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                      A S I A   P A C I F I C

            Tuesday, June 5, 2018, Vol. 21, No. 110

                            Headlines


A U S T R A L I A

ALEXANDRIA LIQUOR: Second Creditors' Meeting Set for June 12
AM BULK: First Creditors' Meeting Set for June 13
DOUTMOST PTY: Second Creditors' Meeting Set for June 13
GRACE HOSPITALITY: First Creditors' Meeting Set for June 12
HITECH HIPPO: Hunter Residents Lose Millions on Liquidation

KIRLEY ROOFING: First Creditors' Meeting Set for June 13
MATTER TECHNOLOGY: Second Creditors' Meeting Set for June 12
SMART STAY: Second Creditors' Meeting Set for June 13


C H I N A

CHINA ENERGY: Barclays Manager Quits on Bond Default, Sources Say
CHINA FORTUNE: Fitch Publishes First-Time BB+ IDR, Outlook Stable
GUORUI PROPERTIES: Fitch Puts 'B' Final Rating to USD100MM Notes


I N D I A

ALLU ENTERTAINMENT: Ind-Ra Maintains B+ Rating in Non-Cooperating
ANONDITA HEALTHCARE: Ind-Ra Retains B+ Rating in Non-Cooperating
AREK INDUSTRIES: CARE Assigns B+ Rating to INR7.50cr LT Loan
AVADH RAIL: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
BABANARAYAN HIMGHAR: CARE Assigns B Rating to INR10.02cr Loan

BHAGWATI STEELS: Ind-Ra Maintains BB- Rating in Non-Cooperating
BRIJBASI Hi-TECH: Ind-Ra Maintains 'D' Rating in Non-Cooperating
CAPITAL INFRA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
CORROSION PROTECTION: Ind-Ra Assigns 'BB-' LT Issuer Rating
FAIRWEALTH HOUSING: Ind-Ra Migrates BB- Rating to Non-Cooperating

FINE LINES: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
FINFOOT LIFESTYLE: CARE Removes B- Rating from Not Cooperating
G. M. AGRO: CARE Migrates B+ Rating to Not Cooperating Category
GAJMUKH MERCANTILE: CARE Assigns B+/A4 Rating to INR8cr Loan
GRC INFRA: CARE Assigns B+ Rating to INR50cr LT Loan

GROVER IMPEX: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
IND-SWIFT LABORATORIES: CARE Assigns C Rating to INR450cr Loan
INFISSI FENESTRATION: CARE Reaffirms B Rating on INR9.52cr Loan
IQBAL CONSTRUCTION: Ind-Ra Retains BB+ Rating in Non-Cooperating
JAI MATA: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable

JAIPRAKASH ASSOC: NCLAT Admits Plea vs. NCLT Order to Return Land
K. R. PUMPS: CARE Assigns B+ Rating to INR1.75cr LT Loan
KRIPA TELECOM: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
MACHHALANDAPUR: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
MEENAMANI GANGA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating

MONNET ISPAT: Net Loss Widens to INR751cr in Q4 Ended March 31
MUNICIPAL COUNCIL: CARE Assigns 'B' Issuer Rating; Outlook Stable
NATURAL PRODUCT: Ind-Ra Migrates BB- Rating to Non-Cooperating
NEW TURKI: CARE Assigns B+ Rating to INR7.61cr LT Loan
NITESH PUNE: CARE Lowers Rating on INR235cr NCD to D

OM SHIV: CARE Migrates D Rating to Not Cooperating Category
ORITO POLYFAB: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
OZONE GSP: CARE Lowers Rating on INR35cr LT Loan to D
P.C. DEY: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
PARIKH BROTHERS: Ind-Ra Maintains BB- Rating in Non-Cooperating

PVN FABRICS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
RISHABH INDUSTRIES: CARE Reaffirms B+ Rating on INR2.98cr Loan
SATYA SRINIVASA: CARE Assigns B Rating to INR8cr LT Loan
SHANTHILAL & SONS: Ind-Ra Migrates D LT Rating to Non-Cooperating
SHANTIKALASH JEWELLERS: Ind-Ra Moves D Rating to Non-Cooperating

SHRADHA AGENCIES: CARE Reaffirms D Rating on INR15cr LT Loan
SHRI DATTAPRABHU: CARE Assigns B+ Rating to INR11.62cr LT Loan
SILK COTTON: CARE Moves D Rating to Not Cooperating Category
VIKAS CHAIN: CARE Assigns B+ Rating to INR11.75cr LT Loan
ZIMIDARA PESTICIDES: CARE Assigns B+ Rating to INR10cr LT Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Assigns B2 Rating to US$75MM Unsec. Notes


N E W  Z E A L A N D

RAUKURA WAIKATO: Former Manager Dealt 99 More Fraud Charges


X X X X X X X X

* BOND PRICING: For the Week May 28 to June 1, 2018


                            - - - - -


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A U S T R A L I A
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ALEXANDRIA LIQUOR: Second Creditors' Meeting Set for June 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Alexandria
Liquor Pty Limited has been set for June 12, 2018, at 11:00 a.m.
at the offices of DEM Australasia at Suite 4.02, Level 4, 249
Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2018, at 4:00 p.m.

Damien Hodgkinson -- damien.hodgkinson@demasiagroup.com -- of DEM
Asia Group was appointed as administrator of Alexandria Liquor on
May 9, 2018.


AM BULK: First Creditors' Meeting Set for June 13
-------------------------------------------------
A first meeting of the creditors in the proceedings of AM Bulk
Haulage Pty Ltd will be held at the offices of BPS Recovery,
Level 18, 201 Kent Street, in Sydney, NSW, on June 13, 2018 at
11:00 a.m.

Daniel Frisken and Mitchell Ball of BPS Recovery were appointed
as administrators of AM Bulk on May 31, 2018.


DOUTMOST PTY: Second Creditors' Meeting Set for June 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of Doutmost Pty
Limited has been set for June 13, 2018, at 2:00 p.m. at History
House, 133 Macquarie Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 8, 2018, at 4:00 p.m.

Tim Heesh of TPH Insolvency was appointed as administrator of
on May 8, 2018.


GRACE HOSPITALITY: First Creditors' Meeting Set for June 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Grace
Hospitality Group Pty Ltd, trading as Arriva Italian Restaurant,
will be held at the offices of SM Solvency Accountants, Level
8/490 Upper Edward Street, in Spring Hill, Queensland, on
June 12, 2018, at 11:00 a.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrators of Grace Hospitality on May 31, 2018.


HITECH HIPPO: Hunter Residents Lose Millions on Liquidation
-----------------------------------------------------------
Donna Page at The Herald reports that when Hitech Hippo Australia
was placed in liquidation at the end of last year, the life
savings of dozens of Hunter residents were gone.

According to the Herald, investors are more than AUD1.5 million
out of pocket and in addition one secured creditor is owed almost
AUD500,000.

The Herald relates that the hopes of investors who pumped their
hard-earned savings into the mining technology development
company were destroyed when it was revealed that the high-
pressure hydraulic pumps at the heart of the business - estimated
in the company's audited financial reports as worth more than
AUD2.5 million in 2007 - were actually valued last year at
AUD1,000 as scrap metal.

Investors -- mainly from the Hunter -- ranged from elderly
battlers, to astute business people, a university academic, a
bank manager and professionals, the report says. The idea was to
develop and supply high-pressure hydraulic pumps to the oil, gas
and geothermal industries, netting shareholders millions of
dollars in the process, according to the report.

The Herald notes that the sad reality was that the unlisted
public company, that promoted itself as on the verge of securing
major oil and later gas fracking contracts around the world,
never traded. It raised funds from the issue of shares to private
investors.

What the investors didn't know, liquidator Simon Thorn, of PKF
Australia, explained, was that when the company was placed in
administration in August last year, it had AUD9,944 in the bank
and the only equipment it owned were two pumps, minus engines,
and two incomplete pumps, regarded as spares, that were rusting
away in an outdoor Hexham storage yard, the Herald relays.

In a director's statement made in August last year, Hitech Hippo
Australia's founding director and well-known Hunter figure
Bradley Scott, of Bar Beach, disclosed the pumps had a book value
of AUD1.13 million.

The same month, Slattery Asset Advisory valued them at AUD1,000.

According to former Hitech Hippo Australia director John Irvine,
the hydraulic pumps at the centre of the business venture "never
actually worked outside of testing in a factory", notes the
report.

The Herald relates that Mr. Irvine, a retired accountant, who
served as a director for more than a decade, started the business
in 2006 with co-directors Mr. Scott, the controlling shareholder,
and Michael Templeman, of Hong Kong, who died several years ago.

Numerous investors told the Newcastle Herald it was Mr.  Scott
who talked them into investing in Hitech Hippo after telling them
the company was "on the verge" of signing major contracts for the
use of its pumps. The 72-year-old's LinkedIn profile describes
him as having more than 40 years of "experience in hydraulic
mechanical engineering".

The report says a Newcastle businessman, who invested "six
figures", said Mr. Scott always had "tonnes of documentation" to
back up his sales pitch. "Nothing that was promised ever came
about," he said. "He's a good salesman, there is no doubting that
unfortunately."

The sting was particularly harsh in some cases where trusting
investors urged their family and friends to put money into the
venture, the Herald states.

Investors told the Herald they believed their money was going
towards securing contracts for working Hippo pumps. According to
share certificates, about AUD400,000 was collected from investors
in the two years before the collapse in August last year.


KIRLEY ROOFING: First Creditors' Meeting Set for June 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kirley
Roofing Pty Ltd will be held at Level 9, 66 Clarence Street, in
Sydney, NSW, on June 13, 2018, at 11:00 a.m.

Liam Thomas Bailey of O'Brien Palmer was appointed as
administrator of Kirley Roofing on June 1, 2018.


MATTER TECHNOLOGY: Second Creditors' Meeting Set for June 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Matter
Technology Ltd has been set for June 12, 2018, at 11:00 a.m. at
Level 3, 1 Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2018, at 4:00 p.m.

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate
Recovery were appointed as administrators of Matter Technology
on May 7, 2018.


SMART STAY: Second Creditors' Meeting Set for June 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Smart Stay
Villages Pty Ltd has been set for June 13, 2018, at 11:00 a.m. at
the offices of Quest Mackay on Gordon, 27 Gordon Street, in
Mackay, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2018, at 4:00 p.m.

Geoffrey Trent Hancock and Bradley Tonks of PKF were appointed as
administrators of Smart Stay on Feb. 13, 2018.



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C H I N A
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CHINA ENERGY: Barclays Manager Quits on Bond Default, Sources Say
-----------------------------------------------------------------
Caixin Global reports that a senior manager in charge of Barclays
Bank's China bond business stepped down as the investment bank
tries to "distance itself from" China Energy Reserve and
Chemicals Group, an industry source close to the matter said.

China Energy Reserve missed repayment of three-year dollar bonds
that matured May 11, Caixin recalls.  Although the company paid
interest to bondholders in following weeks, it announced a
default on the $350 million principal on May 25 in a regulatory
filing in Hong Kong, citing a "liquidity crunch," according to
Caixin.

The default sparked fears of further defaults as the company said
the missed payment triggered cross defaults of five other debt
securities that were due to mature in 2021 and 2022. Bloomberg
data showed that China Energy Reserve has a total of $1.8 billion
of offshore debts that are on the brink of default, Caixin
relates.

As China Energy Reserve's default risks emerged, Royston Quek,
head of Greater China Debt Capital Markets business at Barclays,
left the bank after three years in the position, Caixin reports.
Barclays was the underwriter of five of China Energy Reserve's
outstanding offshore bonds, including the defaulted issue, market
documents showed. Other underwriters of the bonds include Wing
Lung Bank, CLSA Securities, China Securities and Pudong
Development Bank.

Industry sources linked Quek's departure with China Energy
Reserve's default as he was in charge of the bank's bond
underwriting business with China Energy Reserve, separate sources
said, Caixin relays.

"Barclays has made clear distance with China Energy Reserve; it
has had no business with it," Caixin quotes an executive from a
Chinese investment institution as saying.

But Barclays spokeswoman Angie Tang in a telephone interview with
Caixin on May 30 denied any link between Quek's departure and the
China Energy Reserve crisis, saying it is "unconvincing." Tang
declined to explain and said the bank is awaiting further updates
by China Energy Reserve on the bond issues, Caixin says.

China Energy Reserve in early March issued $150 million of bonds
in South Korea to raise funds for debt repayment, according to
Lin Jianbang, president of China Energy Reserve's trading unit.
Bloomberg data showed that the bond, with a six-month maturity,
was set to yield 5.55%. As of May 30, five South Korean financial
institutions also held 115 billion ($107 million) won of
commercial paper issued by China Energy Reserve, Caixin discloses
citing Bloomberg.

Caixin says China Energy Reserve last November led an investor
consortium to offer a record $5.2 billion for Hong Kong's fifth-
tallest skyscraper, The Center. The same month, the company
launched a $348 million hostile takeover of the Australian energy
concern AWE Ltd. But the company later backed out of both deals
amid concerns over funding issues and tighter regulatory scrutiny
of overseas investment.

China Energy Reserve and Chemicals Group Co. Ltd. provides energy
development services. The Company mainly explores, develops,
processes, stores, transports, and sells natural gas, oil, and
related chemical products.


CHINA FORTUNE: Fitch Publishes First-Time BB+ IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has published China-based city-district developer
China Fortune Land Development Holdings Limited's (CFLD) Long-
Term Foreign-Currency Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook. Fitch has also assigned 'BB+' ratings to CFLD
(Cayman) Investment Ltd.'s notes as they are unconditionally and
irrevocably guaranteed by CFLD.

CFLD's ratings are supported by its leading position in the
industrialisation and urbanisation of large districts in less-
developed counties in key economic regions such as the pan-
Beijing region, the Yangtze River Delta, central China, the
Sichuan-Chongqing Zone, and the Pearl River Delta. Its business
model is differentiated from most Chinese homebuilders as it uses
the operating cash flow derived from housing sales to fund its
district developments, which include investments in land and
infrastructure. CFLD is also tasked with providing services to
bring investments into the business parks it manages within the
districts. Local governments compensate the company for the
developments and the industry services it provides based on a
fixed formula of a 15% mark-up for district developments and 45%
of the completed investments that CFLD brings into the districts.
The industry service segment enjoys a high profit margin of over
90%.

CFLD's ratings are constrained by its exposure to the volatile
Chinese housing market, its high geographical concentration in
the pan-Beijing region, and relatively poor information
disclosure on its 62 massive development projects, each covering
2 sq km to 200 sq km, that have attracted an accumulated CNY461
billion in investment commitments at end-2017, of which over
CNY110 billion have been completed.

KEY RATING DRIVERS

Strong Project Performance: Revenues and receipts from the
government have risen to CNY28.5 billion and CNY19.4 billion
respectively, by Fitch's estimate, for the payment of district
development and industry services, or a CAGR of 51% and 50%
between 2012 and 2017. Fitch's estimate of the cash receipts from
the government was marginally lower than the company's publicly
disclosed figure of CNY20.5 billion in 2017. CFLD's projects take
at least three years to turn cash flow positive as increasingly
stable housing sales start to support the additional investments
required to attract businesses to its parks. These mature
projects rose to 13 by end-2017 from nine at end-2016. Mature
projects need more time to become established developments with
vibrant industries that generate healthy tax revenue for local
governments in order for CFLD to benefit from increasing industry
services revenue.

Positive Housing Cash Flow: Housing development is an important
source of income as local governments collect land sales proceeds
and taxes related to housing sales from the company. CFLD's 51%
CAGR in contracted housing sales is closely matched with the rate
of its revenue growth from local governments. Fitch's estimates
CFLD's contracted housing sales collections exceeded its land and
property development expenditure in most years and the net cash
inflow totalled CNY22.6 billion between 2011 and 2017. This was
despite a net outflow of CNY13 billion in 2017 as sales
collection fell to 48% from a historical average of 78% between
2012 and 2016. The poorer cash collection in 2017 was due to more
stringent home purchase policies and Fitch believes the impact
will improve from 2018 and normalise by 2020.

Growth in Industry Services: CFLD's industry services revenue
rose by a strong CAGR of 72% between 2012 and 2017, outstripping
the 51% CAGR for revenue from local governments, reflecting the
rising pace of investment commitments in the business parks being
converted into actual investments. The ratio of accumulated
industry services revenue to accumulated investment commitments
rose to 10.7% in 2017 from the lowest level of 6.9% in 2013.

This business segment has a strong positive impact on CFLD's
business profile because gross margins are more than 90%. CFLD
only incurs expenditure to maintain an industry development team
of over 3,000 to attract and expand investments in its business
parks. As projects increase, the pace of investment commitments
will have good growth opportunities. Investment commitments rose
to CNY165 billion in 2017 from CNY112 billion in 2016 and CNY54
billion in 2015.

Healthy Credit Metrics: CFLD's leverage, which was 50% at end-
2017, was at its negative sensitivity threshold because of its
slower cash collection. Fitch believes the level to be temporary
and will improve as cash collections normalise. CFLD's leverage
averaged 39% between 2012 and 2016. The leverage measure
indicates net debt is rather low when compared with district
investments that are made up almost entirely of primary land
development expenditure and infrastructure investments, which it
can recoup from the governments over a period of time. The value
that CFLD can recoup is therefore highly certain even though
these assets cannot be immediately liquidated.

Having strong sales efficiency and cash flow measures is
important to ensure CFLD's financial flexibility given the lack
of liquidity from these assets. CFLD's sales efficiency in 2017
was strong at 2.2x despite its higher net debt level and was at
its lowest since 2012. This ratio can be compared with Fitch-
rated homebuilders' average contracted sales/gross debt of around
1.2x. CFLD's cash flow measure was 2.6x in 2017 compared with a
historical average of 1.8x. Fitch expects CFLD's net debt to peak
in 2019 although its overall credit metrics will be stronger than
in 2017.

High Geographical Concentration Risk: CFLD's dependency on
housing sales exposes its business model to the volatility of
China's housing market, which is subject to policy risks as there
have been frequent changes in recent years. This was demonstrated
in CFLD's poor cash collection in 2017. CFLD's revenue is highly
concentrated in the pan-Beijing region that contributed to 84% of
total revenue. The proportion of contracted housing gross floor
area sold in the pan-Beijing region fell to 44% in 1Q18 from 69%
in 2017 but most of CFLD's government revenue will still come
from this region. It will be years before a more balanced
regional business mix can be formed and CFLD remains highly
exposed to the economies of where its projects are located,
making high geographical concentration a key risk factor
constraining its business profile.

Weak Information Disclosure: The company's information disclosure
has been weak, especially for its district park development, as
it has devoted greater disclosure to its property business in
line with most China-listed homebuilders. As a result, investors
treat CFLD no differently from homebuilders and also led to a
Shanghai Stock Exchange (SSE) request on April 13, 2018 for an
explanation of its business operations and accounting treatments.

CFLD's bond and share prices have suffered as a result of the
SSE's queries. However, Fitch has received sufficient information
from the company to make its credit analysis and the company is
cooperative and responsive to its information requests. Fitch
believes the company can do more to improve on its information
disclosure especially since its district park development goes
beyond that of its housing projects and includes significant
investments made in each project and each district has large
business park operations.

DERIVATION SUMMARY

CFLD's business model is still materially dependent on China's
housing market environment and its large exposure in the pan-
Beijing housing market constrains its ratings below investment
grade. CFLD does have other non-property income from revenue from
government contracts and is thus less subject to counterparty
credit risk, especially when CFLD's business model includes
paying land premiums and taxes to local governments, which they
in turn use to pay CFLD. This significantly strengthens its
business profile relative to other homebuilders as it does not
need to lock up capital in holding land reserves that it does not
immediately need for development.

CFLD's business is unique and there are no similar peers.
However, given the asset trading/liquidation nature of its
business, Fitch has compared CFLD to Chinese homebuilders. CFLD
has higher leverage than 'BB-' rated and 'BBB-' rated
homebuilders. It has strong earnings from industry services
giving it an interest cover ratio that is 2x-3x higher than
Shimao Property Holdings Limited's (BBB-/Stable) recurring
EBITDA/interest cover of 0.5x and Sino-Ocean Group Holding
Limited's (BBB-/Stable; standalone: BB/Stable) 0.3x. The
recoverable value of CFLD's inventory is highly assured despite
its higher leverage of 50% versus Shimao's 28% and Sino-Ocean's
36%.

KEY ASSUMPTIONS

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

  - Housing sales gross floor area to increase 20% in 2018 and
    10% per annum thereafter

  - Districted-related inventory to grow 25% in 2018 and 2019

  - New investment commitment to rise 15% per annum, and
    accumulated completed investments to grow from 25% to 30%
    of accumulated commitments between 2018 and 2021

  - Gross margin of 40% in 2018 and dropping by 2 percentage
    points a year thereafter

RATING SENSITIVITIES

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

  - Sustained neutral to positive cash flow from operations

  - Greater geographical diversification of its businesses and
    cash flows

  - More detailed and publicly available disclosure of its
    businesses and operational information

  - Maintaining a healthy financial profile with low leverage
    and strong cash-flow-to-debt ratios

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

  - Material decline of housing contracted sales

  - Net debt/district-related inventory sustained above 50%

  - District contracted sales/net debt sustained below 2x

  - Changes to government policies affecting CFLD's rights in
    its projects

LIQUIDITY

Adequate Liquidity for Business Expansion: CFLD's available cash
of CNY64 billion at end-2017 is sufficient to meet its short-term
debt obligations of CNY34 billion and Fitch's expectations of
negative free cash flow of CNY9 billion. The slower cash
collection because of more restrictive home purchase policies in
its key housing sales market in the pan-Beijing area led to
negative operating cash flow but CFLD has built sufficient
liquidity to manage this transitory period. Fitch expects this
trend to see a significant reversal from 2020 and CFLD's cash
flow from operations will become more neutral compared with the
large outflow of CNY21 billion it faced in 2017, which has
continued in 2018.

FULL LIST OF RATING ACTIONS

China Fortune Land Development Holdings Limited

  - Long-Term Foreign-Currency IDR published at 'BB+';
    Outlook Stable

  - Senior unsecured rating published at 'BB+'

CFLD (Cayman) Investment Ltd.

  - USD500 million 6.5% senior notes due 2020 assigned 'BB+'
    rating;

  - USD150 million 6.5% senior notes due 2020 assigned 'BB+'
    rating;


GUORUI PROPERTIES: Fitch Puts 'B' Final Rating to USD100MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Guorui Properties Limited's (Guorui;
B/Stable) USD100 million 10% senior notes a final rating of 'B'
and a Recovery Rating of 'RR4'. The final rating is in line with
the expected rating assigned on February 1, 2018. Guorui intends
to use the net proceeds from the note issue for refinancing and
general working-capital purposes.

Guorui's rating is supported by a strong EBITDA margin, stable
investment-property rental income and a quality land bank that is
large enough to support sustained improvement in its contracted
sales. However, the rating is constrained by its high leverage,
as measured by net debt/adjusted inventory, of 65% at end-
December 2017. Fitch estimates leverage will start to decrease as
contracted sales start to accelerate in second half 2018.
Furthermore, Guorui is still concentrated geographically, with
four cities - Langfang, Shenyang, Beijing and Haikou - accounting
for about 54% of its total land reserves at end-2017, although
this had improved from 69% at end-2014.

KEY RATING DRIVERS

Small to Mid-Sized Developer: Fitch expects Guorui's contracted
sales to increase to more than CNY18 billion in 2018. The company
had CNY14.9 billion in contracted sales in 2017 from projects in
10 cities compared with CNY6.2 billion in 2014 from seven cities.
It has a land bank of 8.5 million sq m, of which 3.2 million sq m
was under development at end- 2017. Guorui is gradually
diversifying away from its four key cities, Langfang, Shenyang,
Beijing and Haikou. The company's concentration in these cities
continues to constrain the rating.

Land Banking Drives High Leverage: Guorui acquired new sites
aggressively from 2015. The land premium paid amounted to 79%,
69% and 61% of total contracted sales in 2015, 2016 and 2017
respectively. The debt-funded expansion drove total debt to over
CNY30 billion at end-December 2017 from CNY10.8 billion at end-
2014, pushing its leverage up to roughly 65% from 46%. Leverage
should start to decline in the second half of 2018 due to
acceleration of contracted sales. Guorui has the capacity to
deleverage as it has accumulated a sufficiently large land bank
(over 8 years) and has an aggressive growth target for 2018 in
terms of contracted sales.

Healthy Margin: Fitch expects Guorui to be able to maintain
EBITDA margin of above 30% (2017:39%), which is higher than that
of most of peers in the same rating category. Guorui's margins
are likely to be sustainable because of its low land cost - the
average unit cost of its land bank was CNY4,692 per sq m at end-
2017. Guorui has been able to keep land cost low at between 20%-
30% of its average selling prices (ASP) because it establishes
good relationships with local governments and acquires land at
lower cost through participation in primary land development.

Stronger Rental Income: Guorui held seven investment properties
with total GFA of roughly 800,000 sq m, which generated CNY310
million in rental income in 2017 with the Beijing Glory City
property accounting for more than 78% of its total rental income.
The new Hademen Plaza (140,000 sq m), located 1 kilometre from
the landmark Tiananmen Square in Beijing, started generating
rental income in late 2017. The company expects Hademen Plaza to
contribute roughly CNY300 million of rental income per annum in
the first two years of operation. Fitch expects the company's
recurring EBITDA / gross interest coverage to reach 0.3x by 2020
due to expansion of the investment-property portfolio.

DERIVATION SUMMARY
The factors that support Guorui's 'B' rating are its high margin
(2017 EBITDA margin 39%), low land cost, and recurring
EBITDA/interest coverage to gradually reach 0.3x due to the ramp-
up of its high-quality investment-property portfolio, especially
in Beijing. The recurring EBITDA interest coverage ratio is low,
but compares favourably against that of other property developers
rated at the same level.

In terms of contracted sales and profitability, the closest peer
is Oceanwide Holdings Co. Ltd. (B-/Stable). Both have large land
banks to support future sales and both generate EBITDA margins of
above 30% with Oceanwide generating comparable high margins of
more than 35%. However, Oceanwide has a lower churn rate. Both
companies have high leverage, but Guorui's leverage of 65% is
lower than Oceanwide's more than 80%.

KEY ASSUMPTIONS

Fitch's Key Assumptions within the Rating Case for Guorui
Include:

  - Contracted sales of over CNY18 billion per annum during
    2018-2019

  - EBITDA margins remain over 30% during 2018-2019

  - Cash collection ratio remains healthy at 83%-90% during
    2018-2019

Recovery Rating Assumptions (using end-December 2017 Estimated
Values)

  - Guorui would be liquidated in a bankruptcy because it is an
    asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed
to creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 25% on adjusted inventory, which
    is higher than that applied to its domestic peers as its
    EBITDA margin is higher than the industry norm and reflects
    the high quality and low cost of its land reserves

  - Fitch applied a haircut of 40% to investment properties

  - Fitch applied a haircut of 50% to property plant and
    equipment

Based on its calculation of the Guorui's estimated liquidation
value after administrative claims of 10%, Fitch estimates the
recovery rate of the offshore senior unsecured debt to be 50%,
which corresponds to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

  - Contracted sales sustained above CNY10 billion (2017: CNY14.9
    billion)

  - Net debt/adjusted inventory sustained below 50% (2017: 65%)

  - EBITDA margin sustained above 30% (2017: 39%)

  - Contracted sales / gross debt sustained above 0.6x (2017:
    0.5x)

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

  - Net debt / adjusted inventory sustained above 60%

  - EBITDA margin sustained below 25%

LIQUIDITY

Weak but Manageable: Guorui had roughly CNY1.6 billion in cash on
hand at end- 2017, which was insufficient to cover its short-term
debt of about CNY14.6 billion. However, Guorui is highly reliant
on secured bank borrowings (80% of total borrowing) and the
assets pledged to secure certain borrowings amounted to CNY33.3
billion (compared with gross debt of roughly CNY30.2 billion) at
end-2017.

Furthermore, the chairman and his spouse have provided guarantees
for certain bank loans and other loans granted to the Group for
nil consideration amounting to CNY12.2 billion in 2017. According
to Guorui, they still have approved yet undrawn credit line of
CNY22 billion as at end-2017. Hence, Fitch does not believe
Guorui will have any difficulty refinancing its short-term credit
facilities.



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


ALLU ENTERTAINMENT: Ind-Ra Maintains B+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Allu
Entertainment Pvt Ltd.'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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR83.6 mil. Term loan maintained in Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 27, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Allu Entertainment is engaged in production
and distribution of movies. Its promoter and managing director
Allu Aravind holds a 94.7% stake in the company while the rest is
held by his family members.


ANONDITA HEALTHCARE: Ind-Ra Retains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anondita
Healthcare'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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based bank guarantee maintained in Non-
     Cooperating Category with IND A4(ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Term loan maintained at Non-Cooperating Category
     with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2004 by Mr. Anupam Ghosh, Anondita Healthcare is a
proprietorship concern engaged in the manufacturing of latex
condoms and surgical gloves under the following brands: Mid Night
(condoms) and Cure (surgical gloves).


AREK INDUSTRIES: CARE Assigns B+ Rating to INR7.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Arek
Industries Private Limited (AIL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            0.10       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AIL are
constrained by its short track record & small scale of operations
with low net-worth base & PAT margins and leveraged capital
structure. The ratings are further constrained by susceptibility
to raw material price fluctuation with competitive and fragmented
nature of the industry. The ratings, however, derive strength
from experienced directors in the textile industry, moderate debt
coverage indicators and short operating cycle.

Going forward, the ability of the company to increase the scale
of operations while improving its profitability margins and
capital structure would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating weaknesses

Short track record & small scale of operations with low net-worth
base and PAT margin: Owing to short track record of operations,
AIL scale of operations has remained small marked by Total
Operating Income (TOI) of INR28.65 crore in FY18 (Provisional)
and net-worth base of INR1.09 crore as on March 31, 2018.
Provisional) The PBILDT margins stood moderate at 7.95% in
FY18(Provisional). However, high depreciation and interest cost
restricted the net profitability of AIL and resulted into below
unity PAT margin during last two financial years.

Leveraged capital structure: AIL has a leveraged capital
structure marked by overall gearing ratio of 8.23x as on
March 31, 2018 (Provisional) on account of high dependence upon
borrowings to fund various requirements of business and low net
worth.

