/raid1/www/Hosts/bankrupt/TCRAP_Public/180612.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, June 12, 2018, Vol. 21, No. 115

                            Headlines


A U S T R A L I A

ASIAN FOOD: Second Creditors' Meeting Scheduled for June 18
JIN LIAN: Second Creditors' Meeting Slated for June 19
JUST ADD: Second Creditors' Meeting Set for June 19
NETEAST TECHNOLOGY: Second Creditors' Meeting Set for June 18
QUEENSLAND NICKEL: Palmer Must Repay Creditors, Liquidators Say

QUINTIS LIMITED: Shareholders Approve Proposed Rescue Plan
STRICTLY ORGANIC: Second Creditors' Meeting Set for June 19
STUDIO HOMES: Second Creditors' Meeting Set for June 19


C H I N A

DALIAN WANDA: Fitch Affirms 'BB+' LT IDR & Removes from RWN


I N D I A

AGARWALLA TEAK: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
AKS ALLOYS: ICRA Maintains C+ Rating in Not Cooperating Category
ALLIX CERAMIC: ICRA Retains B Rating in Not Cooperating Category
AMARNATH ENTERPRISES: CARE Moves B Rating to Not Cooperating
ASHTAVINAYAK BUILDERS: CARE Cuts Rating on INR7.50cr Loan to B

BASTI NAGAR: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
BHANDARI FOILS: CARE Lowers Rating on INR103.26cr Loan to D
BHORUKA POWER: CARE Lowers Rating on INR522.67cr Loan to D
BHUSHAN ENERGY: NCLT Extends Insolvency Resolution Period
BISUI POULTRY: CARE Assigns B+ Rating to INR8.75cr LT Loan

FACOR ALLOYS: ICRA Reaffirms D Rating on INR33.53cr Loan
IMOSYS ENGINEERING: ICRA Reaffirms B Rating on INR5.25cr Loan
JALA SHAKTI: ICRA Moves D Rating to Not Cooperating Category
JANKI RICE: ICRA Keeps B Rating in Not Cooperating Category
JOVIAL STAINLESS: CARE Assigns B+ Rating to INR15cr LT Loan

KALAPARA KISHAN: CARE Assigns B+ Rating to INR5.20cr LT Loan
KESHAV SPONGE: Liquidated as a 'Going Concern'
KISAN OLEOCHEM: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
L. N. FIELDS: CARE Assigns B+ Rating to INR16cr LT Loan
MAGNUM STEEL: CARE Assigns B Rating to INR20cr LT Loan

MAHAVIR GLOBAL: CARE Assigns B+ Rating to INR2.76cr LT Loan
N & N CONSTRUCTIONS: CARE Moves D Rating to Not Cooperating
NANIBALA COLD: CARE Assigns B+ Rating to INR7cr LT Loan
ORANGE INFRACON: ICRA Maintains B+ Rating in Not Cooperating
ORIENT GREEN: ICRA Reaffirms D Rating on INR49.92cr Term Loan

OSHINA EXPO: ICRA Reaffirms B Rating on INR5.0cr Cash Credit
P&R GOGARIPUR: ICRA Maintains D Rating in Not Cooperating
PATNA BAKHTIYARPUR: Ind-Ra Affirms D Rating on INR7,145.89BB Loan
R V PLASTIC: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
R.S. VENTURES: ICRA Withdraws B Rating on INR16cr Term Loan

SAMBHAJI RAJE: ICRA Maintains B- Rating in Not Cooperating
SARAYA INDUSTRIES: CARE Assigns D Rating to INR22.22cr LT Loan
SATKAR LOGISTICS: ICRA Lowers Rating on INR15.36cr Loan to D
SHREE VAISHNODEVI: CARE Assigns B+ Rating to INR9cr LT Loan
SHRENIK MARBLE: ICRA Reaffirms B+ Rating on INR4.60cr Loan

SINGLA RICE: ICRA Maintains B Rating in Not Cooperating Category
SURBHI FERRO: ICRA Maintains B Rating in Not Cooperating Category

* NSE Puts 60 Firms Facing Insolvency Under Add'l. Surveillance
* SBI Expects to Recover INR30,000cr From Resolution Under IBC


M A L A Y S I A

DAYA MATERIALS: Aims to Submit Restructuring Plan in August
TANJUNG RHU: Tajudin Ramli-linked Firms Go Into Receivership


N E W  Z E A L A N D

UPTOWN BOUNCE: Puts Two Trampoline Parks Into Liquidation
Q CARD: Fitch Affirms 'Bsf' Series F 2017-1 Notes Ratings


X X X X X X X X

* BOND PRICING: For the Week June 4 to June 8, 2018


                            - - - - -


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


ASIAN FOOD: Second Creditors' Meeting Scheduled for June 18
-----------------------------------------------------------
A second meeting of creditors in the proceedings of:

  - Asian Food Creations Pty Ltd;
  - Cafe Singapore Pty Ltd;
  - Little Hong Kong Pty Ltd;
  - Little Nyonya Pty Ltd;
  - Little Singapore Pty Ltd

has been set for June 18, 2018, at 11:00 a.m. at the offices of
SV Partners, 22 Market Street, in Brisbane, QLD.

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 15, 2018, at 4:00 p.m.

Anne Meagher of SV Partners was appointed as administrator of
Asian Food on May 14, 2018.


JIN LIAN: Second Creditors' Meeting Slated for June 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Jin Lian
Group Proprietary Limited has been set for June 19, 2018, at
11:00 a.m. at the offices of Burke and Wills Room, Level 9 of the
Chartered Accountants Australia and New Zealand Office, 33
Erskine 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 18, 2018, at 4:00 p.m.

Brian Raymond Silvia and Peter Krejci of BRI Ferrier were
appointed as administrators of Jin Lian on May 11, 2018.


JUST ADD: Second Creditors' Meeting Set for June 19
---------------------------------------------------
A second meeting of creditors in the proceedings of Just Add Kids
Pty Ltd has been set for June 19, 2018, at 11:00 a.m. at the
offices of PKF, Level 8, 1 O'Connell 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 18, 2018, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of
Just Add Kids on May 14, 2018.


NETEAST TECHNOLOGY: Second Creditors' Meeting Set for June 18
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Neteast
Technology Australia Pty Ltd has been set for June 18, 2018, at
11:00 a.m. at the offices of SV Partners, 22 Market Street, in
Brisbane, 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 15, 2018, at 4:00 p.m.

David Michael Stimpson of SV Partners were appointed as
administrators of Neteast Technology on May 15, 2018.


QUEENSLAND NICKEL: Palmer Must Repay Creditors, Liquidators Say
---------------------------------------------------------------
Australian Associated Press reports that Clive Palmer said his
companies will draw on their cash reserves to reopen his
collapsed Townsville nickel refinery but liquidators want him to
repay money owed to creditors.

AAP relates that Mr. Palmer on June 6 promised to restart the
Queensland Nickel plant where 800 workers lost their jobs, a
pledge that was met with caution by both sides of politics.

But the former federal MP has not said when it will happen.

"It is time for all sides to forget about politics and to support
the Queensland company that owns the refinery and is debt free to
open and operate (it)," the report quotes Mr. Palmer as saying in
a statement.

Mr. Palmer last month boasted that he's worth AUD3 billion, and
claimed he didn't owe anyone any money, the report says.

According to the report, more than AUD200 million of his personal
assets, and more than AUD340 million in assets held by Palmer-
related companies have been frozen while liquidators try to
recover money owed to creditors.

They say any move to create jobs for affected workers in
Townsville is a positive step forward, the report relays.

The state's Environment Minister Leeanne Enoch and Liberal
National Party Leader Deb Frecklington responded to Mr. Palmer's
news with a warning to the community of taking his promise beyond
face value, AAP adds.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


QUINTIS LIMITED: Shareholders Approve Proposed Rescue Plan
----------------------------------------------------------
Chris McLennan at Katherine Times reports that Quintis Limited's
shareholders have signed off on a plan to keep the sandalwood
producer afloat.

With the support of secured creditors, McGrathNicol (the
receivers) successfully proposed a Deed of Company Arrangement to
the Voluntary Administrators that would see between AUD125 and
AUD175 million in new cash injected into the business to fund
operations on a long-term basis, the report says.

Last week, the creditors voted for the Receivers' proposed Deed
of Company Arrangement to see the business emerge as a private
company in a strong financial position and well placed to
continue its strategy as the world's leading marketer, producer
and seller of sandalwood timber, oil and products, according to
Katherine Times.

Katherine Times notes that the creditor vote is an endorsement of
the strategy to recapitalise the companies with between AUD125-
AUD175 million in new cash to be injected into the business to
fund operations on a long-term basis.

The Receivers continue to work to complete the next steps in the
recapitalisation process in anticipation of a late August 2018
completion date, adds Katherine Times.

Quintis owns large sandalwood plantations and an office in the
Katherine area.

Under the proposal, Quintis' bond holders will recapitalise and
acquire control of the subsidiaries of Quintis Limited and the
entirety of the group's business and assets, the report
discloses.

The receivers said the proposal represents a favorable outcome
for growers, employees and creditors as it preserves Quintis'
vertically integrated business model, Katherine Times adds.

                         About Quintis

Quintis is Australia's largest sandalwood forestry management
company and manages 17 separate managed investment schemes.

Quintis employs approximately 500 staff at various locations
throughout Australia. Quintis manages nearly 13,000 hectares of
sandalwood plantations in northern Australia and owns a
distillery and pharmaceutical company to process the sandalwood
for the cosmetics, well-being and pharmaceutical industries. The
company was formed in 1997 and listed in 2007.

KordaMentha Restructuring partners Richard Tucker, Scott Langdon,
and John Bumbak were appointed as Voluntary Administrators of the
Quintis Group on January 20, 2018 after Asia Pacific Investments
DAC exercised an option requiring Quintis to acquire 400 hectares
of plantations at a pre-determined price of AUD37 million, with
settlement required totake place on Feb. 2, 2018.  Quintis did
not have the financial resources to pay the put option.

As a result of the appointment of Administrators, on Jan. 23,
2018, the secured bondholders appointed Jason Preston, Shaun
Fraser and Robert Brauer of McGrathNicol as Receivers and
Managers.


STRICTLY ORGANIC: Second Creditors' Meeting Set for June 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Strictly
Organic Australia Pty Ltd has been set for June 19, 2018, at
10:30 a.m. at the offices of Worrells Solvency and Forensic
Accountants, Suite 1103, Level 11, 147 Pirie Street, in
Adelaide, SA.

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 18, 2018, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency were appointed as administrators of Strictly Organic on
May 14, 2018.


STUDIO HOMES: Second Creditors' Meeting Set for June 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Studio Homes
Australia Pty Ltd has been set for June 19, 2018, at 10:00 a.m.
at Level 27, 44 St Georges Terrace, in Perth, WA.

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 18, 2018, at 4:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
on May 14, 2018.



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


DALIAN WANDA: Fitch Affirms 'BB+' LT IDR & Removes from RWN
-----------------------------------------------------------
Fitch Ratings has removed Dalian Wanda Commercial Management
Group Co., Ltd.'s (Wanda Commercial) Long-Term Foreign-Currency
Issuer Default Rating (IDR), senior unsecured rating and the
ratings on its outstanding US dollar senior notes from Rating
Watch Negative (RWN), on which they were placed in October 2017.
The ratings have been affirmed at 'BB+' and the Outlook on the
IDR is Stable.

The rating actions reflect Wanda Commercial's full repayment of
its USD1,732 million in offshore syndicated loans in late April
2018. Wanda Commercial also intends to tap offshore capital
markets from time to time via syndicated loans or bond issuance
to maintain diverse funding options, even if it has disposed of a
majority of its overseas projects, according to management.

After reviewing Wanda Commercial's credit profile, Fitch thinks
that the standalone profile remains strong in the high 'BBB'
category despite the previous incident of heightened offshore
liquidity risk. However, the rating is constrained by the credit
profile of Dalian Wanda Group Co., Limited (Wanda Group), which
Fitch assesses to be in the 'BB' category credit profile due to
weakness in its entertainment related businesses. Wanda Group
holds 44% of Wanda Commercial.

KEY RATING DRIVERS

Wanda Group Constrains Rating: The parent and subsidiary linkage
between Wanda Commercial and Wanda Group is assessed as
'Moderate', which under Fitch's Parent and Subsidiary Rating
Linkage criteria, would result in Wanda Commercial's ratings
being constrained by the weaker credit profile of its parent.
Wanda Group's credit profile is mainly driven by Wanda Commercial
and Beijing Wanda Cultural Industry Group Co., Ltd (Wanda
Culture).

The two key subsidiaries contributed 70% and 20% of the group's
gross profit, respectively. Fitch estimates that Wanda Group has
a 'BB' category standalone profile, mainly due to Wanda Culture's
high leverage and Wanda Group's poor information transparency.
Fitch estimates Wanda Culture's FFO adjusted gross leverage was
9x at end 2017. Fitch affirmed AMC Entertainment Holdings, Inc.,
which accounts for 52% of Wanda Culture's EBITDA, at 'B' with
Stable Outlook in May 2018.

Investment-Grade Standalone Credit Profile: Wanda Commercial is
the largest shopping mall owner in China and one of the largest
commercial property owners rated by Fitch. It owned 231 Wanda
Plazas in China with total leasable gross floor area (GFA) of
21.7 million sq m at end-2017. Fitch estimates that Wanda
Commercial's time-weighted average occupancy rate was above 90%
in 2017 with average rent of CNY102.7 per sq m per month compared
with CNY103 in 2016. The Wanda Plazas generated more than CNY24
billion in rental revenue in 2017 with EBITDA margin of around
80%. Wanda Commercial aims to open 50 shopping malls from 2018,
including wholly owned and franchised malls.

Fitch estimates that the company's rental revenue will increase
by 15%-20% in 2018-2019. Wanda Commercial's recurring EBITDA
interest coverage was 1.7x at end-2017, and Fitch expects it to
stabilise at 2.8x-3x from 2020, commensurate with a high
investment-grade credit profile. Wanda Commercial's net
debt/recurring EBITDA also fell to 4x at end-2017 from 9.5x a
year earlier. Fitch expects net debt/recurring EBITDA will be
sustain below 4x in 2018-2020.

Property Development Exit: Wanda Commercial intends to cease its
property development business by 2020. The segment has remaining
total saleable resources of around CNY170 billion. Three projects
in Australia and UK have been sold by end-May 2018 for total
consideration of around USD1.4 billion, and Wanda Commercial will
sell its US projects if the opportunity arises. Fitch believes
that the change may boost Wanda Commercial's credit profile
because its eventual exit from the more-volatile property
development business may reduce the company's business risks.

