PROFILE

Incorporated in July 2015, CIPL is constructing a hotel, which
comprises 52 rooms of different categories, two banquet halls, a
marriage garden, a multi-cuisine restaurant, a bar and other
ancillary facilities.


DCS TECHNO: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained DCS Techno
Services Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR57.5 mil. Fund-based facilities maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR62.5 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 10, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997, DCS (formerly known as DCS Trading and
Services Private Limited) is a Hyderabad-based trading company.
It deals in machinery spare parts and consumables which are used
in mining, power and automobile industries.


DOABA KHALSA: CARE Assigns D Rating to INR31.20cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Doaba
Khalsa Trust (DKT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           31.20       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DKT factor in the
ongoing delays in the servicing of the debt obligations due to
the stressed liquidity position of the trust.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Small and fluctuating scale of operations and weak debt coverage
indicators: The scale of operations of the trust remained small
and fluctuating with a total income of INR18.42 Cr. in FY17. The
same increased by ~3% from FY16 on the back of higher student
enrolment during the year. The debt coverage indicators remained
stressed in the past. In 9MFY18 (Prov.) the trust reported a
total income of INR14.50 Cr. which declined by ~2% from the
corresponding period last year.

High competition: Due to increasing focus on technical education
in India, a number of colleges have opened in various parts of
India. This exposes the revenue of DKT to competition from other
colleges in and around Punjab and in other parts of the country.

High level of regulation in the educational sector in India: The
Indian education sector faces a high level of regulation by the
Ministry of Human Resources at the national level, the education
ministries in each state, central bodies like University Grants
Commission and other professional councils like All India Council
for Technical Education (AICTE) etc.

Key Rating Strengths

Experienced trustees and qualified faculty: The Trust is managed
by Mr. Mohinder Singh Batth as its Chairman. Mr. Batth has a
total work experience of around four decades in the education
sector. Other members of the trust include Mr. Kulbir Singh Batth
(Vice-Chairman) who has an experience of around one-and-a-half
decades in the education industry. DKT has also employed
experienced and qualified teaching staff to support the academic
requirements of the institutions.

Satisfactory capital structure: The capital structure of the
trust remained satisfactory as on March 31, 2018.

Doaba Khalsa Trust was established in 1998 under the India Trust
Act, 1882 to impart higher education. The trust operates with Mr.
Mohiner Singh Batth as its chairman. It is currently operating
three campuses one each in Mohali, Ropar and Nawanshahar (Punjab)
under the name 'Doaba Group of Colleges'. The colleges offer
graduation, post-graduation and diploma courses in engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of
Technical Education), PTU (Punjab Technical University),
Jalandhar, SCERT (State Council of Educational Research and
Training), Punjab, PU (Punjab University), Chandigarh and PSBTE
(Punjab State Board of Technical Education), Chandigarh.

Various members of the trust are also members of Patna Sahib
Charitable Educational Trust (PTCET; rated 'CARE D') operating
higher education institutes in Bihar.


ELEGANT SALES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Elegant Sales
and Marketing (ESM) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating; and

-- INR35 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ESM's weak financial and credit profile, due
to its limited operational track record, considering it commenced
commercial operations in November 2014, and intense competition
in the interior designing industry. FY16 was the first full year
of operations.

According to the latest audited financials, revenue was low at
INR146 million in FY17 (FY16: INR88 million), EBITDA margin was
moderate at 7% (4.2%), net financial leverage (Ind-Ra adjusted
net debt/operating EBITDA) was high at 3.7x (4.7x) and interest
coverage (operating EBITDA/gross interest expense) was weak at
2.7x (2.8x). The revenue improved due to increased order volumes
from new customers. EBITDA margin rose due to a reduction in
variable expenses. The credit metrics improved due to an increase
in operating EBITDA. According to unaudited 9MFY18 numbers, the
firm achieved revenue of INR270.9 million, EBITDA margin of 7.4%
and interest coverage of 5.8x.

The firm has an outstanding order book of INR112.9 million in
April 2018 which is likely to be executed within the next two
months.

The ratings also factor in the partnership form of the
organization and its tight liquidity position, with its peak
average working capital utilization being 98.4% over the 12
months ended February 2018.

The ratings, however, are supported by the company's promoters'
more than 10 years of experience in the interior product
manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin leading to
deterioration in the credit metrics or a stretch in the liquidity
position, on a sustained basis, will lead to a negative rating
action.

Positive: Substantial revenue growth while maintaining
profitability leading to an improvement in the credit metrics,
and an improvement in the liquidity, on a sustained basis, will
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2014 and based out in Hyderabad, ESM is engaged
in the supply and installation of interior products such as glass
partitions, moveable walls, aluminum skirting's and trims,
carpets and architectural concrete.


ESSAR STEEL: Lenders to Assess Numetal, ArcelorMittal Bids
----------------------------------------------------------
BloombergQuint reports that lenders to Essar Steel Ltd. have
decided to assess bids submitted by Numetal Mauritius and
ArcelorMittal India on their individual merit.

BloombergQuint relates that the committee of creditors will not
challenge an order passed by the National Company Law Tribunal
last week, directing them to review bids submitted by the two
companies. The CoC decision was taken at the end of deliberations
that spanned over two days as lenders assessed the tribunal's
order, three people in the know told BloombergQuint on the
condition of anonymity.

According to BloombergQuint, the two bids were considered
ineligible by the resolution professional as they were seen to be
in violation of Section 29(A) of the Insolvency and Bankruptcy
Code. The section, introduced as an amendment, does not allow
promoters of a defaulting company to submit a resolution plan. In
the case of Numetal Mauritius, the Ruia family - promoters of the
Essar Group - had an interest in the bidding entity.
ArcelorMittal was disqualified as it was classified as a promoter
of Uttam Galva Steel Ltd. and KSS Petron, both defaulting firms,
BloombergQuint says.

As the CoC had relied on the resolution professional's decision
on eligibility the NCLT ordered that lenders do their own
evaluation and if found ineligible give the bidder opportunity to
rectify that, BloombergQuint states.

The CoC will conduct separate hearings for both these bidders to
understand how they intend to resolve these issues under Section
29(A) of the IBC, the people quoted above said, BloombergQuint
adds.

BloombergQuint adds that the lenders also took note of a letter
submitted by Numetal proposing to "match and better"
ArcelorMittal India's bid. The Numetal offer, according to the
people quoted above, is conditional and will depend on lenders
disqualifying the bid submitted by ArcelorMittal.

The Luxembourg-based steel giant offered a 35-40 percent haircut
to financial creditors in the first bid it had submitted, while
Numetal, a VTB Bank-led special purpose vehicle, had offered a
65-70 percent haircut, BloombergQuint reported on April 25.

Essar Steel owes INR49,000 crore to its financial creditors,
BloombergQuint discloses.

                        About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $ 450.67 million to Standard Chartered Bank (SCB) in
debt.


ESSAR STEEL: Numetal Challenges ArcelorMittal's Eligibility
-----------------------------------------------------------
BloombergQuint reports that Numetal Mauritius has initiated
proceedings at the National Company Law Appellate Tribunal
challenging ArcelorMittal India's eligibility in bidding for
Essar Steel. The NCLAT on April 28 agreed to hear Numetal's plea
and issued notices to the committee of creditors (CoC), the
resolution professional and ArcelorMittal.  The next hearing is
scheduled for May 17, the report says.

BloombergQuint relates that the CoC's decision on the eligibility
of both bidders will be subject to the NCLAT proceedings, the
people quoted said.

                        About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $ 450.67 million to Standard Chartered Bank (SCB) in
debt.


GEM MOTORS: CARE Assigns B+ Rating to INR19.78cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gem
Motors India Private Limited (GMIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           19.78       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            5.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GMIPL is primarily
tempered by Thin and fluctuating profitability margins, Leveraged
capital structure and weak debt coverage indicators, Working
capital intensive nature of operations, Performance of GMIPL
linked to fortunes of Maruti Suzuki India Limited and Volume
driven business with intense competition in the industry.

However, the rating derives comfort from Vast experience of the
key promoter in automobile dealership line of business, Five
operational showrooms and six workshops, Increasing scale of
operations and Growing demand for automobiles in India.

Going forward, the company's ability to improve its
profitability, capital structure and debt coverage indicators and
efficiently utilize its working capital requirements are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin and fluctuating profitability margins: The company expanded
its services to different locations during the review period.
This led to increase in quantity of goods sold resulting in
higher cost of procurement of goods and additional cost was
incurred on labour, advertisements etc. which declined the PBILDT
margin from 5.32% in FY15 to 3.95% in FY16, however improved to
4.50% in FY17 on the back of increased revenue generation. The
PAT margin also fluctuated in line with the PBILDT margin and
stood at below unity at 0.74% as of FY17.

Leveraged capital structure and debt coverage indicators: The
capital structure of the firm marked by overall gearing stood
leveraged at 6.67x as on March 31, 2017, deteriorated from 5.96x
as on March 31, 2016 due to higher outstanding balance of working
capital borrowings as on account closing date and increase in the
amount of term loan borrowed for the purpose of expansion of
service localities and purchase of test drive vehicles. The total
debt/GCA stood weak at 14.98x in FY17 with a slight improvement
from 15.95x in FY16 due to increase in cash accruals from better
revenue. The interest coverage ratio was fluctuating during the
review period on the back of increase in profit by absolute terms
and higher interest charges associated with term loan borrowings
from financial institutions. The interest coverage ratio stood at
1.31x as of FY17.

Working capital intensive nature of operations: The company
purchases vehicles and spares directly from the manufacturing
unit of MSIL located in Gurugram, Haryana. The oils and other
lubricants are purchased locally from MSIL's recommended dealers.
The purchase of vehicles, spares and oils is made against advance
payment and hence the average creditor days stood low at 10 days.
While on sales, customers are generally given credit of 5-15 days
for making the payment on sale of vehicles and servicing. On the
back of increase in the demand for MSIL cars in the market, the
inventory held by the company has been moving out steadily, which
led to comfortable inventory holding period at 22 days. Due to
comfortable collection, creditors and inventory period, the
operating cycle also stood comfortable at 28 days in FY17. Since
the company has to make advance payments to its suppliers,
working capital facilities are being utilized. The working
capital utilization levels stood at 90% for the last 12 months
ended February 2018.

Performance of GMIPL linked to fortunes of Maruti Suzuki India
Limited: GMIPL is an authorised dealer of Maruti Suzuki India
Limited (MSIL) and the business risk profile is directly linked
to that MSIL in terms of delivery of vehicles, new product
launches and marketing effort undertaken to promote the sale of
its
vehicles. The market share of Maruti Suzuki India Limited stood
over 47.3% during FY17. Also, the profitability margins are
guided by MSIL as it fixes the ex-showroom price as well the ex-
factory price.

