TCRAP_Public/180724.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, July 24, 2018, Vol. 21, No. 145

                            Headlines


A U S T R A L I A

ASSET PARTNERS: Second Creditors' Meeting Set for July 30
AUSTRALIAN MUSIC: Ferrier Hodgson Appointed as Liquidators
AUSTRALIAN RECOVERIES: First Creditors' Meeting Set for Aug. 1
BEYOND BOUNDARIES: Second Creditors' Meeting Set for July 27
MESOBLAST LIMITED: Signs Strategic Alliance with China's Tasly

SNAG (ACT): First Creditors' Meeting Set for July 31
W.D. ENTERPRISES: First Creditors' Meeting Set for Aug. 1


C H I N A

SHANDONG SUNRISE: Files for Bankruptcy Amid Lower Demand for Feed


I N D I A

A.G. BABU: CRISIL Maintains B Rating in Not Cooperating Category
ABC COTSPIN: CRISIL Keeps D Rating in Not Cooperating Category
ABHIVYAKTI WELFARE: CRISIL Maintains B Rating in Not Cooperating
ADMIRON LIFE: CARE Moves D Rating to Not Cooperating Category
AEON PAPER: Insolvency Resolution Process Case Summary

AMARRAJA CONSTRUCTIONS: CARE Assigns B+ Rating to INR5cr Loan
AS SALES: Insolvency Resolution Process Case Summary
ASIAN FOOTWEARS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ASTER BUILDING: Insolvency Resolution Process Case Summary
AUTO PROFILES: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating

BAFNA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
BENZFAB TECHNOLOGIES: Insolvency Resolution Process Case Summary
BRINZK POWERTECH: Insolvency Resolution Process Case Summary
CALANCE SOFTWARE: Ind-Ra Maintains BB+ Rating in Non-Cooperating
CHARMING APPARELS: Insolvency Resolution Process Case Summary

DECCAN HYDERABAD: CARE Moves D Rating to Not Cooperating Category
DELEO CONSTRUCTION: Insolvency Resolution Process Case Summary
DEVGHAR ISPAT: CARE Assigns B+ Rating to INR8.50cr Loan to B+
ECO POLYFIBRES: CARE Reaffirms 'D' Rating on INR7.50cr Loan
FASTBUILD BLOCKS: Ind-Ra Moves B+ Rating to Not Cooperating

GOYAL EDUCATIONAL: CARE Reaffirms D Rating on INR12cr LT Loan
GRANDEUR AGROTECH: CRISIL Reaffirms B+ Rating on INR5cr Loan
GREAT UNITED: Insolvency Resolution Process Case Summary
GVR AJMER: Ind-Ra Affirms 'D' Rating on INR3,187.50BB LT Loan
HEMRAJ DEVKARANDAS: CRISIL Withdraws D Rating on INR10cr Loan

HIMALAYA CONSTRUCTION: CRISIL Cuts Rating on INR20cr Loan to D
KARTHIKEYA AGRO: CARE Reaffirms B+ Rating on INR9.23cr Loan
KHUDIRAM COLD: CRISIL Maintains B Rating in Not Cooperating
KIRTI INFRASTRUCTURES: CRISIL Keeps B Rating in Not Cooperating
M/S ASVEENS: Insolvency Resolution Process Case Summary

M/S. BHEEMA: Insolvency Resolution Process Case Summary
M/S PAVAI: Insolvency Resolution Process Case Summary
M/S PRISM: Insolvency Resolution Process Case Summary
MAHALAXMI BUILDERS: CARE Assigns B+ Rating to INR14cr Loan
MEENA JEWELS: CARE Lowers Rating on INR32cr LT Loan to D

MEENA JEWELLERS: CARE Lowers Rating on INR28cr LT Loan to D
MIHIR BUILDCON: Insolvency Resolution Process Case Summary
MOMAI FOODS: CARE Hikes Rating on INR8.64cr Loan to C
MONNET ISPAT: NCLT Approves AION Capital-JSW Steel Bid
NAGAUR BIKANER: Ind-Ra Affirms 'D' LT Rating on INR3.150BB Loan

NEO AID: Insolvency Resolution Process Case Summary
NEW PACK: CARE Assigns B+ Rating to INR8.90cr LT Loan
NOBLE POLYTEC: CARE Assigns B+ Rating to INR5.44cr LT Loan
PELLET ENERGY: CARE Lowers Rating on INR28.50cr LT Loan to D
POWER TELEVENTURES: CARE Lowers Rating on INR15.80cr Loan to D

PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR10cr Loan
PRAXIS DEVELOPERS: Insolvency Resolution Process Case Summary
RAMKY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
RAMNIKLAL & SONS: CARE Migrates D Rating to Not Cooperating
S.R.K. FABRICS: CRISIL Maintains D Rating in Not Cooperating

SARDA MINES: Insolvency Resolution Process Case Summary
SBZ AD: Insolvency Resolution Process Case Summary
SECURE INDUSTRIES: Ind-Ra Moves BB LT Rating to Non-Cooperating
SHANTI AGRO: CARE Lowers Rating on INR29.42cr LT Loan to D
SHIVALIK COTSYN: Insolvency Resolution Process Case Summary