DERIVATION SUMMARY

Wanda Commercial's investment property portfolio is comparable to
those of major global investment property companies like Simon
Property Group, Inc. (A/Stable), Unibail-Rodamco SE (A/RWN), and
Swire Properties Limited (A/Stable). Wanda Commercial operates in
the less mature Chinese market with shorter-dated lease terms
compared with the stable and mature markets in the US, Europe,
and Hong Kong, respectively for the three peers. Wanda
Commercial's investment property portfolio of more than 230
retails malls is more comparable with Simon Property's more than
200 retail outlets. Wanda Commercial's retail malls, however,
lack the strong rental rates and capital values enjoyed by
Unibail's retail malls and are also not as diversified as those
of Swire Properties.

Wanda's credit metrics are weaker than the three peers' as its
recurring EBITDA/gross interest of less than 2.0x is lower than
its peers' average of more than 5.5x. Wanda's rating is also
constrained by the weaker credit profile of its parent Wanda
Group due to its moderate linkage with its parent, according to
Fitch's Parent and Subsidiary Rating Linkage criteria.

KEY ASSUMPTIONS

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

  - Wanda Commercial will open 50 Wanda Plazas each year from
    2018 with 100,000 sq m of leasable GFA each.

  - Rental income will increase by 19% in 2018 and 15% in 2019.

  - Capex of around CNY26 billion per year from 2018.

  - Wanda Commercial will wind down its property development
    business before 2020 and will have the remaining sales
    recognised before 2020.

RATING SENSITIVITIES

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

  - Improvement in Wanda Group's information transparency or
    credit profile

  - IPO of Wanda Commercial that establishes effective ring-
    fencing and improves corporate governance

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

  - Inability to execute asset-light business model that leads
    to net debt/recurring EBITDA sustained above 7x

  - Wanda Commercial's recurring EBITDA/gross interest sustained
    below 2.5x after 2020

  - Deterioration in Wanda Group's credit profile

LIQUIDITY

Sufficient Onshore and Offshore Liquidity: Wanda Commercial had
more than CNY137 billion in available cash at end-2017,
sufficient to cover its CNY30 billion in short-term debt. Wanda
had also CNY273 billion in undrawn facilities. The company has
also fully repaid its USD1,732 million of offshore syndicated
loans by late April 2018, using proceeds from asset sales and
internal cash.  Wanda will keep its offshore funding channel open
through further offshore syndicated loans or bond issuance after
the disposal of its overseas projects, according to the
management. Wanda plans to use a combination of new offshore
issuance and internal cash to repay its USD600 million of senior
unsecured notes due November 2018.

FULL LIST OF RATING ACTIONS

Dalian Wanda Commercial Management Group Co. Ltd.

  -- Long-Term Foreign-Currency IDR affirmed at 'BB+',
     Outlook Stable, Off RWN

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

Wanda Properties International Co. Limited

  -- USD600 million 7.25% senior unsecured notes due January 29,
     2024 affirmed at 'BB+', Off RWN

Wanda Properties Overseas Limited

  -- USD600 million 4.875% notes due Nov. 21, 2018 affirmed at
     'BB+', Off RWN



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


AGARWALLA TEAK: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Agarwalla Teak
International Pvt. Ltd.'s (ATIPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits downgraded with
    IND B+/Stable/IND A4 rating;

-- INR570 mil. Non-fund-based working capital limits downgraded
    with IND A4 rating; and

-- INR30 mil. Long-term loan due on March 2023 withdrawn (paid
    in full) and the rating are withdrawn.

KEY RATING DRIVERS

The downgrade reflects ATIPL's sustained tight liquidity position
as reflected by overutilization of the working capital limits
during the 12 months ended April 2018.

The ratings remain constrained by ATIPL's thin margins inherent
to the trading nature of business. Despite a marginal decline in
revenue to INR950 million as indicated by FY18 provisional
financials (FY17: INR957 million), the margins expanded to 4.26%
(4.13%) on account of a decline in the cost of traded goods.

ATIPL's credit metrics remained modest with EBITDA interest
coverage (operating EBITDA/gross interest expense) of 1.38x in
FY18P (FY17: 1.38x, FY16: 1.35x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 3.52x (4.13x,
4.59x). The improvement in the net leverage was on account of a
reduction in unsecured debt. Ind-Ra expects the credit metrics to
deteriorate in FY19 on account of an increase in interest cost.

However, the ratings are supported by ATIPL's promoters' over
four decades of experience in the timber trading business,
leading to established relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: A sustained improvement in the top line along with an
improvement in the operating profitability and credit metrics
will be positive for the ratings.

Negative: A decline in operating profitability along with
deterioration in the credit metrics on a sustained basis and any
further stress on the liquidity position will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2005, ATIPL is engaged in import and wholesale
trading of logs, and timber and timber products. The company
imports timber from Malaysia, Latin America and Africa in the
form of logs and processes it as per customer requirement. It has
sales offices in Delhi, Punjab, Gujarat and Haryana.


AKS ALLOYS: ICRA Maintains C+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of AKS Alloys
Private Limited continue to be in 'Issuer Not Cooperating'
category and is now denoted as "[ICRA]C+/[ICRA]A4 ISSUER NOT
COOPERATING". ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. The current rating action has been taken by ICRA
basis best available/dated/limited information on the issuers'
performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

                  Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term-        14.00      [ICRA]C+; ISSUER NOT COOPERATING;
   fund based                   Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Fund based        (5.00)     [ICRA]A4; ISSUER NOT COOPERATING;
   (sub-limit)                  Rating continues to remain in
   Facility                     the 'Issuer Not Cooperating'
                                category

   Non fund based    10.00      [ICRA]A4; ISSUER NOT COOPERATING;
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

Incorporated in 2000, AKS Alloys Private Limited is engaged in
manufacturing steel ingots and trading steel scrap/ingots. The
Company operates a steel ingot manufacturing facility with a
capacity of 18,000 tonnes per annum (TPA), at Pondicherry.


ALLIX CERAMIC: ICRA Retains B Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating of INR12.46 crore bank facilities of Allix
Ceramic Private Limited (ACPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)A4 ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        5.00        [ICRA]B (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-        6.11        [ICRA]B (Stable); ISSUER NOT
   Term Loan                      COOPERATING*; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund based-    1.35        [ICRA]A4; ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in April 2013, Allix Ceramic Private Limited (ACPL)
manufactures digitally printed ceramic wall tiles from its
manufacturing facility located at Morbi, Gujarat and has an
installed capacity of 28,500 Metric Tonnes Per Annum (MTPA). The
company is promoted by Mr. Vinod Adroja and Mr. Prashant
Bhoraniya, along with their relatives, who have been associated
with the ceramic tile industry for more than a decade through an
associate concern namely "M/s Xpert Ceramic".


AMARNATH ENTERPRISES: CARE Moves B Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Amarnath
Enterprises to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       6.45      CARE B; ISSUER NOT COOPERATING;
   Facilities                     based on the basis of best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Amarnath Enterprises to
monitor the rating vide e-mail communications/letters dated
April 26, 2018, May 10, 2018, May 21, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating. In line with the extant SEBI guidelines CARE's rating on
Amarnath Enterprises's bank facilities will now be denoted as
CARE B; Issuer not cooperating; 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 November 17, 2015 the following
were the rating strengths and weaknesses:

Key Rating weakness

Seasonality associated with hotel industry: The demand for hotel
and hospitality sector has direct relation to the overall health
of economy. The hotel and hospitality sector witnessed slowdown
in Andhra Pradesh due to Telangana and Andhra Pradesh State
bifurcation, Hudhud cyclone, modest economic growth, current
socio-economic and political challenges being faced by majority
of companies and competition from existing and upcoming hotels.
Furthermore, the Indian hotel industry normally experiences high
demand during October-April, followed which the monsoon months
entail low demand. Usually the December and March quarters
bring in 60% of the year's turnover for India's hoteliers.
However, this trend is seeing a change over the recent few years.
Hotels have introduced various offerings to improve performance
(occupancy) during the lean months. These include targeting the
conferencing segment and offering lucrative packages during the
lean period. Apart, 80% of the clientele of the firm are
corporates and rest 20% are local customers.

Competition from other players in the industry: The firm faces
competition from a number of small and medium players, as it is
located in a commercial hub where there are large numbers of
other small and medium players located within terms of
established track record and cost variation. Constitution as a
partnership firm AE, 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

Experience of partners for three decades in hotel industry and
reasonable track record of the firm: AE was established in 2008
and has a track record of around seven years. Mr. P. Nageswara
Rao and his brothers are qualified graduates and have three
decades of experience in the hotel industry. All the three
partners are actively involved in day to day operations of the
firm. Mr. Shanker (Finance Manager) is a qualified Chartered
accountant and looks after accounts and finance activity.

Location advantage with property (Hotel): AE has the advantage of
location as the hotels are located in the commercial area of
Visakhapatnam city. Furthermore, the hotels enjoy proximity to
airport and railway station facilitating easy accessibility to
tourist locations across Visakhapatnam. The properties provide
lodging facility, restaurant and conference hall.

Comfortable operating cycle: Operating cycle of AE remained
comfortable at 16 days as on March 31, 2015 (Prov.). The firm
carries out banqueting business as 10% advance and rest payment
on completion of the event and rest business carried out on cash
basis, which resulted in comfortable collection days.
Furthermore, the credit period extended by suppliers for
procurement of food products is 45-60 days. The firm maintains
low level of inventory since materials which are procured is
perishable in nature and purchased daily/weekly based on the
requirement. The average fund based working capital limits were
utilized at 100% during the past 12 months period ended
October 31, 2015.

Amarnath Enterprises (AE) was established in the year 2008 by Mr.
P. NageswaraRao and his brothers. AE is engaged in hospitality
services like lodging, restaurant and conference hall facility.
AE is running a restaurant located in Dwarakanagar, Vishakapatnam
in the name of "Hotel Quality Inn BezKrishnaa" franchisee of
Choice Hospitality India Private Limited under the brand name
'Quality'. Choice Hospitality India Pvt. Ltd. was established in
1987 with the objective of setting up first class, midmarket
franchised hotels in metropolitan and secondary cities. The
brands of Choice Hotels in India are Quality, Comfort , Sleep
Inn, Clarion and Cambria Suites. Choice Hospitality India Pvt.
Ltd is a wholly-owned subsidiary of Choice Hotels International
one of the largest and most widespread lodging franchisors of the
world with over 6000 hotels across the globe.


ASHTAVINAYAK BUILDERS: CARE Cuts Rating on INR7.50cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashtavinayak Builders & Developers (ABD), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      7.50       CARE B; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B+; ISSUER
                                  NOT COOPERATING; on the basis
                                  of best available information

CARE has been seeking information from Ashtavinayak Builders &
Developers (ABD) to monitor the rating(s) vide e-mail
communications/ letters dated February 8, 2018, February 15,
2018, March 5, 2018, March 23, 2018, April 19, 2018, April 23,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm 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 Ashtavinayak Builders & Developers's bank
facilities and  instruments will now be denoted as CARE B; ISSUER
NOT COOPERATING.

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

At the time of last rating on April 20, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Lower receipt of booking advances and risk related to timely
receipt of further advances: ABD started construction activities
of project in June, 2014 and the project is expected to be
completed by March 2016, while possession will be given from
April 2016 onwards. ABD has received booking for 40% of the total
units and has received the booking advances of INR1.70 crore
which forms only 19.40% of sales value of booked units against
65.07% of cost incurred reflecting lower receipt of advances
against cost incurred and thereby high risk associated with
timely receipt of remaining booking advances remains crucial.

Constitution as a partnership firm: ABD being a partnership firm
is exposed to inherent risk of the partner's capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital. The partners may withdraw capital from the
business as when it is required, which may put pressure on the
capital structure of the firm.

Highly fragmented industry and sensitive to interest rates: The
real estate sector in India is highly fragmented with many
regional players, who have significant presence in their
respective local markets which in turn leads to intense
competition within the industry. The real estate sector is
sensitive to the economic cycle and interest rates.

Cyclical nature of real estate industry: The life cycle of a real
estate project is long and the state of the economy at every
point in time, right from land acquisition to construction to
actual delivery, has an impact on the project.

Key Rating Strengths

Experienced partners: ABD is promoted by six partners namely Mr.
Amitbhai Patel, Mr. Bhagwanbhai Gujarati, Mr. Bharatbhai Patel,
Mr. Bhumin Vithani, Mr. Pankajbhai Laniya and Mr. Sureshbhai
Italiya are partners of the firm with unequal profit and loss
sharing proportion. The group/partners have successfully executed
four real estate projects covering total area of 561,000 square
feet and total value of INR156 crore.

Surat-based (Gujarat) ABD was established as a partnership firm
in April 25, 2014. Partners of ABD through their associate
concerns in past have executed various projects regarding
residential and commercial projects. ABD is engaged in the real
estate development and is currently executing its residential
project named 'River Marvella' at Surat, Gujarat. It comprises 2
blocks i.e. block A and block B which consists of 44 flats
divided into two wings i.e. wing A and wing B only. Wing A
comprises 22 flats of 1700 sq feet. Wing B comprises 22 flats of
area 1545 sq feet.


BASTI NAGAR: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Basti Nagar
Palika Parishad's Long-Term Issuer Rating of 'IND BB-'. The
Outlook was Stable.

KEY RATING DRIVERS

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

COMPANY PROFILE

Basti is a city and a municipal council in the Basti district,
Uttar Pradesh. The city acts as the district headquarters. Basti
Nagar Palika Parishad is responsible for the provisioning and
governance of civic services in the city.


BHANDARI FOILS: CARE Lowers Rating on INR103.26cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhandari Foils and Tubes Limited (BFTL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            90.00      CARE D Revised from
                                    CARE BBB-; Stable

   Short-term Bank
   Facilities           103.26      CARE D Revised from
                                    CARE A3

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
BFTL takes into account the instances of Letter of Credit (LC)
devolvement along with overdrawing in cash credit account for
more than 30 consecutive days due to stressed liquidity.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in servicing of debt obligation: BFTL faced a tight
liquidity in the month of March 2018 subsequent to sudden change
in RBI's guidelines which put restriction on banks to allow
buyers' credit (BC) against Letter of Undertakings (LOU).
Further, the company also faced challenges due to imposition of
anti-dumping duty on steel products by Govt. of USA since US is a
major export market for the company. The liquidity was also
impacted due to delay in receipt of GST refunds.