Susceptibility to raw material price fluctuations: The primary
raw material of the company is polyester yarn, prices of which
are directly linked to crude oil prices which are highly volatile
in nature. Operations in a highly competitive industry limits the
ability of the company to completely pass on increased costs to
the customers thereby exposing profitability margins to any
adverse movement in the raw material prices.

Key Rating Strengths

Experienced directors in the textile industry: AIL was
incorporated in January 2016 as a private limited company and is
currently being managed by Mr. Ashwani Kumar, Mr. Pranav Gupta
and Patanjali Gupta as its directors. The directors have a work
experience ranging between 8-40 years which they have gained
through AIL and group concern - Nan woollen Mills which is
engaged in similar business since 1978. This has led to
management's better understanding of the market and establishment
of strong relationships with suppliers as well as customers.

Short operating cycle: The operating cycle of the company stood
short at 18 days for FY18 (Provisional) (PY: 15 days). The
company is required to maintain adequate inventory of raw
material and finished goods to ensure smooth execution process
and meet customer demand on time. Furthermore, the company
provides credit period of around three weeks to its customers.
The average utilization of the working capital limits remained
60-70% for the last 12 months period ended April 2018.

Moderate debt coverage indicators: Total debt to GCA stood
moderate at 6.35x for FY18(Provisional). Additionally, interest
coverage ratio stood moderate at 2.65x in FY18 (Provisional).

Arek Industries Private Limited (AIL) is a private limited
company incorporated in January, 2016 and is currently being
managed by Mr. Ashwani Kumar, Patanjali Gupta and Mr. Pranav
Gupta as its directors The company commenced operations in
January, 2017. AIL is engaged in the manufacturing of textile
products such as mink blankets at its manufacturing facility
located at Panipat, Haryana with an installed capacity of 20 lakh
Kg Per annum as on March 31,
2018.

The company is having one group concern namely Nan Woollen Mills
which is engaged in manufacturing of woolen yarn and woolen
blankets.


AVADH RAIL: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Avadh Rail Infra
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
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based bank guarantee migrated to Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 4, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Lucknow-headquartered Avadh Rail Infra supplies critical rubber
and rubber-to-metal bonded components to Indian Railways for
freight wagons, passenger coaches, locomotives and tracks.


BABANARAYAN HIMGHAR: CARE Assigns B Rating to INR10.02cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Babanarayan Himghar Private Limited (BHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.02      CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.14      CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of BHPL are
constrained by short track record, small size of operations with
low profitability margins, seasonality of business with
susceptibility to vagaries of nature, regulated nature of
business, risk of delinquency in loans extended to farmers,
leveraged capital structure and weak debt coverage indicators
with competitive and fragmented nature of industry. The ratings,
however, derive strength from the experienced promoters and the
unit is located in close proximity to potato growing area.

Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with low
profitability margins: BHPL has commenced its commercial
operations from March 2015 and thus it has very short track
record of operations. Further, BHPL is a small player vis-a-vis
other players in the domestic cold storage industry marked by
total operating income of INR2.87 crore (Rs.2.64 crore in FY16)
with a PAT of INR0.01 crore (net loss of INR 0.01 crore in FY16)
in FY17. The PBILDT margin of the company improved and the same
remained satisfactory at 39.08% (36.93% in FY16) in FY17. The PAT
margin also improved on account of higher increase in PBILDT
level vis-a-vis increase capital charges but the same remained
thin at 0.34% in FY17. Moreover, the company has achieved revenue
of around INR3.00 crore during FY18.

Seasonality of business with susceptibility to vagaries of
nature: The cold storage business is seasonal in nature as potato
is a winter season crop with its harvesting period commencing in
February. 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. Moreover, 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.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
BHPL to pass on sudden increase in operating costs leading to
downward pressure on profitability. Risk of delinquency in loans
extended to farmers: Against the pledge of cold storage receipts,
BHPL provides advances to farmers. Before the close of the season
in November, the farmers are required to pay their outstanding
dues, including repayment of the loan taken. In view of this,
there exists a risk of delinquency in loans extended to farmers
as significant amount of working capital remained blocked in
advances given to the farmers in case of downward correction in
potato or other stored goods prices as all such goods are agro
commodities which may affect the financial risk profile of the
company.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained highly leveraged
marked by overall gearing ratio of 14.41x (25.28x as on March 31,
2016) as on March 31, 2017. However, the overall gearing ratio
has improved as on March 31, 2017 on account of infusion of
equity capital of INR0.21 crore, scheduled repayment of term
loans and lower utilization of working capital limit. The debt
coverage indicators were remained weak marked by interest
coverage of 1.20x and total debt to GCA of 51.98x in FY17.

Competitive and fragmented nature of industry: 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.
BHPL is mainly into storage of potatoes which is highly
fragmented and competitive in nature due to presence of many
small players with low entry barriers. In such a competitive
scenario smaller companies like BHPL in general are more
vulnerable on account of
its limited pricing flexibility.

Key Rating Strengths

Experienced promoters: The promoters of BHPL, Mr. Tapas Nanshi
and Mr. Saikat Nandan are associated with the company since its
inception and they have more than a decade of experience in
trading business. They look after the day to day operations of
the company.

Proximity to potato growing area: BHPL's storage facility is
located at Paschim Midnapur 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 January 2012, Babanarayan Himghar Private Limited
(BHPL) was promoted by Mr. Saikat Nandan and Mr. Tapas Nanshi for
setting up a cold storage facility. BHPL has started its
commercial operations from March 2015. The company has been
engaged in cold storage services for potatoes to farmers and
traders on a rental basis. The coldstorage facility of the
company is located at Paschim Midnapur in West Bengal with a
storage capacity of 162200 quintals.

Besides providing cold storage facility the company also works as
a mediator between the farmers and marketers of potato, to
facilitate sale of potatoes stored and it also provides interest
bearing advances to farmers for farming purposes against potato
stored.

Both the promoters are associated with the company since its
inception and they have more than a decade of experience
in trading business, look after the day to day operations of the
company.


BHAGWATI STEELS: Ind-Ra Maintains BB- Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhagwati
Steels' 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 action is:

-- INR185 mil. Fund-based working capital limit 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 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhagwati Steels is a part of Bhagwati Group. It is a
proprietorship firm engaged in the trading of iron and steel
since 1989.


BRIJBASI Hi-TECH: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brijbasi Hi-
Tech Udyog 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 these ratings. The rating
will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR85 mil. Fund-based working capital limit (Long-term/Short-
    term) maintained in non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit (Short-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 22, 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 1971, Brijbasi Hi-tech Udyog manufactures fire
fighting vehicles for various government departments.


CAPITAL INFRA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Capital
Infraprojects 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:

-- INR1 bil. Term loan due on March 2019 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Capital Infraprojects constructs residential and commercial real
estate projects.


CORROSION PROTECTION: Ind-Ra Assigns 'BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Corrosion
Protection Private Limited (CPPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits assigned with IND BB-/Stable
    rating; and

-- INR15 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect CPLL's small scale of operations as indicated
by revenue of INR73.69 million in FY17 (FY16: INR77.68 million).
As per 11MFY18 provisional financials, the company booked revenue
of INR110.57 million. As of April 2018, it had an order book of
INR717.94 million (9.74x of FY17 revenue), to be executed by
FY20.

The ratings also factor in CPLL's weak-to moderate credit metrics
owing to its high dependency on external debt to fund its working
capital requirements. Net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 5.24x in FY17 (FY16:
3.34x) due to a decrease in EBITDA margin to 15.21% in FY17
(19.21%). The fall in the EBITDA margin was attributed to the
execution of low margin orders. However, interest coverage
improved to (operating EBITDA/gross interest expense) to 3.69x in
FY17 (FY16: 3.55x) on account of a decline in interest expenses.

The ratings also reflect the company's elongated working capital
cycle of 387 days in FY17 (FY16: 291 days), due to long inventory
holding period of 240 days (178 days).

However, the ratings are supported by CPPL's comfortable
liquidity position as reflected by 86% utilization of the fund-
based facilities for the 12 months ended April 2018.

The ratings also benefit from the company's promoters' over two
decades of experience in material fabrication industry.

RATING SENSITIVITIES

Negative: A further decline in revenue and/or EBITDA margin,
leading to a sustained deterioration in the credit metrics, may
lead to a negative rating action.

Positive: A significant improvement in revenue, while maintaining
the EBITDA margin, leading to an improvement in the credit
metrics, may lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2008, Bhubaneswar, Odisha-based CPPL is engaged
in engineering, equipment manufacturing and project execution.


FAIRWEALTH HOUSING: Ind-Ra Migrates BB- Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fairwealth
Housing 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:

-- INR400 mil. Term loan due on September 2022 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 19, 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 2009, Fairwealth Housing is executing its first
real estate project - Breezehomes - in Bhiwadi over an area of 7
acres. The company has a registered office in Gurgaon, Haryana.


FINE LINES: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fine Lines'
(FINE) 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:

-- INR80 mil. Fund-based limits migrated to 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
April 25, 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 1992, FINE manufactures garments, primarily for
women and children. It has a production site in Noida, Uttar
Pradesh. The site has a manufacturing capacity of 7 million
pieces per annum.


FINFOOT LIFESTYLE: CARE Removes B- Rating from Not Cooperating
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Finfoot Lifestyle Private Limited (FLPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.67      CARE B-; Stable Revised from
   Facilities                     CARE B-; Issuer not cooperating

   Short-term Bank      0.20      CARE A4 Revised from CARE A4;
   Facilities                     Issuer not cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
FLPL and in line with the extant SEBI guidelines, CARE has
revised the rating of bank facilities of the company to 'CARE B-/
CARE A4; ISSUER NOT COOPERATING'. However, the company has now
submitted the requisite information to CARE. CARE has carried out
a full review of the ratings and the ratings stand at 'CARE B-;
Stable/ CARE A4'.

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FLPL continues to
remain constrained on account of its small scale of operations,
loss registered in FY17 (refers to the period April 1 to
March 31), weak solvency position and working capital intensive
nature of operations. The ratings are further constrained on
account of susceptibility of profitability margins to fluctuation
in raw material prices and the intense competition inherent in
textile industry.

The ratings, however, continue to derive support from extensive
experience of promoters, location advantage owing to proximity of
manufacturing facility to textile hub and favourable industry
outlook.

The ability of the company to increase its scale of operations
with improvement in profitability and capital structure along
with efficient management of working capital requirements remains
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with losses registered: The scale
of operations of FLPL remained small as reflected by total
operating income (TOI) of INR5.91 crore in FY17 (Audited) and
tangible net-worth of INR0.32 crore as on March 31, 2017.The
small size of operations restricts the financial flexibility and
deprives the company of benefits derived from economies of scale.
Further, the company has registered cash loss during FY17.
However, during 9MFY18, the operations have been stabilized and
the company has registered TOI and a PAT of INR 10.96 crore and
INR 1.42 crore respectively.

Weak solvency position: The relatively low net worth base of the
company led to increased reliance on debt to support its business
operations, hence resulting in leveraged capital structure.
Moreover, with operating losses and cash losses registered, the
debt coverage indicators of the company remained weak.

Working capital intensive nature of operations: The operations of
FLPL remained working capital intensive with high gross current
assets of 97 days with funds blocked mostly in inventory owing to
seasonality associated with availability of raw material. The
working capital requirements are met by the cash credit facility
availed by the company, which was fully utilized during last
twelve months ended April, 2018.

Susceptibility of profitability margins to fluctuation in raw
material prices: The primary raw material used in the
manufacturing process is cotton yarn which forms ~70% of the
total cost of sales. The prices of cotton have remained highly
volatile led by fluctuations in demand supply scenario.
Fragmented industry and intense competition: The textile industry
is characterized by presence of large number of organized and
unorganized players and high competition amongst them resulting
in weak bargaining power of the players. Furthermore, the company
operates in a cluster of textile unit, hence resulting in high
competition.

Key Rating Strengths

Experienced and professional management team: The promoter of
FLPL, Mr.  Rajaram Pathak has more than three decades of industry
experience. Mr. Pathak has done MBA (HR) and looks after overall
operations of the company. Other directors namely Mr. Gaurav
Pathak and Mr. Gautam Pathak have around one and a half decade of
experience and look after Marketing and finance activities of the
company. Prior to FLPL the promoters were engaged in facility
management services through group entity CLR Facility Services
Private Limited. Being in the industry for so long has helped the
promoters to gain adequate acumen about the business.

Strategic location of unit: Kolhapur is emerging as a textile hub
of India. Maharashtra produces around 10.4% of textiles and
apparels output of India and contributes ~27% of total exports.
Hence, raw material is available in adequate quantity.
Furthermore, the presence of FLPL in cotton producing region will
fetch a location advantage of lower logistics and labor
expenditure.

Favorable industry outlook: India is the one of the world's
largest producers of textiles and garments. Abundant availability
of raw materials such as cotton, wool, silk and jute as well as
skilled workforce have made the country a sourcing hub. It is the
world's second largest producer of textiles and garments. The
Indian textiles industry accounts for about 24 per cent of the
world's spindle capacity and 8 per cent of global rotor capacity.
The potential size of the Indian textiles and apparel industry is
expected to reach US$ 223 billion by 2021. The Indian textiles
industry is set for strong growth, buoyed by strong domestic
consumption as well as export demand.

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton
cloth at its facility located at Kolhapur, Maharashtra, having an
installed capacity to manufacture 10,000 metres of fabric per
day.

CLR Facility Services Private Limited is the group company of
FLPL and offers facility management services across 8 states
including Maharashtra, Karnataka, Goa, Gujarat, Andhra, Delhi,
Madhya Pradesh and Tamil Nadu.


G. M. AGRO: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of G. M.
Agro Industries (GMA) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank       6.00     CARE B+; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from GMA to monitor the ratings
vide e-mail communications/letters dated November 27, 2017,
January 3, 2018 and February 2, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on G. M. Agro
Industries bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

Detailed description of key rating drivers

At the time of last rating done on March 22, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Partnership nature of its constitution: GMA's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner.

Leveraged capital structure and weak debt coverage indicators:
The capital structure stood leveraged marked by overall gearing
ratio of 2.12 times as on March 31, 2015. Its debt coverage
indicators also remained weak marked by modest interest coverage
of 1.29 times during FY15 and a high total debt to GCA ratio of
34.69 times as on March 31, 2015 owing to higher level of total
debt as compared to GCA of INR0.17 crore.

Modest liquidity position: The liquidity stood modest as marked y
current ratio at 1.95 times as on March 31, 2015. The cash credit
limit remained utilized at 95% over the past twelve months ended
November, 2015. The operating cycle during FY15 stood elongated
at 81 days.

Susceptibility to fluctuations in raw material prices and monsoon
dependent operations: The prices of paddy being an agro commodity
are highly dependent on the climatic conditions. Since there is a
long time lag between raw material procurement and liquidation of
inventory, the firm is exposed to the risk of adverse price
movement.

Fragmented nature of the industry and high level of government
regulation: There are several small scale operators which merely
complete a small fraction of processing and dispose-off
semiprocessed rice to other big rice millers for further
processing. Moreover, the raw material (paddy) prices are
regulated by the government to safeguard the interest of farmers,
which in turn limits the bargaining power of the paddy
processors.  Furthermore, any adverse change in policies of
government can affect the business.

Key Rating Strengths

Experienced partners: GMA is established by two partners Mr.
Jashvant Thakkar and Mr. Navinchandra Thakkar. Mr. Jashvant
Thakkar and Mr. Navinchandra Thakkar have long standing industry
experience of around 35 years and 15 years respectively.

Favorable manufacturing location: Proximity of the mill to major
grain markets results in easy availability of paddy. Its presence
in the region gives additional advantage over the competitors in
terms of easy availability of the raw material as well as
favorable pricing terms.

Consistent increase in the scale of operations albeit
profitability remained thin: The scale of operations remained
modest marked by its TOI of INR27.38 crore during FY15 as against
INR19.83 crore during FY14. The PBILDT margin of GMA has declined
by 108 bps y-o-y to 2.68% in FY15 as compared to 3.76% in FY14.
PAT margin remained thin at 0.14% during FY15 (FY14: 0.15%) on
account of higher depreciation and interest cost.

GMA was established in April, 2009 as a partnership firm by two
partners Mr. Jashvant Thakkar and Mr. Navinchandra Thakkar. Mr.
Jashvant Thakkar has a long industry experience of around 35
years. GMA is engaged in the business of rice processing and
trading of grains and pulses. GMA operates from its manufacturing
facilities located at Bavla (Gujarat).


GAJMUKH MERCANTILE: CARE Assigns B+/A4 Rating to INR8cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gajmukh Mercantile Private Limited (GMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term/Short       8.00       CARE B+; Stable/CARE A4
   Term Bank                        Assigned
   Facilities

   Short Term Bank
   Facilities            3.71       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GMPL are
constrained on account of its small and declining scale of
operation along with low profit margins and moderate liquidity
position. The ratings also remained constrained on account of its
presence in highly fragmented, competitive and seasonal agro
industry with risk associated with foreign exchange fluctuation.

The ratings, however, derives strength from experience of the key
management in trading industry with its comfortable capital
structure and moderate debt protection metrics.

The ability of GMPL to increase its scale of operations and
improvement in profitability remains the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations along with low
profitability and moderate liquidity position: The scale of
operation of GMPL consistently declined over past three years
ended FY17 as marked by decline in total operating income (TOI)
on account of decline in trading volumes on the back of increase
in competition. TOI stood small at INR13.01 crore during FY17.
Profitability stood low marked by PBILDT margin and PAT margin of
2.68% and 1.14% respectively during FY17 owing to trading nature
of operation. Liquidity position remained moderate marked by
current ratio of 1.55 times as on March 31, 2017.

Presence in highly fragmented, competitive and seasonal agro
industry with risk associated with foreign exchange fluctuation:
GMPL operates in agro industry characterized by low entry
barriers, high fragmentation and the presence of a large number
of players in the organized and unorganized sector which puts
pressure on the profitability margins. Further, agro based
industries have seasonality associated with availability of raw
materials due to different harvesting periods. Further, the
supply of key raw materials is primarily dependent upon monsoon
during a particular year as well as overall climatic conditions.
Further, GMPL imports (19%) commodities from United States of
America without using any active hedging policy. Hence, any
adverse movement in foreign exchange rates would impact
profitability of GMPL.

Key Rating Strengths

Experienced management: Mr. Jaikishan Kalani, Mr. Vinodkumar
Sharma and Ms. Anupama Kalani key directors of the company
possess average 30 years of experience in the industry and look
after overall operations of the company.

Comfortable capital structure and moderate debt protection
metrics: The capital structure remained comfortable marked by an
overall gearing ratio of 0.17 times as on March 31, 2017 on
account of low debt level. As a consequence low debt, debt
coverage indicators stood moderate as on March 31, 2017
marked by total debt to GCA of 4.29 times.

Indore (Madhya Pradesh) based GMPL was incorporated in 2008 and
managed by Mr. Jaikishan Kalani, Mr. Vinodkumar Sharma and Ms.
Anupama Kalani. The company is engaged into trading of various
commodities like Agro commodities (i.e. olives, cloves, onion-
garlic paste, onion-garlic powder, onion-garlic flakes), incense
stick, coal, coke, PVC granules, polymers and various metals.
During FY17, GMPL generated 57% of revenue through trading of
agro commodities, 12% revenue from trading incense stick, 1%
revenue from coal trading and rest 30% from trading other
products.


GRC INFRA: CARE Assigns B+ Rating to INR50cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of GRC
Infra Private Limited (GIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            50.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GIPL are tempered
by small scale of operations with geographical concentration
risk, financial closure yet to be achieved for ongoing project,
salability risk with on-going project and inherent cyclical
nature of the real estate industry. The rating, however, derives
its strength from experienced promoters with more than two
decades in real estate business, favorable location of the
project, comfortable capital structure and debt coverage
indicators and registration with Real Estate Regulatory Authority
(RERA).

Going forward, the ability of the company to complete the project
in timely manner and its ability to sell the units and
collect advances while maintaining its capital structure and debt
coverage indicators shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations albeit increasing total operating
income: As the company's presence in real estate business is less
than a decade, the scale of operations is small marked by revenue
of INR27.02 crore in FY18 (Prov.) coupled with low networth of
INR15.52 crore as on March 31, 2018 (Prov.) as compared to other
peers in the industry. However, the total operating revenue has
been increasing during FY16-18 (Prov.) from INR19.90 crore to 27.
02 crore as the company managed to sell more number of
residential apartments at the back of healthy demand for real
estate.

Geographically concentrated revenue profile: GIPL is primarily
located in the Karnataka State and executing projects in and
around Bangalore which reflects geographical concentration risk.
In case, the real estate market of Bangalore slows down or there
happens to be any political uncertainties, the same will impact
the operations of the company. Furthermore, Bangalore being a
developed city, GIPL is likely to face intense competition from
well established players.

Financial closure yet to be achieved: The company is yet to
achieve financial closure for the ongoing project. The project is
proposed to be funded by promoter's capital (29%), proposed term
loan (57%) and advances from customers (14%). As on April 30,
2018, the company has incurred a total cost of INR13.83 crore for
which was funded by promoter's capital.

Project execution and salability risk: The ongoing project GRC
Subhiksha which commenced in January 2018 is likely to achieve
COD in June 2019, which exposes the project to execution risk.
The project is still in a nascent stage and the company has
incurred only 16.06% of the total project cost till date. This
exposes the project to substantial salability risk as well. While
the company has received expression of interest from several
individual customers; any delay in attaining envisaged sales and
realizing potential revenue may stretch the company's cash flow.

Inherent cyclical nature of the real estate industry: The company
is exposed to the cyclicality associated with the real estate
sector which has direct linkage with the general macroeconomic
scenario, interest rates and level of disposable income available
with individuals. In case of real estate companies, the
profitability is highly dependent on property markets. A high
interest rate scenario could discourage the consumers from
borrowing to finance the real estate purchases and may depress
the real estate market.

Key Rating Strengths

Experienced promoters with more than two decades in real estate
business: Mr. G. Ramana Babu and Mr. R.M. Eshwar Naidu are the
promoters of the company and have been engaged in the real
estate field since 1985. They have worked with various
construction companies in Bangalore in various capacities from
being a site supervisor to project manager level. In 1999, both
the promoters formed a partnership firm named GR Construction and
executed seven residential projects under the brand name of GR.
Further, the company has a strong management team that is
distributed across functional departments of engineering,
marketing, accounts, customer relations, legal and quality
assurance, headed by experienced department heads who report
directly to the promoters Mr. G. Ramana Babu and Mr. R.M. Eshwar
Naidu. All the department heads are having an experience of more
than 5 years in their respective fields.

Favorable location of the project: The ongoing project is located
at one of the developing residential and commercial areas of
Bangalore. The projects are having a location advantage as it is
located at IT Bay of Bangalore, as well the city is the hub of IT
companies in India. Comfortable capital structure and debt
coverage indicators The capital structure of the company improved
during the review period. The overall gearing of the company
improved from 4.95x as on March 31, 2016 to 0.56x as on March 31,
2018 (Prov.) on account of structured repayment of term loan
obligations coupled with accretion of profits to net worth. The
debt coverage indicators also improved during FY16-18 (Prov.).
Total debt/GCA of the company improved from 18.69x in FY16 to
2.90x in FY18 (Prov.) at the back of decreasing debt levels along
with increasing cash accruals. Furthermore, interest coverage
ratio improved from 1.55x in FY16 to 10.59x in FY18 (Prov.) on
account of decrease in interest cost owing to repayment of term
loan obligations.

Registered with RERA The Real Estate (Regulation and Development)
Act, 2016 (RERA) is effective from May 1, 2017, and covers all
the residential and commercial projects in every state of India.
GRC Subhiksha was registered on May 4, 2018.

GRC Infra Private Limited (GIPL), a Bangalore based developer, is
engaged in real estate development projects. GIPL was
incorporated in the year 2009 and promoted by Mr. G. Ramana Babu
and Mr. R.M. Eshwar Naidu. Mr. Babu holds Bachelor's degree in
commerce and have three decades of experience in construction
field. The second promoter, Mr. R.M. Eshwar Naidu, holds Bachelor
of Arts degree and has more than two decades of experience in
civil construction works and real estate projects. Both the
promoters also hold equal shareholding in one of the associate
partnership concern i. e G R Construction engaged in construction
of residential complex.

GRC is currently implementing its project; GRC Subhiksha, located
at Sy no 38/1 & 38/2, Choodasandra Village, Sarjapur Hobli,
Anekal Taluq, Bangalore. GR Subhiksha spans across an area of
1.21 lakh square feet with a total saleable area of 2.45 lakh
square feet including 240 flats.


GROVER IMPEX: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Grover Impex
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:

-- INR25 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 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 December 1982, Grover Impex is engaged in the
trading of agricultural products such as gambier, whole spices,
pulses and chemicals.


IND-SWIFT LABORATORIES: CARE Assigns C Rating to INR450cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ind-
Swift Laboratories Limited (ISLL), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Proposed Long          450.00      CARE C; Stable Assigned
   term Instruments
   (Non-Convertible
   Debentures)

Detailed Rationale & Key Rating Drivers

The rating assigned to the proposed Non-Convertible Debenture
(NCD) issue of ISLL is constrained by the on-going delays in debt
servicing, history of debt restructuring and weak financial risk
profile of the company. The rating is further constrained by the
concentrated product profile, susceptibility of the profitability
margins to the foreign exchange fluctuations & raw material price
volatility and regulatory risk in the industry. The rating,
however, derives strength from the experienced promoters and
regulatory approvals in place.

Going forward, the ability of the company to timely meet its
repayment obligation, profitably scale up its operations,
improve its overall solvency position while managing its working
capital requirements efficiently will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

On-going delays in debt servicing and history of debt
restructuring: During FY12 (refers to the period April 1 to March
31), owing to liquidity constraints, the company had approached
Corporate Debt Restructuring (CDR) Cell. FY13 was the first year
of implementation of the CDR package. However, owing to failure
of the mechanism, the company exited the CDR scheme on March 1,
2017. There are on-going delays in the servicing of the debt
obligation by ISLL, with the company's account classified as non-
performing asset (NPA) in some of the banks. To settle its
overdues, IISL has proposed to issue redeemable NCDs of INR450
Cr.

Weak financial risk profile: The operating income of the company
has remained fluctuating in the past. The scale of operations of
the company declined by ~2% in FY16 owing to lower demand and
ceasing of certain low profit segments but grew by ~8% in the
FY17 on account of the capacity enhancement capex undertaken in
the FY16-17 period supported by better demand. Though the PBILDT
margins of the company remained healthy, at the net level, ISLL
reported loss of INR39.16 Cr. in FY17. This was on account of
high interest and depreciation expenses. Continued losses at the
net level have led to erosion of the networth of the company.
This, coupled with high debt levels, has led to a weak overall
solvency position. The company has also extended certain loans &
advances to its group concerns.

In 9MFY18 (Prov.), the total income achieved by the company
declined by ~2% over the same period last year on account
of lower demand while the company reported net losses of INR30.28
Cr. during this period.

The operating cycle of the company also remained elongated at
~348 days as on March 31, 2017 with high average utilisation of
the working capital limits at ~90% in the twelve month period
ended March-2018.

Concentrated product profile: IISL has a concentrated product
profile with top five products constituting ~68% of the total
income in 9MFY18 (Prov.) and ~71% in FY17 and the top product
(antibiotic), contributing a total of ~40% of the total income in
9MFY18 (Prov.) and ~46% in FY17.

Exposure to raw material price volatility and foreign exchange
fluctuations risk: During FY17, the raw materials costs
constituted ~56% of the total cost of sales, with the imported
raw material forming ~59% of the total raw material purchase
cost. This exposes the profitability margins to any adverse
fluctuation in the raw material prices. The company derives most
of its revenue from exports which constituted ~65% of the total
income in FY17. A part of the company's repayment obligations is
also in foreign currency. The company is naturally hedged to some
extent, but for the remaining unhedged portion the profitability
margins are exposed to adverse fluctuations in foreign exchange
rates.

Regulatory risk: The pharmaceutical industry is a closely
monitored and regulated industry and as such there are inherent
risks and liabilities associated with the products and their
manufacturing. Regular compliance with product and manufacturing
quality standards of regulatory authorities is critical for
selling products across various geographies.

Key rating strengths

Experienced promoters: The company is operating with Mr. N.R.
Munjal as its Managing Director who holds an overall experience
of around three decades. IISL has been engaged in the
pharmaceuticals industry since 1995 leading to a long standing
industry presence. The oldest entity of the IND Swift group, ISL,
also has been engaged in the industry since 1986. This has led to
established business relations with the clients as well as the
suppliers.

Regulatory approvals for the manufacturing facilities and
products: IISL's manufacturing plant is GMP (Good Manufacturing
Practices) compliant and ISO 9001:2008 certified. It also has
approvals for exports to various geographies, like USFDA (United
States Food and Drug Administration), KFDA (Korean Food and Drug
Administration), PDMA (Pharmaceuticals and Medical Devices
Agency) etc., for its various products.

Incorporated in 1995, IISL is engaged in the manufacturing of
Active Pharmaceutical Ingredients, advanced Intermediates and
providing Contract research and manufacturing services (CRAMS).
ISLL is a part of the Ind-Swift Group and was formed in 1995. The
company has three manufacturing facilities- two in Dera Bassi,
Punjab and one in Samba, Jammu & Kashmir. The products
manufactured by the company are sold in both India and abroad.
The group concerns of the company include IND Swift Limited and
Essix Biosciences Limited (rated, CARE C; Stable/CARE A4), both
engaged in the pharmaceuticals industry; along with Fortune India
Constructions Private Limited, engaged in the construction
industry etc. The product line of the company, finds its
application in a varied range of therapeutic segments as
antibiotics, anticoagulants, anti-virals, lipid lowering agents,
etc.


INFISSI FENESTRATION: CARE Reaffirms B Rating on INR9.52cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Infissi Fenestration LLP (INF), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.52       CARE B; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of INF continues to
remain constrained by short track record and small scale of
operations, weak financial risk profile characterized by cash
losses, leveraged capital structure and weak coverage indicators.
The rating is further constrained by its working capital
intensive nature of operations, volatility in prices of raw
material and INF's presence in competitive nature of the
industry. However, the rating continues to draw comfort by
experienced partners in diversified business segment. The ability
of the firm to increase its scale of operations, improve its
profitability and capital structure will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: The firm
started commercial operations in March 2016 and has short of
track record in this industry as compared to other established
players. FY17 (refer to period April 1 to March 31) was first
full year of operations for the firm. The scale of operations of
the firm remained small as marked by a total operating income of
INR4.40crore for FY17. Further the firm's net worth base was
relatively small at INR0.52crore as on March 31, 2017. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits. During FY18 (refers to the
period April 01 to March 31; based on provisional results) the
firm has achieved total operating income of INR15.55crore.