Volume driven business with intense competition in the industry:
The Indian automobile industry is highly competitive in nature as
there are large numbers of players operating in the market.
Furthermore, the entry of global players in the Indian market has
intensified the competition. MSIL offers various discount schemes
to attract customers. Due to very high competition in the
industry, dealers are also forced to pass on discounts and
exchange schemes to attract customers as this is a volume driven
business. The dealer's fate is also linked to the industry
scenario and performance of MSIL. The automobile industry is
highly cyclical and its performance is linked to the economic
scenario. High interest rates and fuel prices may lead to subdued
demand of auto products in the medium term.

Key Rating Strengths

Vast experience of the key promoter in automobile dealership line
of business: Mr. Raju Yadav Erragudla, the Managing Director of
GMIPL has been associated with the automobile segment since the
inception of GMIPL in 2007. The promoter has around three years
of experience in the two wheeler segment through his association
with Gem Automotive LLP, a two wheeler dealership of Suzuki
Motorcycle India Limited which was established in 2015. Prior to
establishing GMIPL, he was a real estate developer for 15 years.
The directors of GMIPL have a sister concern namely, Gem Urban
Infra Private Limited which is engaged in civil construction
since 2008. The vast experience of the key promoter in the
automobile segment is to benefit GMIPL at large.

Five operational showrooms and six workshops: GMIPL has five
showrooms and six workshops operating in Telangana. The models
sold include Wagon R, Alto, Baleno, Swift zxi, Swift Dzire,
Vitara Brezza etc. The showrooms have a storage capacity of 40
cars. The workshops have installed facilities like lifts, ramps,
wheel alignment machines and paint booths for servicing the cars.
The company also has a stock yard located in Hyder Nagar,
Telangana which has a capacity to stock upto 500 cars at a time.

Increasing scale of operations: The operating income of the
company has been increasing at a CAGR of 25.42% from INR131.38
crore in FY15 to INR206.67 crore in FY17 on the back of expansion
of showrooms and workshops to different locations in Telangana,
which resulted in better revenue generation. 90% of the operating
income was generated through sale of goods and 7-8% through
services.

Growing demand for automobiles in India: The Indian automotive
aftermarket is estimated to grow at around 10-15 per cent to
reach US$ 16.5 billion by 2021 from around US$ 7 billion in 2016.
It has the potential to generate up to US$ 300 billion in annual
revenue by 2026, create 65 million additional jobs and contribute
over 12 per cent to India's Gross Domestic Product.

Gem Motors India Private Limited (GMIPL) was incorporated in the
year 2007 by Mr. Raju Yadav Erragudla and Mr. Venkatesh Yadav
Erragudla. Mr. Venkatesh Yadav Erragudla has resigned from the
company and Ms. Madhavi Erragudla has taken his place as the
director and Mr. Raju Yadav Erragudla continues to be the
Managing Directors of GMIPL. GMIPL is the authorised dealer of
Maruti Suzuki India Limited (MSIL rated CRISIL AAA; stable/CRISIL
A1+) for vehicles and spare parts. It has five operational
showrooms and six workshops in Telangana. The company purchase
the vehicles and spare parts directly from MSIL's manufacturing
units in Gurugram, Haryana. The registered office is located in
Kondapur,
Telangana.


HARAN CHANDRA: ICRA Cuts Ratings to D; Remains in Not Cooperating
-----------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR5.09-
crore term-loan, INR4.29-crore seasonal cash-credit facility,
INR0.42-crore working-capital facility and INR0.20-crore bank-
guarantee facility of Haran Chandra Cold Storage Pvt Ltd to
[ICRA]D ISSUER NOT COOPERATING from [ICRA]B ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Term      5.09      [ICRA]D ISSUER NOT COOPERATING;
   Loan                           Rating downgraded from [ICRA]B
                                  and continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Fund based-          4.29      [ICRA]D ISSUER NOT COOPERATING;
   Seasonal cash                  Rating downgraded from [ICRA]B
   credit                         and continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Fund based-          0.42      [ICRA]D ISSUER NOT COOPERATING;
   Working Capital                Rating downgraded from [ICRA]B
   Facility                       and continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Non-fund based-      0.20      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                 Rating downgraded from [ICRA]B
                                  and continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The rating downward primarily takes into account the company's
delay in servicing of debt-obligations in the recent past. The
rating also remain constrained by HCCSPL's small scale of current
operations, its weak financial risk profile as reflected by
nominal profits, high gearing and depressed coverage indicators.
The rating is also impacted by the high working-capital intensive
nature of operations due to the practice of extending up-front
advances to the farmers at the time of loading of potatoes, which
exerts pressure on the liquidity position. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on the increase in operating costs,
which exerts pressure on the profitability. HCCSPL is exposure to
the agro-climatic risks as its business performance entirely
depends upon a single agro commodity - potato. ICRA notes that
the company remains exposed to the counterparty risk due to loans
extended
to farmers, given the chances of delinquencies, if potato prices
fall to a low level.

The rating, however, derives support from the established track
record of the company in the cold-storage business and the
promoters' extensive experience in the industry. Besides, HCCSPL
enjoys location-specific advantage as its cold storage unit is
situated in West Bengal, a state well known for large-scale
potato production.

Going forward, the firm's ability to service its debt obligations
in a timely manner and improve profitability, while managing its
liquidity profile, would be the key rating sensitivities.

Key rating drivers

Credit strengths

Long track record of promoters in the management of cold
storages: The promoters are involved in the business of cold
storage through other group entities since long, and the
experience gained supports the operations of HCCSPL.

Location-specific advantage due to presence in West Bengal:
HCCSPL enjoys location-specific advantage due to its presence in
West Bengal, a state well known for large-scale potato
production.

Credit challenges

Delays in servicing of debt obligations: The company has delayed
in timely servicing of debt-obligations in the recent past due to
stretched liquidity position.

Regulated nature of the industry exerts pressure on
profitability: The West Bengal State Marketing Board determines
the maximum rental to be charged by the cold storage and revises
it periodically. As income from rental charged is the major
source of the company's revenue and while expenses incurred to
run the cold storage like maintenance, human resource, and
finance cost etc. are being variable in nature, the same exert
pressure on profitability.

Recovery of rental and advance given to farmers, contingent upon
movement in potato price: As per the industry practice, HCCSPL
provides advances against storage of potato to farmers/ traders,
which it recovers along with interest and rent at the time of
inventory release. This practice exposes the company to
counterparty risk due to loans extended to the farmers, given the
chances of default if potato prices fall significantly.

Weak financial profile indicated by nominal profits, high
gearing, and depressed coverage indicators: The regulated nature
of the industry and the practice of providing advances to farmers
keep the company's profitability under check and requirement of
working-capital facilities high. The company has also availed
term loan facility to increase its storage capacity. The
financial risk profile of the company has remained weak as
reflected by nominal profits, high gearing and depressed level of
coverage indicators.

High working-capital intensity of business exerts pressure on
liquidity position and restricts financial flexibility: Industry
practice of providing advances to farmers and its recovery along
with rental charges at the time of off-loading exerts pressure on
its liquidity. ICRA notes that the company has sizeable long-term
debt-service obligations and high working-capital intensity for
business, which are likely to keep its cash flows stretched over
the mid-term at-least.

Incorporated in 2014, Haran Chandra Cold Storage Pvt Ltd (HCCSPL)
provides cold storage facilities to farmers and traders. The
warehouse is located in the Cooch Behar district of West Bengal
with an installed capacity of 317,275 quintals and is mainly used
for storage of potatoes by farmers/ traders in that area. Apart
from HCCSPL, the promoters are engaged in the business of cold
storage through other group companies and have an existing
network which is expected to support the revenue generation of
HCCSPL.


IBD UNIVERSAL: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Ibd Universal Pvt. Ltd. (IBD) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA] D ISSUER NOT
COOPERATING".

                   Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based         27.0       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund based-
   Unallocated        27.0       [ICRA]D 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.

IBDU was incorporated on July 15, 1999 and is the flagship
company of the IBD Group of central India. IBDU is headed by Lt.
Vinay Bhadauria and Mr. Anil Kumar Nigam, who hold ~31% and 33%
stakes, respectively. Currently, the company is developing four
projects in Bhopal, which are in various stages of execution. The
phase IV of Hallmark Citii, the company's affordable housing
project, is currently under construction; IBD Emporia is the
commercial phase in Hallmark Citii. Other than this, IBDU is
developing a high-end residential apartment project called Kings
Park and a villa project called Queens Court in a joint
development agreement with the land owners.


INDIAN ART: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indian Art
Gallery's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1996, Indian Art Gallery manufactures handmade and
hand-woven carpets and rugs.


KISH EXPORTS: ICRA B Rating Remains in Not Cooperating Category
---------------------------------------------------------------
The rating for the INR11-crore bank facility of Kish Exports
Limited (KEL) continues to be in the 'Issuer Not Cooperating'
category.  The rating is denoted as [ICRA]B(Stable)/A4 ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based Limits    10.00       [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Non-Fund Based
   Limits                1.00       [ICRA] A4 ISSUER NOT
                                    COOPERATING; Rating
                                    continues to remain in the
                                    'Issuer Not Cooperating'
                                    Category

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

KEL was incorporated in 1993. The company, promoted by Mr. M.K.
Lakhwani and Ms. Sanjana Samtani, manufactures and exports all
types of woven garments for ladies and kids segments. KEL derives
90% of its revenues from sales of ladies garments, 5% from kids
garments and the remaining 5% from accessories.

The company deals in garments made of different fabrics like
cotton, linen, silk, mosscrepe, georgette, Y/D plaids etc., which
are procured from Surat and South India and some from Delhi NCR.
The designing of garments is done in-house based on the
instructions/designs approved by customers. Most of the garment
manufacturing for KEL is done by Ishvar International, which is a
Group company (proprietorship firm with Mrs. Lakhwani as
proprietor). The entire cutting, finishing and packing of
garments is done in-house. The company mainly exports to the US,
the UK and South Africa.


KISSAN SOLVEX: CARE Assigns B+ Rating to INR14cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kissan
Solvex Private Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            14.00      CARE B+ Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Kissan Solvex
Private Limited is constrained by its small scale of operations,
low profitability margins, leveraged capital structure, weak debt
coverage indicators, elongated operating cycle and raw material
price fluctuation risk. The rating is further constrained by
customer concentration risk and company's presence in highly
competitive and fragmented nature of the edible oil industry. The
rating, however, derives strength from experienced promoters,
long track record of operations, reputed customer base, favorable
location of operation and positive demand outlook for the
industry
Going forward, the ability of the company to scale up its
operations while improving its profitability margins and overall
gearing would remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
firm's scale of operations has remained small marked by total
operating income (TOI) of INR45.49 crore in FY17 (refers to the
period April 01 to March 31). The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits. Furthermore, the firm has achieved total
operating income of INR44.00 crore in 11MFY18 (Provisional).
Also, the profitability margins of the company stood low marked
by PBILDT margin and PAT margin of 2.25% and 0.12% respectively
in FY17.