Incorporated in 1993, BFTL is promoted by the Bhandari group
based out of Chennai. BFTL is an ISO 9001:2008 certified company,
engaged into the business of manufacturing stainless steel (SS)
welded tubes and pipes, bright annealing tubes, cold rolled SS
coils, strips and foils and pipe fittings. BFTL has its
manufacturing unit situated at Dewas, Madhya Pradesh, having
installed capacity of 15,000 Metric Ton Per Annum (MTPA) for SS
tubes and bright annealing tubes and 8,000 MTPA for cold-rolled
SS (CRSS) coils, strips and foils as on March 31, 2018.


BHORUKA POWER: CARE Lowers Rating on INR522.67cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhoruka Power Corporation Ltd (BPCL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank      522.67       CARE D Revised from
   Facilities-                      CARE BBB-; Stable
   Term Loan


   Long-term Bank        8.00       CARE C; Stable Revised
   Facilities-                      from CARE BBB-; Stable
   Cash Credit


   Medium-term          10.00       CARE C (FD); Stable Revised
   instruments                      from CARE BBB-(FD); Stable


   Short-term
   Bank Facilities      40.00       CARE A4 Revised from CARE A3

Detailed Rationale & Key Rating Drivers

The revision in the rating follows ongoing delay in servicing of
term loan dues by the company due to delay in refinancing
of its debt and lower than expected generation in FY18.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing by the company: The company had proposed
refinancing of entire debt which was expected to be completed
before March 2018, however, the same did not get concluded. In
the meantime, company raised short term loan of around INR 185
crore which was utilized to repay certain obligations. Further,
company's power generation during FY18 was also lower than
expected culminating into continued pressure on its cash flow as
against its debt obligations resulting in delay in debt servicing
by the company.

Incorporated in 1986, Bhoruka Power Corporation Ltd (BPCL) is
engaged in the generation of renewable energy. BPCL is a part of
Bhoruka group promoted by Mr. S. N. Agarwal, engaged in various
businesses such as industrial gases, refractory items, power,
real estate etc. The company has 14 hydro power plants (103.90
MW), 8 wind power plants (181.3 MW) and 2 solar power plants (30
MW), all of which are operational.


BHUSHAN ENERGY: NCLT Extends Insolvency Resolution Period
---------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on June 7 extended the insolvency resolution period of the
debt ridden firm Bhushan Energy Ltd by another 90 days.

According to the report, the initial period of 180 days for the
corporate insolvency resolution process of Bhushan Energy will
end in the first week of July, and it had approached NCLT seeking
extension.

ET says the principal bench of NCLT headed by President M M Kumar
allowed the extension of insolvency resolution period for Bhushan
Energy Ltd beyond 180 days.

Under the Insolvency and Bankruptcy Code (IBC), NCLT has powers
to extend the insolvency resolution period if the Committee of
Creditors (CoC) and Resolution Professional (RP) of the debt
ridden firm are unable to find a suitable buyer under 180 days,
the report states.

NCLT can grant another 90 days for the submission of the
resolution plan, failing to which the debt ridden firm goes for
liquidation.

According to ET, extension of time was necessitated as the
company was yet to peruse the expressions of interest received
from some companies, counsel appearing for Bhushan Energy
informed the tribunal.

NCLT had admitted insolvency proceedings against Bhushan Energy
in January after the State Bank of India moved an appeal against
the company for failing to pay dues worth nearly INR500 crore as
of October 31, 2017, ET discloses.

                     About Bhushan Energy

Based in Dhenkanal, Odisha, Bhushan Energy Limited engages in
power generation and sets up power plants.


BISUI POULTRY: CARE Assigns B+ Rating to INR8.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bisui
Poultry Private Limited (BPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.75       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of BPPL is constrained
by its small scale of operations, risk associated with expansion
project, working capital intensive nature of operations and
highly competitive and fragmented nature of the industry with
risk of outbreaks of bird flu and highly price sensitive consumer
segment. The aforesaid constraints are partially offset by
experienced promoters with satisfactory track record of
operations, satisfactory demand outlook for the poultry sector
and satisfactory profitability margins and comfortable capital
structure with satisfactory debt coverage indicators.

Ability to complete the expansion project without any major cost
and time overrun, derive benefits out of it as envisaged,
increase scale of operations and sustain its current
profitability margins and its ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: BPPL is a small player vis-a-vis other
players in the poultry farming industry with a total operating
income of INR7.54 crore (FY16: INR6.34 crore) with a PAT of
INR0.40 crore (FY16: INR0.37 crore) in FY17. However, the total
operating income of the company witnessed continuous growth
during last three years (FY15-FY17) and the same has grown at a
CAGR of 30.46% during the aforesaid period on account of
favorable demands of its products in the market. The company has
achieved turnover of around INR10.10 crore in FY18.

Risk associated with expansion project: BPPL is currently
expanding its poultry farm capacity by setting up another unit in
the same premise, wherein the company plans to operate poultry
farm with a total capacity of 80,000 layer birds. The cost of the
expansion project is estimated to be INR7.50 crore which will be
financed through term loan of INR4.72 crore and promoter's
contributions of INR2.78 crore. The financial closure for the
debt portion of the project is yet to be tide-up and therefore
project funding risk exits. However, the land developments
including major civil works are in progress currently. The cost
incurred till May 22, 2018 is INR0.96 crore (i.e.12.80% of total
project cost) towards the project funded through promoters
contribution. Since the expansion project is into initial stage
currently, the project implementation risk is exits. Moreover,
the project is expected to be operational by June 2019. Going
forward, it is critical for the company to achieve financial
closure in time and complete the on-going expansion project
without any cost and time overrun.

Working capital intensive nature of business: BPPL's business
being poultry farming is working capital intensive in nature
on the back of stocking of feeding materials, medicines,
vaccines. Therefore it requires large working capital funds for
smooth function of its operations. Accordingly the average
utilization of fund based limit remained on the higher side at
about 91% during last twelve months ending on April 30, 2018.

Presence in highly competitive and fragmented industry with risk
of outbreaks of bird flu and highly price sensitive consumer
segment: The poultry farming sector is exposed to inherent risks
associated with the industry, like bird flu, extreme weather
conditions and contamination by pathogens. The outbreak of bird
flu leads to a fall in demand and consequent sharp crash in
poultry's prices. This apart, egg is the major raw material for
poultry farming, the price of which is volatile as the price of
the egg is derived by National Egg Co-ordination Committee (NECC)
on daily basis based on the demand-supply dynamics. On the other
hand, poultry feed industry is highly price sensitive on account
of its intensely competitive and fragmented nature due to
presence of many regional unorganized players. This apart,
availability of cheaper substitutes (like cotton seedcake, copra
etc.) further induce pricing and profitability pressures.

Key Rating Strengths

Experienced promoters with satisfactory track record of
operations: BPPL has commenced operations since 2012 and thus has
satisfactory track record of operations of six years. The key
promoter, Mr. Surajit Bisui having more a decade of experience in
the poultry industry, will look after the day to day operations
of the company. He will be supported by other directors Mr.
Sumanta Bisui, Ms. Chandana Bisui and Ms. Chandana Bisui.

Satisfactory demand outlook for poultry products: Poultry
products like eggs have large consumption across the country in
the form of bakery products, cakes, biscuits and different types
of food dishes in home and restaurants. The demand has been
driven by the rapidly changing food habits of the average Indian
consumer, dictated by the lifestyle changes in the urban and
semi-urban regions of the country. The demands for poultry
products are sustainable and accordingly, the kind of industry is
relatively insulated from economic cycle. As per Agricultural and
Processed Food Products Export Development Authority (APEDA),
poultry is one of the fastest growing segments of the
agricultural sector in India.

Currently, India is the world's fifth largest egg producer and
the eighteenth largest producer of broilers. The potential in the
poultry sector is increasing due to a combination of factors -
growth in per capita income, growing urban population and falling
poultry prices. Also poultry meat is the fastest growing
component of global meat demand, and India, one of the world's
fastest growing countries is experiencing a rapid growth in its
poultry sector.

Satisfactory profitability margins and comfortable capital
structure with satisfactory debt coverage indicators: The
profitability margins of the company remained satisfactory marked
by PBILDT margin of 16.94% (FY16: 27.11%) and PAT margin of 5.31%
(FY16: 5.91%) in FY17. Further, the PAT margin also deteriorated
in FY17 owing to higher declined in PBILDT level vis-a-vis
declined in capital charges. The capital structure of the company
improved and remained comfortable as on March 31, 2017. The
overall gearing ratio improved to 0.95x as on March 31, 2017.
Furthermore, the debt coverage indicators of the company remained
satisfactory in the last three years. Total debt to GCA also
improved and the same stood at 5.65x in FY17.

Incorporated in January 2012, Bisui Poultry Private Limited
(BPPL) was promoted by the Bisui family based out of Paschim
Medinipur West Bengal. BPPL is engaged in the business of layer
poultry farming and involved in sales of eggs and birds. The
poultry farm has a total capacity of 70,000 layer birds with
facilities located at Bankura, West Bengal. BPPL is currently
expanding its poultry farm capacity by setting up another unit in
the same premise, wherein the company plans to operate poultry
farm with a total capacity of 80,000 layer birds. The cost of the
expansion project is estimated to be INR7.50 crore which will be
financed through term loan of INR4.72 crore and promoter's
contributions of INR2.78 crore. The cost incurred till May 22,
2018 is INR0.96 crore (i.e.12.80% of total project cost) towards
the project funded through promoters contribution. The project is
expected to be operational by June 2019.


FACOR ALLOYS: ICRA Reaffirms D Rating on INR33.53cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term and short-term rating
outstanding for the INR62.90-crore bank facilities of Facor
Alloys Limited at [ICRA]D.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-
   Working Capital
   Facilities            28.16       [ICRA]D; Reaffirmed

   Non-fund Based-
   Working Capital
   Facilities            33.53       [ICRA]D; Reaffirmed

   Unallocated            1.21       [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in continued irregularities in
debt-servicing by FAL owing to inadequacy of cash flows vis-a-vis
debt obligations. While reaffirming the rating, ICRA has taken a
note of revival in FAL's operations from November 2016 onwards
(post a 30-month operational shutdown) which together with
healthy capacity utilisation (102% in FY2018) and favorable ferro
chrome prices helped the company report cash profits in the past
two financial years. While the company has been able to pare down
its overdue obligations supported by cash accruals, unsecured
term borrowings and release of funds from working capital, the
overdues remain sizeable vis-a-vis marginal cash profits
resulting in continued irregularities. In addition to working
capital borrowings, FAL's financial obligations comprise a
sizeable liability which devolved on invocation of a standby
letter of credit (SBLC) issued in favour of an overseas
subsidiary.

Going forward, regularisation of debt servicing by the company
will remain the key rating sensitivity. In this context, the
company's ability to get the SBLC liability refinanced at
favorable terms, aligning the repayment obligations with expected
cash flows remains crucial. Further, in addition to movement in
ferro-chrome realisations, the company's ability to maintain
healthy capacity utilisation, get regular supplies of chrome ore
at competitive rates and achieve operational and cost
efficiencies will remain critical determinants of its
profitability and hence credit profile.

Key rating drivers

Credit strengths

Experienced promoters with long track record in the Ferro alloys
industry: FAL is a part of the Facor group that is promoted by
the Saraf family. The promoter group has over six decades of
experience in the ferro-alloy industry, which lends comfort as is
also reflected in the satisfactory performance of the company
till FY2013.

Credit challenges

Continued irregularities in debt servicing due to large
outstanding obligations and low cash accruals: Besides its own
working capital borrowings, FAL's financial obligations comprise
a sizeable liability which devolved on invocation of a standby
letter of credit (SBLC) issued in favour of an overseas
subsidiary. The SBLC had been issued for a USD 10 million
borrowing by FAL's overseas subsidiary - M/s Facor Minerals
(Netherlands) B.V. for an overseas mines acquisition.
Subsequently, delays in commencement of operations at subsidiary
level and ensuing losses resulted in invocation of SBLC and
devolvement of liability in FAL's books during FY2016. However,
FAL failed to honour the financial obligation in absence of cash
flows, as its operations had remained suspended for a 30 -month
period upto October 2016 on account of various issues such as
labour unrest, shortage of chrome ore supply at competitive
rates, pressure on ferro chrome realisations as well as high
power tariffs. Though the operations resumed from October 2016
onwards and the company has been able to operate the plant at
healthy levels supported by conversion work for Tata Steel
Limited, the cash accruals remain weak in comparison to
outstanding obligations resulting in continued irregularities in
debt-servicing.

Procurement of chrome ore at competitive rates in light of non-
availability of same from group concern: In the past FAL had been
reliant on its group concern Ferro Alloys Corporation Limited
(FACOR) for supply of chrome ore. However, reduced mining
activities at FACOR post expiry of some leases, poses challenge
for FAL to procure chrome ore from external sources in adequate
quantity at competitive rates.

Susceptibility of profitability to cyclicality inherent in the
ferro-chrome industry: The ferro chrome industry is cyclical in
nature which exposes the profitability of the players, including
FAL, with non-captive sources of chrome ore to price movement of
the same. The cyclicality of ferro chrome industry inturn is
derived from the stainless-steel industry which inturn is also
cyclical.

Facor Alloys Limited (FAL) was incorporated in May 2004, as a
part of a restructuring scheme sanctioned to Ferro Alloys
Corporation Limited (Facor). FAL is engaged in manufacturing of
Ferro-Chrome. Its manufacturing unit, having an installed
capacity of 72,500 tonnes per annum (TPA), is located in
Garividi, District Vizag (Andhra Pradesh). The operations at FAL
resumed in October 2016 after a halt of nearly 30 months because
of labour unrest and shortage of chrome ore supply from the group
company, Facor. Post revival in October 2016, the company
achieved a healthy plant capacity utilisation of 89% in FY2017
(pertains to five-month period between Nov 2016 and Mar 2017) and
102% in FY2018.

In FY2018, the company reported a net profit of INR2.90 crore on
an operating income of INR313.20 crore, as compared to a net
profit of INR0.74 crore on an operating income of INR134.40 crore
in the previous year.