Weak financial risk profile: The firm has incurred cash losses
during FY17 (refers to the period April 1 to March 31) owing to
initial year of operations.

Furthermore, the capital structure stood highly leveraged mainly
on account of low partner's capital coupled with high total debt
on account of debt funded CAPEX coupled with high dependence on
bank borrowings to meet the working capital requirements.
Furthermore, debt coverage indicators marked by interest coverage
ratio and total debt to GCA stood weak on account of high
interest expense and high reliance on external borrowings.

Working Capital intensive nature of operations: The operations of
the firm are working capital intensive in nature as marked by
operating cycle of 131 days in FY17 mainly on high inventory
period. The firm generally maintains inventory of around 3 months
mainly in the form of raw material for smooth production process
and finished goods to meet the immediate demand of its customers
resulting in an average inventory holding of 85 days in FY17. The
firm allows a credit period of 2-3 months to its customer due to
competitive nature of industry resulting in an average collection
period of 66 days in FY17.The firm receives a credit period of
around 15-20 days from its suppliers resulting in an average
creditor period of 20 days in FY17. The average working capital
borrowings of the firm remained almost fully utilized during the
past 12 months ending April 30, 2018.

Volatility in prices of raw material: The raw material prices of
G.P Coils are highly volatile in nature and depend on the
fortunes of steel & iron industry. Since the raw material cost is
the major cost driver and any southward movement of finished
goods price with no decline in raw material price is likely to
result in adverse performance. Competitive nature of the industry
INF operates in a highly fragmented industry marked by the
presence of a large number of players in the unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key Rating Strengths

Experienced partners in diversified business segment: Ms. Anchal
Bansal, Mr. Rajinder Bansal and Mr. Abhiman Kansal and Mr. Nakul
Kansal collectively look after the operations of the firm. The
partners of the firm are graduates by qualification and have been
associated with the firm since its inception. Though the partners
have limited experience in steel industry. Mr. Rajinder Bansal
has more than three decades of experience in diversified business
segments such as hospitality, textiles, and education industry.
Further, Ms. Anchal Bansal has an experience of around half a
decade in the steel industry through her association with INF and
other family run businesses.

Haryana based Infissi Fenestration LLP (INF) was established in
2015 as Limited Liability Partnership. Mr. Abhiman Kansal, Mr.
Nakul Kansal, Mr. Rajinder Bansal and Ms. Aanchal Bansal are
partners sharing profit and loss in 16%, 17%, 17% and 50%. The
firm is engaged in manufacturing of steel reinforcement which
find application in manufacturing of UPVC products (door, window
etc.) at its manufacturing facility located in Faridabad, Haryana
and has an installed capacity of 1600 tonnes per month as on
April 30, 2018. The firm sells its products domestically and
mainly caters to Northern and Central India. The main raw
material used for manufacturing is Galvanized Plain Coil (GP
coils) and sheets which firm procures mainly from suppliers
located in Haryana. The firm is also engaged in trading of
hardware material like handles, locks etc. which is normally
procured from China, Turkey etc. and places nearby.


IQBAL CONSTRUCTION: Ind-Ra Retains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Iqbal
Construction Company'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 now
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR55 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 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, Iqbal Construction Company executes civil
construction work for public sector entities and various state
government bodies.


JAI MATA: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jai Mata Di
Enterprises (Jai) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR16.53 mil. Long-term loan due on November 2019-
    April 2025 assigned with IND B+/Stable rating;

-- INR40 mil. Fund-based limits assigned with IND B+/Stable
     rating; and

-- INR90 mil. Non-fund-based limits assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings are constrained by Jai's modest scale of operations
along with weak revenue visibility. According the 11MFY18
provisional financials, the firm achieved revenue of INR267
million (FY17: INR297 million). The order book amounted to
INR44.4 million as of March 2018.

The firm also faces high geographical concentration as it
executes projects only in Madhya Pradesh and Chhattisgarh.

Moreover, liquidity is stressed as evident from Jai's multiple
instances of overuse of the working capital limits during the 12
months ended March 2018.

The ratings are supported by Jai's moderate profitability with
EBITDA margin of 8.9% in 11MFY18 (FY17; 7.0%), which along with
low debt levels leads to healthy credit metrics. Interest
coverage (operating EBITDAR/gross interest expense) increased to
13.5x during 11MFY18 (FY17: 4.9x) and net financial leverage
(total adjusted net debt/operating EBITDAR) reduced to 0.8x
(1.5x), due to a rise in EBITDA margin along with maintenance low
financial cost.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity profile will
positive for the ratings.

Negative: Any deterioration in the liquidity profile on a
sustained basis will be negative for ratings.

COMPANY PROFILE

Established by Avinash Azad Singh Tomar in 1996, Jai executes the
work of laying of optical fibers in Madhya Pradesh and
Chhattisgarh for government and private organizations.


JAIPRAKASH ASSOC: NCLAT Admits Plea vs. NCLT Order to Return Land
-----------------------------------------------------------------
Moneycontrol.com reports that the National Company Law Appellate
Tribunal (NCLAT) on May 31 admitted the petition of debt ridden
Jaiprakash Associates challenging NCLT order, which had directed
the realty firm to return nearly 760-acre land to its subsidiary
Jaypee Infratech. It has directed to list Jaiprakash Associates'
appeal on July 13 for next hearing, when the petition of lenders
-- Axis Bank, Standard Chartered Bank and ICICI Bank, which have
already challenged the order of National Company Law Tribunal
(NCLT) -- will be heard, the report says.

Moneycontrol.com says the appellate tribunal had already stayed
the order of Allahabad bench of NCLT on May 24 on lender's plea.

"The interim order would continue," said a two-member bench
headed by Chairman Justice S J Mukhopadhaya while admitting the
plea, Moneycontrol.com relays.

Passing an order on May 16, NCLT had asked Jaiprakash Associates
to return nearly 760-acre land to its subsidiary Jaypee
Infratech, declaring the transfer of the land as "fraudulent" and
"undervalued," the report recalls.

Moneycontrol.com says the appellate tribunal had also observed:
"NCLT is not a civil court . . . it has no right to declare an
instrument illegal".

According to Moneycontrol.com, NCLT had directed JP Group's
flagship firm Jaiprakash Associates to release and discharge
interest created over the patch of land to lenders, including
ICICI Bank.

The order had come over a petition filed by Jaypee Infratech's
resolution professional (RP) Anuj Jain in the NCLT, seeking
direction over the transactions entered by the company's
promoters, creating mortgage on its 858 acre to secure debt for
Jaiprakash Associates, Moneycontrol.com notes.

In the 77-page order, the tribunal had listed out the details of
six parcels of land totalling 759-acres land in Agra and Aligarh
districts, Uttar Pradesh.

Moneycontrol.com adds that the NCLT directed to return only 759
acre out of total 858 acre as it found that the transaction
related to 100 acre in Aligarh district was entered before the
start period of CIRP.

                     About Jaiprakash Associates

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.

JAL reported a consolidated net loss of INR2,596.62 crore for the
year ended March 31, 2018 compared with a net loss of INR9,412.59
crore in the previous year.


K. R. PUMPS: CARE Assigns B+ Rating to INR1.75cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K. R.
Pumps & Co. (KRP), as:

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

   Long- term/           4.65      CARE B+; Stable/CARE A4
   Short-Term                      Assigned
   Bank Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KRP is constrained
on account of its small scale of operations, leveraged capital
structure, weak debt coverage indicators, moderate liquidity
position along with working capital intensive nature of business
and low value of order book position. The rating is further
constrained on account of proprietorship nature of its
constitution, Geographic concentration risk and tender driven
nature of business with high competitive intensity.

The rating, however, derives strength from the experienced
promoter with long industrial track record and comfortable
profitability.

The ability of KRP to tap more projects and diversify the client
base geographically as well with increasing scale of operations
will be the key rating sensitivities. Furthermore, improving
capital structure and debt coverage indicators with efficient
management of working capital requirement would also remain
crucial.

Key Rating Weaknesses

Small scale of operations: Total Operating income (TOI) of KRP
stood small at INR5.93 crore during FY17 (refers to the period
April 1 to March 31).

Leveraged capital structure and weak debt coverage indicators: On
account of high total debt with small net worth base, the capital
structure of KRP stood leveraged marked by overall gearing ratio
of 3.36 times as on March 31, 2017. As a consequence of high debt
level along with low cash accrual base, debt coverage indicators
of KRP stood weak marked by ratio of total debt to GCA of 8.80
times as on March 31, 2017.

Moderate liquidity position along with working capital intensive
nature of business: KRP's liquidity position as indicated by
current ratio stood moderate at the level of 1.28 times as on
March 31, 2017. The operations remained working capital intensive
marked by full utilization of its working capital limit for the
past 12 months ended April 2018.

Low value of order position on hand: KRP has modest orders book
on hand of INR2.54 crore as on May 14, 2018 which will be
completed by October 2018.

Proprietorship nature of its constitution: The constitution as a
proprietorship firm restricts KRP's overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Further, there is inherent risk of possibility
of withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor. Geographic concentration risk KRP
is a regional player in the water supply infrastructure industry
and has executed various projects for government and semi-
government departments and that too is focused within the state
of Gujarat only reflects high geographic concentration risk.

Tender driven nature of business with high competitive intensity
KRP participates in the tender passed by the government and Semi-
government bodies for water supply turnkey projects. Hence, the
entire business prospects are highly dependent on tenders. The
business volume remains high in the years when there are
government tenders and vice versa. The services industry is
highly fragmented in nature with presence of large number of
unorganized players and a few large organized players. Further,
the profitability also varies among the projects. Hence, the
aggressive bidding by the players order to bag the contracts with
high competition may lead to dip in its profitability.

Key Rating Strengths

Experienced promoters along with established track record of
operation: KRP is promoted by Mr. Ashutosh Patel who possesses
more than 28 years of experience in irrigation infrastructure
industry. The promoter manages all day to day operation of the
firm. KRP is operating into services industry since 1982
which reflects established track record of operation in the
industry.

Comfortable profitability:  Profit margins of KRP stood
comfortable marked by PBILDT margin and PAT margin of 14.76% and
5.19% respectively during FY17.

Ahmedabad (Gujarat) based K. R. Pumps & Co. (KRP) is a
proprietorship firm established in the year 1982 and currently
managed by Mr. Ashutosh Patel. KRP is engaged in to executing
turnkey projects of water and sewage water supply for Government
and Semi-Government bodies. KRP provides services of supplying,
installing of water pumps, motors and pump parts and undertakes
commissioning of the project after successful completion of
testing. KRP also provides maintenance services for the completed
projects. KRP has executed 10 government projects in the last 3
years and is currently working on 3 projects worth INR2.54 crore
on hand as on May 14, 2018.


KRIPA TELECOM: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kripa
Telecom'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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND B+ (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
May 30, 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 2001, Kripa Telecom primarily manufactures LED
lighting products at its 22,000 square feet facility in
Bengaluru. The company sells its products under the brand KRIPA
LIGHTS. It has ISO 9001:2008 and ISO 14000 certifications.


MACHHALANDAPUR: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Machhalandapur
Simlon Agro Private Limited's (MSAPL) 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 as follows:

-- INR57.5 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR35.25 mil. Long-term loans due on February 2024 maintained
     in Non-Cooperating Category with IND B+ (ISSUER NOT
     COOPERATING) rating; and

-- INR1.14 mil. Non-fund-based limits maintained in Non-
     Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 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 2011, Machhalandapur Simlon Agro is engaged in
the cold storage business.


MEENAMANI GANGA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Meenamani Ganga
Builder LLP's (MMGB) 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:

-- INR500 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 24, 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 January 2012 as a limited liability partnership,
MMGB is executing a residential-cum-commercial project with a
total saleable area of 352,960 sf in Undri, Pune.


MONNET ISPAT: Net Loss Widens to INR751cr in Q4 Ended March 31
--------------------------------------------------------------
Moneycontrol.com reports that Monnet Ispat and Energy Ltd posted
a loss of INR751 crore on standalone basis during the quarter
ended March 2018. Its net loss stood at INR449.52 crore during
January-March 2017, the company said in a BSE filing.

The company's total income, however, increased to INR440.97 crore
in the reported quarter compared to INR389 crore in the year-ago
period, Moneycontrol.com discloses.

Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.

Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2018, BloombergQuint said Monnet Ispat's committee of
creditors on April 10 approved a resolution plan submitted by a
joint venture between AION Investments Pvt Ltd and JSW Steel Ltd.
The plan was approved by lenders with a 98.97 percent majority.
The bid will now be placed before the National Company Law
Tribunal for final approval, before being implemented.

On Feb. 27, BloombergQuint had reported that the JSW-AION
consortium had made a INR3,700 crore offer for Monnet Ispat. Of
this, INR2,650 crore were to be used to repay lenders against
admitted claims worth INR10,000 crore. That would mean that the
financial creditors would take a 76 percent haircut on their
exposure.


MUNICIPAL COUNCIL: CARE Assigns 'B' Issuer Rating; Outlook Stable
-----------------------------------------------------------------
CARE Ratings has assigned CARE B (Is) issuer rating to Municipal
Council Anantnag. The Outlook is stable.

The issuer rating is subject to the council maintaining nil debt
level

Detailed Rationale & Key Rating Drivers

The ratings assigned to Municipal Council Anantnag are
constrained by the fluctuating trend in the financials and
revenue receipts of the council in recent years. The Council has
been registering a revenue deficit during FY14-17 (refers to the
period April 1 to March 31). Additionally, it has low self-
reliance and higher dependence on grants, limited autonomy in
levying trade taxes and other user charges, increase in revenue
expenditure and limited number of economic activities. The rating
also takes derives comfort from zero debt position of the
council. Going forward, the key rating sensitivities for the
council are growth in revenue receipts, steady receipts from
Directorate of Urban Local Bodies (DULB), and improvement in its
civic services.

Key Rating Strengths
Zero Debt Position

The Council has not raised any debt till date.

Key Rating Weaknesses

Fluctuating Trend in Financials & Revenue Deficit: There is an
abrupt trend in the revenue receipts and revenue expenditure of
the council. The overall revenue receipts of the council have
reported a dip of 30% in FY17 after increasing by 67.5% in FY16.
Correspondingly Revenue expenditure has reported a dip of 22.4%
in FY17 after increasing by 62.5% in FY16. The reason for
variation on y-o-y basis is the heavy dependence of Grants from
Directorate of Urban Local Bodies (DULB). The council has
reported revenue deficits in last four years.

Low Self-Reliance on Own Sources of Revenue: More than 80% of
revenues of the council are grants from DULB to meet the
establishment expenditure which is more than 75% of total
expenditure of the council.

Limited Autonomy in Levying Trade Taxes and other User Charges
Political considerations and low level of economic activities
affects the autonomy of council for levying trade taxes in the
state. Also, major civic services like Water Supply & Storm Water
Drainage are not covered under the services of the council which
further limits the source of revenue as user fees. There are no
revenues from Property Tax as same is not applicable in Jammu and
Kashmir. Only trade taxes income is being generated as tax
revenue.

The major sources of economic activity in the region are the
small scale cottage industries engaged in activities like
weaving, wood carving or cultivation of agri commodities like
rice, wheat & apples. Presence of religious shrines promotes
tourism in the district. However lack of infrastructure or due to
connectivity issues there are no established industries in the
region.

CARE has relied on the audited financial statements provided by
the committee for the year FY14(A)- FY17(A).

Municipal Council Anantnag was commissioned under Jammu & Kashmir
Municipal Act in the year 1937. It covers an area of 15.16 sq.km
and is divided into 25 administrative wards.


NATURAL PRODUCT: Ind-Ra Migrates BB- Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has moved Natural Product Bio
Tech Limited's (NPBL) 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:

-- INR200 mil. Proposed term loan due on December 2020 migrated
     to non-cooperating category with Provisional IND BB- (ISSUER
     NOT COOPERATING) rating.

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

COMPANY PROFILE

NPBL is a real estate construction company.


NEW TURKI: CARE Assigns B+ Rating to INR7.61cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of New
Turki Cold Storage and General Mills (NTCG), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.61       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of NTCG is constrained
by stabilization risk associated with debt funded newly setup
unit, dependence on vagaries of nature & seasonality of business
along with competitive nature of the industry with high level of
government regulation. The rating, however, draws comfort from
experienced partners and positive outlook for the Indian cold
chain industry.

Going forward, the ability of the firm to achieve envisaged
revenue and profitability with improvement in capital structure
shall be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Stabilization risk associated with debt funded newly setup unit:
The firm has incurred an expenditure of INR10.40 crore for
setting up of unit and the same has been funded through term loan
of INR5.76 crores and balance through partner's contribution in
the form of capital and unsecured loans. NTCG started with its
commercial operations of processing unit in February 2018 and has
a relatively short track record of operations as compared with
other established players. Furthermore, post project
implementation risk in the form of stabilization of the
facilities to achieve the envisaged scale of business in the
light of competitive nature of industry remains crucial for NTCG.
During the initial phases of operations, the capital structure of
the firm is expected to remain leveraged due to debt funded capex
undertaken coupled with low capital base.

Dependence on vagaries of nature and seasonality of business:
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. The firm will procure
potatoes from farmers, its own partners and open market. Potato
is mainly a winter season crop and the production highly depends
on vagaries of nature. Lower output of potato will have an
adverse impact on the rental collections as the cold storage
units collects rent on the basis of quantity stored.

Competitive nature of the industry with high level of government
regulation: NFV business risk profile is constrained on account
of exposed to competition from other regional players operating
in
warehousing industry. Firm is operating in such an industry which
is fragmented in nature and has limited entry and exit barrier.
This leads to limited bargaining power with customers and
restrict to charge additional rent, which constraints its scale
of operations.

Key Rating Strengths

Experienced Partners: NTCG's operations are currently being
managed by Shri Hilal Ahmad, Mr. Mohd Arif, Mr. Gulam Hussain,
Mr. Khalid Hussain and Mr. Mohd Yunus. Mr. Gulam Hussain, Mr.
Khalid Hussain and Mr. Mohd Yunus are under-graduates by
qualification and are associated with agriculture industry for
more than five decades through their association with family run
business. Shri Hilal Ahmad and Mr. Mohd Arif both are graduates
by qualification and have an experience of almost two and a half
decades in cold storage industry through their association with
family run business.

Positive outlook for the Indian cold chain industry: The
warehousing and cold chain industry is emerging as a fast-growing
business sector in India, with developments in the food
processing sector, organized retail and government initiatives
driving growth. Furthermore, with rapid growth of organized
retail and manufacturing sector, the need for warehousing is
increasing. The government is taking steps to set up cold chain
infrastructure and has introduced schemes such as capital
investment subsidy from the National Horticulture Board (NHB),
the National Horticulture Mission (NHM) and the Ministry of Food
Processing Industries (MoFPI). Apart from subsides, like credit-
linked capital subsidy scheme for construction of cold storages
and go-downs, the government is also providing consultancy
services to help connecting farmers to market & to avoid heavy
losses & wastes of food products.

Sambhal, Uttar Pradesh based New Turki Cold Storage and General
Mills (NTCG) is a partnership firm established in April, 2017 and
started its commercial operations from February, 2018. The firm
is currently being managed by Shri Hilal Ahmad; Mr. Mohd Arif;
Mr. Gulam Hussain; Mr. Khalid Hussain and Mr. Mohd Yunus sharing
profit and loss in the ratio of 25%, 25%, 16.67%, 16.67%, and
16.66% respectively. NTCG is engaged in the business of renting
of its cold storage facility for potatoes to the local farmers in
Sambhal, Uttar Pradesh from its cold storage unit with multi
chambers having storage capacity of 10,318 Metric Tonnes as on
February 2018.


NITESH PUNE: CARE Lowers Rating on INR235cr NCD to D
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nitesh Pune Mall Private Limited (NPM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-Convertible
   Debenture Issue       235.0      CARE D Revised from CARE B+;
                                    Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating follows delay in interest payment of
NCD on the due date. The liquidity of the company had remained
tight due to continued low occupancy in the mall.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in interest repayment of NCD: The first compulsory payment
of interest of the rated NCD fell due on May 15, 2018.

Tight liquidity position of the company led to delay in servicing
its debt obligation in a timely manner. The mall has a leasable
area of 4.46 lsf and has commenced commercial operations from
April 2012. As on June 17, the mall had occupancy level of 65%.
However, the same were not adequate enough and the company had
been incurring cash losses resulting in stressed liquidity
position.

Nitesh Pune Mall Private Limited (NPM) was incorporated in the
year 2005 as Anuttam Developers P Ltd, promoted by Permindo Ltd.
Cyprus (indirectly held by Elbit Imaging Ltd). Elbit Imaging Ltd
was exiting Indian operation and decided to sell its stake in the
Anuttam Developers Private Limited to Nitesh Estate Limited
(Nitesh).NPM is engaged in the business of construction and
development of commercial retail space and is operating and
managing a retail mall called Nitesh Hub (previously known as The
Koregaon Park Plaza) at Pune.


OM SHIV: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Om Shiv
Lumbers Private Limited (OSLPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      1.50        CARE D; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

   Short-term Bank     3.50        CARE D; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

CARE has been seeking information from OSLPL to monitor the
ratings vide e-mail communications/letters dated April 23, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on OSLPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings have been reaffirmed on account of the ongoing delays
in debt repayment owing to weak liquidity position.

Detailed description of key rating drivers

At the time of last rating done on March 22, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: OSLPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012
by Mr. Deepak Khatwani and Mrs. Bhagwati Khatwani. It is engaged
in trading and processing of timber products namely wooden
plates, face veneers, ready pallates, etc. OSLPL also perform job
work for log dimension setting. At present, 27 employees are
working under the company. There are 3 sets of vertical and
horizontal sowing machines with installed capacity of 1500 cubic
feet per day. Both the machineries and factory premises are
rented.


ORITO POLYFAB: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Orito Polyfab
Private Limited (OPPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

-- INR400 mil. Long-term loans due on December 2025 assigned
    with IND BB-/Stable rating;

-- INR72.5 mil. Fund-based limits assigned with IND BB/
    Stable/IND A4+ rating; and

-- INR27.5 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect OPPL's volatile EBITDA margin due to
fluctuations in raw material prices. As per FY18 provisional
financials, the EBITDA margin expanded to 11.9% (FY17: 5.73%,
FY16: 12.0%, FY15: 17.1%).

The ratings are also constrained by the company's weak credit
metrics on account of high debt levels to fund capacity expansion
of its yarn manufacturing facility. However, interest coverage
(operating EBITDA/gross interest expense) improved to 1.6x in
FY18P (FY17: 1.0x) and net leverage (total adjusted net
debt/operating EBITDAR) to 7.4x (12.3x) on account of the
improvement in the EBITDA margin. Ind-Ra expects the credit
metrics to improve further in FY19 on the back of the improvement
in the operating profitability as well as scheduled repayment of
the term loan.

The ratings also factor in in OPPL's modest liquidity position as
indicated by 92% average maximum utilization of its working
capital limits during the 12 months ended April 2018.

However, the ratings are supported by a sustained improvement in
revenue due to higher orders from customers. Revenue surged to
INR702 million in FY18P (FY17: INR405 million, FY16: INR352
million). The scale of operations was medium. During April 2018,
the company achieved revenue of INR80 million, and had an order
book of INR90 million, to be completed by June 2018.

The ratings also benefit from the promoters' more than three
decades of experience in the yarn manufacturing business.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA margin, leading to a
sustained deterioration in the credit metrics, will be negative
for the ratings.

Positive: A further improvement in revenue and profitability
margin, leading to a sustained improvement in the credit metrics,
will be positive for the ratings.

COMPANY PROFILE

Established in 2014, OPPL is engaged in the manufacturing of
cotton yarn. The company exports 60% of the yarn to Australia,
Germany, Turkey, China and Bangladesh, and sells the remaining
40% in Ahmedabad and Maharashtra.


OZONE GSP: CARE Lowers Rating on INR35cr LT Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ozone GSP Infratech, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       35.00     CARE D, Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable
                                  on the basis of best available
                                  information

CARE has been seeking information from Ozone GSP Infratech to
monitor the rating vide e-mail communications April 26, 2018, May
01, 2018, May 03, 2018, May 4, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
The rating on Ozone GSP Infratech's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of
Ozone GSP Infratech takes into consideration the ongoing delays
in debt servicing of the interest payments by the firm.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There have been on-going delays by
Ozone GSP Infratech in servicing of its debt obligations. The
delay in interest servicing is due to the tight liquidity
position of the firm owning to slowdown in real estate market
leading to slow sales and collection from customers.

Slow progress on sale with only 40% of the area sold: OGI
launched the project "Sarvome - The Presidio" in November, 2015
and has sold about 40% of the total area under construction as on
March 31, 2017, thereby reflecting the slow sales. The firm has
realized only 40% of the total sales value and has pending
receivable of INR30 crore out of the total sold area valued INR51
crore. Going forward it is imperative for the firm to sell the
remaining area at or above the current price in a time bound
manner to maintain enough liquidity and generate funds for
repayment of debt and for completion of project.

High dependence of project execution and debt repayments on
customer advances: The total project cost of INR102 crore is
being funded by OGI through a debt of INR35 crore, partners'
contribution of INR30 crore and remaining by the customers'
advances of INR37 crore. The firm has received customer advances
of INR21 crore as on March 31, 2017, and is having a pending
receivable of INR30 crore from the confirmed sales. However, the
firm is required to expend further INR18 crore on the
construction cost and INR35 crore towards repayment of debt,
which makes it highly dependent on customer advances.

Constitution as a partnership firm: OGI, being a partnership
firm, is inherently exposed to the risk of partner's capital
withdrawal due to personal exigencies. The constitution further
restricts its financial flexibility with limited access to
capital markets to fund expansion in the future. The constitution
as a partnership thus, poses a further risk of
dissolution/reconstruction of the entity in case of withdrawal of
capital by either partner.

Inherent risks associated with real estate industry:The real
estate sector is moving towards a more rational regime with the
implementation of the transformational reforms. Residential sales
were positively impacted by flexibility in pricing and payment
schedules, especially for projects with quality construction,
appropriate sizes and prime locations. The introduction of the
RERA Act, will also move the sector towards transparent and
credible measures with sustenance for organized players.

As per market sentiments the India Real Estate Market may not
witness a sharp reversal in the year 2017, but its long term the
growth prospects remain strong. Currently, the sector continues
to remain troubled with issues of high unsold inventory, delayed
delivery of projects causing financial stress on developers. The
only segment that showed some signs of a rebound was the
affordable housing category in the peripheries of the major
markets. Thus, the broader market opinion is that while the long
term story for residential market remains strong; the short term
is expected to be sluggish.

Key Rating Strengths

Experienced Promoters: Ozone GSP Infratech, a partnership venture
by Jotindra Steel and Tubes Limited and Mr. Akhil Kumar Surekha,
is engaged in development of a group housing society at sector-
31, Faridabad. Mr. Akhil Surekha, a commerce graduate from the
University of Delhi has a long standing experience of over two
decades in the steel industry. The management is well supported
by an experienced and qualified team of professionals.

The organization is a part of business conglomerate comprising of
Jotindra Steel & Tubes Limited (rated CARE BB-; Stable), Mauria
Udyog Limited (rated CARE BBB-; Stable) and Bihariji Ispat Udyog
Limited. The group company, Bihariji Ispat Udyog Limited has
experience in successful execution of the real estate projects
together with M/s Matoshree Properties Pvt. Ltd. and M/s
Jhunjhunwala Trading Pvt. Ltd. under the name of "Rashi
Developers". However, the current project is the first
independent launch of the group's real estate activities under
its own brand name.

Ozone GSP infratech constituted as a partnership firm on
September 20, 2010 is currently partnered by Jotindra steel and
tubes limited and Mr. Akhil Kumar Sureka. The entity is a part of
a business conglomerate that is engaged in diverse industries
viz. Steel tube manufacturing, LPG Cylinder manufacturing,
trading and finance businesses and real estate. OGI is currently
executing a residential project, namely "Sarvome- the Presido"
comprising of 78 apartments located at sector 31, Faridabad. The
project comprises of luxury housing complexes of 3 BHK, 3+1 BHK
and 4+1 BHK apartments and is expected to be completed by
February, 2019.

Ozone GSP Infratech is following completion method for
recognition of revenue in the books of accounts of the firm.
Since, the project undertaken by the firm is under execution
stage, no revenue pertaining to the same has been recognized yet.
The financial statements, thus do not present a meaningful view
in this regard.


P.C. DEY: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P.C. Dey and Son
Distributors Private Limited (PCDSDPL) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR210 mil. Fund-based limits assigned with IND BB-/Stable
     rating; and

-- INR100 mil. Proposed fund-based limits* assigned with
     Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect PCDSDPL's medium scale of operations as
indicated by revenue of INR2,573 million in FY17 (FY16: INR2,387
million). The increase in revenue was on account of higher
demand. The company booked revenue of INR2,197 million in 9MFY18.

The ratings are further constrained by PCDSDPL's low EBITDA
margin of 1.8% in FY17 (FY16: 1.4%), attributed to the trading
nature of business. The credit metrics were weak due to high debt
levels. Interest coverage (operating EBITDAR/gross interest
expense) was stable at 1.4x in FY17 (FY16: 1.4x), while financial
leverage (total adjusted net debt/operating EBITDAR) improved to
5.2x (6.0x) owing to low debt balance at FYE17.

The ratings also reflect PCDSDPL's tight liquidity position with
full utilization of the fund-based limits during the 12 months
ended April 2018.

However, the ratings are supported by the promoter's more than 25
years of experience in the distribution of FMCG products.

RATING SENSITIVITIES

Negative: A decline in the overall credit profile will be
negative for the ratings.

Positive: An overall improvement in the credit profile would be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1992 as a partnership firm, PCDSDPL is engaged in
the distribution of FMCG products of various companies such
Hindustan Unilever Limited, Britannia Industries Limited, Havells
India Limited, GlaxoSmithKline Pharmaceuticals Limited, Mondelez
India Food Private Limited, Nestle India Limited, Johnson
& Johnson India Limited, Bharti Airtel Limited, among others in
West Bengal. It was reconstituted as a private limited company in
2011, with Amitava Dey as the director.