Leveraged capital structure: The capital structure of the KSP
stood leveraged with overall gearing ratio of 6.70x as on March
31, 2017 mainly on account of company's high reliance on bank
borrowings to fund working capital requirements of business. The
same, however, improved from 7.79x as on March 31, 2016 mainly on
account of lower utilization of working capital limits as on last
balance sheet date.

Weak debt coverage indicators: The debt coverage of the company
indicators stood weak marked by interest coverage ratio of 1.13x
in FY17 and total debt to GCA of 173.29x for FY17.

Elongated operating cycle: The operating cycle of the company
stood elongated at 128 days for FY17. In order to support its
uninterrupted oil extraction activity, and to meet the demand of
customers, the company has to maintain a stock of raw material
inventory and finished goods inventory which resulted in average
elongated average inventory period for FY17. The company also
offers a credit period of upto two months to its customers,
However, the company receives a credit period of one month only
from its suppliers.

Raw material price fluctuation risk: The entities in edible oil
industry are susceptible to fluctuations in raw material prices.
Price of rice is governed by the demand-supply dynamics prevalent
in major rice growing nations, weather conditions and prices of
substitute. Furthermore, any increase in the rice bran prices
without a corresponding increase in edible crude oil prices will
adversely impact the profitability margins of the entities in
this business.

High degree of competition resulting from fragmented nature of
the edible oil industry: Low barriers to entry have resulted in
highly fragmented nature of the edible oil industry. Furthermore,
rice bran oil and sunflower oil industry faces tough competition
because of the presence of a number of close substitute products
in market which poses serious threat to the profit margin of the
players operating in rice bran and sunflower oil segment.

Key Rating Strengths

Experienced promoters and long track record of operations: The
company is promoted by Mr. Inderjit Singh and Mrs. Sarabjeet Kaur
collectively, having an industry experience of three decades and
one decade respectively through their association with KSP only.
The promoters have adequate acumen about various aspects of
business which is likely to benefit KSP in the long run. The long
track record has aided the company in establishment of strong
relationships with suppliers as well as customers.

Reputed customer base though concentrated: The company is engaged
in the extraction of rice bran oil and is supplying to various
refineries including reputed customers such as A.P. Refinery
Private Limited (CRISIL BBB+; Stable), A P Organics Limited
(CRISIL BBB; Stable), Marico Limited (CRISIL AA+; Positive). The
sales to these top 3 customers constituted 80% of total operating
income in FY17. Thus, the company is exposed to customer
concentration risk. However, the company has been receiving
repetitive orders from its customers which reflect company's
ability to provide quality products.

Positive demand outlook: The consumption of edible oil in India
has been rising during the past few years which can be attributed
mainly to rising population and economic growth resulting in
better standard of living and growth in demand for fried
processed food products. Thus, the underpenetrated market coupled
with positive macro and demographic fundamentals give the
favorable demand growth outlook over the medium to long term.

Location advantage leading to easy availability of raw material
The plant of the company is located in Jalalabad, Punjab, which
is surrounded by various rice millers and processors. KSP uses
rice bran as its main raw material which is a by-product of rice
milling. Punjab being a major paddy hub of the country, there are
lot of rice millers around the vicinity of the plant which gives
easy access to the company for availability of rice bran at
competitive rates and also at reduced freight costs.

Kissan Solvex Private Limited (KSP) was incorporated as a private
limited company in February 1988 and is currently being managed
by Mr. Inderjit Singh and Mrs. Sarabjeet Kaur. The company is
engaged in the extraction of rice bran oil at its processing
facility located in Jalalabad, Punjab with an installed solvent
extraction capacity of 350 metric tonne of rice bran oil per day
as on March 30, 2018. The company manufactures rice bran oil in
semi-edible form for industrial use, which is sold to refineries
based in Punjab, Haryana, and Himachal Pradesh directly as well
as through brokers. Besides KSP, one of the directors is also
engaged in managing another group concerns namely Kissan
Industries. Kissan Industries is a partnership firm engaged in
processing of paddy since 1996.


KOHINOOR FOODS: CARE Lowers Rating on INR747.30cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kohinoor Foods Limited (KFL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities          199.50       CARE D Revised from CARE BB;
                                    Negative

   Short term Bank
   Facilities          747.30      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
KFL take into account the delays in servicing of its debt
obligation. Going forward, the ability of the company to improve
its liquidity profile through efficient management of its working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of Debt Obligations: On account of the
stressed liquidity position of the company due to deterioration
in its financial and operational profile, there are overdues in
the working capital facility assigned by various banks. Going
forward, the ability of the company to improve its liquidity
position shall remain critical.

Working capital intensive operations: Owing to the seasonality of
rice harvest, the business has to maintain suitable raw material
inventory to ensure uninterrupted production throughout the year.
Further, basmati rice requires higher ageing of the semi-finished
rice for better quality, thereby elongating the working capital
cycle.

Deterioration in the Financial Risk Profile: The operational
performance of the company has deteriorated in FY17 (refers to
period from April 01 to March 31) due to high cost of raw
material w.r.t. total sales. In FY17 the cost of material
consumed as a percentage of total sales has increased to 89% (PY:
74%) as the company was not able to sell rice in domestic markets
due to legal issues which resulted in pilling-up of inventory.
The inventory in the books was being carried at a higher cost
than the amount realized for the same which resulted in
operational losses for KFL. In FY17 KFL booked a net loss of Rs
148.63 crore on account of operational losses and some
exceptional losses. The exceptional losses were primarily on
account of bad-debts due to write off receivables from subsidiary
companies & Kohinoor Specialty Foods Limited (KSFL).

KFL reported loss of INR148.63 crore in FY17 (PY: INR3.18 crore
of PAT) which has led to moderation in the Net-worth base from
INR415.38 crore in FY16 to INR266.75 crore in FY17. However, the
company has booked a PAT of INR5.98 crore during 9MFY18. Overall
gearing increased to 3.16x as on March 31, 2017 (PY: 2.09x) due
to moderation of Net-worth. KFL's debt profile as on March 31,
2017 largely comprised of working capital borrowings.

Key Rating Strengths

Experienced and resourceful promoter group: KFL was founded by
Mr. Jugal Kishore Arora (Chairman) along with his brothers Mr.
Satnam Arora (Jt. Managing Director) and Mr. Gurnam Arora (Jt.
Managing Director).The promoters have an experience of 4 decades
in the industry. The promoters are assisted by an experienced
team of professionals for carrying out the day-to-day operations
of the company.

Strong distribution network and geographically diversified
operations: KFL has a strong marketing and distribution setup
with more than 100 distributors across the world each of whom has
his own network of dealers and retailers. Company has taken
initiatives for increasing foothold in various countries. With
presence in over 60 countries across the globe, KFL has
geographically diversified operations.

Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the
milling, processing and selling of rice, and trading of food
products and other agri-commodities. The rice mill is located at
Murthal (Haryana) with total installed capacity of 50 metric
tonne per hour (MTPH) as on March 31, 2017. Over the years, KFL
has emerged as one of the dominant Indian players in the global
basmati rice market. KFL has established its brand both in India
and abroad in geographies like USA, UK, Middle Eastern countries,
Australia, Belgium and other European countries.


LIGHT CRAFT: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Light Craft
and Sound Private Limited's (LCSPL) Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the surveillance exercise despite continuous requests and follow-
ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR44.2 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Fund-based facilities maintained in Non-Cooperating
     Category IND BB- (ISSUER NOT COOPERATING) /IND A4+ (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 2011, LCSPL provides entertainment solutions (light
and sound) to the motion picture and advertising fraternity.


MAYURAKSHI COLD: CARE Reaffirms B+ Rating on INR8.07cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mayurakshi Cold Storage Private Limited (MCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.07       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            0.21       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of MCSPL are continue
to remain constrained by short track record of operations,
regulated nature of industry, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers and competition from local players. The
ratings, however, continue to derive comfort from experienced
promoters and proximity to potato growing area.

Ability of the company to grow its scale of operations, improve
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record with small scale of operations: The company
has started its commercial operations since December 2017 and
thus has very short operational track record. Furthermore, the
scale of operations of the company remained small marked by total
operating income of INR2.21 crore with a PAT of INR0.05 crore in
FY18. Further, the networth base and total capital employed was
low at INR2.66 crore and INR6.55 crore, respectively, as on March
31, 2018 provisional.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: MCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the company remained
moderate marked by overall gearing ratio at 1.42x as on March 31,
2018. Furthermore, the debt coverage indicators also remained
moderate marked by interest coverage ratio of 2.88 times and
total debt to GCA of 4.59x in FY18 (Provisional).

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoters: MCSPL is currently managed by Mr. Sunil
Ghosh who has more than a decade of experience in the same
industry, looks after the day to day operations of the company.
He is being duly supported by the other directors Mrs. Amrita
Ghosh along with a team of experienced personnel.

Proximity to potato growing area: MCSPL's storing facility is
situated at Cooch Bihar, West Bengal which is one of the major
potato growing regions of the state. The favorable location of
the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

Incorporated in June 2015, Mayurakshi Cold Storage Private
Limited (MCSPL) was promoted by Mr. Sunil Ghosh and Mrs. Amrita
Ghosh based out of West Bengal to set up cold storage facility in
the state of West Bengal with an aggregate storing capacity of
163890 quintal. The company has commenced its commercial
operations since December 2017.


MIDAS AGRO: ICRA Moves B Rating to Not Cooperating Category
-----------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Midas Agro Foods Private Limited (MAF) to the 'Issuer Not
Cooperating' category. The rating is now denoted as [ICRA]B
(Stable) ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-Based Limits     9.76       [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

MAF took over Shankar Rice & General Mills on August 26, 2016,
along with all the assets and liabilities of the latter. MAFPL
primarily mills rice. Its manufacturing unit situated in Moga
(Punjab) has an installed capacity of 12 tonne per hour. The
company has three sortex plants with capacity of 3 tonne per hour
each.