SMART STACK: CRISIL Migrates Rating from BB-/Not Cooperating Cat.
SREE SHANMUGA: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SRI PARANTHAMAN: CRISIL Cuts Rating on INR5.5cr Secured Loan to D
SRI RAM: CRISIL Downgrades Rating on INR11.2cr Cash Loan to D
STANDARD AUTOGEARS: CRISIL Maintains D Rating in Not Cooperating

STERLING TUBES: CRISIL Maintains B Rating in Not Cooperating
SUBHSHRI DEVELOPERS: CRISIL Maintains B Rating in Not Cooperating
SUNHILL HOMES: CRISIL Maintains B Rating in Not Cooperating
THIRRUPATHI BROTHERS: Insolvency Resolution Process Case Summary
TODAY FOOTWEAR: CARE Assigns B+ Rating to INR9.50cr LT Loan

UNIVERSAL BUILDWELL: Insolvency Resolution Process Case Summary
VENKATA RAJESH: CRISIL Maintains B Rating in Not Cooperating
VIDHYA PHARMACHEM: Insolvency Resolution Process Case Summary
VIMAL INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
VIRAL CORPORATION: CARE Lowers Rating on INR6.50cr Loan to B

VIROO MAL: CRISIL Lowers Rating on INR58cr Cash Loan to D
VISION MINERALS: CRISIL Maintains D Rating in Not Cooperating


N E W  Z E A L A N D

CBL CORPORATION: Chair, Two Other Directors Step Down


X X X X X X X X

* BOND PRICING: For the Week July 16 to July 20, 2018


                            - - - - -


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


ASSET PARTNERS: Second Creditors' Meeting Set for July 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Asset
Partners (WA) Pty Ltd has been set for July 30, 2018, at 10:15
a.m. at Level 5, 320 Adelaide 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 July 27, 2018, at 4:00 p.m.

Travis Pullen of TJP Advisory was appointed as administrator of
Asset Partners on July 3, 2018.


AUSTRALIAN MUSIC: Ferrier Hodgson Appointed as Liquidators
----------------------------------------------------------
Tom Williams at Music Feeds reports that Australian Music Group -
the parent company of musical instrument retailers Allans Billy
Hyde and Gallin's Musician's Pro Shop - has been declared
insolvent during a court case involving the Australian Taxation
Office (ATO), and will be liquidated.

The company was placed into voluntary administration last month,
with a number of Allans Billy Hyde employees owed thousands of
dollars in unpaid wages, the report recalls.

On July 20, the Federal Court of Australia ordered Australian
Music Group be wound up in insolvency, and the Deputy
Commissioner of Taxation's costs (AUD3,035.00) be reimbursed,
Music Feeds reports.

Ferrier Hodgson's John Lindholm has been appointed liquidator of
the company, as well as the voluntary administrator alongside his
colleague George Georges, according to Music Feeds.

In a statement to Music Feeds, Ferrier Hodgson Director Paul
Harlond said, "We confirm that current employees will continue to
be employed and paid by Australian Music Group (HR) Pty Ltd
whilst we seek to finalise a sale of the Allans Billy Hyde and
Gallin's Musicians Pro Shop businesses.

"Employees that had ceased to be employed prior to our
appointment will now be able to submit a claim for their
outstanding entitlements with the Federal Entitlements Guarantee
Scheme. We will be writing individually to these former employees
in the coming days."

In June, the ATO told Music Feeds that while it couldn't comment
on the tax affairs of Australian Music Group for legal reasons,
it undertakes insolvency proceedings "to prevent [a taxpayer]
from gaining an unfair financial advantage over the majority that
do pay and to protect other creditors including employees and
suppliers".

"Before and during insolvency proceedings the taxpayer has
multiple opportunities to present their case, resolve the
outstanding tax issues or make acceptable payment arrangements,"
the report quotes a spokesperson as saying.

"Ultimately the court decides if a taxpayer is insolvent and
whether a winding up order or a bankruptcy order should be made
in the circumstances."

Allans Billy Hyde closed its stores in Alexandria (NSW),
Southport (QLD) and Windsor (QLD) in June.

Australian Music Group last went into receivership in August
2012, Music Feeds recalls. At the time, private investors were
owed around AUD27 million, and employee entitlements were
estimated at AUD3 million.

In November 2012, Con Gallin's Australian Musical Imports (AMI)
purchased AMG and reopened a number of Allans Billy Hyde stores.
AMI changed its name back to Australian Music Group in 2014.


AUSTRALIAN RECOVERIES: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Recoveries & Collections Pty Limited, trading as Australian
Recovery and Collection Mercantile (ARC), will be held at the
offices of Chartered Accountants Australia and New Zealand,
Kangaroo Room, Level 1, 33 Erskine Street, in Sydney, NSW, on
Aug. 1, 2018, at 11:00 a.m.

Daniel John O'Brien -- daniel@dvrm.com.au -- of DV Recovery
Management was appointed as administrator of Australian
Recoveries on July 20, 2018.


BEYOND BOUNDARIES: Second Creditors' Meeting Set for July 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Beyond
Boundaries Auspac Pty Limited has been set for July 27, 2018, at
10:00 a.m. at the offices of PPB Advisory Sydney, Level 7, 8
Chifley, 8-12 Chifley Square, 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 July 26, 2018, at 4:00 p.m.

Kenneth Michael Whittingham, David Webb and Mark Robinson of PPB
Advisory were appointed as administrators of Beyond Boundaries on
June 22, 2018.