PARIKH BROTHERS: Ind-Ra Maintains BB- Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Parikh
Brothers' 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 now
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based limits maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Parikh Brothers was incorporated in 1988. Its registered office
is at Opera House, Mumbai, and manufacturing unit is in Palanpur,
Gujarat. The firm imports, exports and processes/manufactures
diamond stones of various qualities. The firm is promoted by Mr.
Mukesh Parikh.


PVN FABRICS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PVN Fabrics
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR163.4 mil. Long-term loans (long-term) downgraded with
    IND D (ISSUER NOT COOPERATING) rating;

-- INR220 mil. Fund-based working capital limits (long-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR162 mil. Non-fund-based working capital limits (short-
    term) downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects intermittent delays in debt repayments
over the 12 months ended May 2018 due to a stretched liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in an upgrade.

COMPANY PROFILE

PVN Fabrics is owned and managed by Arvind Agarwal and his
family. It manufactures polypropylene and high-density
polyethylene woven sacks and fabrics.


RISHABH INDUSTRIES: CARE Reaffirms B+ Rating on INR2.98cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rishabh Industries (RI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            2.98       CARE B+; Stable Reaffirmed

   Long/Short-term
   Bank Facilities      13.00       CARE B+; Stable/CARE A4
                                    Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RI continues to be
constrained on account of small scale of operations, leveraged
capital structure with moderate debt coverage indicators and
exposure to foreign exchange fluctuation risk. The ratings are
further constrained by working capital intensive nature of
operation, presence of the firm in a highly competitive and
fragmented electrical and electronic equipment industry and
proprietorship nature of constitution.

The above weaknesses are partially offset by long track record of
operations and experienced promoters, healthy profitability
margins and reputed customer base albeit customer concentration.
The ability of the firm to increase its scale of operations and
managing its working capital requirements are the key rating
Sensitivities.

Detailed description of the key rating drivers

Key Rating weakness

Small scale of operation: The scale of operations has been
fluctuating during the last three years ended FY18 (Provisional;
refers to the period April 1 to March 31) and remained small as
reflected by total operating income (TOI) of INR27.75.crore in
FY18 (provisional) and capital employed of INR33.34.core
respectively as on March 31, 2018. Small scale of operations
limits the financial flexibility of the company.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure is leveraged owing to high
dependence on external borrowings. Furthermore, RI's debt
coverage indicators were also moderate due to high gearing level.

Working capital intensive nature of operation: The operations of
the entity are working capital intensive with funds being mainly
blocked in inventory and debtors as reflected by high gross
current asset days of over 326 days during the year ending
March 2018. The same was due to low bargaining power with the
principal. The working capital requirements are met by the cash
credit facility availed by the firm, utilization of which remains
high for last twelve months ended April 2018.

Presence in a competitive and fragmented electronics industry
segment: RI operates in the electrical and electronic industry
characterized by high competition due to low entry barriers, high
fragmentation and the presence of a large number of players in
the organized and unorganized sector. Thus, the entities present
in the segment generally have a very low bargaining power vis-a-
vis their customers and faced intense competition from other
players.

Susceptibility of margins to fluctuation foreign exchange rates:
The firm imports raw material mainly from Hong Kong with imports
accounting to almost 70% of purchases in FY18, which makes the
margins susceptible to foreign exchange rates.

Proprietorship nature of constitution: RI, being a proprietorship
concern, is closely held and is subject to limited disclosure
norms, it is exposed to the risk of withdrawal of capital as well
as long-term existence of business operations under the entity.

Key Rating Strengths

Long track record of operations and experienced promoters: RI has
an established track record of over one and half decade in the
electronic industry. The firm was initially promoted by Mr.
Mahendra Kumar Jain and was later reconstituted with Mr. Mayur
Jain taking over as proprietor and responsibility for the overall
operations. Mr. Mayur Jain possesses nearly 6 years of experience
in the industry. Being in the industry for so long has helped the
proprietor to gain adequate acumen about the business which aids
in the smooth operations of RI.

Healthy profit margins: The profitability level of the entity has
been adequate in FY18 with improvement in PBILDT margin during
FY18 owing to stabilization of operations and decreased employee
and other manufacturing expenses.  Consequently PAT margin also
improved despite higher interest cost.

Reputed customer base albeit customer concentration: RI has a
reputed customer base like Crompton Greaves Consumer Electric
Limited and Orient Electric Limited. However, the top 5 customers
of the firm contributed to approximately 91.19% of the total
sales of the group in FY18 (Provisional) as compared with
approximately 83% in FY17. Thus, maintaining relationships with
these customers will be a critical factor and might impact sale
if demand from any of these customers declines.

RI was established in 2002. Initially the firm was engaged in the
manufacturing of CFL (compact fluorescent light) products and PCB
(printed circuit boards), however in January 2016, the firm set
up a facility for manufacturing of lighting products such as LED
tube light, LED tube light frame, LED tube light panel and LED
tube lighting kits.


SATYA SRINIVASA: CARE Assigns B Rating to INR8cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Satya Srinivasa Enterprises (SSE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.00       CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SSE are tempered by
modest scale of operations with fluctuating total operating
income and low profitability margins during review period,
financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and stretched receivable days,
highly fragmented industry with intense competition from large
number of player, constitution of the entity as a partnership
firm with inherent risk of withdrawal of capital. The rating,
however, derives benefit from established track record of the
entity and experience of the partners for more than two decades
in cotton industry, location advantage and stable outlook of
cotton industry.

Going forward, ability of the firm to increase its scale of
operations and improve profitability margins in competitive
environment and improve its capital structure and debt coverage
indicators while managing its working capital requirement
efficiently would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with fluctuating total operating
income and low profitability margins during review period: The
firm has a track record of around twenty six years. However, the
total operating income (TOI) of the firm remained modest at
INR53.42 crore in FY17 with low net worth base of INR2.32 crore
as on March 31, 2017 as compared to other peers in the industry.
Furthermore, the total operating income of the SSE has been
fluctuating and decreased from INR54.46 crore in FY16 to INR53.42
crore in FY17 as the firm could not procure raw material at
desired prices from local farmers and also because had it
purchased kappas at increased prices, as quoted by farmers, it
could not pass on the same to the customers, given high level of
competition in this sector. During April 1, 2017 to March 31,
2018 (Provisional), the firm has achieved total operating income
of INR64 crore.

SSE has low profitability margins during review period. The
PBILDT margin of the firm has improved from 1.57% in FY15 to
2.61% in FY17 due to decrease in manufacturing expenses and other
overhead expenses. Similarly, The PAT margin of the firm also
improved from 0.12% in FY15 to 0.18% in FY17 due to decrease in
depreciation cost.

Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators and stretched receivable days: SSE
has leveraged capital structure during review period. However,
the debt equity ratio remained nil on account of absence of long
term loans during review period. The overall gearing ratio of the
firm was seen deteriorating from 2.47x as on March 31, 2016 to
4.03x as on March 31, 2017 due to increase in total debt on
account of availment of unsecured loans along with increasing
working capital bank borrowings to support the business
operations.

Total debt/GCA of the company stood weak at 92.75x in FY17 due to
increase in total debt on account of enhancement in working
capital facilities of INR5.5 crore in FY15 to INR8 crore in FY17
and increase in unsecured loans along with low cash accruals.
Furthermore, PBILDT interest coverage ratio deteriorated from
1.18x in FY15 to 1.15x in FY17 on account of increase in interest
and finance charges.

The operating cycle of the firm stood at 64 days in FY17. The
firm maintains an average inventory of 3-10 days. The firm makes
the payment to its suppliers within 35-60 days. However, the firm
receives the payment from its customers within 70-120 days owing
to certain delays in payment received from the customer Sri
Venkata Lakshmi Nararsimha Spinning Mills Private Limited (CARE
BB+/Stable, CARE A4+).

Highly fragmented industry with intense competition from large
number of player: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand supply scenario, export quota decided by the government
and inventory carry forward of the previous year. The cotton
processing operators procure raw materials in bulk quantities to
avail discount from suppliers to mitigate the seasonality
associated with availability of cotton resulting in higher
inventory holding period. Further, the profitability margins of
the firm are susceptible to fluctuation in raw material prices.

Geographic concentration risk: The client profile of SSE is
limited to the state of Andhra Pradesh, exposing the firm to
geographical concentration risk.

The firm is located in Andhra Pradesh and concentrated in area
surrounding Guntur District.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: SSE, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Key Rating Strengths

Established track record of the entity and experience of the
partners for more than two decades in cotton industry SSE was
established in the year 1992 and promoted by Mr. Bhuma Srinivas,
Mrs. Bhuma Adilakshmi and Mr. Bhuma Rama Rao. Mr. Bhuma Srinivas
is a qualified graduate and has more than two decades of
experience in the cotton industry. Due to long term presence in
the market by the partners, the company has good relation with
customer and supplier.

Location advantage: SSE is located in one the major cotton
growing areas in Andhra Pradesh. Availability of raw material is
not expected to be an issue as the firm procures raw material
(raw cotton) from the farmers and traders located in and around
Guntur. SSE enjoys proximity to the cotton producing belt of
Andhra Pradesh which results in ease of access to raw material
with low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide
spectrum of variations from 24% to 42%.There are over 3500
factories in India dispersed in nine major cotton-growing states.
Out of these, over 2600 factories perform only ginning operation
and over 2000 factories has installed capacity of as small as 6-
12 double roller
gins. It is reported that as many as 860 ginning & pressing
factories have completed modernization out of 1000 projects
approved by Technology Mission on Cotton during its
implementation. With these developments, ginning infrastructure
in the country seems to be well on its way to secure a firm
foundation. The cotton textile industry in India can look
forward to meet its major raw material requirements through
indigenous supply of clean cotton.

Andhra Pradesh based, Satya Srinivasa Enterprises (SSE) was
established on October 16, 1992 as a partnership firm and
promoted by Mr. Bhuma Srinivas, Mrs. Bhuma Adilakshmi and Mr.
Bhuma Rama Rao. The firm is engaged in processing of cotton lint
and cotton seeds. The manufacturing unit is spread in total area
0.66 acres located at Guntur, Andhra Pradesh. SSE purchases raw
cotton (cotton kappas) from farmers and dealers located in and
around Guntur, Andhra Pradesh. The firm processes the raw cotton
and separates the lint and cotton seeds from raw cotton. Later
on, pressing and compressing cotton lint into bales. SSE also
involves in trading of cotton lint. SSE sells bales to the
customers in Andhra Pradesh and cotton seeds to oil mills located
in Andhra Pradesh only.


SHANTHILAL & SONS: Ind-Ra Migrates D LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s.
Shanthilal & Sons Jewellers' Long-Term Issuer Rating to 'IND D'
from 'IND BB-' while simultaneously migrating the rating to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital limits (long-term)
    downgraded and migrated to Non-Cooperating Category IND D
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
best available information

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by SSJ, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in an upgrade.

COMPANY PROFILE

M/s. Shanthilal & Sons Jewellers is engaged in the retailing of
jewelry. It has a jewelry retail showroom in Nellore, Andhra
Pradesh.


SHANTIKALASH JEWELLERS: Ind-Ra Moves D Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s
Shantikalash Jewellers' (SJ) Long-Term Issuer Rating to 'IND D'
from 'IND BB-' while simultaneously migrating the ratings to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of best available information. Investors and other users
are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are given below:

-- INR47.5 mil. Term loan (Long-term) due on February 28, 2021
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR270 mil. Fund-based working capital limits (Long-term)
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating;

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by SJ,
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Set up as a proprietorship firm by Mr. Shanthilal Jain in 1964,
SJ is engaged in jewelry retailing. It has a showroom in Nellore,
Andhra Pradesh.


SHRADHA AGENCIES: CARE Reaffirms D Rating on INR15cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shradha Agencies Private Limited (SAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           15.00       CARE D Reaffirmed

   Long-term Bank
   Facilities           13.00       CARE D Revised from CARE B;
                                    Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SAPL takes into account the overdrawals in cash credit (CC)
account due to liquidity mismatch.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are overdrawals in CC
account primarily due to discontinuation of P&G distributorship
from which the company used to derive a major portion of its
revenues till FY16.

Shradha Agencies Pvt. Ltd. (SAPL) which was originally
incorporated as a sole proprietorship firm in 1992 by the name of
Shradha Agencies was later reconstituted as a private limited
company in 1996. It is a part of the Shradha group of Kolkata
which has been promoted by Late Dr. C. L. Arora during early 1970
with primary interest into trading and logistics. Currently, the
company is being managed by Shri Rajeev Arora (son of Late Dr. C.
L. Arora). The company currently functions as a distributor of
FMCG products, Mobile handsets and accessories, Pens and Safety
Matches across the state of West Bengal (WB).


SHRI DATTAPRABHU: CARE Assigns B+ Rating to INR11.62cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Dattaprabhu Agro Industries Private Limited (SDAIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           11.62       CARE B+; Stable Assigned

Detailed Rationale & Key rating drivers

The rating assigned to the bank facility of SDAIPL factors in the
project execution and stabilization risk associated with its
green field nature, susceptibility of margins to fluctuation in
raw material prices along with seasonal and highly cyclical
nature of sugar industry.

The above weaknesses are however underpinned by the satisfactory
experience of the promoters of two and half decades in diverse
business, location advantage emanating from proximity of raw
material, eligibility of project for government subsidy and
favorable outlook for sugar industry.

The ability of the company to execute the project in a timely
manner without any cost overruns and stabilizing its operations
in highly competitive industry is key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses:

Project execution and stabilization risk: SDAIPL proposes to set
up a jaggery manufacturing unit at Shirpur, Maharashtra. The
Total cost of the project is INR14.45 crore, which is proposed be
funded in debt to equity ratio of 1.99x. As on May 1, 2018, the
company has incurred around 68% of the total cost, amounting to
INR9.78 crore, towards purchase of machinery and as pre operative
expenses. The financial closure for the project has been
achieved. Timely completion of the project without any cost
overrun will be critical from credit perspective.

Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the company is sugarcane
which will be procured from farmers based in Shirpur. The
availability of sugarcane is influenced by agro climatic
condition as rainfall, temperature and soil conditions, demand-
supply dynamics, and government policies. Sugar-season typically
extends from November to April. Further, the production of
sugarcane is cyclical in nature, wherein production is on an
uptrend for two years and then declines over the next two years,
before trending up again. Hence, the prices of sugarcane are
subjected to its seasonal availability thus exposing the company
to price volatility risk.

Key Rating Strengths

Experienced promoters and receipt of all approvals: The promoters
have an average experience of two decades in diverse fields viz.
mechanical, real estate and agriculture, in their strength of
director with associate entities. Reasonable experience of the
promoters will support the business risk profile of the entity to
an extent. Further, SDAIPL has gained all the requisite approvals
required for setting up of jaggery manufacturing unit.

Location advantage and eligibility for government subsidy: SDAIPL
favorably benefits from its plant being located at Shirpur,
Maharashtra, which lies in sugarcane producing belt of
Maharashtra. This will result in lower logistics expenditure
(both on transportation and storage), and easy availability of
raw materials. Furthermore, the project is also eligible for
government subsidy of INR5 crore under Kisan Sampada Yojana
(KSY), from "The Ministry of Food Processing Industries",
Government of India (GOI) post commencement of operations in
September-2018.

SDAIPL was incorporated in the year 2016 and is promoted by Patil
and Deore family of Shirpur. The company is in process of setting
up a jaggery manufacturing unit at Shirpur with an installed
capacity of crushing 300 tonnes of sugarcane per day (TPD) The
total cost of the project, estimated to be INR14.45 crore, will
be funded through promoter's contribution of INR4.83 crore and
term loan from bank of INR9.62 crore. The promoters are also
associated with three group entities namely, Nova Bulk Handlers
Private Limited, Accurate Material Handlers Private Limited and
Patil Engineering Solutions.


SILK COTTON: CARE Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Silk
Cotton to Issuer Not Cooperating category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.52       CARE D; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Silk Cotton to monitor the
rating(s) vide e-mail communications/letters dated May 18, 2018,
May 17, 2018, May 16, 2018, April 20, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the
ratings.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Silk Cotton's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 17, 2017, the following were
the rating strengths and weaknesses:

Ongoing delays in Debt servicing: The rating assigned to the bank
facilities of Silk Cotton is on account of the fact that the said
bank facilities account is NPA.

Jasdan-based (Gujarat) Silk was formed in February 2014 as a
partnership firm by Mr. Kalpeshbhai Vaghasiya and Mr. Manishbhai
Vekariya with the main objective to carry out cotton ginning and
pressing. Silk has already started manufacturing activity from
November 2015.


VIKAS CHAIN: CARE Assigns B+ Rating to INR11.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vikas
Chain & Jewellery Private Limited (VCJ), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           11.75       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of VCJ is constrained
by modest though growing scale of operations, weak financial risk
profile characterized by low profitability margins and leveraged
capital structure and elongated inventory holding period. The
rating is further constrained on account of vulnerability of
margins to gold price fluctuations and competition from various
organized and unorganized players and unfavorable supply outlook.
The rating, however, draws comfort from experienced promoters and
favorable location of showroom.

Going forward; the ability of the company to manage its working
capital requirements to support the growing scale of operations
while improving its capital structure will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest though growing scale of operations: The scale of
operations has remained modest marked by a total operating income
and gross cash accruals of INR83.78 crore and INR0.72 crore,
respectively, during FY17 (refers to period April 01 to March
31). Furthermore, the company's net worth base was relatively
modest at INR5.53 crore as on March 31, 2017. The modest scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Though the risk is partially mitigated by the fact that the scale
of operations has been growing continuously for the past three
years i.e. FY15-FY17 at compounded annual growth rate of 31.89%
owing to higher quantity sold. Further, the company has achieved
total operating income of ~Rs.72.00 crore for FY18 (refers to
period April 1 to January 31; based on provisional results).

Low Profitability margins and Leveraged Capital Structure: The
financial risk profile of the company remained weak marked by low
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The profitability margins are
directly associated with contribution of sales from different
types of jewellery in that particular financial year. Normally
high end jewellery (designer jewellery) and diamond trading fetch
better margins. The profitability margins of the company stood
low marked by PBILDT and PAT margins of 2.08% and 0.65% in FY17
attributed to highly competitive market and significant share of
revenue from trading activity.

The capital structure of the company stood leveraged on account
of high dependence on external debt to meet its working capital
requirements. The overall gearing stood around 5x as on the
balance sheet date of the past two financial years i.e. FY16 and
FY17.

Elongated inventory holding period: Being a jewelry retailer, it
is critical for the company to provide a wide range of designs to
its customers and cater the immediate demand. This resulted in
significant finished goods inventory to carry business operations
smoothly (inventory days of 147 days in FY17). Being in a
retailing business, the company sells mainly on cash basis
however to few customers it gives credit period of around two
weeks. Furthermore, the company purchases gold on cash or on
advance basis, however gems and diamonds are generally bought on
credit of around 15 days. The average utilization of working
capital
limits remained 80% utilized for 12 months ended April 30, 2018.

Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past one year.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on margins of the players in the G&J
industry. However, the vast experience of the promoters of VCJ
coupled with their policy of inventory replenishment model helps
it in managing this risk to some extent. Further, the high price
gold can also have an adverse impact on the demand for jewellery,
thereby exposing the firm to risk of decline in sales volume.

Competition from various organized or unorganized players and
unfavorable supply outlook: The company operates in the Gems &
Jewelry (G&J) industry, which is a fragmented industry with a
high level of competition from both the organized and unorganized
sector. Currently, the organized retailers account for a mere 5-
6% of the total jewelry retail market. This is primarily because
of the buyers' preference and trust in their neighborhood
goldsmith. Even the standardization of designs is not possible
due to varying local tastes. It is estimated that there are about
15,000 players across the country in the gold processing
industry, 450,000 goldsmiths spread across the country and more
than 6,000 players in the diamond-processing industry.  Key
Rating Strengths

Experienced promoters and long track record of operations: Vikas
Chain & Jewellery Private Limited was incorporated in 1994 and is
currently being managed by Mr. Dinesh Verma and Mr. Sulish Verma.
Both the directors are graduates by qualification and have an
experience of more than two decades through their association
with VCJ. Due to their longstanding industry presence, the
directors have been able to establish their own reputation.

Favorable location of showroom: The company has its showrooms
located in Karol Bagh and Chandni Chowk (Central Delhi) and the
market is known for jewellery in New Delhi. The showrooms are
located in prime area which ensures the higher probability of
footfall in its showroom, thereby, ensuring a good customer base
for the company.

Delhi based Vikas Chain & Jewellery Private Limited (VCJ) was
incorporated in 1994 and is currently being managed by Mr. Dinesh
Verma and Mr. Sulish Verma. The company is engaged in the
business of manufacturing and wholesale and retail trading of
gold jewellery and diamond studded jewellery. The company
procures the traded products from local whole sellers based in
Delhi.


ZIMIDARA PESTICIDES: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Zimidara Pesticides (ZP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ZP is constrained
by its modest scale of operations with low profitability, highly
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations. The rating
further constrained by presence in highly competitive &
fragmented industry and proprietorship nature of constitution.

The ratings, however, derive strength from established track
record of operations with experienced proprietor. The ability of
the entity to Increase the scale of operations with strengthening
order book and maintaining capital structure, maintain its
capital structure and efficiently managing the operating cycle
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operation with low profitability: The total
operating income of the entity remained modest and the same has
been remained fluctuating due to operation of the entity in
highly fragmented industry. The tangible networth also remained
low due to low capitalization which restricts the financial
flexibility of the entity to the extent. Furthermore, ZP operates
on low profit margins due to trading nature of its operations.

Highly leveraged capital structure and weak debt coverage
indicators: The capital structure of ZP remained highly leveraged
during last three balance sheet dates ended March 31, 2017 due to
high reliance on the external debt. Furthermore due to meager
cash accruals, the debt coverage indicators remained weak during
FY15-FY17.

Working capital intensive nature of operations: The operations of
ZP are working capital intensive in nature with funds blocked in
inventory and debtors. As a result of the same, gross current
assets days stood high at 131 days which led to higher
utilization of working capital limits.

Operations in highly competitive and fragmented industry: ZP
operates in highly competitive industry with a large number of
players engaged in wholesale trading of various pesticides in
Punjab region. Moreover, the customers of the entity belong to
retail traders in agrochemicals industry. Thus the profit margins
are affected due to low bargaining power with them.

Proprietorship nature of constitution: Being a proprietorship
concern, ZP has inherent risk of withdrawal of capital at the
time of personal contingency. Hence, limited funding avenues
along with limited financial flexibility have resulted in small
scale of operations for the firm.

Key Rating Strengths

Established track record of operations with experienced
proprietor: ZP has been in existence for more than a decade and
is managed by Mr. Om Praksh, who has total experience of more
than two decades in same line of business. Hence, the extensive
experience of the proprietor enables to establish strong
relationship with its customer and suppliers.

Zimidara Pesticides was established in 1990 by Mr. Om Prakash,
the entity is engaged in wholesale trading of agrochemicals viz.
pesticides, seeds and fertilizers of various types of herbicides,
fungicides and insecticides etc. whereas the customers of the
entity belong to various agrochemicals players. ZP is an
authorized dealer and distributor of around 42 pesticides
companies across Punjab. It operates its registered office in
Abohar, Punjab.



=================
I N D O N E S I A
=================


LIPPO KARAWACI: Moody's Assigns B2 Rating to US$75MM Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
rating of B2 to the $75 million senior unsecured notes due 2020
privately issued by Theta Capital Pte. Ltd., a wholly-owned
subsidiary of Lippo Karawaci Tbk (P.T.) (B2 negative). The notes
are guaranteed by Lippo Karawaci and some of its subsidiaries and
rank pari passu with the 2022 notes and 2026 notes.

The rating outlook is negative.

Lippo Karawaci will use the net proceeds from the issuance
towards refinancing outstanding amounts of the term loan under
the facility agreement with UBS AG as facility agent, and for
general corporate purposes.

RATINGS RATIONALE

"Because the notes are not exposed to either legal or structural
subordination risk, the rating is in line with Lippo Karawaci's
B2 corporate family rating," says Jacintha Poh, a Moody's Vice
President and Senior Analyst.

At March 31, 2018, 79% of Lippo Karawaci's total debt was
unsecured. And, the majority of Lippo Karawaci's borrowings are
at the holding company.

"The proceeds from this private placement covers only around half
of Lippo Karawaci's debt maturity in 2018 and 2019," adds Poh,
who is also Moody's Lead Analyst for Lippo Karawaci.
"Consequently, the company will need to execute its plans to
improve liquidity at the holding company over the next 12-18
months."

Lippo Karawaci is considering a few asset sale plans and if
executed successfully, Lippo Karawaci will generate sufficient
cash flow to cover its funding gap over the next 12-18 months.

Lippo Karawaci's B2 corporate family rating reflects volatile
operating cash flow generation at the holding company level that
is reliant on asset sales, which are in turn subject to delays
and market conditions.

Moody's assesses Lippo Karawaci's operating cash flow at the
holding company as the total consolidated cash flow excluding the
cash flow of Siloam International Hospitals Tbk (P.T.) and Lippo
Cikarang Tbk (P.T.), but including any intercompany cash flow,
such as dividends and proceeds from asset sales.

The rating outlook is negative, reflecting uncertainty around the
execution of Lippo Karawaci's asset sales, which can result in
further deterioration of the holding company's liquidity over the
next 12-18 months.

Given the negative rating outlook, an upgrade is unlikely over
the next 12-18 months. The outlook could return to stable if
Lippo Karawaci executes its asset sales, such that: (1) operating
cash flow at the holding company level is sufficient to cover its
interest payments; and (2) there is sufficient cash at the
holding company level to meet debt repayment over the next 12
months.

However, Lippo Karawaci's ratings could be downgraded if: (1) the
company is unable to address its refinancing risk in a timely
manner; and (2) there is a delay or inability to execute asset
sales, such that operating cash flow at the holding company level
is insufficient to cover interest payments.

Lippo Karawaci's senior unsecured bond rating could also be
lowered if debt is incurred at the subsidiary level.

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

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,327
hectares as of 31 March 2018. It owns and/or manages - either
directly or via its real estate investment trusts - 48 malls, 33
hospitals and nine hotels. Lippo Karawaci owns a 27.72% stake in
First REIT and a 29.99% stake in Lippo Malls Indonesia Retail
Trust.



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


RAUKURA WAIKATO: Former Manager Dealt 99 More Fraud Charges
-----------------------------------------------------------
Radio New Zealand reports that the former finance manager of a
Hamilton-based social services provider has pleaded guilty to an
additional 99 fraud charges brought by the Serious Fraud Office.

Hemo Kerewai Thompson, 58, entered the guilty plea in the
Hamilton District Court on June 1, bringing her total number of
offences to 167, Radio NZ relates.

According to the report, Ms. Thompson took about NZ$175,000 from
the taxpayer funded Raukura Waikato Social Services Trust between
2010 and 2015, disguising the activity as genuine expenditure.

The trust is in liquidation, the report notes.

Ms. Thompson was granted bail and is due to be sentenced at the
Hamilton District Court next month, adds Radio NZ.