NAVDURGA ISPAT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Navdurga Ispat
(P) Ltd.'s (NIPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR160 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects NIPL's continued medium scale of
operations, modest credit metrics and low EBITDA margin, owing to
high competition. NIPL's revenue rose to INR885.97 million in
FY17 from INR766.29 million in FY16, driven by a rise in the
customer base. Its net financial leverage (adjusted net
debt/operating EBITDA) deteriorated to 5.17x from 4.31x in FY16,
primarily owing to a fall in operating EBITDA margin to 3.59%
from 4.08%. The fall in the operating EBITDA margin was due to an
increase in raw material cost and personnel expenses. Moreover,
its interest coverage (operating EBITDA/gross interest expense)
slightly improved to 1.58x in FY17 from 1.51x in FY16.

The ratings continue to be constrained by NIPL's modest liquidity
position, indicated by an average 98.1% utilization of the fund-
based limits for the 12 months ended March 2018.

The ratings, however, continue to be supported by the directors'
over 11 years of experience in the steel manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin leading to any
deterioration in the overall credit metrics on a sustained basis
could lead to a negative rating action.

Positive: Further revenue growth, along with an improvement in
the overall credit metrics, on a sustained basis could lead to a
positive rating action.

COMPANY PROFILE

NIPL manufactures a wide range of steel-rolled structures,
including beams, joists, channels, angles, round bars and flats.
It has an annual structural steel item production capacity of
30,000 tons. In December 2009, the company commissioned a 30,000
tons per annum induction furnace to manufacture ingots.


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

The instrument-wise rating action is:

-- INR374.78 mil. Long-term foreign currency term loan due on
     July 2021 migrated to non-cooperating category with IND BB
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in June 2013, P & Y Enterprises was set up to
provide inland water transport to foreign companies. It owns one
vessel (Distya Pushti), which is chartered mainly for cargo,
chemical and oil tanker shipment.


P KISHANCHAND: ICRA Reaffirms B Rating, Removes From Not Coop.
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the
short-term rating of [ICRA]A4 assigned to the INR15.00-crore
(enhanced from INR13.00 crore) bank facilities of P Kishanchand
Textiles Limited. The outlook on the long-term rating is
'Stable'. The ratings have been removed from the 'Issuer Not Co-
operating' category due to submission of No Default Statement
(NDS).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-fund based-      15.00      [ICRA]B(Stable); Reaffirmed
   Working Capital                 Removed from 'Issuer Not
   Facility                        Co-operating' category

   Fund based-         (3.00)      [ICRA]A4; Reaffirmed
   Working Capital                 Removed from 'Issuer Not
   Facility                        Co-operating' category

Rationale

The reaffirmed ratings consider the modest scale of PKTL's
operations along with declining revenues in the last two
years. The ratings are also constrained by the company's weak
profitability metrics in the absence of value addition in
the business as the entire revenue is accrued from trading of
fabrics. Additionally, the company's weak capital structure,
marked by a modest net-worth base and relatively high external
borrowings, were also factored in while reaffirming the ratings.
Apart from borrowings, the company's working capital requirement
is also met through letter of credit (LC) backed creditors,
resulting in a high TOL/TNW3 of 7.11 times as on March 31, 2017.
ICRA also takes note of the company's presence in a highly
fragmented and competitive industry structure with the presence
of a large number of unorganised players due to low entry
barriers, which limits its pricing flexibility.

The ratings, however, favourably considers the extensive
experience of the promoters in the fabric trading business, and
benefits accruing from being located in the textile hub of
Bhiwandi (Maharashtra), which provides advantages in terms of
proximity to suppliers and customers.

Outlook: Stable

Due to the unfavourable demand growth prospects in the textile
industry currently, ICRA believes that the operating scale of P
Kishanchand Textiles Limited will continue to remain stressed in
the near to medium term. However, it will derive benefit from the
experience of its management in the textile industry.

The outlook may be revised to 'Positive' if sustained growth in
revenue and profitability, and better working capital management
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if revenues and profitability are lower than
expected, higher receivables or inventory levels stretch the
working capital cycle and weaken the liquidity further.

Key rating drivers

Credit strengths

Extensive experience of promoters in the textile industry: PKTL
trades in different kinds of fabrics, which are procured locally
or imported, and sold to traders and garment manufacturers. The
director, Mr. Anand Agarwal, has an experience of more than a
decade in the textile industry. He undertakes business
development and marketing of the products.

Location advantages due to the company's presence in Bhiwandi:
The company's warehousing facility is located in Bhiwandi, which
is a textile hub near Mumbai and houses many fabric manufacturers
and other textile warehouses. The proximity to suppliers ensures
a steady supply of required fabric, while helping to save on the
transportation cost, buying agent commission and transit
insurance.

Credit challenges

Modest scale of operations; decline in revenues in the last two
years: The company continues to operate on a modest scale with
the operating income declining by around 29% to INR40.41 crore in
FY2017, from INR56.61 crore in FY2016, majorly due to the impact
of demonetisation in the second half of the fiscal. The OI
declined sharply in FY2018, with the company registering sales of
INR16.89 crore till December 31, 2017, because of uncertainty in
the textile sector, over the reforms under the Goods and Services
Tax (GST). In addition, there were lower sales of denim fabrics
in FY2018, which were the major revenue drivers in the previous
years.

Low profitability due to limited value addition in the nature of
its business: The fabric trading business is a low margin
business with the absence of any value addition. The fabric is
procured as per the customer's specifications, mostly from fabric
manufacturers. The freight expenses and packing cost is usually
borne by the company, while it is incorporated in the pricing
wherein the company gets a margin of 3% to 5% on the traded
fabrics, depending on its type. In the absence of any value
addition there is limited scope of margin improvement in the near
term. The operating profit and net profit margins stood at 2.52%
and 0.35%, respectively, in FY2017.

Weak capital structure marked by modest net-worth and relatively
high external borrowings; high TOL/TNW due to LC-backed
creditors: Even though the capital structure improved as on March
31, 2017, it continued to stay high in absolute terms with the
gearing at 2.89 times (3.17 times as on March 31, 2016). Further,
a large part of the working capital requirement of the company is
met through LC-backed creditors resulting in high TOL/TNW of 7.11
times as on March 31, 2017.

Highly fragmented and competitive industry structure with low
entry barriers, which limits pricing flexibility: The fabric
trading business is extremely fragmented and dominated by a large
number of small players. Due to intense competitive pricing
pressures, there is hardly any pricing flexibility within the
industry. The critical success factor in this industry is volume-
led growth to achieve economies of scale and preferences among
apparel manufacturers.

Incorporated in 1998, by Mr. Kishanchand Agarwal, P Kishanchand
Textiles Limited is primarily involved in the trading of
different types of fabrics such as viscose, denim and knitted
fabrics, which are sold through a network of wholesalers across
Maharashtra, Haryana, Punjab, Madhya Pradesh and Delhi. The
company has two warehousing facilities at Bhiwandi (Thane) in
Maharashtra, while its registered office is in Mumbai. In FY2015,
the company's operations were consolidated with its sister
concern, Unicorn Textiles Private Limited (UTPL), which is also
involved in the fabric trading business. Under this arrangement,
UTPL bought a 99.90% stake in PKTL, while it transferred its
business operations to PKTL. PKTL recorded a net profit of
INR0.14 crore on an operating income of INR40.41 crore for the
year ending March 31, 2017.


PATNA SAHIB: CARE Assigns 'D' Rating to INR21.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Patna
Sahib Charitable Educational Trust (PSCET), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           21.75       CARE D Assigned

Detailed Rationale

The ratings assigned to the bank facilities of PSCET factor in
the ongoing delays in the debt servicing owing to the stressed
liquidity position of the trust.

Detailed description of the key rating drivers

Key rating weaknesses

Ongoing delays in the servicing of the debt obligations: There
are ongoing delays in the servicing of the repayment obligation
of the term loans due to the stressed liquidity position of the
trust arising from insufficiency in the cash flow generation.

Weak financial risk profile: The scale of operations of the trust
remained small with a total income of INR7.05 Cr. in FY17 (refers
to the period April 01 to March 31). The same declined by ~25%
from FY16 on the back of lower student enrolment during the year.
The student enrolment ratio remained low and declined on a year-
on-year basis to ~33% in academic year 2016-2017 (AY2016-2018).
This coupled with stable level of expenses led to a decline in
the SBID margins in FY17. Owing to the high depreciation and
interest expenses the trust also reported a cash deficit in FY17.
In 9MFY18 (Provisional) the trust reported a total income of
INR4.65 Cr. which declined by ~4% from the corresponding period
last year on account of the further decrease in student
enrolments. The debt coverage indicators of the trust also
remained weak, in FY17, on account of poor surplus generation.

High level of competition along with limited geographical reach
and course offerings: PSCET operates from a single campus in
Bihar which limits the penetration level. Further, the two
colleges operated by the trust have limited course offerings viz.
degree and diploma courses in engineering only. The trust also
faces a high level of competition from various government and
private education institutes located in Bihar and elsewhere.

Highly regulated nature of the educational sector: The Indian
education sector faces a high level of regulation by the Ministry
of Human Resources at the national level, the education
ministries in each state, central bodies like University Grants
Commission and other professional councils like All India Council
for Technical Education (AICTE) etc.

Key Rating Strengths

Experienced trustees and qualified faculty: The main
functionaries of the trust include its current chairman, Mr. J.S.
Dhaliwal, who holds a rich industry experience of around four
decades. He also acts as the chairman of Desh Bhagat Memorial
Educational Trust (rated, 'CARE BBB-; Stable/CARE A3') which is
also engaged in the higher education sector. Other functionaries
of the trust, including Mr. HS Batth the current Vice-Chairman,
are also members of the Doaba Khalsa Trust (rated 'CARE D') which
operates the Doaba Group of colleges in Punjab, since 1998. The
trust has also employed qualified and experienced staff members
at the two colleges.

Established in December-2010 under the Societies Registration Act
XXI 1860, PSCET is engaged in the imparting of higher education.
It is operating from a single campus in Vaishali, Bihar under the
name 'Patna Sahib Group of Colleges'. These include two colleges:
Patna Sahib Institute of Engineering and Technology offering
bachelors in Engineering and Patna Sahib Polytechnic College
offering diploma courses in engineering. The courses are approved
by AICTE, New Delhi and are affiliated to Aryabhatt Knowledge
University, Patna. The college had AY2011-2012 as its first
academic session.


PRAFFUL EXPORTS: Ind-Ra Maintains B LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prafful
Exports' Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 1993, Prafful Exports exports fabrics and ready-to-
stitch dress materials to Europe, the US and the Middle East.