MESOBLAST LIMITED: Signs Strategic Alliance with China's Tasly
--------------------------------------------------------------
Mesoblast Limited has entered into a strategic alliance with
China's Tasly Pharmaceutical Group (SHA: 600535; Tasly), for the
development, manufacture and commercialization in China of
Mesoblast's allogeneic mesenchymal precursor cell (MPC) product
candidates MPC-150-IM for the treatment or prevention of chronic
heart failure and MPC-25-IC for the treatment or prevention of
acute myocardial infarction.

Key commercial terms of the strategic alliance are as follows:

   * Tasly will receive exclusive rights and will fund all
     development, manufacturing and commercialization activities
     in China for MPC-150-IM and MPC-25-IC.

   * Mesoblast will receive US$40 million (AUD$54 million) on
     closing, comprising a US$20 million upfront technology
     access fee and US$20 million in an equity purchase in
     Mesoblast Limited at $1.86 per share, representing a 20%
     premium to a blended volume weighted average price
     calculated over three months, one month and one day.

   * Mesoblast will receive US$25 million on product regulatory
     approvals in China.

   * Mesoblast will receive double-digit escalating royalties on
     net product sales.

   * Mesoblast is eligible to receive six escalating milestone
     payments upon the product candidates reaching certain sales
     thresholds in China.

In order to potentially expedite development and
commercialization of these cardiovascular assets, Tasly and
Mesoblast plan to leverage each other's clinical trial results in
China and the United States and other major jurisdictions
respectively to support their respective regulatory submissions
for MPC-150-IM and MPC-25-IC.

Chairman of Tasly Pharmaceutical Group Mr. Yan Kaijing said: "We
are very excited to partner with Mesoblast, the premier cellular
medicines company, to provide innovative products that have the
potential to make a major impact on the high growth
cardiovascular market in China.  This aligns well with our
corporate strategy to be the lead provider of therapies for
patients with cardiovascular conditions in China."

Mesoblast Chief Executive Dr Silviu Itescu stated: "Tasly
Pharmaceutical Group's powerful combination of clinical,
regulatory and manufacturing expertise, together with one of the
largest commercial footprints in cardiology in China, makes it
the ideal partner for Mesoblast and opens up the China market to
our cardiovascular franchise."


The transaction is subject to governmental approvals from the
People's Republic of China (PRC).

                       About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.  Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast has facilities in Melbourne, New York, Singapore and
Texas and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015.  As of March 31, 2018, Mesoblast
had US$677.85 million in total assets, US$121.72 million in total
liabilities and US$556.13 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


SNAG (ACT): First Creditors' Meeting Set for July 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Snag (ACT)
Pty Ltd will be held at the offices of Ernst & Young, Level 11,
121 Marcus Clarke Street, in Canberra, ACT, on July 31, 2018, at
10:30 a.m.

Henry Kazar & Aaron Torline of Ernst & Young were appointed as
administrators of Snag (ACT) on July 19, 2018.


W.D. ENTERPRISES: First Creditors' Meeting Set for Aug. 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of W.D.
Enterprises Pty Ltd will be held at the offices of McLeod &
Partners, Hermes Building, Level 1, 215 Elizabeth Street, in
Brisbane, Queensland, on Aug. 1, 2018, at 10:00 a.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners
were appointed as administrators of W.D. Enterprises on July 20,
2018.



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


SHANDONG SUNRISE: Files for Bankruptcy Amid Lower Demand for Feed
-----------------------------------------------------------------
Reuters reports that Shandong Sunrise Group has filed for
bankruptcy after failing to repay its debts, according to a court
filing, highlighting the problems facing the sector from
shrinking demand for animal feed and tight credit.

The company, once one of China's largest soybean importers,
registered the bankruptcy on July 20 with a court in the county
of Juxiang in Shandong province, Reuters relates citing a filing
on a website run by China's Supreme Court.

Shandong Sunrise, which is run by Shao Zhongyi, China's 230th
richest man according to Forbes' 2016 rich list and his brother,
did not answer calls for comment, Reuters notes.

According to Reuters, the bankruptcy follows falling demand for
animal feed after pig farmers in China, the world's biggest pork
consumer, began culling their herds because of falling meat
prices. Crushing companies reduce soybean seeds to both oil and
meal, Reuters says.

Crushers in Shandong JCI-SBMG-SHDNI are losing almost CNY50
($7.40) per tonne of soybeans they process, according to
consultancy Shanghai JC Intelligence, Reuters discloses.

Reuters notes that China's vast farm sector is also facing
uncertainty as Washington's trade dispute with Beijing threatens
to curb supplies of critical farm goods, including soybeans, and
inflate costs.

Shandong Sunrise, also known as Shandong Chenxi Group, accounted
for an estimated 12 percent of China's soybean imports in 2014
but it has shrunk in size in recent years, according to traders,
Reuters relays.

The firm recorded sales income of CNY43.2 billion ($6.39 billion)
in 2016, including CNY26.1 billion from trading, Reuters
discloses citing Shandong Sunrise's website. It does not give
more up-to-date data.

Its oil business was worth CNY16.85 billion and its crushing
division was valued at 1.59 billion. It also used to own
independent Chinese refiner, Shandong Haiyou Petrochemical Group,
adds Reuters.