About the group:

Ferro Alloys Corporation Limited was incorporated in 1957 by Mr.
Uma Shankar Agarwal & the Saraf family. Company's performance was
satisfactory till early 1990s. However, certain factors such as
debt-funded Diesel-Generator (DG) based power plants, adverse
foreign-exchange fluctuations and decline in Ferro-chrome
realizations affected the company's ability to repay the debt in
its books. Subsequently, as a part of a restructuring scheme
approved by all the lenders, FACOR was trifurcated into three
separate companies namely Ferro Alloys Corporation limited, Facor
Alloys Limited and Facor Steels Limited w.e.f April 1, 2004 based
on division of operations and manufacturing facilities.


IMOSYS ENGINEERING: ICRA Reaffirms B Rating on INR5.25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for the
INR7.25-crore fund-based facilities of Imosys Engineering Company
Pvt. Ltd. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-Fund
   Based-Cash Credit     2.00      [ICRA]B (Stable); Reaffirmed

   Long-term-Fund
   Based-Term Loan       5.25      [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to be constrained by the small
scale of operations, limiting operational and financial
flexibility of the company and its weak financial profile,
characterised by a modest net worth, leveraged capital structure
and stretched debt-protection metrics. The rating also factors in
the stretched liquidity position of Imosys on account of an
elongated operating cycle as reflected by its high working
capital intensity of 44% in FY2018, which increased from 28% in
FY2017. The rating takes into consideration the fragmented nature
of the industry along with intense competition from the
established players. These apart, the debt-funded capital
expenditure proposed for capacity expansion might exert
additional pressure on its capital structure and debt-protection
metrics over the short term.

The rating reaffirmation, however, derives comfort from the
company's relationship with the reputed clients mitigating the
counter-party credit risk to a large extent, its diversified
product portfolio catering to multiple end-user industries and
the positive demand prospects for moulded plastic products, which
augurs well for Imosys. The rating, positively factors in the
growth in profits and improvement in cash accruals in FY2018.
Going forward, the company's ability to scale up its operations,
maintain the profit margins and effectively manage the working
capital intensity would be the key rating drivers.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that Imosys will
continue to benefit from the reputed customer profile and the
favourable demand prospects of the industry. The outlook may be
revised to Positive if substantial growth in revenue and
profitability, and better working capital management, strengthens
the financial risk profile. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or a stretch
in the working capital cycle, weakens its liquidity position.

Key rating drivers

Credit strengths

Reputed customer profile mitigates counter-party credit risk to a
large extent: Imosys supplies moulds to OEMs and other players
that supply desired components/parts to these original equipment
manufacturers (OEMs) for manufacturing the final product. The
products are supplied to established players in the market that
have existence of more than 15 years, which reduces the counter-
party risk for the company.

Growth in the profits and cash accruals in FY2018: The company's
operating income (OI) increased at a healthy rate of ~21% in
FY2018. The increase in sales volume supported its operating
margin, which improved to 20.10% in FY2018 from 19.76% in FY2017.
The cash accruals from the business also witnessed a growth in
the past two years.

Diversified product portfolio catering to multiple end-user
industries: The company's products find application in
manufacturing components for various industries including
packaging, automotive, electrical and electronics, home
appliances, and medical devices. It caters to customers from
different sectors, safeguarding it from the demand volatility in
any particular sector. The diversified product profile of the
company also reduces the product concentration risk.

Increasing demand for moulds: There is substantial increase in
the usage of moulded plastic parts over manufactured steel parts
over time. The shift is justified from various angles like cost,
aesthetics, efficiency, etc. The increased production of moulded
plastic parts has resulted in a huge demand for moulds by OEMs
and component manufacturers across diverse industries.

Credit challenges

Small scale of operations limiting operational and financial
flexibility: Though the company witnessed healthy revenue growth,
its scale of operations continued to remain small with an OI of
INR10.14 crore in FY2018 as against INR8.39 crore in FY2017.

Financial profile characterised by modest net worth, high gearing
and moderate coverage indicators: The capital structure of Imosys
remained leveraged over the past few years due to the high
reliance on term loans for its capital expenditure in the past.
With a low net worth of INR3.19 crore in FY2018, the gearing as
on March 31, 2018 stood at 2.25 times. The coverage indicators
deteriorated marginally in FY2018 due to higher debt level and
interest expenses with the interest coverage indicator
deteriorating to 2.25 times in FY2018 from 2.20 times in FY2017.

Competitive threats in a fragmented industry due to the lack of
significant entry barrier: The industry is characterised by the
presence of many players and Imosys faces intense competition
from the established mould base suppliers in the market. This
restricts the company's pricing flexibility and may constrain its
profitability and growth prospects in the long term.

Stretched liquidity position due to an elongated operating cycle:
The company's liquidity position remains stretched with a high
utilisation of working capital limits during the last one year.
The working capital intensity as measured by the NWC/OI increased
to 43.89% in FY2018 from 27.58% in FY2017due to an increase in
debtors and inventory days. The payables also remain stretched at
188 days in FY2018.

Imosys was incorporated in 2010 and commenced its operations in
February 2013, with Mr. Shrikrishna Upadhyay and Ms. Sumi Ajit
Thandassery as the directors. The company is involved in
manufacturing mould base and dye sets, which are used in the
plastic-injection moulding process for producing parts/components
by the OEMs and component manufactures. The moulds are used for
manufacturing various products including wiring harness
components, automotive components, white goods, medical and
electrical equipment. The company has its manufacturing plant in
Belgaum, Karnataka.

As per provisional results for FY2018, the company reported a net
profit of INR0.41 crore on an OI of INR10.14 crore, as against a
net profit of INR0.22 crore on an OI of INR8.39 crore in FY2017.


JALA SHAKTI: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA said the ratings for the INR26.50 crore bank facilities of
Jala Shakti Limited (JSL) has been moved to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term: Fund    24.22      [ICRA]D ISSUER NOT COOPERATING;
   Based-Term Loan               Moved to 'Issuer Not
                                 Cooperating' category

   Long Term:          0.68      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Moved to 'Issuer Not
                                 Cooperating' category

   Short Term:         1.60      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based-               Moved to 'Issuer Not
   Bank Guarantee                Cooperating'category

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

JSL, incorporated in 1996, has setup a 5 MW run of the river
hydroelectric project (Dunali HEP) in Chamba, Himachal Pradesh.
The project has started commercial operations in May 2013 and has
been set up at a cost of INR62.5 crore.

In FY2017, JSL reported an operating income (OI) of INR6.58 crore
and net loss of INR8.18 crore, as compared to OI of INR6.35 core
and net loss of INR2.91 crore in the previous year.


JANKI RICE: ICRA Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------
ICRA said the long-term and short-term ratings for the bank
facilities of Janki Rice & Solvent Industries Private Limited
(JRSIPL) continue to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       25.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund based-        0.05       [ICRA]B (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non-fund based-    0.50       [ICRA]A4 ISSUER NOT
   Credit Exposure               COOPERATING; Rating continues
   Limit                         to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        0.60       [ICRA]B (Stable) ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Janki Rice & Solvent Industries Pvt Ltd (JRSIPL) was incorporated
in 2008 by Ramwani and Vaghela families and is engaged in the
business of milling par boiled rice. The company commenced its
operations from FY2010 at its manufacturing facility located at
Sanand (near Ahmedabad, Gujarat) having an installed capacity of
192 TPD (Tonnes per day). The promoters of the company have two
decades of experience in the rice milling industry through their
other associate concerns engaged in similar business.


JOVIAL STAINLESS: CARE Assigns B+ Rating to INR15cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jovial
Stainless Steel and Alloys (JSS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           15.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JSS is constrained
by limited experience of proprietor in steel sector, execution
and stabilisation risk associated with ongoing green field
project. The rating is further constrained by susceptibility of
margins to fluctuation in raw material prices, firm's presence in
competitive and fragmented industry and proprietorship nature of
constitution. The rating, however, derives strength from land
owned by proprietor and commencement of operations. Going
forward, the ability of the firm to complete its ongoing project
within estimated time & costs and to achieve envisaged sales of
its products at projected sales price would remain its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited experience of proprietor in steel sector: JSS is
currently being managed by Mr. Ashok Bansal having an industry
experience of around two decades through his association with
other regional entities (Bansal Petroleum Private Limited, Indus
Fuel Private Limited, Chirag Roller Flour Mills and Himalaya
Roller Flour Mills). Thus, the proprietor has limited experience
in steel sector. However, the proprietor is supported by a team
of experienced and qualified professionals having varied
experience in the technical, finance and marketing fields.

Execution and stabilisation risk associated with ongoing green
field project: Execution and stabilization risk is associated
with green-field project which involves setting up manufacturing
units for stainless steel products. As on April 30, 2018, the
firm has incurred an expenditure of INR7.30 crore in the
aforesaid project implementation as against the total project
cost of INR12.50 crore. The total project cost is to be funded
through bank term loan of INR6.00 crore and promoters'
contribution of INR6.50 crore (Rs.5.17 crore in the form of
capital and INR1.33 crore in the form of unsecured loans).

The commercial operations of Unit I commenced in March, 2018. And
the commercial operation of Unit II is expected to commence from
August 2018. Thus, the project is exposed to implementation risk
which is associated in the form of stabilization of the
manufacturing facilities to achieve the envisaged scale of
business and also, salability risk is associated with the
products in the light of competitive nature of industry.

Susceptibility to fluctuation in raw material prices: The main
raw material of the company is iron and steel scrap. Raw material
cost has always been a major contributor to total operating cost,
thereby making profitability sensitive to raw material prices
mainly due to the reason that the major raw material is commodity
in nature and witness frequent price fluctuations. Thus, any
adverse change in the prices of the raw material may affect the
profitability margins of the firm.

Highly competitive and fragmented industry: The iron and steel
industry in which JSS operates is highly fragmented and
competitive in nature marked by the presence of various large and
small players. The players in the steel industry, especially the
small players, do not have any pricing power and are exposed to
competition induced pressures on profitability.

Proprietorship nature of constitution: JSS's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision of the lenders.

Key Rating Strengths

Land owned by proprietor and Commencement of operations: Land is
owned by proprietor. JSS is established with an aim to set up two
manufacturing facilities at Kaithal, Haryana for manufacturing of
Stainless steel (SS) tubes, SS Pipes, SS sections, SS rods,
strips and coils with an aggregate installed capacity of
manufacturing 10800 metric tonne of Stainless steel products per
annum. The commercial operations of Unit I commenced in March,
2018. And the commercial operation of Unit II is expected to
commence from August 2018.

Jovial Stainless Steel and Alloys (JSS) was established as a
proprietorship concern in July 2017 and the firm is currently
being managed by Mr. Ashok Bansal. JSS is established with an aim
to set up two manufacturing facilities at Kaithal, Haryana for
manufacturing of Stainless steel (SS) tubes, SS Pipes, SS
sections, SS rods, strips and coils with an aggregate installed
capacity of manufacturing 10800 metric tonne of Stainless steel
products per annum as on April 30, 2018. The commercial
operations of Unit I commenced in March, 2018. And the commercial
operation of Unit II is expected to commence from August 2018.
Further, the firm is ISO 9001:2015 certified.


KALAPARA KISHAN: CARE Assigns B+ Rating to INR5.20cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kalapara Kishan Himghar Private Limited (KKHPL), as:


                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.20       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            0.15       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of KKHPL are
constrained by small scale of operations, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers and
competition from other local players. The ratings, however,
derive strength from extensive experience of the promoters in
same line of business with long track record of operations,
healthy profitability margins and comfortable capital structure
with satisfactory debt coverage indicators.

The ability of the company to increase the scale of operations,
sustain current profitability margins and to manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: KKHPL is a small player in the cold
storage industry marked by total operating income of INR1.89
crore (INR1.93 crore in FY16) with a PAT of INR0.16 crore
(INR0.22 crore in FY16) in FY17. During FY18, the company has
booked turnover of INR1.91 crore.

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

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

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, KKHPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities. Competition from other local
players: In spite of being capital intensive, the entry barrier
for new cold storage is low, backed by capital subsidy schemes of
the government. As a result, the potato storage business in the
region has become competitive, forcing cold storage owners to
lure farmers by providing them interest bearing advances against
stored potatoes which augments the business risk profile of the
companies involved in the trade.

Key Rating Strengths

Experienced promoters with long track record of operations: Mr.
Ashok Banerjee, possesses over 27 years of experience in the cold
storage industry and looks after the overall management of the
company. He is further supported by other six Directors who are
also having over two decades of experience in the same line
business, along with a team of experienced professionals.
Furthermore, KKHPL commenced commercial operation since February
2006 and accordingly has a long track record of operations.

Healthy profitability margins: The profitability margin of the
company was healthy marked by PBILDT margin of 36.80% (FY16:
36.20%) and PAT margin of 8.37% (FY16: 11.35%) in FY17.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the company was strong with
overall gearing ratio of 0.31x (FY16: 1.14x) as on March 31,
2017. Moreover, the debt coverage indicators also remained
satisfactory marked by interest coverage of 3.63x (FY16: 6.62x)
and total debt to GCA of 3.28x (FY16: 10.06x) in FY17.

KKHPL was incorporated in February 2006 to set up a cold storage
facility with a storage capacity of 14,734 metric tones in
Hooghly, West Bengal. Since its inception, the company has been
engaged in the business of providing cold storage facility
primarily for potatoes to farmers and traders. Besides providing
cold storage facility, the company also provides interest bearing
advances to farmers for their agricultural activities against the
receipts of potato stored.


KESHAV SPONGE: Liquidated as a 'Going Concern'
----------------------------------------------
The Economic Times reports that for the first time under the
Insolvency and Bankruptcy Code, Keshav Sponge and Energy has been
liquidated as a 'going concern', marking a new chapter in the
evolving Insolvency and Bankruptcy Code that provides the
framework to extricate billions of dollars stuck in bad loans. ET
says this move has twin-benefits: It helps lenders recover more
money against the unpaid loans, and creates future job
opportunities for those employees who used to work for the
company.

'A going concern' or 'a slump sale of the assets' enables the
sale of business of the company including all its assets and
properties, the report notes. The business of the company is
continued during the liquidation process by the liquidator. "The
process of selling all fixed assets is over. It will take some
more time to complete the entire process," ET quotes Anil
Agarwal, the official liquidator, who works for AAA Insolvency
Professional, a Delhi-based firm, as saying.

According to the report, the lenders are said to have received
about INR48 crore against total default of INR92 crore. Some more
recoveries are likely to be made with the completion of the
entire process, the report states.

"A Raigargh-based steel company has bought the entire lot of
fixed assets. It is likely to revive the business by employing
new people and deploying capital," a person with direct knowledge
of the matter told ET.