PRJ POLYMERS: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long term and short ratings for the bank
facilities of Prj Polymers Private Limited (PRJ) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash       8.0       [ICRA]B+ (Stable) ISSUER NOT
   Credit                          COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Non fund based-       6.0       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  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 2006, PPPL was earlier involved in the business
of distributing chemicals and polymers for GAIL India Ltd,
Reliance Industries Limited, and IOCL etc. In 2009, PPPL applied
to be a distributor of IOCL and got the distributorship for
polymer products in May, 2010. Presently, PPPL is a del-credere
agent (DCA) as well as a consignment stockist (CS) of IOCL for
distribution of polymer products in the National Capital Region.
The company has a rented warehouse in the Kavinagar industrial
area, with a capacity of 350 metric tonnes (MT).


RATIONAL HANDLOOM: Ind-Ra Maintains BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rational
Handloom Company Private Limited's (RHCPL) Long-Term Issuer
Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based-working capital limits maintained in
     Non-Cooperating Category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR124.82 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
April 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RHCPL was founded as a proprietorship concern named M/s National
Handloom Corporation by Mr. Lalit Mehta in 1982; it was a shop in
Jodhpur that sold handloom items. It was incorporated as RHCPL in
2000 and runs 12 showrooms: nine in Rajasthan and three in
Gujarat.


RIVIPAC POLYMERS: CARE Assigns B Rating to INR4.32cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rivipac Polymers Private Limited (RPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.32       CARE B; Stable Assigned

   Long-term/Short
   term Bank Facilities  2.85       CARE B; Stable/CARE A4
                                    Assigned

   Short-term Bank
   Facilities            0.19       CARE A4 Assigned

Detailed Rationale & Key rating drivers

The ratings assigned to the bank facilities of RPPL are tempered
by its relatively small scale of operations, loss registered by
the company in FY17 (FY refers to the period from April 01 to
March 31), weak solvency position and working capital intensive
nature of operations. The ratings also factors in the limited
experience of the promoters in plastic packaging industry,
susceptibility of margins to fluctuation in raw material prices
and its presence in highly competitive and fragmented nature of
industry.

The ratings, however, derive its strength from experience of the
promoters in diversified business.

The ability of the company to increase its scale of operations,
improve profit margins and capital structure while managing
working capital efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and losses registered in FY17: The
operations of the company remained small with total operating
income of INR7.06 crore in FY17 and capital employed of Rs 14.51
crore as on March 31, 2017. Small scale of operations restricts
the company's ability to meet any financial exigencies. Further,
the company has registered cash loss in FY17 owing to high raw
material cost and fixed capital charges.

Weak Solvency position: The relatively high debt profile of the
company as against the low net worth base resulted in leveraged
capital structure for the company. Owing to loss registered and
negative cash accruals, debt coverage indicators of RPPL remained
weak.

Working capital intensive nature of operations: The liquidity
position of the company remained stretched with funds blocked
majorly in debtors and inventory as reflected by high gross
current asset days of 175 days during FY17. The same resulted in
high utilization of its working capital limits.

Presence in competitive and fragmented industry: RPPL operates in
a highly competitive and fragmented market which consists of
large to small sized players. This further leads to high
competition among the various players and low bargaining power
with the suppliers.

Susceptibility of margins to fluctuations in raw material prices:
The primary raw material required by the company is polyethylene
terephthalate (PET) Granules, which is a derivative of crude oil.
Hence, the price of raw material is highly volatile in nature
making the profitability margins susceptible to any adverse
change in prices.

Key Rating Strengths

Experience of promoters in diversified business albeit limited in
plastic packaging industry: The key promoters Mr Fatechand Shah
and Mr Rishikesh Shah have an average experience of around four
decades in diversified business like manufacturing of consumer
and pharmaceutical products and real estate activities. However,
the promoters have a limited experience of around five years in
plastic packaging industry. Long experience of the promoters in
diversified business will aid in smooth operations of RPPL.

RPPL was incorporated in June 2014 as a private limited company
Mr Fatechand Shah and Mr Rishikesh Shah. The company is engaged
in the business of plastic packaging boxes at its manufacturing
facility located at Nashik (Maharashtra). The products of the
company i.e. PET Sheets and PET Punnets find application in
packaging industry.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

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

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

COMPANY PROFILE

Incorporated in 2007, SDM Projects is a Bengaluru-based civil
contractor, engaged in the construction and development of
infrastructure project such as water supply projects, national
highway project, power project, specialized infrastructure
construction works for special economic zones.


SHILPI CABLE: ICRA Cuts Rating to D; Keeps Not Cooperating Cat.
---------------------------------------------------------------
ICRA has downgraded the rating for the INR27.00 crore NCD
programme of Shilpi Cable Technologies Limited (SCTL) to [ICRA]D
ISSUER NOT COOPERATING from [ICRA]C ISSUER NOT COOPERATING. The
rating continues to remain in the 'Issuer Not Cooperating'
category.


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible     27.00      [ICRA]D ISSUER NOT COOPERATING;
   Debenture (NCD)                Rating downgraded from [ICRA]C
   Programme                      and continues to remain in 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
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, despite the downgrade.

Rationale

The rating revision factors in the delay in servicing of interest
on the NCD programme. The current rating action has been
taken by ICRA basis the available information on timeliness of
servicing of dues against the NCD by SCTL, while the
entity's management has remained non-cooperative.

Key rating drivers

Delay/default in debt servicing: Based on the available
information, SCTL has unpaid dues against the INR27.00 crore
(issued and outstanding principal amount: INR10.80 crore) NCD
programme. As per the list of creditors (admitted for
corporate insolvency resolution process) published on SCTL's
website, an amount of INR11.10 crore has been claimed as
receivable by the NCD investor.

SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger
Hochfrequenztechnik GmbH & Co. KG, Germany. The JV was formed to
manufacture and sell radio frequency (RF) feeder cables in the
domestic market. The JV set up a manufacturing facility at
Chopanki, Rajasthan. The facility commenced commercial production
in early 2008, and during the same year the stake of the German
partner was bought by the Indian promoters. Though initially SCTL
was only into RF feeder cables manufacturing, it has, over the
years, added products such as wiring harnesses and battery cables
for automobiles, wiring harness sets and power cords for white
goods, and copper conductors (magnet copper wires and bunched
copper wires) to expand and diversify its offerings. SCTL thus
caters to automotive, telecom, and consumer durables segments,
among others. In addition, it sells house wires, circuit breakers
(MCCB and RCCB), and switches through distributors under the
'SAFE' brand name.

SCTL, headquartered in Delhi, has five manufacturing units in
Bhiwadi, Chopanki, Bahadurgarh (owned by an associate-AGH Wires),
Hosur, and Pune (Bhiwadi and Chopanki plants are owned by the
company, while the remaining have been taken on lease), and has
13 sales offices across India. SCTL also has subsidiaries and
joint ventures in Singapore and UAE, which trade in copper cables
and other products. The company is listed on Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE) since 2011.

As per audited financials for FY2017, SCTL, on a consolidated
basis, reported a net loss of INR834.34 crore on an operating
income (OI) of INR3,833.89 crore as against a profit after tax
(concern share) of INR163.48 crore on an operating income of
INR3,895.53 crore during FY2016.

For the nine months ending December 31, 2017, SCTL reported 81%
YoY decline in standalone operating income to INR296.79 crore and
a net loss of INR326.71 crore.


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

The instrument-wise rating actions is:

-- INR170 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR 360 mil. Non-fund-based limits migrated to non-
    cooperating category with INDA4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Established in 1997 and located in Pune, Maharashtra, Shinde
Developers is an engineering, procurement & construction company.


SHREE BALBIR: ICRA Assigns B+ Rating to INR12cr Cash Loan
---------------------------------------------------------
ICRA has assigned a long -term rating of [ICRA]B+ to the
INR12.00-crore cash credit facility and INR3.00-crore term loan
bank facility of Shree Balbir Food Product Private Limited. The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-Cash
   Credit               12.00      [ICRA]B+ (Stable) Assigned

   Fund Based-Term
   Loan                  3.00      [ICRA]B+ (Stable) Assigned

Rationale

The assigned rating reflects Shree Balbir's limited track record
of operations, coupled with its small scale of operations and
presence in the low value additive flour-milling business. The
rating also factors in the company's weak capital structure
resulting from its eroded net-worth base and high reliance on the
unsecured debt and working capital borrowings along with the term
loan availed for setting up of the plant. Furthermore, low
profitability and high borrowings have resulted in weak coverage
indicators as depicted by its TD/OPBITDA of 10.5 times as on
March 31, 2017. The rating is also constrained by the company's
highly fragmented nature of the flour-milling industry resulting
in intense competition, agro-climatic risks and government
policies, which impact the availability and prices of the raw
material, which in turn affect its revenues and profitability.
The rating, however, draws comfort from the stable outlook for
milling business as wheat flour forms an important part of staple
Indian diet leading to perennial demand in the domestic market.
The rating also factors in the presence of Group support through
financial assistance provided by the Group companies by extending
interest-free unsecured loan to the company.

Outlook: Stable

ICRA believes Shree Balbir will continue to benefit from the
demand prospects of the sector. The rating may be revised
upward if the scale of operations and profitability improve or if
there is sustained improvement in the capital structure.
The rating might be revised downward if any significant debt-
funded capital expenditure weakens the capital structure
and liquidity position further.

Key rating drivers

Credit strengths

Presence of Group support in the form of unsecured loan extended
by the Group companies: Shree Balbir is a whollyowned subsidiary
of Balbir Structures Private Limited. The company benefits from
the financial support extended by the parent company by way of
unsecured interest free loans for setting up of the plant.

Favourable demand prospects of the flour-milling business: The
demand prospects of the industry are likely to remain
good as wheat flour forms an important part of the staple Indian
diet.

Credit challenges

Small scale of operations and limited track record of the
promoters: The company has a small scale of operations with
an installed capacity of 72,000 MTPA of wheat processing limiting
its pricing flexibility. Further, it is comparatively newer
in the wheat processing industry with an experience of only one
year.

Financial profile characterised by leveraged capital structure
and weak debt coverage indicators: The total debt of the company
mainly consists of unsecured debt infused by the promoters,
working capital borrowings and a term loan from the bank. High
preliminary expenses and low retained profits in the business had
led to erosion of the net worth, thereby resulting in an adverse
capital structure as on March 31, 2017. Further, low
profitability has resulted in weak coverage indicators with the
TD / OPBDITA of 10.5 times as on March 31, 2017.

Intense competition in the industry and low value-additive nature
of business result in weak profitability margin: The flour-
milling industry is very competitive with the presence of many
organised and unorganised players. Stiff competition coupled with
the limited value-additive nature of the business limits the
pricing flexibility and margins.

Susceptibility to agro-climatic risks and government regulations:
The flour-milling industry is susceptible to agroclimatic risks,
which can affect the availability of wheat in adverse weather
conditions. Further, being an essential commodity in India, its
prices are controlled by Government policies. Any unfavourable
change in the policies and fluctuations in supply due to adverse
weather conditions, in turn, expose the company to price-
volatility risks.