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


* BOND PRICING: For the Week May 28 to June 1, 2018
---------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19   USD       0.10
ARTSONIG PTY LTD            11.50     04/01/19   USD       0.10
CLIME CAPITAL LTD            6.25     11/30/21   AUD       0.96
KEYBRIDGE CAPITAL LTD        7.00     07/31/20   AUD       0.95
MIDWEST VANADIUM PTY LT     11.50     02/15/18   USD       0.10
MIDWEST VANADIUM PTY LT     11.50     02/15/18   USD       0.10
QUINTIS LTD                  8.75     08/01/23   USD      71.00
QUINTIS LTD                  8.75     08/01/23   USD      71.00
QUINTIS LTD                  8.75     08/01/23   USD      71.00
TREASURY CORP OF VICTOR      0.50     11/12/30   AUD      72.25


  CHINA
  -----

AKESU XINCHENG ASSET IN      7.50     10/10/18   CNY      25.07
ALXA LEAGUE INFRASTRUCT      6.40     03/14/20   CNY      40.27
ALXA ZUOQI URBAN CONSTR      8.60     04/28/21   CNY      62.04
ALXA ZUOQI URBAN CONSTR      8.60     04/28/21   CNY      62.21
ANHUI CHIZHOU CITY TIAN      7.40     10/23/20   CNY      60.22
ANHUI PROVINCE TONGLING      7.30     05/13/21   CNY      61.38
ANHUI PROVINCE TONGLING      7.30     05/13/21   CNY      61.72
ANHUI SHENGYUN ENVIRONM      6.98     03/23/20   CNY      45.00
ANJI COUNTY ASSET OPERA      8.30     04/24/21   CNY      61.41
ANJI COUNTY ASSET OPERA      8.30     04/24/21   CNY      61.69
ANKANG DEVELOPMENT & IN      6.35     03/06/20   CNY      40.08
ANNING DEVELOPMENT INVE      7.43     05/12/21   CNY      60.97
ANNING DEVELOPMENT INVE      7.43     05/12/21   CNY      62.60
ANQING ECONOMIC&TECHNOL      6.00     06/18/20   CNY      60.08
ANQING ECONOMIC&TECHNOL      6.00     06/18/20   CNY      60.40
ANQING URBAN CONSTRUCTI      6.76     12/31/19   CNY      40.40
ANQING URBAN CONSTRUCTI      6.76     12/31/19   CNY      40.52
ANSHAN HI-TECH INDUSTRY      8.39     04/25/21   CNY      61.64
ANSHAN HI-TECH INDUSTRY      8.39     04/25/21   CNY      62.30
ANSHUN STATE-RUN ASSETS      6.98     01/10/20   CNY      40.02
ANYANG INVESTMENT GROUP      8.00     04/17/19   CNY      20.23
BAICHENG ZHONGXING URBA      7.00     12/18/19   CNY      40.21
BAICHENG ZHONGXING URBA      7.00     12/18/19   CNY      40.34
BAISHAN URBAN CONSTRUCT      7.00     07/31/19   CNY      39.98
BAIYIN CITY DEVELOPMENT      6.78     07/19/20   CNY      59.68
BAIYIN CITY DEVELOPMENT      6.78     07/19/20   CNY      60.05
BAODING NATIONAL HI-TEC      7.33     12/24/19   CNY      40.00
BAOJI INVESTMENT GROUP       7.14     12/26/18   CNY      25.10
BAOJI INVESTMENT GROUP       7.14     12/26/18   CNY      25.30
BAOJI NEW HI TECH INDUS      8.25     04/21/21   CNY      61.83
BAOJI NEW HI TECH INDUS      8.25     04/21/21   CNY      62.30
BAOSHAN STATE-OWNED ASS      7.30     12/10/19   CNY      37.50
BAOSHAN STATE-OWNED ASS      7.30     12/10/19   CNY      40.31
BAOSHAN STATE-OWNED ASS      7.79     05/28/21   CNY      61.66
BAOSHAN STATE-OWNED ASS      7.79     05/28/21   CNY      80.34
BAOTOU STATE OWNED ASSE      7.03     09/17/19   CNY      40.36
BAYAN ZHUOER HETAO WATE      8.54     03/31/22   CNY      59.00
BAYAN ZHUOER HETAO WATE      8.54     03/31/22   CNY      62.89
BAYANNUR LINHE DISTRICT      7.90     11/13/20   CNY      60.51
BAZHONG STATE-OWNED ASS      8.50     04/25/21   CNY      61.94
BEIJING BIOMEDICINE IND      6.35     07/23/20   CNY      59.50
BEIJING BIOMEDICINE IND      6.35     07/23/20   CNY      60.17
BEIJING CAPITAL DEVELOP      5.95     05/29/19   CNY      20.24
BEIJING CAPITAL DEVELOP      6.50     02/27/21   CNY      61.07
BEIJING CAPITAL DEVELOP      6.50     02/27/21   CNY      61.21
BEIJING CAPITAL DEVELOP      7.19     01/15/21   CNY      61.53
BEIJING CAPITAL DEVELOP      7.19     01/15/21   CNY      61.73
BEIJING CHANGXIN CONSTR      6.74     04/22/21   CNY      61.60
BEIJING CHANGXIN CONSTR      6.74     04/22/21   CNY      61.65
BEIJING CHAOYANG STATE-      5.25     03/27/20   CNY      39.91
BEIJING CHAOYANG STATE-      5.25     03/27/20   CNY      40.05
BEIJING CONSTRUCTION EN      5.95     07/05/19   CNY      40.00
BEIJING CONSTRUCTION EN      5.95     07/05/19   CNY      40.14
BEIJING FUTURE SCIENCE       6.28     09/22/19   CNY      50.41
BEIJING GUCAI GROUP CO       8.28     12/15/18   CNY      40.61
BEIJING GUCAI GROUP CO       6.60     09/06/20   CNY      60.41
BEIJING GUCAI GROUP CO       6.60     09/06/20   CNY      60.91
BEIJING HAIDIAN STATE-O      5.50     08/07/20   CNY      59.89
BEIJING JINGMEI GROUP C      6.14     09/09/20   CNY      60.37
BEIJING JINLIYUAN STATE      7.00     10/28/20   CNY      61.00
BEIJING JINLIYUAN STATE      7.00     10/28/20   CNY      61.10
BEIJING XINCHENG INFRAS      7.50     04/21/21   CNY      60.62
BEIJING XINCHENG INFRAS      7.50     04/21/21   CNY      61.21
BEIJING XINGZHAN STATE       6.48     08/31/19   CNY      40.30
BEIJING XINGZHAN STATE       6.48     08/31/19   CNY      40.38
BEIJING XINGZHAN STATE       6.66     04/24/21   CNY      61.15
BEIJING XINGZHAN STATE       6.66     04/24/21   CNY      61.48
BENGBU URBAN INVESTMENT      6.30     09/11/20   CNY      60.76
BENGHU HI NEW TECH INVE      8.70     04/17/21   CNY      62.08
BENGHU HI NEW TECH INVE      8.70     04/17/21   CNY      62.38
BIJIE KAIYUAN CONSTRUCT      7.78     02/25/21   CNY      51.16
BIJIE KAIYUAN CONSTRUCT      7.78     02/25/21   CNY      62.09
BIJIE XINTAI INVESTMENT      7.15     08/20/19   CNY      40.60
BINZHOU HI-TECH DEVELOP      8.60     01/10/21   CNY      61.92
BINZHOU HI-TECH DEVELOP      8.60     01/10/21   CNY      61.93
BORALA MONGOL AUTONOMOU      7.18     08/09/20   CNY      60.17
BORALA MONGOL AUTONOMOU      7.18     08/09/20   CNY      60.22
C&D REAL ESTATE CORP LT      6.15     04/03/20   CNY      40.41
CANGZHOU CONSTRUCTION &      6.72     01/23/20   CNY      40.69
CHANGDE ECONOMIC DEVELO      7.19     09/12/19   CNY      40.55
CHANGDE ECONOMIC DEVELO      7.19     09/12/19   CNY      40.56
CHANGDE ECONOMIC DEVELO      7.00     03/24/21   CNY      61.42
CHANGDE ECONOMIC DEVELO      7.00     03/24/21   CNY      61.54
CHANGDE URBAN CONSTRUCT      6.50     02/25/20   CNY      40.21
CHANGDE URBAN CONSTRUCT      6.50     02/25/20   CNY      40.69
CHANGJIZHOU STATE OWNED      6.00     06/03/19   CNY      25.12
CHANGJIZHOU STATE OWNED      6.00     06/03/19   CNY      50.20
CHANGRUN INVESTMENT & G      6.88     09/16/20   CNY      59.93
CHANGRUN INVESTMENT & G      6.88     09/16/20   CNY      60.40
CHANGSHA CITY CONSTRUCT      6.95     04/24/19   CNY      20.29
CHANGSHA CITY CONSTRUCT      6.95     04/24/19   CNY      40.47
CHANGSHA COUNTY XINGCHE      8.35     04/06/19   CNY      20.52
CHANGSHA COUNTY XINGCHE      7.90     03/25/22   CNY      72.76
CHANGSHA COUNTY XINGCHE      7.90     03/25/22   CNY      73.90
CHANGSHA ECONOMIC & TEC      8.45     04/13/22   CNY      65.27
CHANGSHA LUSHAN URBAN C      7.70     02/27/21   CNY      61.24
CHANGSHA LUSHAN URBAN C      7.70     02/27/21   CNY      62.04
CHANGSHA METRO GROUP CO      6.20     04/23/23   CNY      72.23
CHANGSHA METRO GROUP CO      6.20     04/23/23   CNY      72.25
CHANGSHA PILOT INVESTME      6.70     12/10/19   CNY      40.51
CHANGSHA YUHUA URBAN CO      7.17     04/18/21   CNY      61.34
CHANGSHA YUHUA URBAN CO      7.17     04/18/21   CNY      61.45
CHANGSHU BINJIANG URBAN      6.85     04/27/19   CNY      20.09
CHANGSHU BINJIANG URBAN      6.85     04/27/19   CNY      20.16
CHANGSHU CITY OPERATION      8.00     01/16/19   CNY      20.19
CHANGSHU DEVELOPMENT IN      5.80     04/19/20   CNY      40.00
CHANGSHU DEVELOPMENT IN      5.80     04/19/20   CNY      40.15
CHANGSHU TRANSPORTATION      7.00     04/29/21   CNY      61.24
CHANGSHU TRANSPORTATION      7.00     04/29/21   CNY      61.80
CHANGXING COUNTY TRANSP      7.88     04/30/21   CNY      61.52
CHANGXING COUNTY TRANSP      7.88     04/30/21   CNY      61.53
CHANGXING URBAN CONSTRU      6.80     11/30/19   CNY      40.17
CHANGXING URBAN CONSTRU      6.80     11/30/19   CNY      40.51
CHANGYI ECONOMIC AND DE      7.35     10/30/20   CNY      55.37
CHANGYI ECONOMIC AND DE      7.35     10/30/20   CNY      55.77
CHANGZHI CITY CONSTRUCT      6.46     02/26/20   CNY      40.24
CHANGZHOU BINHU CONSTRU      8.04     12/12/20   CNY      62.06
CHANGZHOU BINHU CONSTRU      8.04     12/12/20   CNY      62.51
CHANGZHOU HI-TECH GROUP      6.18     03/21/20   CNY      40.27
CHANGZHOU HI-TECH GROUP      6.18     03/21/20   CNY      40.28
CHANGZHOU JINTAN DISTRI      8.30     03/14/19   CNY      20.36
CHANGZHOU JINTAN DISTRI      6.38     04/26/20   CNY      40.11
CHANGZHOU WUJIN CITY CO      6.22     06/08/18   CNY      24.98
CHAOHU URBAN TOWN CONST      7.00     12/24/19   CNY      40.30
CHAOHU URBAN TOWN CONST      7.00     12/24/19   CNY      40.56
CHEN ZHOU GAO KE ASSET       7.25     10/21/20   CNY      60.78
CHEN ZHOU GAO KE ASSET       7.25     10/21/20   CNY      61.00
CHENGDU CITY DEVELOPMEN      6.18     01/14/20   CNY      40.47
CHENGDU CITY DEVELOPMEN      6.18     01/14/20   CNY      40.49
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18   CNY      25.00
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18   CNY      25.06
CHENGDU ECONOMIC&TECHNO      6.55     07/17/19   CNY      40.15
CHENGDU ECONOMIC&TECHNO      6.55     07/17/19   CNY      40.35
CHENGDU HI-TECH INVESTM      6.28     11/20/19   CNY      40.37
CHENGDU LONGBO INVESTME      8.10     04/24/21   CNY      56.00
CHENGDU LONGBO INVESTME      8.10     04/24/21   CNY      61.43
CHENGDU LONGQUANYI STAT      6.90     05/30/21   CNY      60.70
CHENGDU LONGQUANYI STAT      6.90     05/30/21   CNY      61.10
CHENGDU PIDU DISTRICT S      7.25     10/15/20   CNY      60.62
CHENGDU PIDU DISTRICT S      7.25     10/15/20   CNY      60.80
CHENGDU XINCHENG XICHEN      8.35     03/19/19   CNY      20.31
CHENGDU XINCHENG XICHEN      8.35     03/19/19   CNY      20.40
CHENGDU XINDU XIANGCHEN      8.60     12/13/18   CNY      40.51
CHENGDU XINGCHENG INVES      6.17     01/28/20   CNY      40.30
CHENGDU XINGCHENG INVES      6.17     01/28/20   CNY      40.34
CHENGDU XINGJIN URBAN C      7.30     11/27/19   CNY      40.44
CHENGDU XINGJIN URBAN C      7.30     11/27/19   CNY      40.71
CHENGFA INVESTMENT GROU      6.87     04/30/21   CNY      61.10
CHENGFA INVESTMENT GROU      6.87     04/30/21   CNY      61.85
CHENZHOU DEVELOPMENT IN      7.34     09/13/19   CNY      40.20
CHENZHOU DEVELOPMENT IN      7.34     09/13/19   CNY      40.55
CHENZHOU DEVELOPMENT IN      7.29     04/16/21   CNY      61.66
CHENZHOU DEVELOPMENT IN      7.29     04/16/21   CNY      62.24
CHENZHOU XINTIAN INVEST      6.30     07/17/20   CNY      59.96
CHIFENG CITY HONGSHAN I      7.20     07/25/19   CNY      40.15
CHINA ENERGY RESERVE AN      6.25     12/21/18   USD      34.67
CHINA GOVERNMENT BOND        1.64     12/15/33   CNY      74.15
CHINA YIXING ENVIRONMEN      7.10     10/18/20   CNY      60.37
CHIZHOU CONSTRUCTION IN      7.17     10/17/19   CNY      40.43
CHIZHOU CONSTRUCTION IN      7.17     10/17/19   CNY      40.60
CHONGQING BEICHENG CONS      7.30     10/16/20   CNY      60.69
CHONGQING BEIFEI INDUST      7.13     12/25/19   CNY      40.53
CHONGQING CHANGSHOU DEV      7.45     09/25/19   CNY      40.20
CHONGQING CHANGSHOU DEV      7.45     09/25/19   CNY      40.25
CHONGQING CITY CONSTRUC      5.12     05/21/20   CNY      39.67
CHONGQING CITY CONSTRUC      5.12     05/21/20   CNY      39.71
CHONGQING DASUN ASSET D      6.98     09/10/20   CNY      60.62
CHONGQING DAZU DISTRICT      6.75     04/26/20   CNY      40.23
CHONGQING DAZU DISTRICT      6.75     04/26/20   CNY      40.54
CHONGQING FULING DISTRI      8.40     03/23/19   CNY      40.70
CHONGQING FULING DISTRI      8.40     03/23/19   CNY      40.71
CHONGQING FULING DISTRI      7.89     03/20/21   CNY      60.95
CHONGQING FULING DISTRI      7.89     03/20/21   CNY      61.48
CHONGQING FULING STATE-      6.39     01/21/20   CNY      40.09
CHONGQING FULING STATE-      6.39     01/21/20   CNY      40.33
CHONGQING GAOXIN ZONE D      7.80     04/25/21   CNY      62.12
CHONGQING GAOXIN ZONE D      7.80     04/25/21   CNY      62.45
CHONGQING GARDENING IND      8.45     06/03/21   CNY      61.66
CHONGQING HAOJIANG CONS      7.99     11/22/20   CNY      60.72
CHONGQING HAOJIANG CONS      7.99     11/22/20   CNY      60.77
CHONGQING HAOJIANG CONS      8.05     03/06/21   CNY      61.18
CHONGQING HAOJIANG CONS      8.05     03/06/21   CNY      61.59
CHONGQING HECHUAN INDUS      6.19     06/17/20   CNY      60.05
CHONGQING HECHUAN INDUS      6.19     06/17/20   CNY      60.46
CHONGQING HONGRONG CAPI      7.20     10/16/19   CNY      40.20
CHONGQING HONGRONG CAPI      7.20     10/16/19   CNY      40.34
CHONGQING HONGYE INDUST      6.30     06/03/20   CNY      40.13
CHONGQING HONGYE INDUST      6.30     06/03/20   CNY      40.39
CHONGQING JIANGJIN HUAX      7.46     09/21/19   CNY      40.51
CHONGQING JIANGJIN HUAX      7.46     09/21/19   CNY      40.56
CHONGQING JINYUN ASSET       6.75     06/18/19   CNY      40.04
CHONGQING LAND PROPERTI      7.35     04/25/19   CNY      20.48
CHONGQING LAND PROPERTI      6.30     08/22/20   CNY      61.04
CHONGQING LIANGJIANG NE      6.70     04/25/21   CNY      62.07
CHONGQING MAIRUI CITY I      6.82     08/17/19   CNY      40.31
CHONGQING NAN'AN URBAN       8.20     04/09/19   CNY      20.45
CHONGQING NANCHUAN DIST      7.35     09/06/19   CNY      40.23
CHONGQING NANCHUAN DIST      7.35     09/06/19   CNY      40.25
CHONGQING NANFA URBAN C      6.43     04/27/20   CNY      40.05
CHONGQING NANFA URBAN C      6.43     04/27/20   CNY      40.32
CHONGQING QIANJIANG CIT      8.40     03/23/19   CNY      40.71
CHONGQING QIANJIANG CIT      8.40     03/23/19   CNY      40.81
CHONGQING QIANJIANG CIT      8.00     03/21/21   CNY      61.70
CHONGQING QIANJIANG CIT      8.00     03/21/21   CNY      62.40
CHONGQING QIJIANG EAST       6.75     01/29/20   CNY      39.66
CHONGQING SHUANGFU CONS      7.49     10/23/20   CNY      60.19
CHONGQING SHUANGQIAO EC      6.75     04/26/20   CNY      40.25
CHONGQING SHUANGQIAO EC      6.75     04/26/20   CNY      60.22
CHONGQING TAX FREE PORT      7.50     04/24/21   CNY      61.36
CHONGQING TAX FREE PORT      7.50     04/24/21   CNY      82.30
CHONGQING TEA GARDEN IN      7.70     05/20/21   CNY      61.09
CHONGQING THREE GORGES       6.40     01/23/19   CNY      25.00
CHONGQING WANSHENG ECO       6.39     04/17/20   CNY      40.09
CHONGQING WANSHENG ECO       6.39     04/17/20   CNY      40.32
CHONGQING WANSHENG ECO       8.19     04/08/21   CNY      61.08
CHONGQING WANSHENG ECO       8.19     04/08/21   CNY      61.86
CHONGQING WESTERN MODER      7.08     10/18/20   CNY      60.61
CHONGQING WESTERN MODER      7.08     10/18/20   CNY      60.86
CHONGQING XINGRONG HOLD      8.35     04/19/19   CNY      20.22
CHONGQING XINGRONG HOLD      8.35     04/19/19   CNY      20.26
CHONGQING XIYONG MICRO-      6.76     07/25/19   CNY      40.00
CHONGQING XIYONG MICRO-      6.76     07/25/19   CNY      40.34
CHONGQING YONGCHUAN HUI      7.33     10/16/19   CNY      40.44
CHONGQING YONGCHUAN HUI      7.33     10/16/19   CNY      41.00
CHONGQING YONGCHUAN HUI      7.28     05/30/21   CNY      61.08
CHONGQING YONGCHUAN HUI      7.28     05/30/21   CNY      61.14
CHONGQING YUFU HOLDING       6.50     09/04/19   CNY      40.33
CHONGQING YULONG ASSET       6.87     05/31/19   CNY      20.21
CHONGQING YUXING CONSTR      7.30     12/10/19   CNY      39.52
CHONGQING YUXING CONSTR      7.30     12/10/19   CNY      40.57
CHONGQING YUZHONG STATE      7.25     02/26/21   CNY      59.70
CHONGQING YUZHONG STATE      7.25     02/26/21   CNY      60.81
CHUXIONG AUTONOMOUS DEV      6.60     03/29/20   CNY      39.40
CHUXIONG AUTONOMOUS DEV      6.60     03/29/20   CNY      40.28
CHUZHOU CITY CONSTRUCTI      6.81     11/23/19   CNY      40.32
CHUZHOU CITY CONSTRUCTI      6.81     11/23/19   CNY      40.35
CHUZHOU TONGCHUANG CONS      7.05     01/09/20   CNY      40.39
CHUZHOU TONGCHUANG CONS      7.05     01/09/20   CNY      40.65
CIXI STATE OWNED ASSET       6.60     09/20/19   CNY      40.44
CIXI STATE OWNED ASSET       6.60     09/20/19   CNY      40.46
DALI ECONOMIC DEVELOPME      8.80     04/24/19   CNY      20.44
DALI ECONOMIC DEVELOPME      8.30     12/11/20   CNY      60.87
DALI ECONOMIC DEVELOPME      7.90     03/04/21   CNY      61.11
DALI ECONOMIC DEVELOPME      7.90     03/04/21   CNY      61.32
DALI ECONOMIC DEVELOPME      8.30     12/11/20   CNY      61.35
DALIAN CHANGXING ISLAND      6.60     01/25/20   CNY      41.41
DALIAN DETA INVESTMENT       6.50     11/15/19   CNY      40.50
DALIAN LVSHUN CONSTRUCT      6.78     07/02/19   CNY      40.51
DALIAN LVSHUN CONSTRUCT      6.78     07/02/19   CNY      40.55
DALIAN PULANDIAN CONSTR      7.74     04/21/21   CNY      51.31
DALIAN PULANDIAN CONSTR      8.48     12/12/18   CNY      55.75
DALIAN PULANDIAN CONSTR      7.60     11/19/20   CNY      61.70
DALIAN PULANDIAN CONSTR      7.60     11/19/20   CNY      61.71
DALIAN PULANDIAN CONSTR      7.74     04/21/21   CNY      61.76
DALIAN PUWAN ENGINEERIN      7.09     02/20/21   CNY      51.49
DALIAN PUWAN ENGINEERIN      7.09     02/20/21   CNY      60.42
DALIAN PUWAN ENGINEERIN      4.50     02/01/23   CNY      71.48
DALIAN RONGDA INVESTMEN      5.69     12/05/21   CNY      80.00
DALIAN RONGQIANG INVEST      8.60     03/30/19   CNY      40.81
DALIAN RONGQIANG INVEST      8.60     01/20/21   CNY      61.56
DALIAN RONGQIANG INVEST      7.92     04/14/21   CNY      61.86
DALIAN RONGQIANG INVEST      8.60     01/20/21   CNY      62.03
DALIAN RONGQIANG INVEST      7.92     04/14/21   CNY      81.66
DALIAN SHUNXING INVESTM      6.97     10/18/20   CNY      61.10
DALIAN SHUNXING INVESTM      6.97     10/18/20   CNY      61.18
DANGYANG XINYUAN INVEST      7.99     05/23/21   CNY      61.55
DANYANG INVESTMENT GROU      8.10     03/06/19   CNY      20.30
DANYANG INVESTMENT GROU      8.10     03/06/19   CNY      20.35
DANYANG INVESTMENT GROU      6.81     10/23/19   CNY      50.50
DANYANG INVESTMENT GROU      6.90     10/23/20   CNY      59.00
DANYANG INVESTMENT GROU      6.90     10/23/20   CNY      60.95
DAQING GAOXIN STATE-OWN      6.88     12/05/19   CNY      40.14
DAQING URBAN CONSTRUCTI      6.55     10/23/19   CNY      39.99
DAQING URBAN CONSTRUCTI      6.55     10/23/19   CNY      40.30
DAQING URBAN CONSTRUCTI      7.10     03/05/21   CNY      60.75
DAQING URBAN CONSTRUCTI      7.10     03/05/21   CNY      61.05
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      60.64
DAYE CITY CONSTRUCTION       7.30     03/03/21   CNY      60.79
DAYE CITY CONSTRUCTION       7.95     11/27/20   CNY      61.60
DAYE CITY CONSTRUCTION       7.95     11/27/20   CNY      61.61
DAZHOU INVESTMENT CO LT      6.99     12/25/19   CNY      40.37
DAZHOU INVESTMENT CO LT      6.99     12/25/19   CNY      40.37
DEYANG CITY CONSTRUCTIO      6.99     12/26/19   CNY      40.39
DEYANG CITY CONSTRUCTIO      6.99     12/26/19   CNY      40.45
DEYANG ECONOMIC DEVELOP      7.90     04/28/21   CNY      61.49
DEYANG ECONOMIC DEVELOP      7.90     04/28/21   CNY      61.58
DONGTAI COMMUNICATION I      7.39     07/05/18   CNY      25.05
DONGTAI UBAN CONSTRUCTI      7.10     12/26/19   CNY      40.40
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21   CNY      60.65
DONGTAI UBAN CONSTRUCTI      7.58     04/23/21   CNY      61.29
DONGTAI UBAN CONSTRUCTI      7.58     04/23/21   CNY      61.85
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21   CNY      62.36
ENSHI URBAN CONSTRUCTIO      7.55     10/22/19   CNY      40.56
ENSHI URBAN CONSTRUCTIO      7.50     06/03/21   CNY      81.07
EZHOU CITY CONSTRUCTION      7.08     06/19/19   CNY      40.15
EZHOU CITY CONSTRUCTION      7.76     05/15/21   CNY      61.40
EZHOU CITY CONSTRUCTION      7.76     05/15/21   CNY      61.98
FANGCHENGGANG CITY GANG      8.09     04/16/21   CNY      61.66
FANGCHENGGANG CITY GANG      8.09     04/16/21   CNY      84.50
FEICHENG CITY ASSETS MA      7.10     08/14/18   CNY      25.08
FENGCHENG CITY CONSTRUC      7.50     02/28/21   CNY      61.48
FENGCHENG CITY CONSTRUC      7.50     02/28/21   CNY      61.49
FENGCHENG CITY CONSTRUC      8.65     01/14/21   CNY      61.81
FENGHUA CITY INVESTMENT      7.45     09/24/19   CNY      40.62
FENGHUA CITY INVESTMENT      7.80     04/24/21   CNY      61.77
FENGHUA CITY INVESTMENT      7.80     04/24/21   CNY      61.79
FUGU COUNTY STATE-OWNED      8.69     12/16/20   CNY      61.46
FUGU COUNTY STATE-OWNED      8.69     12/16/20   CNY      68.00
FUJIAN JINJIANG URBAN C      6.35     04/26/20   CNY      40.37
FUJIAN LONGYAN CITY CON      7.45     08/14/19   CNY      41.11
FUJIAN NANPING HIGHWAY       6.69     01/28/20   CNY      40.31
FUJIAN NANPING HIGHWAY       7.90     10/26/18   CNY      40.42
FUQING CITY STATE-OWNED      6.66     03/01/21   CNY      56.28
FUZHOU INVESTMENT DEVEL      6.78     01/16/20   CNY      40.30
FUZHOU INVESTMENT DEVEL      6.78     01/16/20   CNY      40.33
FUZHOU JIANGONG GROUP C      6.80     12/10/19   CNY      70.40
FUZHOU JIANGONG GROUP C      6.80     12/10/19   CNY      70.94
FUZHOU URBAN AND RURAL       6.35     09/25/18   CNY      25.09
GANSU PROVINCIAL HIGHWA      6.75     11/16/18   CNY      20.17
GANSU PROVINCIAL HIGHWA      7.20     09/19/18   CNY      40.24
GANSU PROVINCIAL STATE-      5.40     03/06/20   CNY      69.99
GANSU PROVINCIAL STATE-      5.40     03/06/20   CNY      70.33
GANZHOU CITY DEVELOPMEN      6.40     07/10/18   CNY      24.98
GANZHOU DEVELOPMENT ZON      6.70     12/26/18   CNY      25.04
GANZHOU DEVELOPMENT ZON      6.70     12/26/18   CNY      25.07
GANZHOU DEVELOPMENT ZON      7.40     02/19/20   CNY      50.73
GANZHOU DEVELOPMENT ZON      7.40     02/19/20   CNY      50.92
GANZHOU DEVELOPMENT ZON      8.15     12/31/19   CNY      51.19
GANZHOU DEVELOPMENT ZON      8.15     12/31/19   CNY      51.32
GANZHOU DEVELOPMENT ZON      7.43     02/19/21   CNY      61.51
GANZHOU DEVELOPMENT ZON      7.43     02/19/21   CNY      61.55
GAOMI STATE-OWNED ASSET      6.75     11/15/18   CNY      25.03
GAOMI STATE-OWNED ASSET      6.75     11/15/18   CNY      25.07
GAOMI STATE-OWNED ASSET      6.70     11/15/19   CNY      40.26
GAOMI STATE-OWNED ASSET      6.70     11/15/19   CNY      40.38
GOLMUD INVESTMENT HOLDI      8.70     12/30/20   CNY      61.46
GREENLAND HOLDING GROUP      6.24     05/23/20   CNY      49.30
GUANG ZHOU PANYU COMMUN      6.30     04/12/19   CNY      25.00
GUANG ZHOU PANYU COMMUN      6.30     04/12/19   CNY      25.09
GUANGAN INVESTMENT HOLD      8.18     04/25/19   CNY      20.27
GUANGXI BAISE DEVELOPME      6.50     07/04/19   CNY      40.02
GUANGXI BAISE DEVELOPME      6.50     07/04/19   CNY      40.12
GUANGXI LAIBIN URBAN CO      8.36     03/14/19   CNY      40.70
GUANGXI QINZHOU LINHAI       7.68     02/20/21   CNY      60.93
GUANGXI QINZHOU LINHAI       7.68     02/20/21   CNY      62.01
GUANGXI URBAN CONSTRUCT      7.59     04/14/21   CNY      61.59
GUANGXI URBAN CONSTRUCT      7.59     04/14/21   CNY      62.21
GUANGYUAN INVESTMENT HO      7.25     11/26/19   CNY      40.61
GUANGYUAN INVESTMENT HO      7.30     04/22/21   CNY      61.11
GUANGYUAN INVESTMENT HO      7.30     04/22/21   CNY      61.44
GUANGZHOU DEVELOPMENT Z      6.70     08/14/22   CNY      73.18
GUIYANG HI-TECH HOLDING      6.01     12/01/19   CNY      50.02
GUIYANG JINYANG CONSTRU      6.70     10/24/18   CNY      25.07
GUIYANG JINYANG CONSTRU      6.70     10/24/18   CNY      25.15
GUIYANG URBAN DEVELOPME      6.20     02/28/20   CNY      39.60
GUIZHOU KAILI CITY CONS      8.30     12/12/20   CNY      62.20
GUIZHOU KAILI CITY CONS      7.80     02/21/21   CNY      62.58
GUIZHOU KAILI CITY CONS      8.30     12/12/20   CNY      62.96
GUOAO INVESTMENT DEVELO      6.89     10/29/18   CNY      25.12
GUOAO INVESTMENT DEVELO      6.89     10/29/18   CNY      25.13
HAICHENG URBAN INVESTME      8.39     11/07/18   CNY      40.39
HAICHENG URBAN JINCAI L      8.56     12/19/20   CNY      60.68
HAICHENG URBAN JINCAI L      8.17     04/16/21   CNY      61.23
HAICHENG URBAN JINCAI L      8.56     12/19/20   CNY      65.00
HAILAR DISTRICT URBAN I      6.20     05/14/20   CNY      40.40
HAIMEN CITY DEVELOPMENT      8.35     03/20/19   CNY      20.98
HAIMEN COMMUNICATION IN      8.00     03/18/21   CNY      62.89
HAINAN HARBOR & SHIPPIN      6.80     10/18/19   CNY      70.39
HAINAN HARBOR & SHIPPIN      6.80     10/18/19   CNY      70.73
HAINAN JINHAI PULP & PA      6.10     04/15/20   CNY      70.01
HAINAN JINHAI PULP & PA      6.10     04/15/20   CNY      70.02
HAINING CITY JIANSHAN D      6.90     11/04/20   CNY      60.93
HAINING CITY JIANSHAN D      6.90     11/04/20   CNY      61.41
HAINING STATE-OWNED ASS      6.08     03/06/20   CNY      40.00
HAINING STATE-OWNED ASS      7.80     09/20/18   CNY      40.25
HAINING STATE-OWNED ASS      7.80     09/20/18   CNY      40.26
HAINING STATE-OWNED ASS      6.08     03/06/20   CNY      40.35
HAIXI STATE DEVELOPMENT      8.60     01/02/21   CNY      61.84
HAIXI STATE DEVELOPMENT      8.60     01/02/21   CNY      61.85
HAIYAN COUNTY STATE-OWN      7.00     09/04/20   CNY      61.08
HAIYAN COUNTY STATE-OWN      7.00     09/04/20   CNY      61.18
HANDAN CITY DEVELOPMENT      7.05     12/24/19   CNY      40.65
HANDAN CITY DEVELOPMENT      7.05     12/24/19   CNY      40.86
HANDAN CITY DEVELOPMENT      7.60     11/25/20   CNY      61.88
HANGZHOU CANAL COMPREHE      6.00     04/02/20   CNY      39.88
HANGZHOU CANAL COMPREHE      6.00     04/02/20   CNY      40.34
HANGZHOU FUYANG CITY CO      7.20     03/19/21   CNY      61.77
HANGZHOU FUYANG CITY CO      7.20     03/19/21   CNY      61.82
HANGZHOU HIGH-TECH INDU      6.45     01/28/20   CNY      40.37
HANGZHOU HIGH-TECH INDU      6.45     01/28/20   CNY      40.51
HANGZHOU XIAOSHAN ECO&T      6.70     12/26/18   CNY      25.08
HANGZHOU XIAOSHAN ECO&T      6.70     12/26/18   CNY      25.15
HANGZHOU XIAOSHAN ECO&T      6.90     05/13/21   CNY      60.89
HANGZHOU XIAOSHAN ECO&T      6.90     05/13/21   CNY      61.55
HANGZHOU YUHANG CITY CO      7.55     03/29/19   CNY      20.41
HANGZHOU YUHANG CITY CO      7.00     03/03/21   CNY      61.00
HANGZHOU YUHANG CITY CO      7.00     03/03/21   CNY      61.45
HANGZHOU YUHANG ECONOMI      7.45     03/03/21   CNY      60.00
HANGZHOU YUHANG ECONOMI      7.45     03/03/21   CNY      61.93
HANGZHOU YUHANG INNOVAT      6.50     03/18/20   CNY      40.68
HANGZHOU YUHANG TRANSPO      7.19     04/18/21   CNY      61.48
HANGZHOU YUHANG TRANSPO      7.19     04/18/21   CNY      61.79
HANJIANG STATE-OWNED-AS      8.12     01/12/19   CNY      20.22
HANJIANG STATE-OWNED-AS      8.12     01/12/19   CNY      20.27
HANJIANG STATE-OWNED-AS      7.30     11/11/20   CNY      61.32
HANJIANG STATE-OWNED-AS      7.30     11/11/20   CNY      61.38
HARBIN HELI INVESTMENT       7.48     09/26/18   CNY      40.18
HARBIN HELI INVESTMENT       7.48     09/26/18   CNY      40.25
HARBIN HELI INVESTMENT       7.10     05/27/21   CNY      61.06
HARBIN HELI INVESTMENT       6.87     05/27/21   CNY      61.24
HARBIN HELI INVESTMENT       7.10     05/27/21   CNY      61.97
HARBIN HELI INVESTMENT       6.87     05/27/21   CNY      62.73
HARBIN HIGH-TECH INDUST      7.00     09/16/20   CNY      61.47
HARBIN HIGH-TECH INDUST      7.00     09/16/20   CNY      61.49
HEBEI BOHAI INVESTMENT       6.90     06/30/20   CNY      74.55
HEFEI BINHU NEW ZONE CO      6.35     06/13/19   CNY      70.30
HEFEI BINHU NEW ZONE CO      6.35     06/13/19   CNY      70.45
HEFEI GAOXIN DEVELOPMEN      7.98     03/22/19   CNY      40.63
HEFEI GAOXIN DEVELOPMEN      7.98     03/22/19   CNY      40.78
HEFEI GAOXIN DEVELOPMEN      6.90     03/12/20   CNY      72.59
HEFEI HAIHENG INVESTMEN      7.30     06/12/19   CNY      40.17
HEFEI INDUSTRIAL INVEST      6.30     03/20/20   CNY      40.28
HEFEI INDUSTRIAL INVEST      6.30     03/20/20   CNY      40.35
HEFEI TAOHUA INDUSTRIAL      8.79     03/27/19   CNY      20.41
HEFEI TAOHUA INDUSTRIAL      7.80     04/09/21   CNY      61.29
HEFEI TAOHUA INDUSTRIAL      7.80     04/09/21   CNY      61.75
HEFEI XINCHENG STATE-OW      7.88     04/23/19   CNY      20.23
HEGANG KAIYUAN CITY INV      6.50     07/19/19   CNY      40.12
HEIHE CITY CONSTRUCTION      8.48     03/23/19   CNY      40.69
HEILONGJIANG HECHENG CO      7.05     06/21/22   CNY      69.65
HEILONGJIANG HECHENG CO      7.05     06/21/22   CNY      70.35
HEILONGJIANG POST-DISAS      7.06     11/20/20   CNY      74.80
HENAN JIYUAN CITY CONST      7.50     09/25/19   CNY      40.59
HENGYANG CITY CONSTRUCT      7.06     08/13/19   CNY      40.45
HENGYANG CITY CONSTRUCT      7.06     08/13/19   CNY      40.45
HENGYANG HONGXIANG STAT      6.20     06/19/20   CNY      60.09
HENGYANG HONGXIANG STAT      6.20     06/19/20   CNY      60.41
HENGYANG XIANGJIANG WAT      7.40     04/23/21   CNY      61.10
HENGYANG XIANGJIANG WAT      7.40     04/23/21   CNY      61.36
HEYUAN CITY URBAN DEVEL      6.55     03/19/20   CNY      40.10