Normally, a liquidator sells company assets on a piece-meal
basis. For example, it sells machinery or plant or a land parcel.
This is expected to attract less value realisation compared to
the collective approach, known as a 'slump sale or a going
concern' in market parlance. A simple liquidation process would
have fetched about one-fifth of the default in Keshav, experts
said.

Earlier, the National Company Law Tribunal for the first time
directed that a liquidator be appointed in place of an existing
resolution professional in the case of a company which has no
feasible resolution plan in sight, marking a new chapter in the
evolving Insolvency and Bankruptcy Code, according to ET.

The report relates that the tribunal directed the winding up of
Keshav Sponge and Energy, whose petition was admitted on
February 16 this year. The company had filed the petition after
it failed to repay more than INR85 crore to its creditors,
including Punjab National Bank.

Delhi-based Adesh Kumar Mehta was appointed as the resolution
professional, the report discloses.

"Since the committee of creditors has unanimously approved Mr.
Anil Agarwal as the liquidator for initiation of liquidation, the
resolution professional already appointed is to be replaced,"
judicial members Vijai Pratap Singh and Jinan KR said in their
order at NCLT Kolkata, ET adds.


KISAN OLEOCHEM: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kisan Oleochem &
Derivatives Private Limited's (KODPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-(ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR345 mil. Fund-based working capital limits long-term
    rating upgraded/Short-term rating affirmed with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in KODPL's revenue and
credit metrics, owing to an improvement in capacity utilization.
According to provisional financial of FY18, the revenue grew to
INR4,385.9 million (FY17: INR2,852.6 million) on account of the
execution of a higher number of orders. Gross interest coverage
(operating EBITDA/gross interest expenses) increased to 2.1x in
FY18 (FY17: 1.3x) and net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) reduced to 7.5x (9.5x), on account of an
improvement in absolute EBITDA and a decline in total debt. The
ratings also reflect the improvement in KODPL's net working
capital days to 35 days in FY18 (FY17: 60 days), driven by a
lesser number of inventory and receivable days.

However, the company's financial and credit profiles remain
modest due to thin and volatile operating margins, because of
fluctuating raw material procurement expenses. The EBITDA margin
slightly declined to 1.3% in FY18 (FY17: 1.7%). Also, the ratings
reflect KDPL's moderate liquidity position, evident by its around
93.3% use of the working capital limits on average during the 12
months ended April 2018.

The ratings are supported by the company's promoters' over three
decades of experience in the castor oil processing and trading
business.

RATING SENSITIVITIES

Positive: A substantial improvement in the profitability and net
leverage on a sustained basis will be positive for the ratings.

Negative: A decline in the profitability and credit metrics on a
sustained basis will be negative for ratings.

COMPANY PROFILE

Incorporated in October 2009, KODPL commenced commercial
operations in 2012. The company is engaged in the manufacturing,
processing and trading of castor oil and castor de-oiled cake. It
has a 7500 metric tons per month oil extraction capacity in
Palanpur, Ahmedabad.


L. N. FIELDS: CARE Assigns B+ Rating to INR16cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of L. N.
Fields Private Limited (LNF), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            16.0       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of LNF is constrained
by its small scale of operations with low profitability margins,
fortune linked with favorable agriculture weather conditions,
working capital intensive nature of operations, leveraged capital
structure with weak debt coverage indicators and presence in a
highly competitive and fragmented industry. The aforesaid
constraints are partially offset by extensive experience of the
promoters in same line of business with long track record of
operations.

Going forward, the ability of the company to increase its scale
of operations with improvement in profitability margins and
efficient management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total
operating income of INR34.51 crore (INR30.91 crore in FY16) with
a PAT of INR0.38 crore (INR0.51 crore in FY16) in FY17. Further
the total capital employed was moderate at INR28.87 crore as on
March 31, 2017. Moreover, the company has reported turnover of
INR30 crore in FY18. The profitability margins of the company
remained low marked by PBILDT margin of 9.21% (10.97% in FY16)
and PAT margin of 1.11% (1.64% in FY16) in FY17 mainly due to its
trading nature of operations.

Fortune linked with favorable agriculture weather conditions:
LNFPL is currently engaged in manufacturing of agro fertilizers,
pesticides and cultivation of fruits and vegetables. The
fertilizer and pesticides mainly used in agricultural farming
and therefore, the demands of its products are mainly depended on
the favorable agricultural weather conditions.

Working capital intensive nature of business: The operation of
LNFPL is working capital intensive marked by its high collection
period. The company allows credit of around five months to its
customers due to its low bargaining power as compared to its
customers. Further the company maintains stock of goods for
timely supply of its clients demand. Accordingly the average
utilization of fund based limit remained on the higher side at
about 91% during last twelve months ending on March 31, 2018.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained leveraged owing to
its working capital intensive nature of operations resulting in
higher dependence on bank borrowings. However, the overall
gearing ratio has improved as on last three account closing dates
on account of infusion of equity including securities premium
aggregating to INR0.46 crore by the promoters, accumulation of
profit into reserves and relatively lower utilization of working
capital limit but the same stood high at 2.64x (2.99x as on
March 31, 2016) as on March 31, 2017. The debt coverage
indicators also remained moderately weak marked by interest
coverage of 1.21x
(1.29x in FY17) and total debt to GCA of 43.27x in FY17.

Highly competitive and fragmented nature of the industry: The
agro chemical industry is highly fragmented with a large number
of small to medium scale organized and unorganized players owing
to low entry barriers with no visible differentiators in product
profile. High competition in the operating spectrum and small
size of the company limits the scope for margin expansion.
Though, government policies towards the industry have remained
supportive both for smallscale sector development as well as
export promotion. With the production clustered in 4-5 locations,
distribution network becomes the key to success.

Key Rating Strengths

Experienced promoters along with long operational track record:
LNFPL is into agro chemicals products business since 1998 and
thus has long operational track record of two decades. Being in
the same line of business since long period, the promoters have
built up established relationship with its clients and the
company is deriving benefits out of this. Mr. Arvind Karnani has
more than two decades of experience in trading of agro chemicals,
looks after the day to day operations of the company. He is
supported by Mr. Ujjal Dugar and Ms. Shalini Karnani.

Incorporated in January 1998, L. N. Fields Private Limited
(LNFPL) was promoted by Mr. Arvind Karnani, Mr. Ujjal Dugar and
Ms. Shalini Karnani. Till FY17, LNFPL was into trading of agro
fertilizer, pesticides and cultivation of fruits and vegetables.
However, the company discontinued the trading operations and
started manufacturing of bio-organic fertilizer and pesticides
along with cultivation of fruits and vegetables from FY18. The
company has two farm lands one is located at Dhobni Village,
(spread in an area of 50 acres) and other located in Nagpur
(speared in an area of 100 acres) where the company uses
scientific method for farming fruits and vegetables like
pomegranate, colour capsicum and broccoli. The company sells its
organic fertilizer and pesticides under its registered brands
like Hannibal, Netra Max, Red Star, Pinaca, Simone etc. The
company has its warehouse/godown located in 8 different cities
spread in the state of Jharkhand, Assam and Maharashtra.


MAGNUM STEEL: CARE Assigns B Rating to INR20cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Magnum
Steel Limited (MSL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           20.00       CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of MSL is constrained
on account of implementation and stabilization risk associated
with proposed debt funded capex, small scale of operations, thin
profit margins, moderate debt coverage indicators and weak
liquidity position during FY17 (refers to the period April 1 to
March 31). The rating is further constrained on account of
presence into fragmented nature of industry with high degree of
competition and susceptibility of profit margins to volatility
associated with raw material prices.  The rating, however,
derives strength from wide experience of promoters in the steel
industry and comfortable capital structure as on March 31, 2017.

The ability of MSL to commission the upcoming debt-funded capex
within stipulated time and cost parameters and derive benefits
therefrom is the key rating sensitivity. Furthermore, increasing
its scale of operations and improving its profit margins amidst
competitive nature of industry and raw material price volatility
along with an improvement in solvency position and efficient
working capital management are also the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Project implementation and stabilization risk associated with
proposed debt funded capex: MSL is planning to execute an
expansion project for manufacturing Thermo Mechanically Treated
(TMT) bars with proposed total project cost of INR30 crore. Till
February 7, 2018, the company has not incurred any cost towards
the project, while the commercial production is expected to
commence from October, 2018. In light of majority of costs to be
incurred, MSL is exposed to project implementation and
stabilization risk.

Small scale of operations and thin profit margins: The total
operating income (TOI) of MSL declined significantly during FY17
and remained low at INR17.23 crore as against INR87.59 crore
during FY16. Further, MSL reported operating loss of INR3.89
crore during FY17 [as against operational loss of INR10.96 crore
in FY16]. However the company reported net profit of INR0.82
crore during FY17 as compared to net loss of INR13.01 crore
during FY16, on account of profits generated from sale of fixed
assets. However, profit margins stood thin.

Moderate debt coverage indicators and weak liquidity position:
The debt coverage indicators of MSL remained moderate marked by
total debt to GCA of 0.89 times as on March 31, 2017, while the
interest coverage remained weak during FY17 owing to operating
losses.  Furthermore, liquidity position of the company remained
weak marked by highly elongated working capital cycle of 956
days in FY17 as against 224 days in FY16 on account of high gross
current asset days. The current ratio of the company remained at
5.82 times as on March 31, 2017 as against 5.86 times as on
March 31, 2016.

Fragmented nature of industry with high degree of competition:
MSL is in to manufacturing of bars, plates, Sponge iron which is
a highly fragmented and unorganized market for steel products
with presence of large number of small sized players. The high
fragmentation restricts the pricing flexibility and bargaining
power of players like MSL. Also, the presence of big sized
players with established marketing & distribution network results
into intense competition in the industry.

Susceptibility of profit margins to volatility associated with
raw material prices: The steel industry is cyclical with prices
driven by demand and supply conditions in the market. The prices
are driven primarily by the existing demand and supply conditions
with strong linkage to the global market. This results into risk
of
price fluctuations on the inventory of raw materials as well as
finished goods.

Key Rating Strengths

Wide experience of promoters: Mr. I. C. Jindal and Mr. Jai
Bhagwan are the key promoters having an experience of over three
decades and seven years respectively, in steel industry. They
jointly manage the overall operations of the company.

Comfortable capital structure: The capital structure of MSL stood
comfortable marked by an overall gearing ratio of 0.01 times as
on March 31, 2017 as against 0.03 times as on March 31, 2016. The
tangible net worth stood high at INR113.64 crore as on March 31,
2017.

Delhi-based MSL is a closely held public limited company and was
incorporated in January, 1991. MSL is managed by Mr.I.C.Jindal,
Mr. Mukesh Kumar Singhal and Mr. Jai Bhagwan. MGL is engaged into
manufacturing of TMT bars, Spring steel flats, steel castings DRI
Sponge etc. with an installed capacity of manufacturing 100
tonnes of Thermo Mechanically Treated (TMT bars) per day and 150
tonnes of Spring steel flatsper day as on March 31, 2017. The
products manufactured by MSL find application in construction
industry, automobile industry and other heavy engineering
industries. The company caters to its customers spread over Uttar
Pradesh, Madhya Pradesh, Chattisgarh, Rajasthan etc. The group
entities of MSL; namely Deluxe Alloys Private Limited, Magnum
Iron & Steel Private Limited, N. R. Sponge Private Limited,
I.R.S. Industries Private Limited and B.R. Associates Private
Limited are into similar line of business.


MAHAVIR GLOBAL: CARE Assigns B+ Rating to INR2.76cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahavir Global Inc (MGI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            2.76       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            7.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MGI are
constrained by its modest scale of operations, low profitability
margins, leveraged capital structure and elongated operating
cycle. The ratings are also constrained by firm's presence in
highly competitive and fragmented nature of industry,
susceptibility to fluctuation in raw material prices & monsoon
dependent operations, foreign exchange fluctuation risk, and
partnership nature of constitution. The ratings, however, derive
strength from experienced partners and locational advantages.

Going forward, the ability of the firm to scale up its operations
while improving its overall solvency position and profitability
margins would remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest though growing scale of operations with low profitability
margins: The firm's scale of operations has remained modest
marked by total operating income (TOI) of INR 57.89 crore in FY17
(refers to period from April 1 to March 31). The modest scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, the firm has
achieved total operating income of INR77.00 crore in FY18
(Provisional). The profitability margins stood low as marked by
PBILDT margin of 2.56% in FY17 and PAT margin of 0.46% in FY17.

Leveraged capital structure and weak total debt to GCA: The
capital structure of the firm stood leveraged with overall
gearing ratio of 2.36x as on March 31, 2017 mainly on account of
firm's high reliance on bank borrowings to fund working capital
requirements. Further, the total debt to GCA stood weak at 14.16x
for FY17, however, interest coverage ratio stood moderate at
2.12x
in FY17.

Elongated operating cycle: The average operating cycle of the
firm stood elongated at 74 days for FY17 (65 days for FY16). The
firm is required to maintain inventory mainly in the form of raw
material (paddy) to ensure smooth execution of production as well
as to maintain stock of finished products to meet the demand of
its customers. The same improved vis-a-vis year owing to better
management of inventory. The firm offers a credit period of upto
two months to its customers, however, receives a credit period of
around one month from its suppliers.

Foreign exchange fluctuation risk: The company is mainly
dependent upon exports and its export contribution to total sales
stood at around 75% for FY17. The raw materials are completely
procured from domestic markets. MGI hedges 70% of its exports
through forward contracts. However, the company is exposed to the
fluctuation in exchange rates to the extent not covered by
hedging.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices.

Competitive and fragmented industry with high government
regulation: The industry in which MGI operates is highly
fragmented and competitive in nature marked by the presence of
various large and small players. Additionally, the raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers.

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

Key Rating Strengths

Experienced partners

Mr. Anil Kumar Garg has work experience of three decades which he
has gained through his association with MGI and other regional
entities (Mahavir Rice Mill). Mr. Vishal Garg has work experience
of 7 years through his association with MGI only. The partners
have adequate acumen about various aspects of business which is
likely to benefit MGI in the long run.

Location advantages: MGI is engaged in processing of paddy and
milling of rice. The firm's processing facility is situated at
Karnal, Haryana which is one of the largest producers of paddy in
India. 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. MGI owing to its location is
also in a position to cut on the freight component of incoming
raw materials.

Mahavir Global Inc (MGI) was established in April 2011 as a
partnership firm and is currently being managed by Mr. Anil
Kumar Garg and Mr. Vishal Garg as its partners, sharing profit
and losses equally. The firm is engaged in processing of paddy at
its manufacturing facility located in Karnal, Haryana with an
installed capacity of processing 64000 metric tonnes of paddy per
annum as on March 31, 2018. MGI is mainly engaged in exports and
is directly supplying basmati and non basmati rice to Saudi Arab,
Yemen and Somalia.