Shree Balbir is promoted by the Balbir Vikas Bhushan Group. The
Group is involved in the manufacture and trading of steel
products such as thermo-mechanical-treatment (TMT) bars, mild
steel angles, channels and beams etc. The Group ventured in
manufacturing food products with the establishment of Shree
Balbir in 2015. It is a wholly-owned subsidiary of Balbir
Structures Private Limited (BSPL).


SHREE GANGA: CARE Assigns B Rating to INR1.75cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Ganga Paddy Processors (SGPP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility              1.75       CARE B; Stable Assigned

   Short-term Facility   3.25       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGPP is constrained
by its small scale of operation with low profitability margins,
constitution being a partnership firm, regulated, fragmented and
competitive nature of the industry and high working capital
intensity with exposure to vagaries of nature. However, the
aforesaid constraints are partially offset by its experienced
partners with satisfactory track record of operations, close
proximity to raw material sources, stable demand outlook of rice
and satisfactory leverage ratios with comfortable debt coverage
indicators.

The ability of the firm to grow its scale of operation and
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Shree Ganga Paddy Processors established in the year 2009 and
thus has satisfactory track record of operations. Mr. Gridharilal
Agrawal (aged, 60 years), having more than three decades of
experience in the rice milling industry, looks after the day to
day operations of the firm along Mr. Ashish Agrawal, Smt. Anandi
Agrawal and a team of experienced professionals who have rich
experience in the similar line of business.

Close proximity to raw material sources and favorable industry
scenario: SGPP's plant is located at Durg district, Chhattisgarh
which is in the midst of paddy growing states like Chhattisgarh,
Jharkhand and Bihar. The entire raw material requirement is met
locally from the farmers (or local agents) which helps the firm
to save on substantial amount of transportation cost and also
procure raw materials at effective prices. Further, rice being a
staple food grain with India's position as one of the largest
producer and consumer, demand prospects for the industry is
expected to remain good in near to medium term.

Stable demand outlook of rice: Rice, being one of the primary
food articles in India, demand is high throughout the country and
with the change in life style and health consciousness; by-
products of the same like rice bran oil etc. are in huge demand.

Satisfactory leverage ratios with comfortable debt coverage
indicators: Capital structure of the entity remained satisfactory
marked by overall gearing ratio of 0.51x as on March 31, 2017.
The overall gearing ratio improved in FY17 over FY16 mainly on
account of scheduled repayment of unsecured loan and accretion of
profits to capital. Moreover, the debt coverage indicators also
remained comfortable marked by total debt to GCA ratio of 5.16x
and satisfactory interest coverage ratio of 14.46x in FY17.

Key Rating Weaknesses

Constitution as a partnership firm: SGPP, being a proprietorship
firm, is exposed to inherent risk of the partners' capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/insolvency of the partners. Furthermore,
proprietorship entities have restricted access to external
borrowing as credit worthiness of partner would be the key
factors affecting credit decision for the lenders.

Small scale of operation with low profitability margins: SGPP is
a relatively small player in the rice milling industry with
revenue and PAT of INR1.69 crore and INR0.02 crore respectively,
in FY17. Further, the capital base and total capital employed was
low at INR1.29 crore and INR1.95 crore, respectively, as on March
31, 2017. This apart, the PBILDT and PAT margins were low at
8.63% and 1.18%, respectively, during FY17. This apart, the firm
has achieved total operating income of around INR2.73 crore
during FY18. The small size restricts the financial flexibility
of the firm in times of stress and it suffers on account of
economies of scale.

Regulated nature of the industry: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2017-18 to INR1550/quintal from
INR1470/quintal in crop year 2016-17. Given the market determined
prices for finished product vis-Ö-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the firm, especially in times
of high paddy cultivation.

Fragmented and competitive nature of the industry: SGPP's plant
is located in Durg district which is in close proximity to hubs
for paddy/rice cultivating region of Chhattisgarh. Owing to the
advantage of close proximity to raw material sources, large
number of small units is engaged in milling and processing of
rice in the region. This has resulted in intense competition
which is also fuelled by low entry barriers. Given that the
processing activity does not involve much of technical expertise
or high investment, the entry barriers are low.

High working capital intensity and exposure to vagaries of nature
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the
next season as the price and quality of paddy is better during
the harvesting season. Also, paddy cultivation is highly
dependent on monsoons, thus exposing the fate of the firm's
operation to vagaries of nature. Accordingly, the working capital
intensity remains high leading to higher stress on the financial
risk profile of the rice milling units. Accordingly, the average
utilization of working capital limits was around 95% during last
7 months ended March, 2018.

Shree Ganga Paddy Processors (SGPP) was established as a
partnership firm in 2009. The firm is engaged in milling of raw
and boiled rice and trading of paddy, rice, broken rice, bran and
husk. The milling unit of SGPP is located at Durg, Chhattisgarh
with processing capacity of 40,000 Metric Ton Per Annum (MTPA).
The firm is promoted by Raipur based Agrawal family heading by
Mr. Gridharilal Agrawal who have a long experience in the rice
milling industry. SGPP procures paddy from farmers & local agents
and sells its products through the wholesalers and distributors
located in Chhattisgarh.

Mr. Gridharilal Agrawal (aged, 60 years), having more than three
decades of experience in the rice milling industry, looks after
the day to day operations of the firm along Mr. Ashish Agrawal,
Smt. Anandi Agrawal and a team of experienced professionals who
have rich experience in the similar line of business.


SHRI MURUGAN: ICRA Assigns B+ Rating INR12cr Cash Loan
------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR17.00-
crore fund-based facilities and ratings of [ICRA]B+/[ICRA]A4 to
the INR3.00-crore unallocated limits of Shri Murugan Industries.
The outlook on the long-term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-
   Cash Credit          12.00      [ICRA]B+ (Stable); Assigned

   Fund based-
   Term Loan             5.00      [ICRA]B+ (Stable); Assigned

   Unallocated           3.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                    Assigned

Rationale

The assigned ratings consider the firm's modest scale of
operations in intensely competitive industry limiting its
financial flexibility. The firm's revenues and profitability are
exposed to fluctuations in the prices of raw material, cotton,
which is an agro-commodity, and its prices are subject to
seasonality and crop harvest. The ratings are further constrained
by the firm's weak financial profile with low profitability,
moderate coverage indicators, and highly leveraged capital
structure.

Further, ICRA also considers the stretched liquidity profile with
average working capital utilisation of 86.1% for the period
October 2016 to January 2018. The ratings also factor in cash
withdrawal risks associated with partnership firm.

However, the ratings favorably factor in the extensive experience
of the partners spanning over four decades in the cotton ginning
industry, who operate several other companies in the same
industry, resulting in the established customer and supplier base
of the firm. The ratings also consider the location advantage
with firm's proximity to cotton growing areas of Ranga Reddy
district of Telangana, provides logistic advantage.

Outlook: Stable

The stable outlook reflects ICRA belief that SMI will continue to
benefit from the extensive experience of its partners in the
cotton ginning business. The outlook may be revised to 'Positive'
if substantial higher-than-estimated growth in revenue and
profitability, strengthens the financial risk profile and
effective working capital management. The outlook may be revised
to 'Negative' if any major debt-funded capital expenditure
weakens liquidity.

Key rating drivers

Credit strengths

Long experience of the partners: SMI was established in 2005 and
started operations in October 2015 by Mr. B. Sujith Reddy and Mr.
B. Veeralingam, who have extensive experience in cotton ginning
business. Moreover, the firm has various group companies which
are also engaged in the same line of business leading to
established supplier base and sales network.

Proximity of manufacturing unit to cotton-producing belt of
Telangana: The firm's manufacturing facility is located at
Ranga Reddy district of Telangana, which provides the firm easy
access to raw material and savings on logistics costs.

Credit weaknesses

Modest scale of operations: The firm's scale of operations is
modest with operating income of INR156.5 crore in FY2017 due to
nascent stage of operations. Moreover, the firm's revenue growth
is expected to be only marginal increase by 1.5-2.0% in FY2018
due to lower sales volume owing to unavailability of raw material
at favorable rates.

Financial profile characterised by low profitability and moderate
coverage indicators: The profitability of the firm remained low
due to the low value addition in the cotton ginning business,
which, coupled with high working borrowing levels, resulted in
moderate coverage indicators. The gearing of the firm stood high
at 4.5 times as on March 31, 2017. Moreover, the liquidity
position of the firm remained stretched as reflected in the high
utilization of the working capital limits of 86.1% for the period
October 2016 to January 2018.

Intense competition and fragmentation in the industry given the
low entry barriers: The firm faces stiff competition from
organised and unorganised players limiting its pricing
flexibility and bargaining power.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations: The profit
margins of the firm are exposed to the fluctuation in raw
material prices, which depend upon factors like seasonality,
monsoon condition, international demand and supply situation,
export policy etc. Further, it is exposed to the regulatory
risks, as prices are decided through the minimum support price,
set by the Government.

Inherent risks being a partnership firm: Being a partnership
firm, it is vulnerable to capital withdrawals by the partners.

Srinivasa Murugan Industries (SMI) was constituted as a
partnership firm in the year 2015 and commenced operations
in October 2015. The firm's plant is located at Talakondapally,
Ranga Reddy district of Telangana and is engaged in ginning,
pressing & trading of cotton lint. The installed capacity of the
firm is 1,63,296 quintals of cotton ginning.

In FY2017, the firm reported a net profit of INR0.5 crore on an
operating income of INR156.5 crore, as compared to a net profit
of INR0.1 crore on an operating income of INR70.5 crore in 6M
FY2016.


SINGHAL BUSINESS: CARE Assigns B+ Rating to INR9cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Singhal Business Private Limited (SBPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility              9.00       CARE B+; Stable Assigned

   Short-term Bank
   Facility              6.00       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SBPL are
constrained by small scale of operation with low profitability
margin, volatility in prices of traded goods, working capital
intensive nature of business, high leveraged ratios and weak debt
coverage indicators and intensely competitive nature of the
industry with presence of many unorganized players. However, the
aforesaid constraints are partially offset by extensive
experience of the management with satisfactory track record of
operation and stable demand outlook of its products.

Going forward, the ability of the company to grow its scale of
operations, improve its profit margins and ability to manage
working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management with satisfactory track record of
operation: SBPL has commenced operations from 2010. Since its
inception the company has been engaged in the trading of Iron ore
fines, coal, mill scale, billets and other steel products
business. The company has satisfactory track record of
operations.
Over the years, Singhal Business Private Limited has been able to
grow over the years by constantly improving its service. Mr.
Rahul Agarwal (Director) along with his Mr. Ram Awatar Agarwal
(Director) who has around 20 years and 23 years of experience in
the similar line of business look after the day to day operation
of the company.