Shandong Sunrise Group manufactures and distributes petrochemical
products. The Company produces propane, phthalic anhydride,
polyethylene, gasoline, and diesel oil products. Shandong Sunrise
Group also provides international trade and cereal processing
services.


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


A.G. BABU: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with A.G. Babu Sah
(AGBS) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .02       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan        .98       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AGBS continues to be 'CRISIL B/Stable Issuer not
cooperating.'

Set up in 2014, AGBS is a Chennai-based partnership concern that
trades in silk sarees. The firm is managed by Kanchipuram (Tamil
Nadu)-based Sah family. AGBS has a 6000-square-feet showroom in
Kanchipuram.


ABC COTSPIN: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with ABC Cotspin
Private Limited (ABC) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bill Discounting     25        CRISIL D (ISSUER NOT
                                  COOPERATING)

   Packing Credit       59        CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Packing    186        CRISIL D (ISSUER NOT
   Credit                         COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ABC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in
November 2011. It is based in Ahmedabad (Gujarat).


ABHIVYAKTI WELFARE: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Abhivyakti Welfare
Society (AWS) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Fund-         1         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AWS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged
in various schemes mandated by the state and central governments
in Aligarh and surrounding areas. These include providing
education support to 6-14-year-old students under the National
Child Labour Project and free meals under the Mid-Day Meal
Scheme. It also operates a family counselling centre and a day-
care centre.


ADMIRON LIFE: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Admiron
Life Sciences Private Limited (ALSPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     59.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ALSPL to monitor the
rating vide e-mail communications/letters dated from November 24,
2016 to June 23, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Admiron Life Sciences Private Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating take into account ongoing delays in debt servicing on
account of stretched liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on March 6, 2017 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Delays in Debt Servicing: The company has been facing stretched
liquidity position with cash flow mismatch resulting in
ongoing delays in servicing of debt obligations.

Key Rating Strengths

Experienced Promoters: Admiron Life Sciences Private Limited
(ALSPL) is promoted by Mr T Mohan Reddy, who has masters in
Pharmacy, with 30 years of experience in the pharmaceutical
industry. He worked in different managerial positions in Gland
Pharma Pvt Ltd and had been associated with M/s. IDPL, Hyderabad
and RICON Pharma LIC, Denville NJ/USA. The other promoter Mr T
Subba Reddy has three decades of experience and is into trading
of pharmaceutical products. The company is supported by other
director Mr V Chandra Mohan Reddy, who has 30 years of experience
in API industry.

Admiron Life Sciences Pvt. Ltd. (ALSPL), incorporated in
December 6, 2010 had undertaken setting up pharmaceutical
manufacturing plant (installed capacity of 386 metric tons per
annum) in Visakhapatnam. The facilities of ALSPL are established
as per Current Good Manufacturing Practices (CGMP) standards and
international standards of Food and Drugs Administration (FDA).
The project got completed with commercial operation date (COD)
declared as September 30, 2013. ALSPL started generating revenue
from March 2014 with sales of 3 APIs and 3 intermediates. At
present the company has portfolio of 20 products (16 API's and 4
intermediates). The therapeutic segments involved are
Antiinflammatory (NSAID), Pain relief and Hypertension.


AEON PAPER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Aeon Paper Mills Private Limited
        140, Gandhi Kalaimandram Road, Rajapalayam-626117
        Tamil Nadu, India

Insolvency Commencement Date: July 10, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 5, 2019
                              (180 days from commencement)

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330,
                         Vishalakshi Nagar,
                         Fourth Cross Street, Santhosapuram,
                         Chennai, Tamil Nadu, 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    July 24, 2018


AMARRAJA CONSTRUCTIONS: CARE Assigns B+ Rating to INR5cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Amarraja Constructions (ARC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            1.50       CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of ARC are tempered by
short track record, small scale of operations, elongated
operating cycle days, low revenue visibility from current order
book, highly fragmented and intensely competitive construction,
Profitability margins are susceptible to fluctuation in raw
material prices and Partnership nature of constitution with risk
of withdrawal of capital. The rating is, however, underpinned by
the experienced partners, satisfactory financial risk profile
marked by profitability margins, capital structure and debt
coverage indicators, and Stable outlook of construction industry.

Going forward, the ability of the firm to increase its scale of
operations, to manage working capital requirements effectively
without impacting capital structure and to complete the project
in timely manner and able to collect the payments from its
debtors would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and Small scale of operation: The firm's scale
of operations was small in nature as marked by a TOI of INR3.99
crore in FY18 (CA certified Prov.). Further, the firm had short
track record of business operations, which is partially offset by
the more than a decade experience of the partners in construction
industry.

Elongated operating cycle during review period and low revenue
visibility from current order book: The working capital cycle of
the firm was elongated during the review period due to high
inventory days of 387 days in FY18 (Prov) on account of its
nature of business i.e., real estate. The firm received part
payment as advance from the customer during the construction of
the project and collected the balance amount from its customer
upon sale. Further the firm has no creditor days in FY 18 (Prov).

The firm has an order book of INR26.95 crore as on June 14, 2018
and the same is likely to be completed by November 2020. The said
order book is related to civil engineering works. However, the
orders in hand provide revenue visibility to the firm for medium
term.