N & N CONSTRUCTIONS: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of N & N
Constructions (NNC) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     12.25      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from N & N Constructions (NNC)
to monitor the rating vide e-mail communications/ letters dated
25 April 2018, 10 May 2018, 15 May 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on N & N Constructions'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 September 29, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness

Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Exposed to volatility in price of raw materials in the absence of
price escalation clause in the agreement with private players:
The firm executes railway construction projects for which the
primary raw material includes cement, steel, sleepers, turnouts
and overhead electrification material. In the absence of any
backward integration the firm procures the same from open market
and hence, is susceptible to volatility in the input prices.

Key rating strengths

Growth in revenue and increasing profit margins over the
financial years; albeit relatively small scale of operations NNC
has a presence in construction and railway works industry for
last 5 years and it has grown significantly in terms of revenue
and size of operation which, however, is relatively small
comparing with other players in the industry. The total operating
income of the business has grown at a CAGR of 71.27% during FY12-
FY14 (refers to the period April 1 to March 31).

Satisfactory financial risk profile marked by moderate capital
structure and debt protection metrics: The company has moderate
capital structure with overall gearing of 1.57x as on March 31,
2014, compared to overall gearing of 1.82x as on March 31, 2013,
due to substantial improvement in net worth on account of
increase in capital of the firm along with improvement in
profitability.

NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr P. Satya Rao, Mrs P.
Balabharathi, Mrs P. Varalakshmi. The firm is engaged in
execution of railway construction projects which includes
erection and commissioning of railway tracks and sidings for
public and private companies; civil works including construction
of industrial and residential buildings, drains and road works;
supplying of Ready Mix Concrete (RMC).


NANIBALA COLD: CARE Assigns B+ Rating to INR7cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Nanibala Cold Storage Private Limited (NCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of NCSPL is
constrained by its small scale of operations, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers and
competition from other local players. The rating, however,
derives strength
from its experienced promoters with long track record of
operations, satisfactory profitability margins, comfortable
capital structure with satisfactory debt coverage indicators and
proximity to potato growing area.

The ability of the company to increase the scale of operations,
sustain current profitability margins and to manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: NCSPL is a small player in the cold
storage industry marked by total operating income of INR3.33
crore (INR3.16 crore in FY16) with a PAT of INR0.21 crore
(INR0.70 crore in FY16) in FY17. During FY18, the company has
booked turnover of INR3.70 crore.

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

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

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

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

Key Rating Strengths

Experienced promoters with long track record of operations: Mr.
Chittaranjan Pal, possesses over two decades of experience in the
cold storage industry and looks after the overall management of
the company. He is further supported by other four Directors who
are also having over two decades of long experience in the same
line business, along with a team of experienced professionals.
Furthermore, NCSPL commenced commercial operation since March
1997 and accordingly has a long track record of operations.

Satisfactory profitability margins and comfortable capital
structure with satisfactory debt coverage indicators: The
profitability margins of the company remained satisfactory marked
by PBILDT margin of 21.47% and PAT margin of 6.19% in FY17.
Furthermore, the capital structure of the company was comfortable
with debt equity ratio of 0.21x (FY16: 0.23x) and overall gearing
ratio of 0.18x (FY16: 2.98x) as on March 31, 2017. Moreover, the
debt coverage indicators also remained satisfactory marked by
interest coverage of 2.63x (FY16: 11.45x) and total debt to GCA
of 1.27x (FY16: 7.32x) in FY17.

Proximity to potato growing area: NCSPL is located in the potato
growing belt of the Bankura district of West Bengal, having a
large network of potato growers along with potato traders,
thereby making it suitable for the farmers and traders in terms
of transportation and connectivity and ensures company's higher
level of capacity utilization.

NCSPL was incorporated in March 1997 to set up a cold storage
facility with a storage capacity of 21,800 Metric Tonnes in
Bankura district of West Bengal. Since its inception, the company
has been engaged in the business of providing cold storage
facility primarily for potatoes to farmers along with trading of
potatoes. The company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
potato stored.


ORANGE INFRACON: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA Ratings said the rating for the INR50.0 crore bank
facilities of Orange Infracon Private Limited (OIPL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Fund-      38.00       [ICRA]B+(Stable) ISSUER NOT
   Based                            COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Long-term            12.00       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

OIPL, incorporated in 1997, is a part of the Indore-based B.C.M.
Group, which was promoted by Late Mr. B.C. Mehta. It has presence
across diverse sectors such as snack foods manufacturing, food
processing and real estate development. OIPL is developing its
first project 'BCM Park' at Piplyakumar in Indore, Madhya
Pradesh, wherein 0.52 million square feet would be developed in
two phases at ~INR107.7 crore. The project would have a total of
230 flats in four towers with fourteen floors each. The project
is funded by INR38.0 crore of bank debt, INR22.0 crore of
promoter's contribution and INR47.7 crore of customer advances.
The land for the project is owned by the company and the
construction started in Q4 FY2014.


ORIENT GREEN: ICRA Reaffirms D Rating on INR49.92cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long -term rating of [ICRA]D to the
INR49.92-crore (reduced from INR105.50-crore) term loan and the
INR3.90-crore (reduced from INR10.00-crore) fund-based facilities
of Orient Green Power Company Limited(OGPL).

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-
   Term Loan             49.92       [ICRA]D; Reaffirmed

   Fund-based-
   Working Capital
   Facilities             3.90       [ICRA]D; Reaffirmed

Rationale

The reaffirmation of rating takes into consideration continued
delays in repayment of debt obligations by OGPL under its 10 MW
biomass power plant in Narsingpur, Madhya Pradesh. While ICRA
notes that eight biomass power plants under OGPL and its
subsidiaries have been sold to Janati Bio Power Private Limited
(JBPL), which is a subsidiary of SVL Limited (promoter company)
with effect from September 7, 2017, the sale of the Narsingpur
power plant is under progress subject to approval from secured
creditors. In addition, the rating continues to take into
consideration the modest debt servicing indicators of the company
with sizeable debt repayment obligations.

ICRA, however, continues to take note of the established presence
and a reasonable track record of operations of the company in the
renewable power segment with an installed capacity of 425 MW in
the wind power division. Furthermore, improved grid availability
from 77% in FY2016 to 98% in FY2018 has led to increase in wind
power generations in the last two years. Moreover, given that the
performance of the biomass units remained sub-optimal in the last
few years due to constraints on raw material availability,
divestment from the biomass segment is expected to enhance the
overall operational and financial risk profile of the company
going forward.

Going forward, the ability of OGPL to ensure timely repayment of
debt obligations by improving the performance of its wind
division while ensuring timely divestment from the existing units
in the biomass division will remain the key rating sensitivity.

Key rating drivers

Credit strengths

Established presence in the renewable power segment: OGPL was
incorporated in the year 2006 and has an established presence in
the renewable power segment with an installed capacity of 425 MW
wind power projects under OGPL and its various subsidiaries.
Earlier, the company also operated biomass power plants with an
installed capacity of 106 MW until FY2015. However, OGPL divested
from 96 MW of biomass power plants until FY2018. Sale of 10 MW
Narsingpur power plant is expected to be completed by H1 FY2019.

Improved performance of the wind power plants aided by improved
grid availability: Grid back-down was a major issue which
impacted the performance of OGPL over the last few years.
However, there has been a marked improvement in the grid
availability in the last two years from 77% in FY2016 to 98% in
FY2018. This led to an increase in generations from the wind
power plants in the last two-year period.

Credit challenges

Continued delays in repayment of debt obligations: While OGPL has
completely repaid the loan pertaining to Kolhapur biomass power
plant post completion of its sale, there are continued delays in
repayments of the Narsingpur power plant. However, sale of the
same is currently under progress and is expected to be completed
by July 2018.

Financial profile characterised by leveraged capital structure
and weak debt coverage indicators: Given the debt funded capex
undertaken over the years, the company's gearing level has
remained high at over 2.5x in the last two years owing to debt
funded capacity expansion taken up over the years. The debt
service coverage indicators(consolidated) of OGPL remain modest
with interest coverage of 1.2 times and NCA/Total Debt of 3% for
FY2018.

Vulnerability of cashflows to variation in wind speed:
Variability in wind speed may affect PLF levels and actual
electricity generation thereby leading to volatility in revenues
and cashflows

Incorporated in 2006, Orient Green Power Limited (OGPL) is into
renewable power generation with focus on wind and biomass power
segments. As on March 31, 2018, the company had installed
capacity of 425 MW of wind power plants across Tamil Nadu, Andhra
Pradesh, Gujarat, Karnataka and Europe. As part of its
restructuring strategy, the company is in the process of
offloading biomass assets from its portfolio. OGPL is promoted by
SVL Limited (Shriram Group) and is listed on both BSE and NSE.
In FY2018, at a consolidated level, the company reported a net
loss of INR71.43 crore on an operating income of INR356.98 crore,
as compared to a net loss of INR95.90 crore on an operating
income of INR379.87 crore in the previous year.


OSHINA EXPO: ICRA Reaffirms B Rating on INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR10.0-crore bank facilities of Oshina
Expo Pvt Ltd (OEPL). The outlook on the long-term rating is
Stable.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based
   Cash Credit            5.0        [ICRA]B(Stable); Reaffirmed

   Non Fund based
   Letter of Credit       1.0        [ICRA]A4; Reaffirmed

   Unallocated            4.0        [ICRA]B(Stable); Reaffirmed

Rationale

The reaffirmed rating continues to factor in the modest scale of
operations amid intense competition from local players in the
highly fragmented market. The rating also takes into account the
weak profitability on account of fluctuations in the raw material
prices and vulnerability to foreign currency fluctuations,
through the dependency on imports in FY2018 has reduced
significantly. Ratings are further constrained by leveraged
capital structure along with weak debt coverage metrics.

The ratings, however, favorably factors in the significant
experience of the promoters in the footwear manufacturing and
trading industry. ICRA also notes the extensive relationships of
the company with its buyers and absence of any major buyer
concentration. Rating further favorably factors the improving
operating margins and constantly declining debt levels.

Outlook: Stable

ICRA believes that OEPL will maintain the existing trading
operations amid gradually slowing manufacturing division. The
firm will continue to benefit from the experience of the
promoters and their established buyers. The outlook may be
revised to 'Positive' if the company is able to scale up the
capacity and capital base while improving its margin growth. The
outlook may be revised to 'Negative' if there are adverse
fluctuations in raw material prices thereby limiting
profitability or any deterioration in leverage and liquidity
position.

Key rating drivers

Credit strengths

Extensive experience of promoters in footwear manufacturing and
trading industry: The promoter group of OEPL is has been actively
involved in footwear industry since past decade. However, OEPL
was constituted only in 2012. Promoters have experience in both
trading as well as manufacturing of footwears.

Sharp Increase in scale of operations in FY2017, although
revenues in FY2018 remained muted: The company managed to
increase its scale and raise its operating revenues from INR74.3
crore in FY2016 to INR94.2 crore in FY2017. The increase in sales
was on the back of conscious strategical decision by the
management to increase its trading revenues. The products
were pushed through distributors on account of incentives and
rebates extended to the distributors. Sales, however, remained
muted in FY2018.

Diversified client base with reduced concentration risk: The
company has added number of additional clients both in FY2017 and
FY2018. Particularly, in FY2018, company reduced its
concentration risk as its top ten buyers formed only 8-9% of the
total sales.

Credit challenges

Highly fragmented and competitive nature of industry: Given the
highly fragmented nature of the industry and low entry barriers,
the competition for OEPL is intense. This along-with the trading
nature of the business results in modest margins. The net margins
are subsequently weaker on account of debt availed by the
company.

Continued low capital base resulting in weak capital structure:
On account of lower capital base and marginal profit margins, the
gearing has improved but remained weak at 3.7 times as per
provisional numbers in FY2018 against 5.3 times in FY2017. The
marginal profits are resulting in gradual build-up of the capital
base. He net worth of OEPL remained weak at INR2.8 crore in
FY2018.

Vulnerability of profits to raw material price variations and
currency fluctuations: The profitability of the firm remains
vulnerable to the raw material pricing as it forms approximately
86% of the total expenses. This apart, there is risk of adverse
currency fluctuations while importing materials for the
manufacturing division. Although, company has lowered its imports
from 10% in FY2017 to approximately 3% in FY2018.

OEPL was established as a proprietorship concern in 2002 by Mr
Samit Jain and his family members and the firm was converted in
2012 into a private limited company. OEPL is engaged in the
business of manufacturing and trading of footwear for both men
and women. The manufacturing facility of the firm is located in
Sahibabad, Uttar Pradesh and is well equipped with the requisite
equipment's. OEPL has its manufacturing facility in Sahibabad, UP
and is in close vicinity of other group entities. Apart from
manufacturing slippers, the company also does trading of
slippers, wherein footwear is procured from group entities as
well as external parties. As per the management estimation,
roughly 95% of OEPL's sale comes from trading operations. OEPL
brands its products under its own brands, which have a regional
presence in the unorganized market in Northern states with some
of the major group brands being "Ektta", "Tucson", "Nicholas" and
"Prozone".

In FY2017, the firm reported a net profit of INR0.5 crore on an
operating income (OI) of INR94.20 crore compared with a net
profit of INR0.3 crore on an OI of INR74.3 crore in the previous
year. As per the provisional figures provided by OEPL, it
generated sales of INR92.5 crore in FY2018.


P&R GOGARIPUR: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR9.48 crore bank facilities of
P&R Gogaripur Hydro Power Private Limited (PRGPL) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund     9.48       [ICRA]D ISSUER NOT COOPERATING;
   Based-Term Loan                Continues to remain under
                                  'Issuer Not Cooperating'

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

PRGPL is promoted by the P&R Group to develop, own and operate a
2 MW small hydro project in District Karnal, Haryana. This is a
canal-based project on NBK Diversion Channel of Western Jamuna
canal (WJC) Main Branch, to harness approximately 2.75m of net
head.

In FY2017, PRGPL reported an operating income (OI) of INR2.89
crore and net profit of INR0.82 crore, as compared to OI of
INR2.67 core and net profit of INR0.24 crore in the previous
year.