Stable demand outlook of its traded products: The demand of iron
ore fines, coal, mill scale, billets and other steel products
will increase in the medium to long term with the pick-up in the
manufacturing activities and increased thrust of GoI on the
development of iron and steel sector.

Key Rating Weaknesses

Small scale of operation with low profitability margin: SBPL is a
relatively small player in trading business with total operating
income and PAT of INR41.30 crore and INR0.18 crore, respectively,
in FY17. Net worth base of the company was INR6.33 crore as on
March 31, 2017. This apart, the PBILDT and PAT margins were low
at 3.46% and 0.45%, respectively, in FY17. Moreover, the company
has achieved sales of around INR36.82 crore during 10MFY18. The
small size restricts the financial flexibility of the company in
times of stress and it suffers on account of economies of scale.

Volatility in prices of traded goods: SBPL purchases trading
goods (i.e. iron ore fines, coal, mill scale, billets and other
steel products from domestic market for stock & sale basis. Since
the prices of the traded goods are volatile in nature and it is
basically determined by demand supply situation at a particular
time. Thus the company is exposed to price volatility in the
traded goods.

Working capital intensive nature of business: The operations of
SBPL remained working capital intensive marked by its moderately
high inventory period in FY17. Further the company maintains
stock of traded goods for timely supply to its clients demand.
Accordingly the average utilization of cash credit remained on
the higher side at about 95% during last twelve months ending on
February, 2018. High leverage ratios and weak debt coverage
indicators The capital structure of the company remained
leveraged as marked by overall gearing ratio of 1.57x as on March
31, 2017. However, long term debt equity ratio was 0.02x as on
March 31, 2017. Moreover, the debt coverage indicators also
remained moderate with total debt to GCA ratio of 31.69x in FY17.
However, interest coverage ratio remained at 1.44x in FY17.

Intensely competitive nature of the industry with presence of
many unorganized players: SBPL is engaged in the trading of iron
ore fines, coal, mill scale, billets and other steel products
which is primarily dominated by large players and characterized
by high fragmentation and competition due to the presence of
numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.

Incorporated in October 2010, SBPL was promoted by Mr. Rahul
Agarwal and his brother Mr. Ram Awatar Agarwal. Since its
inception the company has been engaged in trading of iron ore,
mill scale, coal, billet and other steel products. The company
recently purchased a bauxite mine in Ambikapur, Chhattisgarh. The
registered address of the company is located at Raipur,
Chhattisgarh.


SIYARAM COTTON: CARE Assigns B+ Rating to INR13.90cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Siyaram Cotton Industries (SCI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           13.90       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SCI is primarily
constrained on account of project implementation risk associated
with it and yet to achieve financial closure. The rating is,
further, constrained on account of its presence in the lowest
segment of the textile value chain coupled with highly
competitive and fragmented cotton ginning industry, vulnerability
of its operating margins to fluctuation in the cotton prices and
constitution as a partnership concern.

The rating, however, favorably takes into account the vast
experience of the promoters in the cotton ginning industry and
established relations with customers and suppliers. The rating,
further, gets strength from location advantage being situated in
the cotton growing region.

The ability of the firm to successfully complete its project
within envisaged time and cost parameters and achieve envisaged
level of scale of operations and profitability with efficient
management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk with financial closure yet to achieve
SCI undertook a green-field project to set up plant for cotton
ginning and processing. The firm had envisaged total project cost
of INR6 crore towards the project to be funded through term loan
of INR4.00 crore and remaining of INR2 crore through unsecured
loans and share capital. The firm is expecting to complete its
project by October, 2018. However, it has yet to achieve
financial closure. Till March 27, 2018, the firm has incurred
total cost of INR1.25 crore towards the project funded partner
capital. The overall gearing is expected to remain high due to
debt taken for project funding as well as availment of working
capital bank borrowing for working capital funding.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by government and inventory carried forward of the last year.
Ginners usually have to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers.
Furthermore, cotton being a seasonal crop, the inventory levels
of the entity generally remains high at the end of the financial
year. Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk.

Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of industry leading to
intense competition amongst the players. As SKF operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power
against both its customers as well as its suppliers. This coupled
with limited value addition in cotton ginning process results in
the firm operating at very thin profitability (PAT) margins.

Key Rating Strengths

Experienced promoters in the textile and cotton ginning industry
and established relations with customers and suppliers through
group companies: Mr. Manoj Kumar Agrawal, Ms. Rekha Agarwal and
Ms Aarti Agarwal, Partners, have more than two decades of
experience in the industry and looks after purchase functions and
administration and management functions respectively of the firm.
Mr. D.L. Agrawal, Partner, has more than four decades of
experience in the industry and looks after selling functions of
the firm. Being present in the industry since long period of
time, it has established relationship with customers and
suppliers.

Strategically located in the cotton growing region Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer's states in India. The plant
of SKF is located in one of the cotton producing belt of Sendhwa
(Madhya Pradesh) in India. The presence of SKF in cotton
producing region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was
established in October, 2017 by Mr. Manoj Agrawal, Mr. DL
Agrawal, Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership
concern and share equal profit and loss. The firm was formed with
an objective to set up green field project for cotton ginning and
pressing at Ratlam, Madhya Pradesh. SCI envisaged total project
cost of INR6 crore towards the project which envisaged to be
funded through term loan of INR4.00 crore and remaining of
INR2.00 crore through unsecured loans and share capital. The
plant of the company will have installed capacity to manufacture
cotton bales of 400 Bales per Day (BPD).


SKYWIN SPINNING: Ind-Ra Rates INR138.8MM Loan 'BB+'
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Skywin Spinning
Private Limited's (SSPL) additional bank facility as follows:

-- INR138.8 mil. Term loan due on March 2021 assigned with IND
     BB+/Stable rating;

-- INR140 mil. Fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR14.2 mil. Non-fund-based facilities assigned with IND A4+
     rating.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue and profitability
and deterioration in the overall credit metrics on a sustained
basis could be negative for the ratings.

Positive: Substantial growth in the revenue and EBITDA margin
leading to an improvement in the credit metrics on a sustained
basis could be positive for the ratings.

COMPANY PROFILE

Incorporated in November 2013, SSPL manufactures 100% cotton yarn
(single ring spun yarn, combed yarn, carded yarn and knitting
yarn), with an installed capacity of 19,584 spindles at its
plant.


SRI POWER: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Power
Generation (India) Private Limited's Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the rating exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using the rating. The rating
will continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR51 mil. Long-term Loan maintained in Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR31.5 mil. Non-fund-based maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 19, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Power Generation (India) develops solar power projects using
photo voltaic technology. It has two solar power plants in Andhra
Pradesh - one in Varadaipalem, Chittor district with a 2MW
capacity and another of 1MW capacity in Kadiri, Anantapur
district.


SRI SARVARAYA: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR82.95 crore-
term loan, INR132.00-crore fund-based bank facilities and INR7.39
crore unallocated limits of Sri Sarvaraya Sugars Limited from
[ICRA]B+ to [ICRA]D. ICRA has also revised the rating assigned to
the INR5-crore Fixed Deposit Programme of SSSL from MB+ to MD.
ICRA has moved the ratings of SSSL to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Term       82.95    [ICRA]D ISSUER NOT COOPERATING;
   Loan                           Rating downgraded from [ICRA]B+
                                   (Stable) and moved to 'Issuer
                                   Not Cooperating' category

   Fund-based           132.00    [ICRA]D ISSUER NOT COOPERATING;
   Limits                         Rating downgraded from [ICRA]B+
                                   (Stable) and moved to 'Issuer
                                   Not Cooperating' category

   Unallocated Limits     7.39    [ICRA]D ISSUER NOT COOPERATING;
                                  Rating downgraded from [ICRA]B+
                                   (Stable) and moved to 'Issuer
                                   Not Cooperating' category

   FD Programme           5.00     MD ISSUER NOT COOPERATING;
                                   Rating downgraded from MB+
                                   (Stable) and moved to
                                   'Issuer Not Cooperating'
                                   Category

ICRA has been consistently following up with Sri Sarvaraya Sugars
Limited for obtaining the monthly 'No Default Statement' and had
also placed the ratings under review due to non-submission of NDS
in the month of March 2018. However, the entity's management has
remained non-cooperative.

Rationale

The ratings revision reflects delays in debt servicing by the
company owing to subdued performance of SSSL's sugar division in
the ongoing FY2018 due to reduced sugar cane availability. The
ratings continue to remain constrained by the relatively
stretched liquidity profile of the company due to high working
capital requirements of the sugar division and high funding
requirements of the bottling division due to regular maintenance
costs incurred on RGB (returnable glass bottles) and coolers and
sustained capex requirements. Furthermore, while the sugar
operations of the company remains exposed to agro-climatic risks,
the bottling unit remains vulnerable to the seasonality
associated with the sales within the bottling unit and the
exposure of beverages industry to regulatory risks from changes
in government policies.

The ratings, however, continue to favorably factor in the
diversified operations of the company with presence of bottling
unit along with a sugar division which in turn is fully forward
integrated; and the stable business model of the company in the
beverages division due to exclusive franchise agreement with
Coca-Cola India Private Limited for three districts of Andhra
Pradesh/Telangana.

Sri Sarvaraya Sugars Limited(SSSL) was incorporated in the year
1956 by Mr. SBPBK Satyanarayana Rao. The company operates an
integrated sugar plant with a crushing unit of 4000 TCD capacity
located in Chelluru district in Andhra Pradesh. The company also
operates a bottling division with units at four locations namely
Vemagiri, Gopalapuram, Kesavaram and Sathupally in Andhra
Pradesh/Telangana and is a franchisee bottler for Coca Cola India
Private Limited.


SWIFT CERAMIC: ICRA Withdraws B+ Rating on INR3.50cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook and the short-term rating of
[ICRA]A4 ISSUER NOT COOPERATING assigned to the INR6.20 crore
bank facilities of Swift Ceramic Private Limited (SCPL).

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-          3.50         [ICRA]B+ (Stable) ISSUER
   Cash Credit                       NOT COOPERATING; Withdrawn

   Fund based-          1.95         [ICRA]B+ (Stable) ISSUER
   Term Loan                         NOT COOPERATING; Withdrawn

   Non Fund based-      0.75         [ICRA]A4 ISSUER NOT
   Bank Guarantee                    COOPERATING; Withdrawn

Rationale

The ratings assigned to Swift Ceramic Private Limited have been
withdrawn at its request based on the no-due certificate
provided by its banker.