Highly fragmented and intensely competitive construction: The
firm is engaged in civil construction which is highly fragmented
industry due to presence of large number of organized and
unorganized players in the industry resulting in huge competition

Partnership nature of constitution with risk of withdrawal of
capital: The firm being a partnership firm is exposed to inherent
risk of capital withdrawal by partners due its nature of
constitution. Any significant withdrawals from the capital
account would impact the net worth and thereby the firm's capital
structure.

Profitability margins are susceptible to fluctuation in raw
material prices: The firm's Profitability margins are susceptible
to fluctuation in raw material prices due to the absence of price
variation clause.

Key Rating Strengths

Experience of partners for more than a decade in civil
construction and real estate: ARC was established in 2013, by Mr.
D. Amar Mohan Das (Managing Partner) and Mr. G. Venkata Siva Rama
Krishna. Mr. D. Amar Mohan Das (MP) is a Civil Engineer by
qualification and having more than a decade of experience in
civil construction and real estate. Mr. G. Venkata Siva Rama
Krishna is a qualified graduate and having more than a decade of
experience in the field of civil construction and real estate.

Satisfactory capital structure and debt coverage indicators: The
capital structure and debt coverage indicators of the firm
remained satisfactory. Overall gearing ratio of the firm was
marked at 0.29x as on March 31st, 2018(CA certified Prov.) due to
the firm does not have any long term or short term bank
borrowings from any banks and NBFC's. The total debt of the firm
consisting of only unsecured loans from friends and relatives of
INR0.48 crore as on March 31, 2018 (CA certified Prov.). Debt
coverage indicators marked by Interest coverage and TD/GCA stood
at 3.02x and 3.61x in FY18 (CA Certified Prov.).

Satisfactory Profitability margins: The profitability margins of
the firm remained satisfactory in FY18 (CA certified Prov.). The
PBILDT and PAT margins of the firm stood at 4.97% and 3.32% in
FY18 (CA certified Prov.) as the firm started booking the revenue
from sale of flats from December 2017.

Stable outlook of construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development
of the economy and hence, the construction sector assumes an
important role. The sector was marred by varied challenges during
the last few years on account of economic slowdown, regulatory
changes and policy paralysis which had adversely impacted the
financial and liquidity profile of players in the industry. The
Government of India has undertaken several steps for boosting the
infrastructure development and revive the investment cycle. The
same has gradually resulted in increased order inflow and
movement of passive orders in existing order book. The focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long-run. In the short to medium term (1-3
years), projects from transportation and urban development sector
are expected to dominate the overall business for construction
companies. The implementation of Goods and Service Tax might
result in short run operational issues and pressure on working
capital until the process is streamlined. Going forward,
companies with better financial flexibility would be able to grow
at a faster rate by leveraging upon potential opportunities.

Hyderabad (Telangana) based, Amarraja Construction was
established in the year 2013 as a partnership firm by Mr. D. Amar
Mohan Das and Mr. G. Venkata Siva Rama Krishna. The firm is
engaged in the civil construction work relating to buildings,
ports, roads, bridges etc. and completed one residential project
in the name Amarraja Apartments. The commercial operations of the
firm were started in 2017. As on May 31st 2018, the firm has an
order book to a tune of INR26.95 crore and the same is likely to
be completed by November 2020.

In the year 2015, the firm undertook the construction of a
residential project by the name Amarraja Apartments at Hyderabad
with a total project cost of INR10 crore, funded by partners. The
project was completed in December 2017. As on June 14 2018, the
firm has sold 11 flats at INR6500 per Sq. ft on an average out of
a total 25. It also expects to sell the remaining flats at same
price.


AS SALES: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: AS Sales & Exports Private Limited
        48, Moulana Azad Sarani, City Centre,
        Durgapur - 713216, Burdwan (WB)

Insolvency Commencement Date: July 9, 2018

Court: National Company Law Tribunal, Kolkata

Estimated date of closure of
insolvency resolution process: January 4, 2019

Insolvency professional: Shyamal Kumar Bhattacharjee

Interim Resolution
Professional:            Shyamal Kumar Bhattacharjee
                         27/1, B T Road, Green View, Flat-1-001,
                         Kolkata - 700058 (WB)
                         E-mail: Shy_bhatta1990@yahoo.co.in

Last date for
submission of claims:    July 22, 2018


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

The instrument-wise rating actions are:

  -- INR47.50 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

  -- INR102.50 mil. Term loan due on March 2024 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Asian Footwears manufactures footwear at its facility in
Bahadurgarh (Haryana). It sells its products under the brands
Wilto, Alaxia and PU Gold.


ASTER BUILDING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aster Building Solutions Private Limited
        Plot No. 141/1, Phase-II, IDA,
        Cherlapally Hyderabad TG 500051

           - and -

        #2 to 7, ALindra Phase - III GIDC,
        Savli Industrial Estate Area, Manjusar (Village),
        Vadodara (Dist), Gujarat-391775

Insolvency Commencement Date: March 23, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 18, 2018
                              (180 days from commencement)

Insolvency professional: Padmasri Appana

Interim Resolution
Professional:            Padmasri Appana
                         1-1-711//1, Gandhi Nagar,
                         Hyderabad-500080
                         E-mail: padmaappana@yahoo.co.in

                            - and -

                         Flat 301, B-Block, Vishnu Residency,
                         Gandhi Nagar-500080
                         E-mail: padma.claimsip@gmail.com

Last date for
submission of claims:   July 23, 2018


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

The instrument-wise rating actions are:

-- INR304 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR287.2 mil. Term loan due on March 2018 - March 2023
    migrated to Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR58.8 mil. Proposed fund-based limit migrated to Non-
    Cooperating Category with Provisional IND BB (ISSUER NOT
    COOPERATING) /Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Auto Profiles is promoted by Mr. Bikash Mukherjee. It
manufactures sheet metal-pressed auto components at its 78,000
metric tons per annum facility.