HEYUAN CITY URBAN DEVEL      6.55     03/19/20   CNY      40.24
HEZE INVESTMENT DEVELOP      7.14     03/24/21   CNY      62.04
HEZE INVESTMENT DEVELOP      7.14     03/24/21   CNY      62.07
HEZHOU URBAN CONSTRUCTI      8.16     05/16/21   CNY      61.36
HONGHEZHOU ROAD DEVELOP      6.27     05/06/20   CNY      37.00
HONGHEZHOU ROAD DEVELOP      6.27     05/06/20   CNY      40.09
HUACHEN ENERGY CO LTD        6.63     05/18/20   USD      69.70
HUAIAN CITY URBAN ASSET      6.87     12/26/19   CNY      40.61
HUAIAN CITY WATER HOLDI      8.25     03/08/19   CNY      20.46
HUAIAN CITY WATER HOLDI      8.25     03/08/19   CNY      20.58
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19   CNY      40.28
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19   CNY      40.31
HUAI'AN DEVELOPMENT HOL      7.30     03/10/21   CNY      61.11
HUAI'AN DEVELOPMENT HOL      7.30     03/10/21   CNY      61.87
HUAIAN NEW CITY INVESTM      7.45     03/04/21   CNY      61.21
HUAIAN NEW CITY INVESTM      7.45     03/04/21   CNY      61.44
HUAIAN QINGHE NEW AREA       6.68     01/24/20   CNY      40.14
HUAIAN QINGHE NEW AREA       6.68     01/24/20   CNY      40.33
HUAIBEI CITY CONSTRUCTI      6.68     12/17/18   CNY      25.10
HUAIHUA CITY INDUSTRIAL      7.70     10/29/20   CNY      58.20
HUAIHUA CITY INDUSTRIAL      7.70     10/29/20   CNY      60.99
HUANGGANG CITY CONSTRUC      7.10     10/19/19   CNY      40.39
HUANGGANG CITY CONSTRUC      7.10     10/19/19   CNY      40.55
HUANGGANG CITY CONSTRUC      7.45     03/04/21   CNY      61.64
HUANGGANG CITY CONSTRUC      7.45     03/04/21   CNY      61.71
HUANGGANG CITY CONSTRUC      8.60     12/25/20   CNY      62.66
HUANGGANG CITY CONSTRUC      8.60     12/25/20   CNY      63.50
HUANGSHI CIHU HIGH-TECH      8.70     12/05/20   CNY      61.93
HUANGSHI CIHU HIGH-TECH      9.30     01/21/21   CNY      62.65
HUANGSHI URBAN CONSTRUC      6.96     10/25/19   CNY      40.37
HUBEI QUANZHOU YANGTZE       6.50     04/02/20   CNY      70.27
HUBEI QUANZHOU YANGTZE       6.50     04/02/20   CNY      70.82
HUBEI YIHUA CHEMICAL IN      6.00     03/26/20   CNY      69.51
HUIAN STATE ASSETS INVE      7.50     10/15/19   CNY      40.56
HUIAN STATE ASSETS INVE      7.50     10/15/19   CNY      40.56
HULUDAO INVESTMENT GROU      7.05     10/18/20   CNY      60.28
HULUDAO INVESTMENT GROU      7.05     10/18/20   CNY      60.30
HUNAN CHANGDE DEYUAN IN      7.18     10/18/18   CNY      25.04
HUNAN CHENGLINGJI HARBO      7.70     10/15/18   CNY      25.05
HUNAN CHENGLINGJI HARBO      7.70     10/15/18   CNY      25.16
HUNAN TIER GROUP CO LTD      7.10     03/03/21   CNY      61.20
HUNAN TIER GROUP CO LTD      7.10     03/03/21   CNY      61.81
HUNAN TIER GROUP CO LTD      8.00     12/23/20   CNY      62.36
HUNAN TIER GROUP CO LTD      8.00     12/23/20   CNY      65.00
HUNAN XIANGJIANG NEW AR      7.36     03/17/21   CNY      61.77
HUNAN XIANGJIANG NEW AR      7.36     03/17/21   CNY      61.99
HUNAN ZHAOSHAN ECONOMIC      7.00     12/12/18   CNY      25.20
HUZHOU CITY INVESTMENT       6.70     12/14/19   CNY      40.49
HUZHOU NANXUN STATE-OWN      8.15     03/31/19   CNY      20.20
HUZHOU WUXING NANTAIHU       8.79     01/16/21   CNY      60.50
HUZHOU WUXING NANTAIHU       8.79     01/16/21   CNY      62.16
HUZHOU XISAISHAN DEVELO      7.80     04/29/21   CNY      61.46
HUZHOU XISAISHAN DEVELO      7.80     04/29/21   CNY      61.71
INNER MONGLIA SHENG MU       4.75     06/01/21   CNY      57.00
INNER MONGLIA SHENG MU       4.48     12/28/20   CNY      67.00
INNER MONGOLIA KE'ERQIN      7.75     09/24/19   CNY      40.29
JIAMUSI NEW ERA INFRAST      8.25     03/22/19   CNY      20.32
JIAMUSI NEW ERA INFRAST      7.90     02/26/21   CNY      61.21
JIAMUSI NEW ERA INFRAST      7.90     02/26/21   CNY      61.36
JIAN CITY CONSTRUCTION       7.80     04/20/19   CNY      20.15
JIAN CITY CONSTRUCTION       7.80     04/20/19   CNY      20.22
JIAN CITY CONSTRUCTION       6.96     05/15/21   CNY      60.91
JIAN CITY CONSTRUCTION       6.96     05/15/21   CNY      61.08
JIAN CITY JINGANGSHAN D      7.99     06/03/21   CNY      60.76
JIANAN INVESTMENT HOLDI      7.68     09/04/19   CNY      40.45
JIANAN INVESTMENT HOLDI      7.68     09/04/19   CNY      40.70
JIANAN INVESTMENT HOLDI      6.85     05/23/21   CNY      61.21
JIANAN INVESTMENT HOLDI      6.85     05/23/21   CNY      61.74
JIANGDONG HOLDING GROUP      6.90     03/27/19   CNY      20.22
JIANGDONG HOLDING GROUP      7.14     04/24/21   CNY      60.38
JIANGDONG HOLDING GROUP      7.14     04/24/21   CNY      60.84
JIANGMEN BINJIANG CONST      6.60     02/28/20   CNY      37.92
JIANGMEN BINJIANG CONST      6.60     02/28/20   CNY      40.21
JIANGMEN NEW HI-TECH IN      7.39     11/04/20   CNY      60.50
JIANGMEN NEW HI-TECH IN      7.39     11/04/20   CNY      61.15
JIANGSU FURUDONGHAI DEV      7.09     09/13/20   CNY      60.51
JIANGSU FURUDONGHAI DEV      7.09     09/13/20   CNY      60.66
JIANGSU HANRUI INVESTME      8.16     03/01/19   CNY      19.78
JIANGSU HANRUI INVESTME      8.16     03/01/19   CNY      20.24
JIANGSU HUAJING ASSETS       6.00     05/16/20   CNY      39.62
JIANGSU HUAJING ASSETS       6.00     05/16/20   CNY      60.00
JIANGSU JINGUAN INVESTM      6.40     01/28/19   CNY      24.85
JIANGSU JINGUAN INVESTM      7.90     04/08/21   CNY      61.49
JIANGSU JINGUAN INVESTM      7.90     04/08/21   CNY      61.65
JIANGSU JINTAN GUOFA IN      6.85     05/30/21   CNY      60.59
JIANGSU JINTAN GUOFA IN      6.85     05/30/21   CNY      61.14
JIANGSU JURONG FUDI BIO      8.70     04/26/19   CNY      40.98
JIANGSU LIANYUN DEVELOP      6.10     06/19/19   CNY      39.97
JIANGSU NEWHEADLINE DEV      7.00     08/27/20   CNY      55.56
JIANGSU NEWHEADLINE DEV      7.00     08/27/20   CNY      55.71
JIANGSU SUHAI INVESTMEN      7.20     11/07/19   CNY      40.30
JIANGSU SUHAI INVESTMEN      7.20     11/07/19   CNY      40.40
JIANGSU SUHAI INVESTMEN      7.28     05/29/21   CNY      60.97
JIANGSU SUHAI INVESTMEN      7.28     05/29/21   CNY      61.34
JIANGSU TAICANG PORT DE      7.66     05/16/19   CNY      20.33
JIANGSU TAICANG PORT DE      7.40     04/28/21   CNY      61.28
JIANGSU TAICANG PORT DE      7.40     04/28/21   CNY      61.51
JIANGSU WUZHONG ECONOMI      8.05     12/16/18   CNY      40.55
JIANGSU WUZHONG ECONOMI      8.05     12/16/18   CNY      40.55
JIANGSU XISHAN ECONOMIC      6.99     11/01/19   CNY      40.27
JIANGSU XISHAN ECONOMIC      6.99     11/01/19   CNY      40.39
JIANGSU YIXING ECONOMIC      7.69     04/18/21   CNY      60.68
JIANGSU YIXING ECONOMIC      7.69     04/18/21   CNY      60.95
JIANGSU ZHANGJIAGANG EC      6.98     11/16/19   CNY      40.40
JIANGSU ZHANGJIAGANG EC      6.98     11/16/19   CNY      40.53
JIANGXI HEJI INVESTMENT      8.00     09/04/19   CNY      40.30
JIANGXI HEJI INVESTMENT      8.00     09/04/19   CNY      40.38
JIANGXI PINGXIANG CHANG      8.18     05/22/21   CNY      60.90
JIANGXI PINGXIANG CHANG      8.18     05/22/21   CNY      62.33
JIANGXI PROVINCE SITONG      8.20     04/18/21   CNY      58.80
JIANGXI PROVINCE SITONG      8.20     04/18/21   CNY      62.42
JIANGYIN CITY CONSTRUCT      7.20     06/11/19   CNY      40.25
JIANGYIN CITY CONSTRUCT      7.20     06/11/19   CNY      40.30
JIANGYIN GAOXIN DISTRIC      6.60     02/27/20   CNY      40.41
JIANGYIN LINGANG NEW CI      7.10     11/07/20   CNY      60.61
JIANHU URBAN CONSTRUCTI      6.50     02/22/20   CNY      40.27
JIASHAN ECONOMIC DEVELO      7.05     12/03/19   CNY      40.28
JIASHAN ECONOMIC DEVELO      7.05     12/03/19   CNY      40.43
JIASHAN STATE-OWNED ASS      6.80     06/06/19   CNY      40.15
JIAXING CITY CULTURE MI      8.16     03/08/19   CNY      20.43
JIAXING CITY NANHU NEW       7.45     02/26/21   CNY      61.83
JIAXING ECONOMIC&TECHNO      6.78     06/14/19   CNY      40.13
JIAXING ECONOMIC&TECHNO      6.78     06/14/19   CNY      40.13
JIAXING ECONOMIC&TECHNO      7.89     03/05/21   CNY      61.45
JIAXING ECONOMIC&TECHNO      7.89     03/05/21   CNY      62.11
JILIN CITY CONSTRUCTION      6.34     02/26/20   CNY      40.11
JILIN CITY CONSTRUCTION      6.34     02/26/20   CNY      40.36
JILIN RAILWAY INVESTMEN      7.18     03/04/21   CNY      60.82
JILIN RAILWAY INVESTMEN      6.63     06/26/19   CNY      70.29
JIMO CITY URBAN DEVELOP      8.10     12/17/19   CNY      50.92
JINAN CITY CONSTRUCTION      6.80     03/20/21   CNY      61.80
JINAN CITY CONSTRUCTION      6.80     03/20/21   CNY      61.98
JINAN XIAOQINGHE DEVELO      7.15     09/05/19   CNY      40.00
JINAN XIAOQINGHE DEVELO      7.15     09/05/19   CNY      40.52
JINGDEZHEN STATE-OWNED       6.59     06/25/20   CNY      60.20
JINGDEZHEN STATE-OWNED       6.59     06/25/20   CNY      60.24
JINGHONG STATE-OWNED AS      8.08     05/23/21   CNY      59.85
JINGHONG STATE-OWNED AS      8.08     05/23/21   CNY      62.18
JINGJIANG BINJIANG XINC      6.80     10/23/18   CNY      24.98
JINGMEN CITY CONSTRUCTI      7.00     10/17/20   CNY      60.81
JINGMEN CITY CONSTRUCTI      7.00     10/17/20   CNY      61.06
JINGMEN CITY CONSTRUCTI      6.85     07/09/22   CNY      71.06
JINGZHOU ECONOMIC TECHN      8.20     12/09/20   CNY      61.52
JINGZHOU URBAN CONSTRUC      7.98     04/24/19   CNY      20.32
JINING CITY CONSTRUCTIO      8.30     12/31/18   CNY      20.23
JINING CITY YANZHOU DIS      5.90     05/28/21   CNY      55.36
JINING HI-TECH TOWN CON      6.60     01/28/20   CNY      40.35
JINING HI-TECH TOWN CON      6.60     01/28/20   CNY      40.52
JINING WATER SUPPLY GRO      7.18     01/22/20   CNY      40.36
JINSHAN STATE-OWNED ASS      6.65     11/27/19   CNY      40.50
JINZHONG CITY PUBLIC IN      6.50     03/18/20   CNY      40.38
JINZHOU CITY INVESTMENT      7.08     06/13/19   CNY      40.12
JINZHOU CITY INVESTMENT      7.08     06/13/19   CNY      40.13
JINZHOU CITY INVESTMENT      8.50     12/27/20   CNY      62.01
JINZHOU CITY INVESTMENT      8.50     12/27/20   CNY      62.35
JINZHOU HUAXING INVESTM      9.10     01/21/21   CNY      60.90
JINZHOU HUAXING INVESTM      8.38     02/25/21   CNY      61.44
JINZHOU HUAXING INVESTM      8.38     02/25/21   CNY      61.64
JINZHOU HUAXING INVESTM      9.10     01/21/21   CNY      61.84
JISHOU HUATAI STATE OWN      7.37     12/12/19   CNY      40.36
JISHOU HUATAI STATE OWN      7.37     12/12/19   CNY      40.50
JIUJIANG CITY CONSTRUCT      8.49     02/23/19   CNY      20.39
JIUJIANG FUHE CONSTRUCT      6.10     03/19/19   CNY      24.90
JIUJIANG FUHE CONSTRUCT      6.10     03/19/19   CNY      24.93
JIUJIANG STATE-OWNED AS      6.68     03/07/20   CNY      40.00
JIUJIANG STATE-OWNED AS      6.68     03/07/20   CNY      40.43
JIUQUAN ECONOMIC DEVELO      7.40     02/26/21   CNY      60.29
JIXI STATE OWN ASSET MA      7.18     11/08/19   CNY      40.16
KAIFENG DEVELOPMENT INV      6.47     07/11/19   CNY      40.16
KAIYUAN CITY TOWN CONST      7.88     02/24/21   CNY      59.52
KAIYUAN CITY TOWN CONST      7.88     02/24/21   CNY      61.47
KARAMAY URBAN CONSTRUCT      7.15     09/04/19   CNY      40.76
KARAMAY URBAN CONSTRUCT      7.15     09/04/19   CNY      40.86
KARAMAY URBAN CONSTRUCT      7.15     04/22/21   CNY      61.43
KARAMAY URBAN CONSTRUCT      7.15     04/22/21   CNY      63.80
KASHI URBAN CONSTRUCTIO      7.18     11/27/19   CNY      40.30
KASHI URBAN CONSTRUCTIO      7.18     11/27/19   CNY      40.47
KIZILSU KIRGHIZ AUTONOM      7.15     09/16/20   CNY      60.50
KIZILSU KIRGHIZ AUTONOM      7.15     09/16/20   CNY      61.25
KUERLE CITY CONSTRUCTIO      7.48     09/10/18   CNY      25.01
KUERLE CITY CONSTRUCTIO      7.48     09/10/18   CNY      25.05
KUERLE CITY CONSTRUCTIO      6.99     05/20/20   CNY      50.58
KUERLE CITY CONSTRUCTIO      6.99     05/20/20   CNY      50.88
KUNMING DIANCHI INVESTM      6.50     02/01/20   CNY      40.21
KUNMING INDUSTRIAL DEVE      6.46     10/23/19   CNY      40.10
KUNMING INDUSTRIAL DEVE      6.46     10/23/19   CNY      40.10
KUNSHAN COMMUNICATION D      6.95     05/22/21   CNY      61.67
KUNSHAN COMMUNICATION D      6.95     05/22/21   CNY      61.78
KUNSHAN ENTREPRENEUR HO      6.28     11/07/19   CNY      40.20
KUNSHAN ENTREPRENEUR HO      6.28     11/07/19   CNY      40.38
KUNSHAN HITECH INDUSTRI      7.10     03/26/21   CNY      61.16
KUNSHAN HITECH INDUSTRI      7.10     03/26/21   CNY      61.82
KUNSHAN HUAQIAO INTERNA      7.98     12/30/18   CNY      20.24
LAIWU CITY ECONOMIC DEV      7.08     02/28/21   CNY      58.34
LAIWU CITY ECONOMIC DEV      7.08     02/28/21   CNY      61.33
LANZHOU CITY DEVELOPMEN      8.20     12/15/18   CNY      40.53
LANZHOU NEW AREA INVEST      8.30     04/29/21   CNY      61.18
LEQING CITY STATE OWNED      6.50     06/29/19   CNY      40.17
LIAONING COASTAL ECONOM      8.90     04/01/21   CNY      11.35
LIAONING COASTAL ECONOM      8.90     04/01/21   CNY      11.64
LIAOYANG CITY ASSETS OP      6.88     06/13/18   CNY      34.97
LIAOYANG CITY ASSETS OP      6.88     06/13/18   CNY      35.00
LIAOYUAN STATE-OWNED AS      8.17     03/13/19   CNY      20.00
LIAOYUAN STATE-OWNED AS      8.17     03/13/19   CNY      20.12
LILING LUJIANG INVESTME      8.10     05/22/21   CNY      61.62
LINCANG STATE-OWNED ASS      6.58     04/11/20   CNY      40.22
LINFEN CITY INVESTMENT       6.20     05/23/20   CNY      40.02
LINFEN CITY INVESTMENT       7.23     02/22/19   CNY      50.49
LINFEN YAODU DISTRICT I      6.99     09/27/20   CNY      59.79
LINHAI CITY INFRASTRUCT      6.30     03/21/20   CNY      40.27
LINHAI CITY INFRASTRUCT      6.30     03/21/20   CNY      40.30
LINYI CITY ASSET MANAGE      6.68     12/12/19   CNY      40.54
LINYI ECONOMIC DEVELOPM      8.26     09/24/19   CNY      40.80
LINYI ECONOMIC DEVELOPM      7.70     04/16/21   CNY      61.43
LINYI ECONOMIC DEVELOPM      7.70     04/16/21   CNY      62.00
LINZHOU ECONOMIC & TECH      8.30     04/25/20   CNY      50.93
LINZHOU ECONOMIC & TECH      8.30     04/25/20   CNY      51.56
LISHUI CITY CONSTRUCTIO      6.00     05/23/20   CNY      40.26
LISHUI URBAN CONSTRUCTI      5.80     05/29/20   CNY      39.83
LISHUI URBAN CONSTRUCTI      5.80     05/29/20   CNY      39.84
LIUZHOU CITY INVESTMENT      7.18     12/31/22   CNY      69.56
LIUZHOU DONGCHENG INVES      8.30     02/15/19   CNY      20.38
LIUZHOU DONGCHENG INVES      7.40     10/29/20   CNY      61.08
LIUZHOU DONGCHENG INVES      7.40     10/29/20   CNY      61.17
LIUZHOU INVESTMENT HOLD      6.98     08/15/19   CNY      40.23
LIYANG CITY CONSTRUCTIO      8.20     11/08/18   CNY      33.71
LIYANG CITY CONSTRUCTIO      6.20     03/08/20   CNY      40.17
LIYANG CITY CONSTRUCTIO      6.20     03/08/20   CNY      40.18
LOUDI CITY CONSTRUCTION      7.28     10/19/18   CNY      25.10
LOUDI CITY CONSTRUCTION      7.28     10/19/18   CNY      25.13
LOUDI CITY CONSTRUCTION      7.95     04/15/21   CNY      61.73
LOUDI CITY CONSTRUCTION      7.95     04/15/21   CNY      62.27
LU'AN CITY CONSTRUCTION      7.50     04/17/21   CNY      61.10
LU'AN CITY CONSTRUCTION      7.50     04/17/21   CNY      61.44
LU'AN CITY CONSTRUCTION      8.00     12/02/20   CNY      61.51
LU'AN CITY CONSTRUCTION      8.00     12/02/20   CNY      62.22
LUOHE CITY CONSTRUCTION      6.99     10/30/19   CNY      40.45
MAANSHAN ECONOMIC TECHN      7.10     12/20/19   CNY      40.34
MAOMIN CITY TRANSPORTAT      6.90     05/28/21   CNY      61.50
MEISHAN CITY ASSET OPER      7.84     02/26/21   CNY      61.37
MEISHAN CITY ASSET OPER      7.84     02/26/21   CNY      61.92
MEISHAN HONGDA CONSTRUC      6.56     06/19/20   CNY      58.26
MEISHAN HONGDA CONSTRUC      6.56     06/19/20   CNY      60.45
MEIZHOU KANGDA HIGHWAY       6.95     09/10/20   CNY      60.45
MEIZHOU KANGDA HIGHWAY       6.95     09/10/20   CNY      60.83
MIANYANG INVESTMENT HOL      7.70     03/26/19   CNY      40.58
MIANYANG SCIENCE TECHNO      7.16     05/15/19   CNY      20.17
MIANYANG SCIENCE TECHNO      6.30     07/22/18   CNY      27.49
MINXIXINGHANG STATE-OWN      6.20     03/26/19   CNY      25.14
MINXIXINGHANG STATE-OWN      6.20     03/26/19   CNY      50.00
MUDANJIANG STATE-OWNED       7.08     08/30/19   CNY      39.76
MUDANJIANG STATE-OWNED       7.08     08/30/19   CNY      40.25
MUDANJIANG STATE-OWNED       7.70     04/14/21   CNY      60.12
MUDANJIANG STATE-OWNED       7.70     04/14/21   CNY      60.82
NANCHANG CITY CONSTRUCT      6.19     02/20/20   CNY      40.40
NANCHANG CITY CONSTRUCT      6.19     02/20/20   CNY      40.57
NANCHANG COUNTY URBAN C      6.50     07/17/19   CNY      50.21
NANCHANG COUNTY URBAN C      6.50     07/17/19   CNY      50.24
NANCHANG ECONOMY TECHNO      6.88     01/09/20   CNY      40.22
NANCHANG MUNICIPAL PUBL      5.88     02/25/20   CNY      40.38
NANCHANG MUNICIPAL PUBL      5.88     02/25/20   CNY      40.41
NANCHANG WATER CONSERVA      6.28     06/21/20   CNY      60.30
NANCHANG WATER CONSERVA      6.28     06/21/20   CNY      60.53
NANCHONG DEVELOPMENT IN      6.69     01/28/20   CNY      40.31
NANCHONG ECONOMIC DEVEL      8.16     04/26/19   CNY      20.22
NANCHONG ECONOMIC DEVEL      8.28     04/21/21   CNY      60.98
NANCHONG ECONOMIC DEVEL      8.28     04/21/21   CNY      62.32
NANJING JIANGBEI NEW AR      6.94     09/07/19   CNY      40.43
NANJING JIANGBEI NEW AR      6.94     09/07/19   CNY      40.47
NANJING JIANGNING SCIEN      7.29     04/28/19   CNY      20.23
NANJING PUKOU ECONOMIC       7.10     10/08/19   CNY      40.28
NANJING STATE OWNED ASS      5.40     03/06/20   CNY      40.32
NANJING STATE OWNED ASS      5.60     03/06/23   CNY      71.08
NANJING STATE OWNED ASS      5.60     03/06/23   CNY      71.17
NANJING URBAN CONSTRUCT      5.68     11/26/18   CNY      25.00
NANJING URBAN CONSTRUCT      5.68     11/26/18   CNY      25.11
NANJING XINGANG DEVELOP      6.80     01/08/20   CNY      40.00
NANJING XINGANG DEVELOP      6.80     01/08/20   CNY      40.65
NANPING CITY WUYI NEW D      6.70     08/06/20   CNY      60.56
NANTONG CHONGCHUAN URBA      7.15     04/18/21   CNY      60.84
NANTONG CHONGCHUAN URBA      7.15     04/18/21   CNY      61.44
NANTONG CITY GANGZHA DI      7.15     01/09/20   CNY      40.51
NANTONG CITY GANGZHA DI      7.15     01/09/20   CNY      40.59
NANTONG CITY TONGZHOU D      6.80     05/28/19   CNY      20.17
NANTONG ECONOMIC & TECH      5.80     05/17/20   CNY      39.97
NANTONG ECONOMIC & TECH      5.80     05/17/20   CNY      60.08
NANYANG INVESTMENT GROU      7.05     10/24/20   CNY      60.53
NANYANG INVESTMENT GROU      7.05     10/24/20   CNY      61.06
NEIJIANG INVESTMENT HOL      7.00     07/19/18   CNY      24.94
NEIJIANG INVESTMENT HOL      7.00     07/19/18   CNY      25.03
NEIJIANG INVESTMENT HOL      7.99     04/24/21   CNY      61.61
NEIJIANG INVESTMENT HOL      7.99     04/24/21   CNY      61.81
NINGBO CITY HAISHU GUAN      7.75     03/06/21   CNY      61.28
NINGBO CITY HAISHU GUAN      7.75     03/06/21   CNY      61.29
NINGBO CITY YINZHOU CIT      6.50     03/18/20   CNY      39.97
NINGBO EASTERN NEW TOWN      6.45     01/21/20   CNY      39.92
NINGBO ECONOMIC & TECHN      7.09     04/21/21   CNY      61.04
NINGBO ECONOMIC & TECHN      7.09     04/21/21   CNY      61.05
NINGBO ZHENHAI HAIJIANG      6.65     11/28/18   CNY      25.16
NINGGUO CITY STATE OWNE      8.70     04/28/21   CNY      61.11
NINGHAI COUNTY URBAN IN      7.99     04/16/21   CNY      60.60
NINGHAI COUNTY URBAN IN      8.00     01/02/21   CNY      61.48
NINGHAI COUNTY URBAN IN      8.00     01/02/21   CNY      61.64
NINGHAI COUNTY URBAN IN      7.99     04/16/21   CNY      63.15
NINGXIANG ECONOMIC TECH      8.20     04/16/21   CNY      62.33
NINGXIANG ECONOMIC TECH      8.20     04/16/21   CNY      62.70
PANZHIHUA STATE OWNED A      7.60     03/05/21   CNY      61.09
PANZHIHUA STATE OWNED A      7.60     03/05/21   CNY      62.30
PEIXIAN STATE-OWNED ASS      7.20     12/06/19   CNY      40.16
PEIXIAN STATE-OWNED ASS      7.20     12/06/19   CNY      40.42
PINGDINGSHAN CITY DEVEL      7.86     05/08/19   CNY      20.23
PINGDINGSHAN CITY DEVEL      7.86     05/08/19   CNY      20.40
PINGDU CITY STATE OWNED      7.25     11/05/20   CNY      61.40
PINGDU CITY STATE OWNED      7.25     11/05/20   CNY      61.57
PINGHU CITY INVESTMENT       7.20     09/18/19   CNY      39.95
PINGHU CITY INVESTMENT       7.20     09/18/19   CNY      40.22
PINGHU ECONOMIC DEVELOP      7.99     04/17/21   CNY      61.65
PINGHU ECONOMIC DEVELOP      7.99     04/17/21   CNY      63.00
PINGLIANG CHENGXIANG CO      7.10     09/17/20   CNY      60.54
PINGTAN COMPOSITE EXPER      6.58     03/15/20   CNY      40.34
PINGTAN COMPOSITE EXPER      6.58     03/15/20   CNY      41.08
PINGXIANG URBAN CONSTRU      6.89     12/10/19   CNY      36.13
PIZHOU RUNCHENG ASSET O      7.55     09/25/19   CNY      40.40
PIZHOU RUNCHENG ASSET O      7.55     09/25/19   CNY      40.55
PIZHOU RUNCHENG ASSET O      7.88     04/16/21   CNY      61.49
PIZHOU RUNCHENG ASSET O      7.88     04/16/21   CNY      61.87
PUER CITY STATE OWNED A      7.38     06/20/19   CNY      40.24
PUTIAN STATE-OWNED ASSE      8.10     03/21/19   CNY      20.34
PUTIAN STATE-OWNED ASSE      8.10     03/21/19   CNY      20.35
PUYANG INVESTMENT GROUP      8.00     12/11/20   CNY      61.72
PUYANG INVESTMENT GROUP      8.00     12/11/20   CNY      61.82
QIANAN URBAN CONSTRUCTI      8.88     01/23/21   CNY      62.23
QIANAN URBAN CONSTRUCTI      8.88     01/23/21   CNY      62.24
QIANAN XINGYUAN WATER I      6.45     07/11/18   CNY      25.03
QIANDONG NANZHOU DEVELO      8.80     04/27/19   CNY      20.23
QIANDONGNANZHOU KAIHONG      7.80     10/30/19   CNY      40.13
QIANJIANG URBAN CONSTRU      8.38     04/22/21   CNY      61.59
QIANXI NANZHOU HONGSHEN      6.99     11/22/19   CNY      40.34
QIDONG STATE-OWNED ASSE      7.30     11/20/22   CNY      70.75
QIDONG STATE-OWNED ASSE      7.30     11/20/22   CNY      71.87
QIDONG URBAN INVESTMENT      8.20     04/04/21   CNY      62.01
QIDONG URBAN INVESTMENT      7.90     04/28/21   CNY      62.29
QINGDAO CHENGYANG DEVEL      7.09     03/10/21   CNY      61.13
QINGDAO CHENGYANG DEVEL      7.09     03/10/21   CNY      61.66
QINGDAO CHINA PROSPERIT      7.30     04/18/19   CNY      20.25
QINGDAO CITY CONSTRUCTI      6.89     02/16/19   CNY      20.20
QINGDAO CITY CONSTRUCTI      6.89     02/16/19   CNY      20.23
QINGDAO CONSON DEVELOPM      6.40     12/12/22   CNY      72.25
QINGDAO CONSON DEVELOPM      6.40     12/12/22   CNY      76.00
QINGDAO HAIDONG INVESTM      7.75     05/30/21   CNY      61.23
QINGDAO HICREAT DEVELOP      6.88     04/25/21   CNY      60.71
QINGDAO HICREAT DEVELOP      6.88     04/25/21   CNY      61.28
QINGDAO JIAOZHOU CITY D      6.59     01/25/20   CNY      40.55
QINGDAO LAIXI CITY ASSE      7.50     03/06/21   CNY      60.95
QINGDAO LAIXI CITY ASSE      7.50     03/06/21   CNY      61.89
QINGHAI PROVINCIAL INVE      6.40     07/10/21   USD      72.42
QINGYANG CITY ECONOMIC       7.98     04/16/21   CNY      57.08
QINGYANG CITY ECONOMIC       7.98     04/16/21   CNY      61.69
QINGYUAN TRANSPORTATION      8.20     12/19/20   CNY      61.40
QINGYUAN TRANSPORTATION      8.20     12/19/20   CNY      61.79
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19   CNY      10.08
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19   CNY      19.95
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18   CNY      25.01
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18   CNY      25.05
QINGZHOU HONGYUAN PUBLI      7.35     10/19/19   CNY      40.48
QINGZHOU HONGYUAN PUBLI      7.35     10/19/19   CNY      40.62
QINGZHOU HONGYUAN PUBLI      7.59     05/29/21   CNY      61.88
QINHUANGDAO DEVELOPMENT      7.46     10/17/19   CNY      41.26
QINHUANGDAO DEVELOPMENT      8.00     12/17/20   CNY      61.32
QINHUANGDAO DEVELOPMENT      8.00     12/17/20   CNY      61.39
QINHUANGDAO DEVELOPMENT      8.45     04/18/21   CNY      61.45
QINHUANGDAO DEVELOPMENT      8.45     04/18/21   CNY      61.84
QINZHOU BINHAI NEW CITY      7.00     08/27/20   CNY      60.62
QINZHOU BINHAI NEW CITY      7.00     08/27/20   CNY      61.03
QINZHOU CITY DEVELOPMEN      7.10     10/16/19   CNY      70.00
QINZHOU CITY DEVELOPMEN      7.10     10/16/19   CNY      70.54
QITAIHE CITY CONSTRUCTI      7.30     10/18/19   CNY      39.94
QUANZHOU URBAN CONSTRUC      6.48     01/11/20   CNY      40.35
QUJING DEVELOPMENT INVE      7.25     09/06/19   CNY      40.33
QUJING DEVELOPMENT INVE      7.25     09/06/19   CNY      40.40
QUJING DEVELOPMENT INVE      7.48     04/28/21   CNY      61.53
QUJING DEVELOPMENT INVE      7.48     04/28/21   CNY      62.24
QUZHOU STATE OWNED ASSE      7.20     04/21/21   CNY      61.42
QUZHOU STATE OWNED ASSE      7.20     04/21/21   CNY      61.90
RASTAR GROUP                 6.30     11/25/20   CNY      75.00
RENHUAI CITY DEVELOPMEN      8.09     05/16/21   CNY      62.49
RENHUAI CITY DEVELOPMEN      8.09     05/16/21   CNY      63.20
RIZHAO CITY CONSTRUCTIO      5.80     06/06/20   CNY      60.08
RIZHAO CITY CONSTRUCTIO      5.80     06/06/20   CNY      60.25
RONGCHENG ECONOMIC DEVE      6.45     03/18/20   CNY      39.70
RONGCHENG ECONOMIC DEVE      6.45     03/18/20   CNY      40.14
RONGCHENG ECONOMIC DEVE      6.75     05/29/21   CNY      60.43
RONGCHENG ECONOMIC DEVE      6.75     05/29/21   CNY      61.03
RUCHENG COUNTY HYDROPOW      6.65     04/25/20   CNY      70.53
RUDONG COUNTY DONGTAI S      7.45     09/24/19   CNY      39.30
RUDONG COUNTY DONGTAI S      7.45     09/24/19   CNY      40.35
RUDONG COUNTY JINXIN TR      8.08     03/03/21   CNY      61.39
RUDONG COUNTY JINXIN TR      8.08     03/03/21   CNY      61.81
RUGAO CITY ECONOMIC TRA      8.30     01/22/21   CNY      61.00
RUGAO CITY ECONOMIC TRA      8.30     01/22/21   CNY      62.58
RUGAO COMMUNICATIONS CO      8.51     01/26/19   CNY      25.38
RUGAO COMMUNICATIONS CO      6.70     02/01/20   CNY      40.47
RUGAO COMMUNICATIONS CO      6.70     02/01/20   CNY      40.47
RUGAO YANJIANG DEVELOPM      8.60     01/24/21   CNY      62.72
RUGAO YANJIANG DEVELOPM      8.60     01/24/21   CNY      65.00
RUIAN STATE OWNED ASSET      6.93     11/26/19   CNY      39.94
RUIAN STATE OWNED ASSET      6.93     11/26/19   CNY      40.52
SANMING CITY CONSTRUCTI      6.40     03/05/20   CNY      40.27
SANMING STATE-OWNED ASS      6.99     06/14/18   CNY      40.01
SANMING STATE-OWNED ASS      6.99     06/14/18   CNY      40.02
SHAANXI WEINAN HIGH-TEC      8.28     02/28/21   CNY      60.05
SHAANXI WEINAN HIGH-TEC      8.28     02/28/21   CNY      62.00
SHANDONG JINMAO TEXTILE      9.00     02/21/19   CNY      59.92
SHANDONG RENCHENG RONGX      7.30     10/18/20   CNY      60.85
SHANDONG RENCHENG RONGX      7.30     10/18/20   CNY      61.03
SHANDONG TAIFENG HOLDIN      5.80     03/12/20   CNY      30.48
SHANDONG TAIFENG HOLDIN      5.80     03/12/20   CNY      39.80
SHANDONG WEISHANHU MINI      6.15     03/13/20   CNY      50.00
SHANDONG WEISHANHU MINI      6.15     03/13/20   CNY      66.48
SHANGHAI BUND GROUP DEV      6.35     04/24/20   CNY      40.19
SHANGHAI BUND GROUP DEV      6.35     04/24/20   CNY      40.24
SHANGHAI CAOHEJING HI-T      7.24     04/09/21   CNY      62.04
SHANGHAI CAOHEJING HI-T      7.24     04/09/21   CNY      82.00
SHANGHAI CHENGTOU CORP       4.63     07/30/19   CNY      39.97
SHANGHAI CHENJIAZHEN CO      7.18     11/06/19   CNY      50.70
SHANGHAI FENGXIAN NANQI      6.25     03/05/20   CNY      40.25
SHANGHAI FENGXIAN NANQI      6.25     03/05/20   CNY      40.52
SHANGHAI JIADING INDUST      6.71     10/10/18   CNY      25.04
SHANGHAI JIADING INDUST      6.71     10/10/18   CNY      25.04
SHANGHAI JIADING ROAD C      6.80     04/23/21   CNY      61.51
SHANGHAI JIADING ROAD C      6.80     04/23/21   CNY      61.53
SHANGHAI JINSHAN URBAN       6.60     12/21/19   CNY      40.20
SHANGHAI JINSHAN URBAN       6.60     12/21/19   CNY      40.34
SHANGHAI LAKE DIANSHAN       5.95     01/30/21   CNY      74.97
SHANGHAI LUJIAZUI DEVEL      5.98     03/11/19   CNY      40.15
SHANGHAI LUJIAZUI DEVEL      5.79     02/25/19   CNY      40.22
SHANGHAI LUJIAZUI DEVEL      5.79     02/25/19   CNY      40.25
SHANGHAI MINHANG URBAN       6.48     10/23/19   CNY      40.44
SHANGHAI MINHANG URBAN       6.48     10/23/19   CNY      40.63
SHANGHAI NANFANG GROUP       6.70     09/09/19   CNY      50.15
SHANGHAI NANFANG GROUP       6.70     09/09/19   CNY      50.20
SHANGHAI SONGJIANG TOWN      6.28     08/15/18   CNY      24.50
SHANGHAI SONGJIANG TOWN      6.28     08/15/18   CNY      25.06
SHANGHAI URBAN CONSTRUC      5.25     11/30/19   CNY      40.16
SHANGHAI YONGYE ENTERPR      6.84     05/21/20   CNY      51.05
SHANGLUO CITY CONSTRUCT      6.75     09/09/19   CNY      50.19
SHANGLUO CITY CONSTRUCT      6.75     09/09/19   CNY      50.79
SHANGLUO CITY CONSTRUCT      7.05     09/09/20   CNY      60.48
SHANGLUO CITY CONSTRUCT      7.05     09/09/20   CNY      60.83
SHANGQIU DEVELOPMENT IN      6.60     01/15/20   CNY      40.15
SHANGRAO CITY CONSTRUCT      7.30     09/10/19   CNY      40.00
SHANGRAO CITY CONSTRUCT      7.30     09/10/19   CNY      40.50