Swift Ceramic Private Limited (SCPL) is engaged in manufacturing
of digital wall tiles with its plant situated at Morbi, Gujarat.
The company was established in April 2011 and the operations
commenced in March 2012. It is promoted by Mr. Sanjay Zalaria
along with other shareholders. The plant has an installed
capacity of 25000 TPA. It currently manufactures wall tiles of
size 12"x12", 12"x18", 12"x24" and 10"x15" with the current set
of machineries and production facilities. The company is planning
to introduce another size i.e. 10"x30" to its existing portfolio
from March 2016.


USS EXIM: ICRA Withdraws 'B' Rating on INR1cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B for the INR1-
crore long-term fund-based bank facilities and the short-term
rating of [ICRA]A4 for the INR9.00-crore short-term non-fund
based facilities of USS Exim Private Limited (UEPL). ICRA has
also withdrawn the long/short-term rating of [ICRA]B and [ICRA]A4
for the INR2.50-crore unallocated facilities of USS Exim Private
Limited.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-
   based/CC              1.00      [ICRA]B; withdrawn

   Short-term Non-
   fund Based Limits     9.00      [ICRA]A4; withdrawn

   Unallocated           2.50      [ICRA]B/A4; withdrawn

Rationale

The ratings assigned to UEPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.

The name of the company has been changed to USS Exim Private
Limited from Trisha Marketing Private Limited (TMPL) in FY 2016.
Incorporated in 2003, UEPL is a closely-held company promoted by
Mr. Murari Lal Gupta and his son Mr. Mohit Gupta. The company
commenced operations in June 2014 with importing and trading of
chemicals, mobile handsets, steel sheets and pipes. UEPL has
trading offices in Delhi and Mumbai. However, in FY2016 the sales
of mobile were discontinued and that of steel declined. It
executed a few orders for trading chemicals and machine parts in
FY2016. However, due to low profitability in the business, both
the segments were discontinued by the promoters in FY2016 itself.


VIRENDRA KUMAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Virendra Kumar
Singh's (VKS) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits affirmed with IND BB-/Stable
     rating;

-- INR20 mil. Non-fund-based limits affirmed with IND A4+
    rating; and

-- INR10 mil. Proposed fund-based limits* affirmed with
     Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The ratings continue to be constrained by VKS's continued small
scale of operations in the highly fragmented construction
industry. Revenue improved to INR181 million in FY17 (FY16:
INR177 million) on account of timely execution of work orders. As
of 9MFY18, it achieved revenue of INR147 million.

The ratings also remain constrained by VKS's modest margins and
credit metrics due to fluctuating raw material prices and a high
debt balance. The EBITDA margin declined to 13.1% in FY17 (FY16:
14.4%) due to higher input costs. Net financial leverage
(adjusted net debt/operating EBITDAR) deteriorated to 3.10x in
FY17 (FY16: 2.59x) due to a high debt balance at the year-end and
interest coverage (operating EBITDA/gross interest expense)
increased to 3.00x (2.86x) due to a low interest cost paid during
the year.

The ratings factor in the proprietorship nature of the concern.

However, the ratings are supported by VKS's promoters' more than
three decades of experience in the construction business and
order book of INR263 million, providing revenue visibility of
1.46x of FY17 revenue. Moreover, the liquidity is comfortable as
reflected from its 55% average maximum utilization of the fund-
based working capital limits during the 12 months ended March
2018.

RATING SENSITIVITIES

Negative: An increase in the revenue and profitability margins,
along with an improvement in the credit metrics, on a sustained
basis, will be positive for the ratings.

Positive: A decline in the operating profitability, resulting in
deterioration in the interest coverage, on a sustained basis,
will be negative for the ratings.

COMPANY PROFILE

VKS, incorporated in August 1985 by Mr. Virendra Kumar Singh in
Ambikapur, Chhattisgarh. The firm constructs bridges, roads and
flyovers.


VISHRAMBHAI GORASIA: Ind-Ra Affirms BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vishrambhai
Gorasia Construction Private Limited's (VGCPL) Long-Term Issuer
Rating at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions is:

-- INR79.8 mil. (increased from INR50 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects VGCPL's continued small scale of
operations and weak credit metrics owing to stiff competition.
Its revenue declined 4.4% to INR258.7 million in FY17, due to a
fall in orders from customers. As per interim financials for
9MFY18, the company booked INR247.2 million in revenue. At end of
March 2018, the company had an order book of INR309.2 million
(1.19x of FY17 revenue).

VGCPL's gross interest coverage (operating EBITDA/gross interest
expense) reduced to2.3x in FY17 from 2.5x in FY16 and net
leverage (total adjusted net debt/operating EBITDAR) increased to
4.1x from 3.8x because EBITDA margin fell to 11.3% from 11.9% on
account of an increase in variable cost.

The ratings remain constrained by VGCPL's tight liquidity,
indicated by almost full utilization of the fund-based facilities
over the 12 months ended March 2018.

However, the ratings continue to be supported by the presence of
an escalation clause for cement prices in VGCPL's contracts for
ready-mix concrete, safeguarding its margins from input price
volatility.

The ratings also continue to benefit from VGCPL's around 10 years
of customer relationships and its founders' experience of over
two decades in the construction and ready-mix concrete industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or the profitability
resulting in deterioration in the credit metrics on a sustained
basis will lead to a negative rating action.

Positive: A substantial rise in the revenue and the profitability
leading to an improvement in the credit metrics on a sustained
basis will lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2008, VGCPL supplies readymade concrete and
undertakes civil project works such as roads, buildings, dams,
railways, and drainage and water supply lines. It has readymade
concrete production facilities at four locations in Gujarat. The
facilities have a combined capacity of 190.0 cubic meters per
hour. It is a closely held private limited company founded by Mr.
Vishram Karsan Gorasia.


VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vizag Rebars Private Limited (VRPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           95.00       CARE D Revised from
                                    CARE B+; Stable

   Short term Bank
   Facilities            5.00       CARE D Revised from
                                    CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
VRPL takes into consideration deterioration of financial risk
profile of the company due to the subdued steel industry scenario
resulting in stretched liquidity position and consequently
leading to delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key rating Weaknesses

Delays in meeting the debt obligations on time due to stressed
liquidity: The lenders have confirmed delays in debt servicing on
account of stretched liquidity position resulting in cash flow
mismatches. The liquidity position of the company witnessed
deterioration primarily due to increased raw material prices and
cost of traded goods purchased due to subdued industry scenario.

Susceptibility to price fluctuation of steel product: Prices of
steel products are very volatile in nature which are driven by
the global prices and are also dominated by the demand-supply
scenario.

Intense competition: The steel trading industry is characterized
by low entry barriers due to minimal capital required and easy
availability of technology which has resulted in proliferation of
large number of small and large traders spread across the
country. Highly fragmented nature of the industry has resulted in
intense competition within the industry.

Key rating strengths

Experienced Promoters: VRPL was promoted by Mr. T Srinivasa Rao,
Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao. Mr Srinivasa Rao
and Mr. Shiva Kumar have more than two decades of business
experience with a majority of their experience in the trading
business.

Incorporated on November 28, 1995, Vizag Re-bars Pvt Ltd (VRPL)
is primarily engaged in the trading of steel and steel products
at Vijayawada, Andhra Pradesh. The company is promoted by Mr. T
Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao.
During November 2012, the company has forayed into manufacturing
activity by taking a re-rolling mill (with an installed capacity
of 45,000 TPA) from Steel Exchange India Limited, a group
company.



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


KONSORTIUM TRANSNASIONAL: Auditors Cast Going Concern Doubt
-----------------------------------------------------------
The Sun Daily reports that Konsortium Transnasional Bhd's (KTB)
independent auditors Messrs. Jamal, Amin & Partners have
expressed concerns over its ability to continue as going concerns
as its current liabilities exceeded current assets by RM44.4
million and RM18.45 million at the group and company levels,
respectively in its financial statement ended December 31, 2017.

"These conditions indicate the existence of a material
uncertainty which may cast significant doubt about the ability of
the group and the company to continue as going concerns," the
auditors, as cited by the Sun Daily, said.

According to the Sun Daily, the auditors noted that KTB's ability
to continue as going concerns are dependent upon it obtaining the
support from the ultimate and penultimate holding companies;
support funds from the relevant state governments and the Land
Public Transport Commission (SPAD); the ability to generate
adequate positive cash flows and future profits from its ongoing
reorganisation of operations; raising additional cash flows from
the sale of land and the support from creditors and lenders.

KTB, however, highlighted that it is already in the process of
addressing the current liabilities and has successfully reduced
its net current liabilities to RM44.39 million as at December 31,
2017 as compared with RM131.24 million as at December 31, 2016,
the report relays.

Out of the RM18.45 million net current liabilities, RM17.79
million represent net amount due to related companies, says the
Sun Daily.

The report relates that the company has continued to negotiate
with creditors for extension/converting debts into few years
repayment period of the existing short-term debts until the
completion of its turnaround exercise.

KTB is also banking on revenue and financial support from its two
separate agreements with SPAD to provide bus services under the
MYBUS and Interim Stage Bus Support Fund (ISBSF) programmes, the
Sun Daily adds.


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


GM KOREA: To Turn Around Next Year, General Motors CFO Says
-----------------------------------------------------------
Yonhap News Agency reports that General Motors Co.'s Chief
Financial Officer Chuck Stevens said the agreement reached last
week by the carmaker's South Korean unit will lay the foundation
for a turnaround next year, GM Korea Co. said April 30.

In a conference call to talk about its first-quarter results,
Mr. Stevens said GM Korea will be able to reduce costs by US$400-
$500 million a year by shutting down one of four car assembly
plants in Korea and reorganizing the overall workforce, Yonhap
relates.

He said GM Korea, under a package of restructuring measures, is
expected to make a profit from 2019 onward based on various cost-
cutting efforts, according to Yonhap. GM owns a 77 percent stake
in GM Korea, with the state-run Korea Development Bank and SAIC
Motor Corp. controlling 17 percent and six percent, respectively.

From 2014-2017, GM Korea posted KRW3.134 trillion in accumulated
net losses due to a lack of new models and lower demand, Yonhap
discloses.

To help buoy sales in Korea, GM Korea plans to import the
Chevrolet Equinox sport utility vehicle from the U.S. beginning
in June amid a rising demand for SUVs, a company spokesman said,
Yonhap relates.

On April 26, GM signed a conditional agreement with the KDB to
help resolve the liquidity problems facing the carmaker.

In the deal to be finalized early next month, GM and the KDB
agreed to inject a combined KRW7.7 trillion -- KRW6.9 trillion
from GM and KRW810 billion from the KDB -- into the financially
troubled company so it can continue operating and plan a course
for future growth, adds Yonhap.



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


* BOND PRICING: For the Week April 23 to April 27, 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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