BAFNA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Bafna Pharmaceuticals Limited
        299, Thambu Chetty Street,
        Chennai - 600 001

Insolvency Commencement Date: July 16, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 12, 2019
                              (180 days from commencement)

Insolvency professional: Gopalsamy Ganesh Babu

Interim Resolution
Professional:            Gopalsamy Ganesh Babu
                         986, H Block, 24th Street, Anna Nagar
                         West. Chennai - 600 040
                         E-mail: babu@onstepsolution.net

                            - and -

                         41/16A, Nelson Manickam Road,
                         Choolaimedu, Chennai 600094
                         Tel: 044-43063715, 8248346152
                         E-mail: babu@finrespro.com

Last date for
submission of claims:    July 31, 2018


BENZFAB TECHNOLOGIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Benzfab Technologies Private Limited
        A-19, Sahid Nagar, Bhubaneswar, Odisha-751007, India

Insolvency Commencement Date: July 11, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 7, 2019
                               (180 days from commencement)

Interim Resolution
Professional:            Vishal Passary
                         Kadmawala & Co.
                         Budhram Oram Market Complex, Kachery
                         Road, Rourkela-769012, Odisha
                         E-mail: passaryvishal@yahoo.com
                                 irp.kadmawala@gmail.com
                         Tel.: 94380 88860/0661-2511710

Last date for
submission of claims:    July 25, 2018


BRINZK POWERTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Brinzk Powertech Private Limited
        10/11, Karvat Cottage M Pvaidya Marg Off
        Tilak Road, Ghatkopar East, Mumbai - 400077

Insolvency Commencement Date: June 26, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 23, 2018

Interim Resolution
Professional:      V. Mahesh
                   39/19, Apsen Court, III Floor, RA Puram 6th
                   Main Road, RA Puram, Chennai 600 028
                   E-mail: maheshvenki@vmacs.co.in
                           vmacsibc@vmacs.co.in
                   Tel.: 044-24331082

Last date for
submission of claims:    July 17, 2018


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

The instrument-wise rating actions are:

-- INR70 mil. Term loan maintained in non-cooperating category
    with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2004, Calance Software provides information
technology solutions across North America and India, specializing
in staff contracting, data center/cloud/mobile services, e-
governance services and talent services.


CHARMING APPARELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Charming Apparels Private Limited
        402-405 1st Floor, Kucha Mahajani,
        Chandni Chowk, Delhi - 110006

           - and -

        D-157, Phase-2, Noida-201305
        D-170, Phase-2, Noida-201305
        D-171, Phase-2, Noida-201305

Insolvency Commencement Date: December 8, 2017

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: September 11, 2018

Insolvency professional: Alok Kumar Kuchhal

Interim Resolution
Professional:           Alok Kumar Kuchhal
                        C-154, Sector-51, Noida-201301
                        E-mail: csaloknoida@gmail.com

Last date for
submission of claims:   July 31, 2018


DECCAN HYDERABAD: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Deccan
Hyderabad Trade Impex Private Limited (DHTPL) to Issuer Not
Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DHTPL to monitor the
rating vide e-mail communications from September 29, 2016 to
June 23, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Deccan Hyderabad Trade Impex Private Limited bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING. The ratings
take into account delays in debt servicing on account of
stretched liquidity position of the company.

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

At the time of last rating in Press Release dated March 06, 2017
the following were the key rating weaknesses:

Key Rating Weaknesses

Continued delays in debt servicing obligations: Due to delay in
recovery of sales receivable, DHTPL's liquidity position
was stretched which resulted in instances of devolvement of
Letter of Credit.

Deccan Hyderabad Trade Impex Private Limited (DHTPL),
incorporated in 2013, is promoted by Mr Kristam Srinivasa Rani
Rama Charan and Mr Vanga Seshi Reddy. The company belongs to the
Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced
operation in May, 2013 and is into trading business of Poly vinly
chloride (PVC) Resin. The company imports the PVC resins mainly
from Taiwan and Korea and sells it to indigenous customers.


DELEO CONSTRUCTION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Deleo Construction Private Limited
        12/6, 53rd Street Ashok
        Nagar Chennai 600083

Insolvency Commencement Date: July 9, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 5, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Pathukasahasram Raghunathan Raman

Interim Resolution
Professional:            Mr. Pathukasahasram Raghunathan Raman
                         Flat 'C' Ground Floor
                         Srishas Kamalam Apartment,
                         93, Sivan Koil South Street,
                         Vadapalani, Chennai, 600026
                         E-mail: ramann_pr@yahoo.co.in

                            - and -

                         Flat 'C' Ground Floor
                         Srishas Kamalam Apartment,
                         93, Sivan Koil South Street,
                         Vadapalani, Chennai, 60002
                         E-mail: ramann_pr@yahoo.co.in
                                 prramancirp@gmail.com


Last date for
submission of claims: July 23, 2018


DEVGHAR ISPAT: CARE Assigns B+ Rating to INR8.50cr Loan to B+
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Devghar Ispat (DI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             8.50      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Devghar Ispat (DI)
is constrained by its short track record with relatively small
scale of operations, inherently low margin trading nature of
operations, working capital intensive nature of business, highly
leveraged capital structure with moderate debt coverage
indicators, constitution as a partnership firm and its presence
in an intensely competitive industry. The aforesaid constraints
are partially offset by extensive experience of the partners in
the industry.