PATNA BAKHTIYARPUR: Ind-Ra Affirms D Rating on INR7,145.89BB Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patna
Bakhtiyarpur Tollway Limited's bank loans as follows:

-- INR7,145.89 bil. (reduced from INR7,308.26 bil.) Bank loans
    affirmed (long-term) with IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt serving
obligations by PBTL's since the last rating review, due to a
tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the rating.

COMPANY PROFILE

Patna Bakhtiyarpur Tollway is a special purpose vehicle
incorporated to implement a 50.65km lane expansion (four-laning)
between Anisabad and Bakhtiyarpur on National Highway 30 in Bihar
under an 18-year concession from National Highways Authority of
India ('IND AAA'/Stable).


R V PLASTIC: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded R V Plastic
Limited's (RVPL) Long-Term Issuer Rating to 'IND BB-' from 'IND
B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (increased from INR100 mil.) Fund-based limit
    upgraded with IND BB-/Stable/IND A4+ rating; and

-- INR70 mil. Non-fund-based bank guarantee upgraded with
    IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a significant rise in RVPL's revenue to
INR286.42 million in FY18 (provisional financials) from INR86.42
million in FY17, though the scale of operations continues to be
small. Revenue growth was driven by the venturing of RVPL into
the trading of other polymers besides plastic granules due to
amendments in its contract with Indian Oil Corporation Ltd ('IND
AAA'/Stable). However, given trading is a low-margin business,
its EBITDA margin significantly declined to 8.52% in FY18 from
16.48%.

The ratings continue to be supported by RVPL's directors' over
four decades of experience in the plastic granule trading
business.

The ratings, however, remain constrained by RVPL's weak credit
metrics. Its interest coverage (operating EBITDA/gross interest
expense) was 1.31 in FY18 (FY17: 1.32x) and net leverage
(adjusted net debt/operating EBITDAR) was about 7.66x (11.12x).
The improvement in the leverage was driven by a proportionately
higher rise in absolute EBITDA than that in debt.

The ratings are also constrained by a tight liquidity, indicated
by nearly full utilization of its fund-based limit over the 12
months ended April 2018.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics and/or in the
liquidity profile will be negative for the ratings.

Positive: Any further significant revenue growth and any
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

RVPL is engaged in the trading of plastic granules and other
polymers.


R.S. VENTURES: ICRA Withdraws B Rating on INR16cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable)
assigned to the INR16.00-crore bank facilities of R.S. Ventures.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   LT Fund Based
   Term Loan             16.00       [ICRA]B (Stable); Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and at the request of the company, based on the no
dues certificate provided by its bankers.

R.S. Ventures is a partnership firm established in 2010 and has
two partners, Mr. Ravi Wadhwa and Mr. Surender Pal Singh. The
firm is developing a multiplex-cum-shopping mall by the name R S
Square Mall and a banquet hall in Vrindavan Yojana area in
Lucknow, Uttar Pradesh.


SAMBHAJI RAJE: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------
ICRA Ratings said the rating of INR6.98 crore bank facilities of
Sambhaji Raje Cold Storage (SRCS) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B- (Stable); ISSUER NOT COOPERATING". ICRA had earlier
moved the rating of SRCS to the 'ISSUER NOT COOPERATING' category
due to non-submission of monthly 'No Default Statement' ("NDS")
by the entity.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term, Fund       1.98     [ICRA]B- (Stable); ISSUER
   based limits-                  NOT COOPERATING; Rating
   Term Loans                     continues to remain under
                                  'Issuer Not Cooperating'
                                   Category

   Long Term, Fund       5.00     [ICRA]B- (Stable); ISSUER
   based limits-                  NOT COOPERATING; Rating
   Cash Credit                    continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in FY'2013, the Sangli based Sambhajiraje Cold
storage is promoted by Mr.Sambhaji Patil. The proprietorship firm
has established a cold storage of capacity 1850 MT mainly for
storage of raisins. Abhijeet Traders is the flagship company of
the group promoted by Mr. Sambhaji Patil. The firm is involved in
trading of raisins. The other group firms involved in raisin
trading and related agricultural products trading include
Abhijeet Traders, Saraswati Traders, Abhijeet Krushipurak Udyog
among others.


SARAYA INDUSTRIES: CARE Assigns D Rating to INR22.22cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Saraya
Industries Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities
   (Term Loan)          22.22       CARE D Assigned

   Long Term Bank
   Facilities
   (Fund Based)         21.88       CARE D Assigned

   Short-term Bank
   Facilities
   (Non Fund Based)      3.60       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Saraya Industries
Limited takes into account the on-going delays in debt servicing.

Detailed description of the key rating drivers

There is an on-going delay in servicing of debt on account of
loss incurred by the company in the last three years and poor
debt protection indicators. The ratings also take into account
highly regulated liquor industry.

Saraya Industries Ltd. (SIL), promoted by the Majithia family was
originally incorporated as a partnership firm in 1949 which was
subsequently converted into a private limited company and later
on into a public limited company in 1989. SIL is engaged in the
business of manufacturing, sugar, country liquor, Indian Made
Foreign Liquor (IMFL), industrial alcohol and co-generation of
power. SIL owns and operates a bio gas & rice husk based power
plant of 2.0 MW generation capacity. This plant meets entire
power requirements of distillery resulting in reliable power
supply and substantial savings in power expense.


SATKAR LOGISTICS: ICRA Lowers Rating on INR15.36cr Loan to D
------------------------------------------------------------
ICRA has downgraded the ratings for the INR18.00 crore bank
facilities of Satkar Logistics Private Limited (SLPL) to [ICRA]D
ISSUER NOT COOPERATING from [ICRA]C ISSUER NOT COOPERATING. The
rating continues to remain in Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund based limits    15.36    [ICRA]D ISSUER NOT COOPERATING;
                                 Rating downgraded from [ICRA]C;
                                 Rating continue to remain in
                                 Issuer Not Cooperating category

   Fund based-Cash       2.64    [ICRA]D ISSUER NOT COOPERATING;
   Credit                        Rating downgraded from [ICRA]C;
                                 Rating continue to remain in
                                 Issuer Not Cooperating category

Rationale

The rating downgrade follows the delays in debt servicing by
Satkar Logistics Private Limited to the lender, as confirmed by
them to ICRA.

ICRA has limited information on the entity's performance since
the time it was last rated in December 2016. As part of its
process and in accordance with its rating agreement with Satkar
Logistics Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the rating continues to remain in the
'Issuer Not Cooperating' category.

Key rating drivers

Credit strengths

Experience of promoters in the logistics industry: SLPL's
promoters have experience of over a decade in the industry, and
also have other group companies in the logistic sector like
Satkar Terminals and Satkar Air.

Integrated multimodal logistics offering of the company: SLPL
offers integrated services across various modes of transport
including air, rail, roadways and sea cargo services.
Credit challenges

Delay in debt servicing owing to liquidity pressures: SLPL has
delayed on timely servicing of its debt obligations.

Stretched liquidity profile with near total utilization of
sanctioned working capital limits: As per last available
information shared by the company, its utilisation of sanctioned
working capital facilities remained very high and ad-hoc limits
were availed regularly for meeting working capital requirements,
highlighting a stretched liquidity profile.

Weak capital structure and coverage indicators; exposed to
refinancing risk in view of sizeable debt repayments with
relation to its cash accruals: As per the last available
information shared by the company, it has sizeable debt repayment
obligations, making it dependent on refinancing in case of
insufficient cash accruals to meet the same. Coverage indicators
were also extremely weak, given the stressed operating
performance.

Deterioration in operating performance: As per the latest audited
financials shared by the company, it reported losses at the
operating level, indicating difficulty in meeting its debt
repayments.

Incorporated in 2005, Satkar Logistics Private Limited is a
freight forwarder offering Air Freight Services, Railways
Transportation Services, Roadways Cargo Services, Sea Cargo
Services, Air Freight logistics, Customs Clearance Services, Port
Handling Services, Warehousing Services etc. It also provides
solutions to meet the relocation needs of corporate and
residential clients. SLPL specializes in providing integrated
multimodal logistic services across domestic as well as the
overseas markets thereby offering "one-stop logistics solution"
for export-import cargo movement. Apart from cargo handling
services, it also provides other complimentary services like
customs clearing, documentation etc. that enable it to become a
one-stop destination for complete logistic solutions.
Besides SLPL, the promoters also have other group companies
present in the logistics sectors, namely Satkar Terminals (for
Empty Container Warehousing, Handling, Transportation, and
Container Survey & Repair) and Satkar Air (for Air freight
forwarding).


SHREE VAISHNODEVI: CARE Assigns B+ Rating to INR9cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Vaishnodevi Oil Industries (SVOI), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SVOI is constrained
by post project stabilization risk, Vulnerability of its margins
due to the presence in the highly volatile agro-commodity
business, working capital intensive nature of business, Intense
competition due to the fragmented nature of the industry.

The rating, however, derives strength from the experienced
promoters, strategic location and favorable growth prospects
on the back of expected health benefits.

Going forward, the ability to stabilize operations and fetch
revenue and profitability as envisaged and to manage working
capital effectively.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Though, SVOI was established in April
2017, the partners of the firm have long experience in agro
industry. Mr. Ravi Kumar Mittal (aged 38 years) having around two
decades of experience in rice milling business. Apart from that,
the other partner Mr. Badal Jindal (aged 42 years) also having
more than two decades of experience in rice milling business.
Both of them look after the overall management of the firm, with
adequate support from other partners a team of experienced
personnel who are having an experience in similar line of
business.

Strategic location of the plant: SVOI's plant is located in
Bargarh district of western Orissa which is one of the hubs for
paddy/rice cultivating region of Orissa. The firm sources its raw
materials in plenty with rice mills operating in areas in
proximity to SVOI's plant. As there are number of companies
operating in this region producing rice bran oil, availability of
raw material is not an issue. Favorable growth prospect on the
back of expected health benefits SVOI is engaged in manufacturing
of edible oil. The refining of rice bran oil comprises 90% of the
total refining. Rice bran oil (RBO) is said to have an ideal
ratio of saturated, monounsaturated and polyunsaturated fatty
acids, closest to recommendations of the World Health
Organization and is also free of trans fat. Moreover, it is rich
source of Vitamin E.

Taking into consideration significant health benefits in
comparison to other types of edible oils, rising health awareness
among Indian consumers and suitable substitute to other types of
edible oils like Palm oil, Soya bean oil, Sunflower oil etc. the
growth prospect of RBO in the Indian edible oil industry seems
positive.

Key Rating Weaknesses

Post project stabilization risk: Shree Vaishnodevi Oil Industries
has set up a solvent extraction unit in Bargarh dist (Orissa).
The project was completed and the entity has started its
commercial operation from April 2018. The availability of raw
materials and demand of the vegetable oil in the market are few
of the factors on which solvent extraction business depends.
Hence, there is post project stabilization risk involved with
respect to which the ability of revenue generation of the firm on
a sustainable basis as envisaged in the project scope needs to be
seen.

Vulnerability of its margins due to the presence in the highly
volatile agro-commodity business: SVOI's profitability is highly
susceptible to the movement in prices of rice bran. Prices of
these agro-commodity products are governed by the demand-supply
dynamics prevalent in major crop growing nations, favorable
weather condition and prices of substitute edible oils. Domestic
production of these crops, in turn, is dependent on area under
cultivation, vagaries of monsoon, prices of other crops, minimum
support price (MSP) and other incentives offered by Government of
India (GOI). Any unprecedented increase in the raw material
prices might adversely impact JUPL's profitability margins.

Working capital intensive nature of business: SVOI's business
operations are working capital intensive in nature. Being in the
agro-commodity sector, the firm has to keep buffer stock of both
the raw materials to get the benefit of price adjustments in the
market and carry out its production activities uninterruptedly.
Accordingly, the average working capital utilization remained
around 78% during the last twelve month ending April 30, 2018.

Intense competition due to the fragmented nature of the industry:
Due to low entry barriers, the Indian edible oil processing
segment is highly fragmented and competitive due to presence of
various small players. Most of the manufacturers offer similar
products with little difference which competes with each other
resulting in lower margins for most of the players. Further,
availability of varieties of edible oils such as mustard oil,
sunflower oil, soya bean oil, etc, which can be substituted for
one another also adds on the competition.

Orissa based Shree Vaishnodevi Oil Industries (SVOI) was
established as a partnership firm on April, 2017. The firm was
setting up a solvent extraction plant at Bargarh district of
Orissa with an installed capacity of 200 MTPA (i.e. 40 MTPA for
crude rice bran oil and 160 MTPA for de-oiled rice bran). The
project cost was INR8.54 crore, which was financed by way of
promoter's contribution of INR2.75 crore and term loan from bank
of INR4.00 crore and unsecured loan from promoters amounting to
INR 1.79 croreThe project has been completed and the firm have
started commercial operation from April, 2018.

Mr. Ravi Kumar Mittal (aged 38 years) having around two decades
of experience in rice milling business. Apart from that, the
other partner Mr. Badal Jindal (aged 42 years) also having more
than two decades of experience in rice milling business. Both of
them look after the overall management of the firm, with adequate
support from other partners a team of experienced personnel who
are having an experience in similar line of business.


SHRENIK MARBLE: ICRA Reaffirms B+ Rating on INR4.60cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR4.60-crore fund-based and the short-term rating of [ICRA]A4
for the INR5.00-crore non-fund based bank facilities of Shrenik
Marble Private Limited. The outlook on the long-term rating is
Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-
   Working Capital       4.60       [ICRA]B+ (Stable); Reaffirmed

   Non-fund based        5.00       [ICRA]A4; Reaffirmed

Rationale

The rating reaffirmation takes into account the improvement in
operating income (OI) in FY2018 which was accompanied by the
deterioration in operating margins as well as increased Total
Outside Liability/Total Net Worth levels. The ratings continue to
be constrained by the modest scale of operations in the highly
competitive and fragmented marble industry, which has resulted in
fluctuating operating margins in the past few years. The ratings
continue to be further constrained by the modest financial
profile of SMPL which is characterised by weak net worth and high
NWC/OI levels. The ratings also remain constrained by the
vulnerability of the company's margins to any adverse
fluctuations in raw material prices and volatility in foreign
currency movements.

The ratings, however, continue to favorably, take into account
the extensive experience of the promoters in the marble
processing industry and its long-term association with its
customer and suppliers. ICRA also takes note of the increasing
demand of marble and granite due to the rise in disposable
income.

Going forward, the company's ability to increase its revenues and
profitability as well as maintain an optimal working capital
intensity would be the key rating sensitivities.