SHANTOU CITY CONSTRUCTI      8.57     03/23/22   CNY      62.50
SHANTOU CITY CONSTRUCTI      8.57     03/23/22   CNY      63.34
SHAOGUAN JINYE DEVELOPM      7.30     10/18/19   CNY      40.55
SHAOXING CHENGBEI XINCH      6.21     06/11/18   CNY      25.00
SHAOXING CHENGZHONGCUN       6.50     01/24/20   CNY      40.29
SHAOXING CHENGZHONGCUN       6.50     01/24/20   CNY      40.55
SHAOXING HI-TECH INDUST      6.75     12/05/18   CNY      24.99
SHAOXING KEQIAO DISTRIC      6.30     02/26/19   CNY      25.00
SHAOXING KEQIAO DISTRIC      6.30     02/26/19   CNY      25.12
SHAOXING PAOJIANG INDUS      6.90     10/31/19   CNY      40.16
SHAOXING PAOJIANG INDUS      6.98     05/29/21   CNY      60.68
SHAOXING PAOJIANG INDUS      6.98     05/29/21   CNY      60.75
SHAOXING SHANGYU COMMUN      6.70     09/11/19   CNY      40.27
SHAOXING SHANGYU HANGZH      6.95     10/11/20   CNY      60.89
SHAOXING URBAN CONSTRUC      6.40     11/09/19   CNY      40.30
SHAOXING URBAN CONSTRUC      6.40     11/09/19   CNY      40.42
SHAOYANG CITY CONSTRUCT      7.40     09/11/18   CNY      25.11
SHAOYANG CITY CONSTRUCT      8.58     01/17/21   CNY      57.50
SHAOYANG CITY CONSTRUCT      8.58     01/17/21   CNY      62.05
SHENYANG MACHINE TOOL C      6.50     04/09/20   CNY      69.83
SHENYANG SUJIATUN DISTR      6.40     06/20/20   CNY      60.14
SHENZHEN METRO GROUP CO      5.40     03/25/23   CNY      69.90
SHENZHEN METRO GROUP CO      5.40     03/25/23   CNY      70.60
SHIJIAZHUANG REAL ESTAT      5.65     05/15/20   CNY      40.19
SHIYAN CITY INFRASTRUCT      7.98     04/20/19   CNY      20.43
SHIYAN CITY INFRASTRUCT      6.88     10/11/20   CNY      60.84
SHOUGUANG CITY CONSTRUC      7.10     10/18/20   CNY      60.59
SHOUGUANG CITY CONSTRUC      7.10     10/18/20   CNY      60.99
SHUANGLIU COUNTY WATER       7.40     02/26/20   CNY      50.50
SHUANGLIU COUNTY WATER       7.40     02/26/20   CNY      50.90
SHUANGLIU COUNTY WATER       6.92     07/30/20   CNY      75.00
SHUANGLIU SHINE CHINE C      8.48     03/16/19   CNY      40.71
SHUANGLIU SHINE CHINE C      8.40     03/16/19   CNY      40.79
SHUANGYASHAN DADI CITY       6.55     12/25/19   CNY      40.02
SHUANGYASHAN DADI CITY       6.55     12/25/19   CNY      40.04
SHUYANG JINGYUAN ASSET       6.50     12/03/19   CNY      40.21
SHUYANG JINGYUAN ASSET       6.50     12/03/19   CNY      40.22
SHUYANG JINGYUAN ASSET       7.39     04/14/21   CNY      61.06
SHUYANG JINGYUAN ASSET       7.39     04/14/21   CNY      61.21
SICHUAN CHENGDU ABA DEV      7.18     09/12/20   CNY      59.69
SICHUAN COAL INDUSTRY G      7.70     01/09/18   CNY      45.00
SIPING SITONG CITY INFR      8.10     04/25/21   CNY      61.49
SIPING SITONG CITY INFR      8.10     04/25/21   CNY      62.50
SIPING SITONG CITY INFR      7.25     04/29/19   CNY      70.75
SONGYUAN URBAN DEVELOPM      7.30     08/29/19   CNY      38.70
SONGYUAN URBAN DEVELOPM      7.30     08/29/19   CNY      40.28
SUIFENHE HAIRONG URBAN       6.60     04/28/20   CNY      39.07
SUINING CITY HEDONG DEV      8.36     04/17/21   CNY      61.35
SUINING CITY HEDONG DEV      8.36     04/17/21   CNY      62.22
SUINING DEVELOPMENT INV      6.62     04/25/20   CNY      40.26
SUINING DEVELOPMENT INV      6.62     04/25/20   CNY      40.38
SUINING KAIDA INVESTMEN      8.69     04/21/21   CNY      60.99
SUINING KAIDA INVESTMEN      8.69     04/21/21   CNY      62.50
SUIZHOU DEVELOPMENT INV      7.50     08/22/19   CNY      40.43
SUIZHOU DEVELOPMENT INV      8.50     12/20/20   CNY      61.83
SUIZHOU DEVELOPMENT INV      8.50     12/20/20   CNY      62.25
SUIZHOU DEVELOPMENT INV      8.40     04/30/21   CNY      62.60
SUQIAN CITY CONSTRUCTIO      6.88     10/29/20   CNY      60.96
SUQIAN ECONOMIC DEVELOP      7.50     03/26/19   CNY      20.39
SUQIAN WATER GROUP CO        6.55     12/04/19   CNY      40.41
SUZHOU CITY CONSTRUCTIO      7.45     03/12/19   CNY      20.19
SUZHOU CITY CONSTRUCTIO      6.40     04/17/20   CNY      40.23
SUZHOU CITY CONSTRUCTIO      6.40     04/17/20   CNY      40.25
SUZHOU FENHU INVESTMENT      7.49     02/28/21   CNY      60.80
SUZHOU FENHU INVESTMENT      7.49     02/28/21   CNY      61.29
SUZHOU INDUSTRIAL PARK       5.79     05/30/19   CNY      19.00
SUZHOU INDUSTRIAL PARK       5.79     05/30/19   CNY      20.13
SUZHOU TECH CITY DEVELO      7.32     11/01/18   CNY      25.09
SUZHOU URBAN CONSTRUCTI      5.79     10/25/19   CNY      40.21
SUZHOU URBAN CONSTRUCTI      5.79     10/25/19   CNY      40.34
SUZHOU WUJIANG COMMUNIC      6.80     10/31/20   CNY      56.17
SUZHOU WUJIANG EASTERN       8.05     12/05/18   CNY      40.49
SUZHOU WUJIANG EASTERN       8.05     12/05/18   CNY      40.54
SUZHOU XIANGCHENG URBAN      6.95     09/03/19   CNY      40.48
SUZHOU XIANGCHENG URBAN      6.95     03/19/21   CNY      60.74
SUZHOU XIANGCHENG URBAN      6.95     03/19/21   CNY      61.88
TACHENG DISTRICT STATE-      7.49     10/16/19   CNY      50.45
TAIAN TAISHAN INVESTMEN      6.76     01/25/20   CNY      40.30
TAIAN TAISHAN INVESTMEN      6.76     01/25/20   CNY      40.64
TAICANG ASSET MANAGEMEN      8.25     12/31/18   CNY      40.57
TAICANG ASSET MANAGEMEN      8.25     12/31/18   CNY      40.57
TAICANG ASSET MANAGEMEN      7.00     02/27/21   CNY      61.16
TAICANG HENGTONG INVEST      7.45     10/30/19   CNY      40.69
TAICANG URBAN CONSTRUCT      6.75     01/11/20   CNY      40.40
TAICANG URBAN CONSTRUCT      6.75     01/11/20   CNY      40.63
TAIXING CITY CHENGXING       8.30     12/12/20   CNY      61.60
TAIXING CITY CHENGXING       8.30     12/12/20   CNY      61.74
TAIYUAN ECONOMIC TECHNO      7.43     04/24/21   CNY      61.19
TAIYUAN ECONOMIC TECHNO      7.43     04/24/21   CNY      61.48
TAIYUAN HIGH-SPEED RAIL      6.50     10/30/20   CNY      55.85
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19   CNY      40.25
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19   CNY      40.41
TAIYUAN STATE-OWNED INV      7.20     03/19/21   CNY      61.24
TAIYUAN STATE-OWNED INV      7.20     03/19/21   CNY      61.85
TAIZHOU CITY HUANGYAN D      6.85     12/17/18   CNY      25.02
TAIZHOU CITY HUANGYAN D      6.85     12/17/18   CNY      25.16
TAIZHOU CITY JIANGYAN D      8.50     04/23/20   CNY      51.05
TAIZHOU CITY JIANGYAN D      8.50     04/23/20   CNY      51.36
TAIZHOU CITY JIANGYAN U      7.10     09/03/20   CNY      60.10
TAIZHOU CITY JIANGYAN U      7.10     09/03/20   CNY      60.11
TAIZHOU CITY NEW BINJIA      7.60     03/05/21   CNY      60.66
TAIZHOU CITY NEW BINJIA      7.60     03/05/21   CNY      61.26
TAIZHOU HAILING ASSETS       8.52     03/21/19   CNY      20.28
TAIZHOU JIANGYAN STATE       6.85     12/03/19   CNY      40.15
TAIZHOU JIANGYAN STATE       6.85     12/03/19   CNY      40.25
TAIZHOU JIAOJIANG STATE      7.46     09/13/20   CNY      56.40
TAIZHOU JIAOJIANG STATE      7.46     09/13/20   CNY      56.58
TAIZHOU TRAFFIC INDUSTR      6.15     03/11/20   CNY      40.08
TAIZHOU TRAFFIC INDUSTR      6.15     03/11/20   CNY      40.21
TAIZHOU XINTAI GROUP CO      6.85     08/14/18   CNY      25.04
TAIZHOU XINTAI GROUP CO      6.85     08/14/18   CNY      25.05
TANGSHAN CAOFEIDIAN DEV      7.50     10/15/20   CNY      59.58
TANGSHAN URBAN CONSTRUC      7.10     02/26/21   CNY      61.28
TANGSHAN URBAN CONSTRUC      7.10     02/26/21   CNY      62.69
TIANJIN BAOXING INDUSTR      7.10     10/17/20   CNY      60.73
TIANJIN BAOXING INDUSTR      7.10     10/17/20   CNY      60.74
TIANJIN BEICHEN DISTRIC      7.00     04/21/21   CNY      61.25
TIANJIN BEICHEN DISTRIC      7.00     04/21/21   CNY      61.27
TIANJIN BINHAI NEW AREA      5.19     03/13/20   CNY      40.07
TIANJIN CITY JINGHAI UR      7.90     11/26/20   CNY      61.30
TIANJIN CITY JINGHAI UR      7.90     11/26/20   CNY      61.85
TIANJIN DONGFANG CAIXIN      7.99     11/23/18   CNY      40.43
TIANJIN DONGLI CITY INF      6.05     06/19/20   CNY      60.03
TIANJIN ECO-CITY INVEST      6.76     08/14/19   CNY      40.13
TIANJIN ECO-CITY INVEST      6.76     08/14/19   CNY      40.14
TIANJIN ECONOMIC TECHNO      6.20     12/03/19   CNY      40.26
TIANJIN ECONOMIC TECHNO      6.20     12/03/19   CNY      40.35
TIANJIN ECONOMIC TECHNO      6.50     12/03/22   CNY      71.27
TIANJIN ECONOMIC TECHNO      6.50     12/03/22   CNY      71.28
TIANJIN GUANGCHENG INVE      6.97     02/22/23   CNY      67.25
TIANJIN GUANGCHENG INVE      6.97     02/22/23   CNY      67.84
TIANJIN HANBIN INVESTME      8.39     03/22/19   CNY      20.55
TIANJIN HI-TECH INDUSTR      7.80     03/27/19   CNY      20.18
TIANJIN HI-TECH INDUSTR      7.80     03/27/19   CNY      20.24
TIANJIN HUANCHENG URBAN      7.20     03/21/21   CNY      61.24
TIANJIN INFRASTRUCTURE       5.70     02/26/23   CNY      71.04
TIANJIN JINNAN CITY CON      6.95     06/18/19   CNY      40.22
TIANJIN LINGANG INVESTM      7.75     02/26/21   CNY      61.65
TIANJIN LINGANG INVESTM      7.75     02/26/21   CNY      61.73
TIANJIN NINGHE DISTRICT      7.00     05/30/21   CNY      60.71
TIANJIN NINGHE DISTRICT      7.00     05/30/21   CNY      60.89
TIANJIN REAL ESTATE TRU      8.59     03/13/21   CNY      45.05
TIANJIN REAL ESTATE TRU      8.59     03/13/21   CNY      59.84
TIANJIN RESIDENTIAL CON      8.00     12/19/20   CNY      60.87
TIANJIN TEDA CONSTRUCTI      6.89     04/27/20   CNY      40.71
TIANJIN WUQING STATE-OW      7.18     03/19/21   CNY      61.46
TIANJIN WUQING STATE-OW      7.18     03/19/21   CNY      61.47
TIANJIN WUQING STATE-OW      8.00     12/17/20   CNY      61.87
TIANJIN WUQING STATE-OW      8.00     12/17/20   CNY      62.37
TONG CHUAN DEVELOPMENT       7.50     07/17/19   CNY      40.31
TONGLIAO URBAN INVESTME      6.64     04/09/20   CNY      40.21
TONGLIAO URBAN INVESTME      6.64     04/09/20   CNY      40.33
TONGLIAO URBAN INVESTME      7.29     05/26/21   CNY      60.89
TONGLIAO URBAN INVESTME      7.29     05/26/21   CNY      61.08
TONGLING CONSTRUCTION I      6.98     08/26/20   CNY      60.47
TONGLING CONSTRUCTION I      6.98     08/26/20   CNY      60.53
TONGLING CONSTRUCTION I      8.20     04/28/22   CNY      62.62
TONGLING CONSTRUCTION I      8.20     04/28/22   CNY      81.00
TONGLU STATE-OWNED ASSE      8.09     04/18/21   CNY      62.35
TONGLU STATE-OWNED ASSE      8.09     04/18/21   CNY      63.30
TONGXIANG CITY CONSTRUC      6.10     05/16/20   CNY      40.12
TONGXIANG CITY CONSTRUC      6.10     05/16/20   CNY      40.30
TULUFAN DISTRICT STATE-      7.20     08/09/19   CNY      50.30
TULUFAN DISTRICT STATE-      7.20     08/09/19   CNY      50.31
ULANQAB CITY JI NING DI      6.88     03/19/20   CNY      39.57
URUMQI CITY CONSTRUCTIO      6.35     07/09/19   CNY      40.26
URUMQI CITY CONSTRUCTIO      7.20     11/06/18   CNY      50.39
URUMQI ECO&TECH DEVELOP      8.58     01/10/19   CNY      25.45
URUMQI GAOXIN INVESTMEN      6.18     03/05/20   CNY      40.09
URUMQI GAOXIN INVESTMEN      6.18     03/05/20   CNY      40.10
URUMQI REAL ESTATE DEVE      7.27     04/25/21   CNY      60.89
URUMQI REAL ESTATE DEVE      7.27     04/25/21   CNY      61.23
URUMQI STATE-OWN ASSET       6.17     03/16/21   CNY      74.55
VANZIP INVESTMENT GROUP      7.92     02/04/19   CNY      22.62
WAFANGDIAN STATE-OWNED       8.55     04/19/19   CNY      20.51
WAFANGDIAN STATE-OWNED       6.20     06/20/20   CNY      59.94
WAFANGDIAN STATE-OWNED       6.20     06/20/20   CNY      60.23
WEIFANG BINCHENG INVEST      8.59     02/14/21   CNY      62.04
WEIFANG BINCHENG INVEST      8.59     02/14/21   CNY      62.27
WEIFANG BINHAI INVESTME      6.16     04/16/21   CNY      55.30
WEIFANG DONGFANG STATE-      7.78     03/24/21   CNY      63.22
WEIFANG DONGFANG STATE-      7.78     03/24/21   CNY      63.22
WEIFANG DONGXIN CONSTRU      6.88     11/20/19   CNY      40.31
WEIFANG DONGXIN CONSTRU      6.88     11/20/19   CNY      40.38
WEIHAI ECONOMIC TECHNOL      7.45     04/16/21   CNY      61.19
WEIHAI LINGANG STATE-OW      6.87     05/19/21   CNY      60.89
WEIHAI LINGANG STATE-OW      6.87     05/19/21   CNY      60.97
WEIHAI WENDENG URBAN PR      6.38     03/06/20   CNY      40.86
WEIHAI WENDENG URBAN PR      6.38     03/06/20   CNY      41.10
WEINAN CITY INVESTMENT       6.69     01/15/20   CNY      40.46
WENDENG GOLDEN BEACH IN      6.99     05/15/21   CNY      61.67
WENDENG GOLDEN BEACH IN      6.99     05/15/21   CNY      62.03
WENLING CITY STATE OWNE      7.18     09/18/19   CNY      40.28
WENLING CITY STATE OWNE      7.18     09/18/19   CNY      40.48
WENZHOU ANJUFANG CITY D      7.65     04/24/19   CNY      20.25
WENZHOU ECONOMIC-TECHNO      6.49     01/15/20   CNY      40.00
WENZHOU ECONOMIC-TECHNO      6.49     01/15/20   CNY      40.34
WENZHOU HIGH-TECH INDUS      7.30     05/30/21   CNY      59.00
WENZHOU HIGH-TECH INDUS      7.30     05/30/21   CNY      60.87
WENZHOU HIGH-TECH INDUS      7.95     03/21/21   CNY      61.70
WUHAI CITY CONSTRUCTION      8.20     03/31/19   CNY      19.50
WUHAI CITY CONSTRUCTION      8.20     03/31/19   CNY      20.34
WUHAI CITY CONSTRUCTION      8.19     04/21/21   CNY      56.90
WUHAI CITY CONSTRUCTION      8.19     04/21/21   CNY      62.43
WUHAN CHEDU CORP LTD         7.18     02/27/21   CNY      61.30
WUHAN CHEDU CORP LTD         7.18     02/27/21   CNY      61.69
WUHAN JIANGXIA URBAN CO      8.99     01/20/21   CNY      62.98
WUHAN METRO GROUP CO LT      5.70     02/04/20   CNY      40.39
WUHAN METRO GROUP CO LT      5.70     02/04/20   CNY      40.50
WUHAN REAL ESTATE DEVEL      5.90     03/22/19   CNY      25.05
WUHAN URBAN CONSTRUCTIO      5.60     03/08/20   CNY      40.12
WUHU ECONOMIC TECHNOLOG      6.70     06/08/18   CNY      24.97
WUHU ECONOMIC TECHNOLOG      6.90     06/08/22   CNY      72.21
WUHU JINGHU CONSTRUCTIO      6.68     05/16/20   CNY      40.58
WUHU JIUJIANG CONSTRUCT      8.49     04/14/21   CNY      62.11
WUHU JIUJIANG CONSTRUCT      8.49     04/14/21   CNY      62.69
WUHU XINMA INVESTMENT C      7.18     11/14/19   CNY      40.49
WUHU XINMA INVESTMENT C      7.18     11/14/19   CNY      40.84
WUJIANG ECONOMIC TECHNO      6.88     12/27/19   CNY      40.31
WUJIANG ECONOMIC TECHNO      6.88     12/27/19   CNY      40.66
WUWEI CITY ECONOMY DEVE      8.20     04/24/21   CNY      61.56
WUWEI CITY ECONOMY DEVE      8.20     12/09/20   CNY      61.62
WUWEI CITY ECONOMY DEVE      8.20     04/24/21   CNY      61.85
WUWEI CITY ECONOMY DEVE      8.20     12/09/20   CNY      62.53
WUXI CONSTRUCTION AND D      6.60     09/17/19   CNY      40.28
WUXI CONSTRUCTION AND D      6.60     09/17/19   CNY      40.41
WUXI EAST SCIENCE & TEC      5.98     10/26/18   CNY      40.10
WUXI HUISHAN ECONOMIC D      6.03     04/22/19   CNY      25.13
WUXI MUNICIPAL DEVELOPM      6.10     10/11/20   CNY      60.62
WUXI MUNICIPAL DEVELOPM      6.10     10/11/20   CNY      62.00
WUXI TAIHU INTERNATIONA      7.60     09/17/19   CNY      40.45
WUXI TAIHU INTERNATIONA      7.60     09/17/19   CNY      40.57
WUXI XIDONG NEW TOWN CO      6.65     01/28/20   CNY      40.36
WUXI XIDONG NEW TOWN CO      6.65     01/28/20   CNY      40.40
WUZHONG URBAN RURAL CON      7.18     10/12/20   CNY      61.31
WUZHONG URBAN RURAL CON      7.18     10/12/20   CNY      61.48
WUZHOU DONGTAI STATE-OW      7.40     09/03/19   CNY      40.38
XIAMEN TORCH GROUP CO L      7.49     04/21/21   CNY      61.54
XIAMEN TORCH GROUP CO L      7.49     04/21/21   CNY      61.60
XIAMEN XINGLIN CONSTRUC      6.60     02/22/20   CNY      40.13
XIAMEN XINGLIN CONSTRUC      6.60     02/22/20   CNY      40.19
XI'AN AEROSPACE CITY IN      6.96     11/08/19   CNY      40.45
XIAN CHANBAHE DEVELOPME      6.89     08/03/19   CNY      40.33
XI'AN HI-TECH HOLDING C      5.70     02/26/19   CNY      25.15
XI'AN HI-TECH HOLDING C      5.70     02/26/19   CNY      51.03
XI'AN URBAN INDEMNIFICA      7.31     03/18/19   CNY      40.46
XI'AN URBAN INDEMNIFICA      7.31     03/18/19   CNY      40.65
XI'AN URBAN INDEMNIFICA      7.31     04/18/19   CNY      40.71
XI'AN URBAN INDEMNIFICA      7.31     04/18/19   CNY      70.50
XIANGSHAN COUNTRY STATE      7.95     04/25/21   CNY      60.50
XIANGSHAN COUNTRY STATE      7.95     04/25/21   CNY      61.94
XIANGTAN CITY CONSTRUCT      8.00     03/16/19   CNY      20.20
XIANGTAN CITY CONSTRUCT      8.00     03/16/19   CNY      20.36
XIANGTAN HI-TECH GROUP       6.90     01/15/20   CNY      40.18
XIANGTAN HI-TECH GROUP       6.90     01/15/20   CNY      40.30
XIANGTAN HI-TECH GROUP       8.16     02/25/21   CNY      61.70
XIANGTAN HI-TECH GROUP       8.16     02/25/21   CNY      61.80
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19   CNY      39.80
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19   CNY      40.15
XIANGTAN JIUHUA ECONOMI      7.15     10/15/20   CNY      60.06
XIANGTAN LIANGXING SOCI      7.89     04/23/21   CNY      61.71
XIANGTAN ZHENXIANG STAT      6.60     08/07/20   CNY      60.45
XIANGTAN ZHENXIANG STAT      6.60     08/07/20   CNY      60.58
XIANGYANG HIGH TECH INV      7.00     05/29/21   CNY      60.63
XIANGYANG HIGH TECH INV      7.00     05/29/21   CNY      60.94
XIANNING CITY CONSTRUCT      7.50     08/31/18   CNY      25.01
XIANNING CITY CONSTRUCT      7.50     08/31/18   CNY      25.20
XIANNING HIGH-TECH INVE      5.80     06/05/20   CNY      39.63
XIANNING HIGH-TECH INVE      5.80     06/05/20   CNY      59.70
XIANTAO CITY CONSTRUCTI      8.15     02/24/21   CNY      61.76
XIANTAO CITY CONSTRUCTI      8.15     02/24/21   CNY      62.15
XIAOGAN URBAN CONSTRUCT      8.12     03/26/19   CNY      20.39
XIAOGAN URBAN CONSTRUCT      6.89     05/29/21   CNY      61.01
XINGAN LEAGUE URBAN DEV      8.20     03/06/21   CNY      61.00
XINGAN LEAGUE URBAN DEV      8.20     03/06/21   CNY      95.00
XINGHUA URBAN CONSTRUCT      7.25     10/23/18   CNY      25.02
XINING CITY INVESTMENT       7.70     04/27/19   CNY      20.23
XINING CITY INVESTMENT       7.70     04/27/19   CNY      20.38
XINING ECONOMIC DEVELOP      5.90     06/04/20   CNY      39.89
XINJIANG KAIDI INVESTME      7.80     04/22/21   CNY      61.71
XINJIANG SHIHEZI DEVELO      7.50     08/29/18   CNY      24.62
XINJIANG UYGUR AR HAMI       6.25     07/17/18   CNY      25.03
XINJIANG WUJIAQU CAIJIA      7.50     05/21/21   CNY      60.95
XINJIANG WUJIAQU CAIJIA      7.50     05/21/21   CNY      82.38
XINJIANG WUJIAQU URBAN       6.10     05/23/20   CNY      39.88
XINJIANG WUJIAQU URBAN       6.10     05/23/20   CNY      40.43
XINXIANG INVESTMENT GRO      5.85     04/15/20   CNY      40.14
XINYANG HUAXIN INVESTME      6.95     06/14/19   CNY      40.16
XINYANG HUAXIN INVESTME      7.55     04/15/21   CNY      61.36
XINYANG HUAXIN INVESTME      7.55     04/15/21   CNY      61.96
XINYI CITY INVESTMENT &      7.39     10/15/20   CNY      60.89
XINYI CITY INVESTMENT &      7.39     10/15/20   CNY      61.10
XINYU CHENGDONG CONSTRU      8.48     05/27/21   CNY      61.02
XINYU CHENGDONG CONSTRU      8.48     05/27/21   CNY      67.00
XINYU CITY CONSTRUCTION      7.08     12/13/19   CNY      40.51
XINZHENG NEW DISTRICT D      6.52     06/28/19   CNY      50.21
XINZHENG NEW DISTRICT D      6.52     06/28/19   CNY      50.25
XINZHOU ASSET MANAGEMEN      7.39     08/08/18   CNY      25.08
XINZHOU ASSET MANAGEMEN      7.90     02/21/21   CNY      61.45
XINZHOU ASSET MANAGEMEN      8.50     12/18/20   CNY      61.81
XINZHOU ASSET MANAGEMEN      8.50     12/18/20   CNY      61.84
XINZHOU ASSET MANAGEMEN      7.90     02/21/21   CNY      62.01
XUANCHENG STATE-OWNED A      7.95     03/27/21   CNY      61.92
XUANCHENG STATE-OWNED A      7.95     03/27/21   CNY      62.01
XUZHOU CITY TONGSHAN DI      6.60     08/08/20   CNY      60.48
XUZHOU CITY TONGSHAN DI      6.60     08/08/20   CNY      60.56
XUZHOU ECONOMIC TECHNOL      8.20     03/07/19   CNY      20.37
XUZHOU ECONOMIC TECHNOL      7.35     04/21/21   CNY      61.15
XUZHOU HIGH SPEED RAILW      7.09     05/15/21   CNY      61.72
XUZHOU HIGH SPEED RAILW      7.09     05/15/21   CNY      61.72
XUZHOU HI-TECH INDUSTRI      7.86     04/22/21   CNY      61.33
XUZHOU HI-TECH INDUSTRI      7.86     04/22/21   CNY      61.89
YA'AN DEVELOPMENT INVES      7.00     09/13/20   CNY      60.35
YA'AN DEVELOPMENT INVES      7.00     09/13/20   CNY      60.42
YAAN STATE-OWNED ASSET       7.39     07/04/19   CNY      39.94
YANCHENG CITY DAFENG DI      7.08     12/13/19   CNY      40.27
YANCHENG CITY DAFENG DI      7.08     12/13/19   CNY      40.61
YANCHENG CITY DAFENG DI      8.50     12/30/20   CNY      61.99
YANCHENG CITY DAFENG DI      8.50     12/30/20   CNY      62.00
YANCHENG CITY DAFENG DI      8.70     01/24/21   CNY      62.29
YANCHENG CITY DAFENG DI      8.70     01/24/21   CNY      63.30
YANCHENG CITY TINGHU DI      7.95     11/15/20   CNY      61.28
YANCHENG CITY TINGHU DI      7.95     11/15/20   CNY      61.61
YANCHENG ORIENTAL INVES      6.99     10/26/19   CNY      40.24
YANCHENG SOUTH DISTRICT      6.93     10/26/19   CNY      40.40
YANCHENG SOUTH DISTRICT      6.93     10/26/19   CNY      40.53
YANGJIANG HENGCAI CITY       6.85     09/09/20   CNY      60.60
YANGZHOU CHEMICAL INDUS      8.58     01/24/21   CNY      61.34
YANGZHOU CHEMICAL INDUS      8.58     01/24/21   CNY      61.55
YANGZHOU HANJIANG URBAN      6.20     03/12/20   CNY      40.24
YANGZHOU HANJIANG URBAN      6.20     03/12/20   CNY      60.10
YANGZHOU LONGCHUAN HOLD      8.10     03/23/19   CNY      20.10
YANGZHOU LONGCHUAN HOLD      8.10     03/23/19   CNY      20.30
YANGZHOU URBAN CONSTRUC      6.30     07/26/19   CNY      40.10
YANGZHOU URBAN CONSTRUC      6.30     07/26/19   CNY      40.31
YICHANG MUNICIPAL FINAN      7.12     10/16/19   CNY      40.34
YICHANG MUNICIPAL FINAN      7.12     10/16/19   CNY      40.46
YICHANG URBAN CONSTRUCT      6.85     11/08/19   CNY      40.60
YICHANG URBAN CONSTRUCT      6.85     11/08/19   CNY      40.69
YICHUN CITY CONSTRUCTIO      7.35     07/24/19   CNY      39.83
YICHUN URBAN CONSTRUCTI      7.09     05/15/21   CNY      60.89
YICHUN URBAN CONSTRUCTI      7.09     05/15/21   CNY      61.29
YILI KAZAKH AUTONOMOUS       7.68     02/28/21   CNY      61.03
YILI KAZAKH AUTONOMOUS       7.68     02/28/21   CNY      61.89
YILI STATE-OWNED ASSET       6.70     11/19/18   CNY      25.05
YINCHUAN NEW HI TECH IN      8.15     05/28/22   CNY      71.98
YINCHUAN URBAN CONSTRUC      6.88     05/12/21   CNY      60.60
YINCHUAN URBAN CONSTRUC      6.88     05/12/21   CNY      61.29
YINGTAN INVESTMENT CO        7.50     12/12/22   CNY      72.37
YINGTAN INVESTMENT CO        7.50     12/12/22   CNY      73.90
YINING CITY STATE OWNED      8.90     01/23/21   CNY      62.22
YIXING CITY DEVELOPMENT      6.90     10/10/19   CNY      40.24
YIXING CITY DEVELOPMENT      6.90     10/10/19   CNY      40.36
YIXING TUOYE INDUSTRIAL      7.60     05/28/21   CNY      61.01
YIXING TUOYE INDUSTRIAL      7.60     05/28/21   CNY      61.10
YIYANG CITY CONSTRUCTIO      7.36     08/24/19   CNY      40.41
YIYANG CITY CONSTRUCTIO      7.36     08/24/19   CNY      40.75
YIYANG CITY TRANSPORTAT      7.77     04/21/21   CNY      61.89
YIYANG CITY TRANSPORTAT      7.77     04/21/21   CNY      82.50
YIYANG GAOXIN TECHNOLOG      6.70     03/13/20   CNY      40.12
YIYANG GAOXIN TECHNOLOG      6.70     03/13/20   CNY      40.17
YIZHENG CITY CONSTRUCTI      7.78     06/14/19   CNY      40.36
YIZHENG CITY CONSTRUCTI      7.78     06/14/19   CNY      40.58
YIZHENG CITY CONSTRUCTI      8.60     01/09/21   CNY      61.98
YIZHENG CITY CONSTRUCTI      8.60     01/09/21   CNY      62.28
YONGAN STATE-OWNED ASSE      8.78     04/17/20   CNY      51.44
YONGAN STATE-OWNED ASSE      8.78     04/17/20   CNY      51.77
YONGZHOU CITY CONSTRUCT      7.30     10/23/20   CNY      61.28
YONGZHOU CITY LINGLING       7.80     04/02/21   CNY      61.88
YUEYANG CITY CONSTRUCTI      6.05     07/12/20   CNY      60.00
YUEYANG CITY CONSTRUCTI      6.05     07/12/20   CNY      60.46
YUHUAN CITY COMMUNICATI      7.15     10/12/19   CNY      39.98
YUHUAN CITY COMMUNICATI      7.15     10/12/19   CNY      40.46
YULIN CITY INVESTMENT O      6.81     12/04/18   CNY      25.16
YULIN URBAN CONSTRUCTIO      6.88     11/26/19   CNY      40.10
YULIN URBAN CONSTRUCTIO      6.88     11/26/19   CNY      40.28
YUNCHENG URBAN CONSTRUC      7.48     10/15/19   CNY      40.45
YUNNAN METROPOLITAN CON      6.77     05/23/21   CNY      61.32
YUNNAN METROPOLITAN CON      6.77     05/23/21   CNY      81.80
YUSHEN ENERGY DEVELOPME      8.50     02/21/21   CNY      50.92
YUSHEN ENERGY DEVELOPME      8.50     02/21/21   CNY      61.99
YUYAO CITY CONSTRUCTION      7.09     05/19/21   CNY      60.96
YUYAO CITY CONSTRUCTION      7.09     05/19/21   CNY      61.99
YUYAO ECONOMIC DEVELOPM      6.75     03/04/20   CNY      40.07
YUYAO ECONOMIC DEVELOPM      6.75     03/04/20   CNY      40.27
YUYAO WATER RESOURCE IN      7.20     10/16/19   CNY      40.49
ZHANGJIAGANG FREE TRADE      7.10     08/23/20   CNY      60.76
ZHANGJIAGANG FREE TRADE      7.10     08/23/20   CNY      61.05
ZHANGJIAGANG JINCHENG I      6.88     04/28/21   CNY      61.20
ZHANGJIAGANG JINCHENG I      6.88     04/28/21   CNY      61.80
ZHANGJIAGANG MUNICIPAL       6.43     11/27/19   CNY      40.00
ZHANGJIAGANG MUNICIPAL       6.43     11/27/19   CNY      40.42
ZHANGJIAJIE ECONOMIC DE      7.40     10/18/19   CNY      40.64
ZHANGJIAJIE ECONOMIC DE      7.80     04/17/21   CNY      61.51
ZHANGJIAKOU TONGTAI HOL      6.90     07/05/18   CNY      40.08
ZHANGZHOU CITY CONSTRUC      6.60     03/26/20   CNY      40.41
ZHANJIANG ECO TECH DEVE      8.00     04/21/21   CNY      61.55
ZHANJIANG ECO TECH DEVE      8.00     04/21/21   CNY      61.63
ZHANJIANG INFRASTRUCTUR      6.93     10/21/20   CNY      60.98
ZHAOYUAN STATE-OWNED AS      6.64     12/31/19   CNY      40.58
ZHEJIANG CHANGXING VIA       7.99     03/03/21   CNY      61.31
ZHEJIANG CHANGXING VIA       7.99     03/03/21   CNY      61.52
ZHEJIANG FUCHUN SHANJU       7.70     04/28/21   CNY      61.44
ZHEJIANG FUCHUN SHANJU       7.70     04/28/21   CNY      62.13
ZHEJIANG HUZHOU HUANTAI      6.70     11/28/19   CNY      40.38
ZHEJIANG LIN'AN ECONOMI      7.90     04/23/21   CNY      61.52
ZHEJIANG LIN'AN ECONOMI      7.90     04/23/21   CNY      61.91
ZHEJIANG PROVINCE DEQIN      6.40     02/22/20   CNY      39.89
ZHEJIANG PROVINCE XINCH      6.60     04/24/20   CNY      40.10
ZHEJIANG PROVINCE XINCH      6.60     04/24/20   CNY      40.29
ZHENGZHOU PUBLIC HOUSIN      5.98     07/17/20   CNY      60.13
ZHENGZHOU PUBLIC HOUSIN      5.98     07/17/20   CNY      60.52
ZHENJIANG CITY CONSTRUC      7.90     12/18/20   CNY      61.14
ZHENJIANG CITY CONSTRUC      8.20     01/13/21   CNY      61.85
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      38.80
ZHENJIANG CULTURE AND T      6.60     01/30/20   CNY      40.31
ZHENJIANG NEW AREA URBA      8.35     02/26/21   CNY      61.13
ZHENJIANG NEW AREA URBA      8.99     01/16/21   CNY      62.14
ZHENJIANG TRANSPORTATIO      7.29     05/08/19   CNY      19.91
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18   CNY      25.00
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18   CNY      25.06
ZHOUKOU INVESTMENT GROU      7.49     04/21/21   CNY      61.13
ZHOUSHAN DINGHAI STATE-      7.25     08/31/20   CNY      55.82
ZHOUSHAN DINGHAI STATE-      7.25     08/31/20   CNY      56.17
ZHUCHENG ECONOMIC DEVEL      7.50     08/25/18   CNY      21.23
ZHUCHENG ECONOMIC DEVEL      6.80     11/29/19   CNY      40.47
ZHUCHENG ECONOMIC DEVEL      6.80     11/29/19   CNY      40.50
ZHUHAI HUAFA GROUP CO L      5.50     06/05/19   CNY      25.08
ZHUHAI HUAFA GROUP CO L      5.50     06/05/19   CNY      50.00
ZHUHAI HUIHUA INFRASTRU      7.15     09/17/20   CNY      61.02
ZHUJI CITY CONSTRUCTION      6.92     07/05/18   CNY      40.06
ZHUJI CITY CONSTRUCTION      6.92     12/19/19   CNY      40.37
ZHUJI CITY YUEDU INVEST      8.20     12/12/20   CNY      61.46
ZHUJI CITY YUEDU INVEST      8.20     12/12/20   CNY      62.18
ZHUZHOU CITY CONSTRUCTI      6.95     10/16/20   CNY      60.30
ZHUZHOU CITY CONSTRUCTI      6.95     10/16/20   CNY      61.33
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18   CNY      40.10
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18   CNY      40.13
ZHUZHOU GECKOR GROUP CO      7.50     09/10/19   CNY      40.34
ZHUZHOU GECKOR GROUP CO      7.50     09/10/19   CNY      40.45
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19   CNY      40.46
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19   CNY      40.50
ZIBO CITY PROPERTY CO L      5.45     04/27/19   CNY      11.94
ZIGONG GAOXIN STATE-OWN      6.30     03/13/20   CNY      40.17
ZIGONG STATE-OWNED ASSE      6.86     06/17/18   CNY      40.01
ZIYANG CITY CONSTRUCTIO      7.58     01/09/19   CNY      25.02
ZIYANG WATER INVESTMENT      7.40     10/21/20   CNY      61.10
ZIYANG WATER INVESTMENT      7.40     10/21/20   CNY      61.14
ZUNYI CITY HUICHUAN DIS      6.75     04/24/19   CNY      24.94
ZUNYI STATE-OWNED ASSET      6.95     05/28/21   CNY      60.68
ZUNYI STATE-OWNED ASSET      6.95     05/28/21   CNY      61.69