Going forward, the ability of the firm 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

Short track record with relatively small scale of operations: The
firm has started its commercial operations from May 2017 and thus
has very short track record of operations. Furthermore, the scale
of operations of the firm was relatively small vis-a-vis other
players in iron and steel trading industry marked by its total
operating income of INR110.71 crore with a PAT of INR0.34 crore
in FY18 (provisional).

Inherently low margin trading nature of operations: The trading
segment is largely a volume driven low margin sector with low
value addition. In view of the same, despite quick ramp up in the
firm's scale of operations its profitability margins remained
thin marked by PBILDT margin of 0.73% and PAT margin of 0.31% in
FY18, provisional.

Working capital intensive nature of operations: The firm is into
trading of iron and steel products which is high working capital
intensive nature of operations. The firm required to pay upfront
or in advance to its suppliers whereas it need to extent credit
of around one to two weeks to its customers which makes its
operations working capital intensive. Accordingly, the average
utilization of fund based limit remained on the higher side at
about 95% during last twelve months ending on April 30, 2017.

Highly leveraged capital structure with moderate debt coverage
indicators: The capital structure of the firm remained leveraged
owing to low networth base and its working capital intensive
nature of operations resulting in higher dependence on bank
borrowings. The overall gearing ratio stood at 7.91x as on
March 31, 2018. Furthermore, the debt coverage indicators of the
firm also remained moderate marked by interest coverage of 2.50x
and total debt to GCA of 8.50x in FY18 (Provisional).

Constitution as a partnership firm: DI, 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/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partners would be the key factors
affecting credit decision for the lenders.

Fragmented and intensely competitive industry: Trading industry
is a highly fragmented and competitive space with presence of
huge small players operating in the same region due to low
capital requirement. In such a competitive scenario smaller
entities like DI in general are more vulnerable on account of its
limited pricing flexibility.

Key Rating Strengths

Experienced partners: The key partner, Mr. Ajay Kumar Agarwal has
around two decades of experience in iron and steel industry. Mr.
Agarwal will looks after the day to day operations of the firm
supported by other partners who are also having an experience in
same line of business.

Devghar Ispat (DI) was established as a partnership firm in July
2016 by Mr. Ajay Kumar Agarwal, Mr. Vijay Kumar Agarwal and Mr.
Sanjay Kumar Agarwal based out of Raigarh, Chhattisgarh. The firm
has been engaged in trading of iron and steel products like
billets, ingots and TMT bars etc. and it has commenced operations
from May 2017.


ECO POLYFIBRES: CARE Reaffirms 'D' Rating on INR7.50cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Eco Polyfibres Private Limited (EPPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Reaffirmed

   Short term Bank     7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EPPL to monitor the
rating(s) vide e-mail communications/letters dated June 4, 2018,
May 29, 2018, May 11, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company 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 Eco Polyfibres
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 30, 2017, the rating has been
revised on account of the banker's feedback of ongoing
delays in debt servicing.

EPPL was incorporated in 2011 by Mr Sanjay Kumar Aggarwal and Mr
Vinod Kumar. The company is engaged in trading of plastic
products such as Low Density Poly Ethylene (LDPE), High Density
Poly Ethylene (HDPE), etc. The company procures traded products
mainly through wholesalers and manufacturers in the domestic
market. The company sells its products to various manufacturers
and wholesalers in the domestic market. Furthermore, the company
has one associate concern, namely, Swastik Lifesceince Pvt. Ltd.
which is engaged in the trading of plants since 2007.


FASTBUILD BLOCKS: Ind-Ra Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Fastbuild Blocks
Pvt Ltd.'s (FBBPL) Long-Term Issuer Rating at 'ND B+', while
migrating the rating to the non-cooperating category. The Outlook
is Stable. The issuer did not provide complete information,
despite continuous requests and follow-ups by the agency. Thus,
the rating is on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR130 mil. Long term loans affirmed and migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    Stable rating;

-- INR50 mil. Fund-based limits affirmed and migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    Stable rating; and

-- INR30 mil. Proposed fund-based limits affirmed and migrated
    to non-cooperating category with Provisional IND B+ (ISSUER
    NOT COOPERATING)/Stable rating.

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

KEY RATING DRIVERS

The affirmation reflects FBBPL's continued small scale of
operations as indicated by revenue of INR217 million in FY18
(FY17: INR176 million). The growth in revenue was driven by the
company's increased market penetration across Odisha. FY18
financials are provisional in nature.

The ratings also factor in FBBPL's average operating margins of
21.1% in FY18 (FY17: 23.2%) with return on capital employed of
14% (12.6%). The decline in the margins was due to an increase in
the cost of spares and consumables.