Outlook: Stable

ICRA believes that SMPL will continue to benefit from the
extensive experience of promoters in the marble and granite
processing industry. The outlook may be revised to Positive if
significant improvement in revenues and profitability strengthen
the company's financial risk profile. The outlook may be revised
to Negative if revenues and cash accruals are lower than expected
or stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Experienced management and established track record: SMPL's
management has been involved in the business for a long period of
time and has gained a thorough knowledge of the industry. The
company's well-established presence in the industry has helped it
in developing a strong network of suppliers and customers.

Credit weaknesses

Fragmented and unorganised marble and granite industry: The
fragmented nature of the industry leads to intense competition
for the company from various players, limiting its pricing
flexibility. The company faces competition from several regional
and national players. In addition to the intense domestic
competition, the Indian exporters face competition from China,
South Korea and Brazil.

Low value-additive nature of business: The profitability of the
business remains low as the end product has low value addition
with limited product differentiation among players.

Fluctuating demand from real estate industry: The demand for the
building material products such as marble or granite is highly
dependent on the performance of the real estate industry. The
cyclicality in the real estate sector has a direct impact on the
performance of the building material industry.

Incorporated in 1990, SMPL is primarily involved in the mining
and processing of marble with a processing capacity of 2.5-3.0
million sq. ft. for imported marble blocks and around 10-12
million sq. ft. for indigenous varieties. The company processes
about 1.5 million sq. ft. of imported marble blocks. The marble
slab-processing unit is situated at Kishangarh, Rajasthan and has
three gang saws.


SINGLA RICE: ICRA Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the ratings for the INR7.50 crore bank
facilities of Singla Rice Oil & General Mills (SRGM) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long Term: Fund         7.50      [ICRA]B (Stable) ISSUER NOT
   Based-Cash Credit                 COOPERATING; Continues to
                                     remain under 'Issuer Not
                                     Cooperating' category

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

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as
partners in equal ratio. The firm undertakes processing and
trading of rice (Basmati and Non- Basmati) in the domestic
market. It also performs custom milling operations for the state
government of Haryana. The manufacturing unit of the firm is
located in Nissing, Haryana with a milling capacity of 3 tonnes
per hour of paddy.


SURBHI FERRO: ICRA Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Surbhi Ferro Impex Private Limited (SFPL) continue to remain
under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term: Fund      11.30       [ICRA]B (Stable) ISSUER NOT
   Based-Cash Credit                COOPERATING; Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Long Term:            3.70       [ICRA]B (Stable) ISSUER NOT
   Unallocated                      COOPERATING; Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

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

SFIPL was incorporated in 2010 by Mr. Rajesh Kumar Gadiya. The
company is engaged in trading in ferrous and nonferrous metal
scrap such as steel, brass, copper, zinc, aluminium etc.
In FY2017, SFPL reported an operating income (OI) of INR38.14
crore and a profit after tax (PAT) of INR0.03 crore, as compared
to OI of INR54.00 core and a PAT of INR0.17 crore in the previous
year.


* NSE Puts 60 Firms Facing Insolvency Under Add'l. Surveillance
---------------------------------------------------------------
BloombergQuint reports that 60 Indian companies facing insolvency
proceedings under the bankruptcy law are now being put under
additional surveillance by the country's largest stock exchange
National Stock Exchange of India Ltd.

"The aforesaid securities shall be monitored on a pre-determined
objective criteria and margin shall be levied at the rate of 100
percent once the criteria gets satisfied," NSE said in a circular
on its website, BloombergQuint relays. "These securities shall be
further monitored for an objective criteria and shall be shifted
to Trade-to-Trade segment once the criteria gets satisfied." The
circular will come in effect from June 11.

According to BloombergQuint, market regulator Securities and
Exchange Board of India and stock exchanges had in March rolled
out Additional Surveillance Measures aimed at checking any
abnormal rise in stock prices that did not correspond with the
company's financial health. Earlier this month, BSE Ltd. added
109 companies to ASM. It had added that this should not be seen
as an adverse action against the firms.

BloombergQuint says the selling in Indian mid caps intensified as
investors dumped these stocks in panic after the firms were
brought under ASM. SEBI is also probing an allegation that the
BSE's move was leaked to market operators before an official
announcement.

Among the criteria used to identify companies that will be
brought under enhanced surveillance are volatility in the stock
price, concentration of shareholding and the number of times the
scrip hits the circuits or daily limits, adds BloombergQuint.


* SBI Expects to Recover INR30,000cr From Resolution Under IBC
--------------------------------------------------------------
BloombergQuint reports that State Bank of India, the country's
largest lender, expects to recover around INR30,000 crore from
the resolution process under the Insolvency and Bankruptcy Code
during the current fiscal, an official said on June 9.

From the two stressed assets' list referred for resolution under
IBC by the Reserve Bank of India, the bank's total exposure was
around INR78,000 crore, Pallav Mohapatra, deputy managing
director-stressed assets resolution group of SBI, said, relates
BloombergQuint.

BloombergQuint says the bank had been able to recover INR8,500
crore from the Bhushan Steel-Tata Steel deal taking a haircut of
30 percent. From the Electrosteel-Vedanta deal, the bank expects
to recover INR6,000 crore, Mohapatra said on the sidelines of a
Confederation of Indian Industry event in Delhi on June 9. The
bank's total non-performing assets stood at INR2.20 lakh crore,
as of March 2018.

According to the report, Mohapatra said besides recoveries from
resolution under the IBC, SBI expects to get back another
INR10,000 crore from a one-time settlement, sale to asset
reconstruction companies and some from outside the NCLT.  The
report notes that the bank had filed 250 cases under the IBC with
a total exposure of INR95,000 crore.

"We don't expect recovery of the full amount from the total
stress that has been identified in the bank," Mohapatra said,
adding there will be no dent on profitability of the bank as
adequate provisioning had been made for haircuts which is
unavoidable, BloombergQuint adds.



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


DAYA MATERIALS: Aims to Submit Restructuring Plan in August
-----------------------------------------------------------
The Sun Daily reports that Daya Materials Bhd is looking to
submit its regularisation plan to Bursa Malaysia Securities Bhd
in August before the deadline of March 2019.

The Sun Daily relates that speaking to reporters after its AGM on
June 11, Daya Materials CEO and executive vice chairman Datuk Lim
Thean Shiang said the group is in the midst of engaging with
stakeholders and finalising the appointment of a principal
adviser.

With both its order book and tender book standing at
MYR600 million, Daya Materials is also on the lookout for rail
related projects, the report says.

Anchored by the order book which will keep it busy for the next
five years, the company is expecting better earnings in the
second quarter of this year, the report relates.

According to Sun Daily, Daya Materials reported a net loss of
MYR760,000 in the first quarter ended March 31, 2018 against a
net profit of MYR581,000 recorded a year ago. Revenue on the
other hand grew to MYR90.42 million from MYR57.37 million.

Daya Materials Berhad -- http://dayagroup.com.my/-- engages in
investment holding and providing management services to its
subsidiaries. The Company's segments include polymer, oil and
gas, technical services and others. The polymer segment
manufactures materials for the power cables and wires industry,
and trades other related polymer compounds and specialty chemical
products.

Daya Materials Bhd fell into Practice Note 17 (PN17) status after
its shareholder equity retreated to under 25% of its issued
capital as at Dec. 31, 2017.


TANJUNG RHU: Tajudin Ramli-linked Firms Go Into Receivership
------------------------------------------------------------
The Edge Markets reports that two firms, Tanjung Rhu Land Sdn Bhd
and Reka Intisari Sdn Bhd, have gone into receivership, according
to a recent report by The Edge weekly.

The two Langkawi, Kedah-based companies are linked to former
corporate world elite Tan Sri Tajudin Ramli, The Edge Markets
says.

The Edge Markets relates that sources told the weekly that assets
held by the companies could be worth over MYR2 billion. These
assets include the 136-room Tanjung Rhu Resort and 1,100 acres of
surrounding land.

According to The Edge report, Tanjung Rhu Resort was one of the
most luxurious hotels in Langkawi. It achieved "record high
average room rates despite being local name branded and locally
owned and operated."

The Edge reported that the assets will be put up for sale to
recover the sum owed.

According to The Edge Markets, the weekly also reported that "the
owners have over the past couple of years received offers to buy
the hospitality asset from a number of interested parties,
including a sovereign entity from the Middle East, a party from
Brunei and even a local developer cum mall operator from Kuala
Lumpur. However, none of these deals went through".

The Edge also said that "the hotel occupies only about 20 acres
of the entire available land. In 2009, there were plans to build
20 villas with private swimming pools that were scheduled to be
completed in 2011. A telephone call to the resort revealed that
the villas were never built."

Another source told The Edge that a valuer in 2015 had valued the
assets held by both companies at around MYR2.8 billion.

A search on Companies Commission of Malaysia's website by The
Edge showed that Yeoh Siew Ming and Lim Keng Peo were appointed
receivers of Reka Intisari and Tanjung Rhu Land on May 3.

"Based on company filings, it is likely that the receivers were
appointed by Bank Pembangunan Malaysia Bhd to recover monies owed
to it," wrote the weekly.



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


UPTOWN BOUNCE: Puts Two Trampoline Parks Into Liquidation
---------------------------------------------------------
Dan Snook at Intergame reports that New Zealand-based trampoline
park operator Uptown Bounce has been forced to place two of its
locations into liquidation.

According to the report, the parks in Wellington and in Avondale,
Auckland, have closed after the companies behind them were put
into liquidation. Strong competition is being blamed for the
closures, the report says.

Intergame relates that liquidation was a reality for the Avondale
business last March, while the Wellington business suffered the
same fate on May 16.

Liquidators are actively searching for buyers for the businesses,
the report says.

Uptown Bounce has one remaining location in the Grey Lynn area of
Auckland which is still operating, Intergame notes.


Q CARD: Fitch Affirms 'Bsf' Series F 2017-1 Notes Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the ratings on notes issued by The New
Zealand Guardian Trust Company Limited in its capacity as trustee
of Q Card Trust. The transaction is a securitisation of New
Zealand credit card receivables. The transaction is an asset-
backed note programme featuring a multi-class structure that will
purchase eligible receivables from subsidiaries of the seller,
Flexi Cards Limited, on a revolving basis.

The rating actions are as follows:

NZD0.0 million VFN affirmed at 'AAAsf'; Outlook Stable

NZD58.0 million Series A 2014-3 affirmed at 'AAAsf'; Outlook
Stable

NZD89.5 million Series A 2016-1 affirmed at 'AAAsf'; Outlook
Stable

NZD50.0 million Series A 2017-1 affirmed at 'AAAsf'; Outlook
Stable

NZD39.0 million Series A 2017-2 affirmed at 'AAAsf'; Outlook
Stable

NZD39.5 million Series A 2017-3 affirmed at 'AAAsf'; Outlook
Stable

NZD38.0 million Series A 2017-4 affirmed at 'AAAsf'; Outlook
Stable

NZD37.5 million Series B 2014-1 affirmed at 'AAsf'; Outlook
Stable

NZD12.0 million Series B 2017-1 affirmed at 'AAsf'; Outlook
Stable

NZD26.3 million Series C 2014-1 affirmed at 'Asf'; Outlook Stable

NZD8.4 million Series C 2017-1 affirmed at 'Asf'; Outlook Stable

NZD18.8 million Series D 2014-1 affirmed at 'BBBsf'; Outlook
Stable

NZD6.0 million Series D 2017-1 affirmed at 'BBBsf'; Outlook
Stable

NZD20.8 million Series E 2014-1 affirmed at 'BBsf'; Outlook
Stable

NZD6.6 million Series E 2017-1 affirmed at 'BBsf'; Outlook Stable

NZD7.3 million Series F 2014-1 affirmed at 'Bsf'; Outlook Stable.

NZD2.4 million Series F 2017-1 affirmed at 'Bsf'; Outlook Stable.

KEY RATING DRIVERS

Credit Card Receivables Performance: Performance has remained
stable over the last year with gross charge-offs averaging 3.5%,
yield averaging 19.8% and the monthly payment rate (MPR)
averaging 9.0%, which were all within the modelled base cases of
4.5% for charge-offs, 17.8% for yield and 7.25% for the MPR.
Fitch has increased the MPR steady state to 7.25% from 7.0% for
its analysis. The addition of the Farmers card receivables, from
October 2017, to the portfolio has increased the MPR across the
portfolio and made the rising MPR trend more pronounced.

Originator and Servicer Quality: Fitch believes Flexi Cards to be
an effective and capable originator and servicer given its track
record.

Counterparty Risk: Fitch's ratings of the notes are dependent on
the financial strength of certain counterparties. Fitch believes
this risk is currently mitigated as evidenced by the ratings of
the applicable counterparties to the transactions.

Interest Rate Risk: Interest rate risk is currently mitigated by
a combination of interest rate swaps and the available credit
enhancement.

RATING SENSITIVITIES

Fitch has modelled three scenarios compared with existing
performance, to evaluate the sensitivity of the ratings to:

Rating sensitivity to increased charge-off rate:

Current ratings for class A, class B, class C, class D, class E,
class F (steady state: 4.50%): 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'

Increase base case by 25%: 'AAAsf'; 'AA-sf'; 'Asf', 'BBBsf';
'BBsf'; 'Bsf'.

Increase base case by 50%: 'AA+sf'; 'A+sf'; 'A-sf','BBB-sf'; 'BB-
sf'; 'Bsf'.

Increase base case by 75%: 'AA+sf'; 'Asf'; 'BBB+sf', 'BB+sf';
'B+sf'; 'Bsf'.

Rating sensitivity to reduced MPR:

Current ratings for class A, class B, class C, class D, class E,
class F (7.25% steady state): 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf';
'BBsf'; 'Bsf'.

Reduce MPR by 15%: 'AA+sf'; 'AA-sf'; 'A-sf', 'BBBsf'; 'BBsf';
'Bsf'.

Reduce MPR by 25%: 'AAsf'; 'Asf'; 'Asf', 'BBB-sf'; 'BBsf'; 'Bsf'.

Reduce MPR by 35%: 'A+sf'; 'A-sf'; 'Asf', 'BB+sf'; 'BB-sf';
'Bsf'.

Rating sensitivity to reduced yield:

Current ratings for class A, class B, class C, class D, class E,
class F (steady state: 17.8%); 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'.

Reduce yield by 15%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf',
'Bsf'.

Reduce yield by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf',
'Bsf'.

Reduce yield by 35%: 'AAAsf'; 'AAsf'; 'A-sf', 'BBB-sf', 'BB-sf',
'Bsf'



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


* BOND PRICING: For the Week June 4 to June 8, 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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                 *** End of Transmission ***