MTR CORP LTD                 2.88     07/27/46   USD      74.62

BERAU COAL ENERGY TBK P      7.25     03/13/17   USD      49.68
BERAU COAL ENERGY TBK P      7.25     03/13/17   USD      50.02
DAVOMAS INTERNATIONAL F     11.00     12/08/14   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     12/08/14   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     05/09/11   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     05/09/11   USD       0.30

3I INFOTECH LTD              2.50     03/31/25   USD      13.54
CORE EDUCATION & TECHNO      7.00     05/07/49   USD       0.27
EDELWEISS ASSET RECONST      2.00     11/20/27   INR      55.71
GTL INFRASTRUCTURE LTD       6.73     10/26/22   USD      71.22
JAIPRAKASH ASSOCIATES L      5.75     09/08/17   USD      55.00
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
REI AGRO LTD                 5.50     11/13/14   USD       0.31
REI AGRO LTD                 5.50     11/13/14   USD       0.31
RELIANCE COMMUNICATIONS      6.50     11/06/20   USD      58.93
SVOGL OIL GAS & ENERGY       5.00     08/17/15   USD       1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20   USD      28.97


JAPAN
-----

TAKATA CORP                  1.02     12/15/17   JPY       0.50
TAKATA CORP                  0.58     03/26/21   JPY       5.13
TAKATA CORP                  0.85     03/06/19   JPY       5.13


KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00     09/13/18   KRW      74.49
DOOSAN CAPITAL SECURITI     20.00     04/22/19   KRW      63.71
HEUNGKUK FIRE & MARINE       5.70     12/29/46   KRW      48.82
KIBO ABS SPECIALTY CO L      5.00     12/25/19   KRW      70.86
KIBO ABS SPECIALTY CO L      5.00     08/29/19   KRW      71.79
KIBO ABS SPECIALTY CO L      5.00     02/26/19   KRW      72.92
KIBO ABS SPECIALTY CO L      5.00     02/25/19   KRW      73.19
KOREA TREASURY BOND          1.50     09/10/66   KRW      69.03
OKC SECURITIZATION SPEC     10.00     01/03/20   KRW      37.71
SAMPYO CEMENT CO LTD         7.50     04/20/14   KRW      70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15   KRW      70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15   KRW      70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14   KRW      70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14   KRW      70.00
SINBO SECURITIZATION SP      5.00     08/25/21   KRW      69.21
SINBO SECURITIZATION SP      5.00     07/27/21   KRW      69.39
SINBO SECURITIZATION SP      5.00     06/23/20   KRW      69.43
SINBO SECURITIZATION SP      5.00     03/15/20   KRW      70.19
SINBO SECURITIZATION SP      5.00     02/28/21   KRW      70.53
SINBO SECURITIZATION SP      5.00     01/27/21   KRW      70.79
SINBO SECURITIZATION SP      5.00     12/22/20   KRW      71.08
SINBO SECURITIZATION SP      5.00     09/23/20   KRW      71.81
SINBO SECURITIZATION SP      5.00     08/26/20   KRW      72.03
SINBO SECURITIZATION SP      5.00     07/28/20   KRW      72.25
SINBO SECURITIZATION SP      5.00     06/24/19   KRW      72.31
SINBO SECURITIZATION SP      5.00     03/13/19   KRW      73.05
SINBO SECURITIZATION SP      5.00     02/25/20   KRW      73.52
SINBO SECURITIZATION SP      5.00     01/28/20   KRW      73.76
SINBO SECURITIZATION SP      5.00     12/30/19   KRW      74.00
SINBO SECURITIZATION SP      5.00     09/30/19   KRW      74.76
SINBO SECURITIZATION SP      5.00     07/29/18   KRW      74.96
SINBO SECURITIZATION SP      5.00     08/27/19   KRW      75.03
SINBO SECURITIZATION SP      5.00     06/25/18   KRW      75.89
WISE MOBILE SECURITIZAT     20.00     09/17/18   KRW      74.06


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50     09/15/20   MYR       1.26
ASIAN PAC HOLDINGS BHD       3.00     05/25/22   MYR       0.62
BARAKAH OFFSHORE PETROL      3.50     10/24/18   MYR       0.12
BERJAYA CORP BHD             2.00     05/29/26   MYR       0.28
BERJAYA CORP BHD             5.00     04/22/22   MYR       0.39
BRIGHT FOCUS BHD             2.50     01/22/31   MYR      73.78
ELK-DESA RESOURCES BHD       3.25     04/14/22   MYR       0.97
HIAP TECK VENTURE BHD        5.00     06/23/21   MYR       0.37
I-BHD                        3.00     10/09/19   MYR       0.35
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      68.16
PUC BHD                      4.00     02/15/19   MYR       0.15
REDTONE INTERNATIONAL B      2.75     03/04/20   MYR       0.09
SENAI-DESARU EXPRESSWAY      1.35     06/30/31   MYR      56.59
SENAI-DESARU EXPRESSWAY      1.35     12/31/30   MYR      57.85
SENAI-DESARU EXPRESSWAY      1.35     06/28/30   MYR      59.16
SENAI-DESARU EXPRESSWAY      1.35     12/31/29   MYR      60.48
SENAI-DESARU EXPRESSWAY      1.35     12/29/28   MYR      63.25
SENAI-DESARU EXPRESSWAY      1.35     06/30/28   MYR      64.68
SENAI-DESARU EXPRESSWAY      1.35     12/31/27   MYR      66.18
SENAI-DESARU EXPRESSWAY      1.35     06/30/27   MYR      67.69
SENAI-DESARU EXPRESSWAY      1.35     06/30/26   MYR      70.72
SENAI-DESARU EXPRESSWAY      1.15     06/30/25   MYR      72.45
SENAI-DESARU EXPRESSWAY      1.15     12/31/24   MYR      73.96
THONG GUAN INDUSTRIES B      5.00     10/10/19   MYR       2.20
UNIMECH GROUP BHD            5.00     09/18/18   MYR       0.91
VIZIONE HOLDINGS BHD         3.00     08/08/21   MYR       0.05
YTL LAND & DEVELOPMENT       3.00     10/31/21   MYR       0.43


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
PHILIPPINE GOVERNMENT B      3.63     03/21/33   PHP      72.38
PHILIPPINE GOVERNMENT B      4.63     09/09/40   PHP      74.11


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      50.01
BAKRIE TELECOM PTE LTD      11.50     05/07/15   USD       0.92
BAKRIE TELECOM PTE LTD      11.50     05/07/15   USD       0.92
BERAU CAPITAL RESOURCES     12.50     07/08/15   USD      50.28
BERAU CAPITAL RESOURCES     12.50     07/08/15   USD      50.33
BLD INVESTMENTS PTE LTD      8.63     03/23/15   USD       5.00
BLUE OCEAN RESOURCES PT      4.00     12/31/20   USD      25.00
ENERCOAL RESOURCES PTE       9.25     08/05/14   USD      38.13
EZION HOLDINGS LTD           0.25     11/20/24   SGD      74.74
EZRA HOLDINGS LTD            4.88     04/24/18   SGD       4.84
HYFLUX LTD                   4.20     08/29/19   SGD      50.00
HYFLUX LTD                   4.25     09/07/18   SGD      65.08
INDO INFRASTRUCTURE GRO      2.00     07/30/10   USD       1.00
INNOVATE CAPITAL PTE LT      6.00     12/11/24   USD      66.73
MICLYN EXPRESS OFFSHORE      8.75     11/25/18   USD      36.83
ORO NEGRO DRILLING PTE       7.50     01/24/19   USD      47.00
OSA GOLIATH PTE LTD         12.00     10/09/18   USD       2.74
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


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35     03/01/26   LKR      73.16


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      68.51
DEBT AND ASSET TRADING       1.00     10/10/25   USD      68.73



                             *********

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
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