The ratings reflect FFBPL's sustained modest credit metrics with
interest coverage (EBITDA/gross interest) of 1.6x in FY18 (FY17:
1.4x) and net leverage (net debt/EBITDA) of 5.5x (6.1x). The
improvement in the credit metrics was due to an increase in
absolute EBITDA to INR45.76 million in FY18 (FY17: INR40.81
million), resulting from a rise in the sales volume.

The ratings factor in the company's tight liquidity position as
reflected by 98% utilization of the fund-based facilities during
the 12 months ended June 2018.

However, the ratings continue to be supported by FBBPL's business
monopoly in Odisha and its strong client base.

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with monthly any default
statement, despite continuous requests and follow-ups.

RATING SENSITIVITIES

Negative: A decline in the revenue along with a decline in the
credit metrics on a sustained basis may lead to a negative rating
action.

Positive: A sustained improvement in the revenue and credit
metrics, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2012, FBBPL manufactures autoclaved aerated
concrete blocks at its plant with an annual capacity of 150,000
cubic meters.


GOYAL EDUCATIONAL: CARE Reaffirms D Rating on INR12cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Goyal Educational & Welfare Society, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      12.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Reaffirmed

   Short-term Bank      1.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Goyal Educational &
Welfare Society to monitor the rating(s) vide e-mail
communications/ letters dated June 1, 2018, May 29, 2018, May 17,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the trust 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 Goyal Educational & Welfare Society bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been reaffirmed by taking into account non-
availability of information and no due-diligence conducted due
to non-cooperation by Goyal Educational & Welfare Society with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information avaibility risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on December 20, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: There have been delays in meeting debt
obligation on account of stressed liquidity position.

Goyal Educational and Welfare Society (GEWS) was established on
July 22, 2008 under the Haryana Registration and Regulation
Societies Act, 2012 with an objective to provide education
services by establishing and operating various educational
institutions. Initially, the society was founded by Mr Mahender
Goyal who is the president of the society and carries out the
day-to-day affairs with required support from other key members.

The society is running three institutions under the brand name
"Rawal Institutions" (RI) which includes Rawal Institute of
Engineering and Technology (RIET), Rawal Institute of Management
(RIM) and Rawal College of Education (RCE) established in 2008 in
a single campus offering varied courses. RIET located in
Faridabad, Haryana was established for providing various courses
i.e. engineering courses (B.Tech and M.Tech) in various fields
such as Mechanical, Civil, Automobile, Electronics &
Communication and 3 Credit Analysis & Research Limited Press
Release Electrical & Electronics. RIM was established for
providing graduation and post-graduation courses i.e Bachelor in
Business Administration (B.B.A), Bachelor in Hotel Management
(B.H.M) and Masters in Business Administration (M.B.A). While RCM
offers Bachelors in Education (B.Ed.), all the colleges are
affiliated to Maharishi Dayanand University (M.D.U). The day to
day management of the society is carried by Mr Mahender Goyal
(President), Mr Anil Rawal (Vice President), Mr Surender Kumar
Goyal (Joint Secretary) and Mr C B Rawal. The society has
employed experienced teaching and administrative staff to run the
courses in an efficient manner. The founders of GEWS are also
operating another society i.e. Rawals Educational and Cultural
Society. The society runs two schools namely Rawal International
School and Rawal Convent School set up in 1997 and 1994
respectively. The schools are affiliated to Central Board of
Secondary Education (CBSE).


GRANDEUR AGROTECH: CRISIL Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Grandeur Agrotech Private Limited (GAPL) at 'CRISIL
B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5         CRISIL B+/Stable (Reaffirmed)
   Term Loan            .25      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations
and working capital-intensive operations. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Analytical Approach

CRISIL has treated the unsecured loan from promoters, outstanding
at INR0.14 crores as on March 31, 2018, as debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: GAPL is a marginal player,
operating in highly fragmented and competitive processed food
industry, which restrict its pricing power, reflected from
revenue of INR13.76 crores in fiscal 2018. Henceforth, scale is
expected to remain modest, constraining the business risk profile
over the medium term.

* Working capital intensity in operations: Operations are highly
working capital intensive, as reflected from gross current assets
of 182-307 days over the three fiscals ended March 31, 2018,
because of high inventory (156-277 days). The company has to
stock inventory of peas to ensure interrupted supply, even during
the off-season, to its customers as it is a seasonal product.

Strength

* Extensive experience of the promoter: Benefits from the decade-
long experience of the key promoters, Mr. Anupam Bansal and Ms.
Ritu Bansal, their keen grasp over industry dynamics, and
established relationships with customers and suppliers, will
continue to benefit the business of the company.

Outlook: Stable

CRISIL believes GAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if more than expected revenue and profitability lead
to higher accruals, and better working capital management. The
outlook may be revised to 'Negative,' in case of a decline in
profitability and accrual, stretch in the working capital cycle,
or any major capital expenditure.

GAPL was set up in 2005, by the promoters, Mr. Anupam Bansal, Ms.
Ritu Bansal, and Ms. Manju Bhandari. The company processes and
packages frozen peas under its brand, Green Valley. The
processing plant at Rudrapur, Uttarakhand, has capacity of 7500
tonnes per annum.


GREAT UNITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Great United Energy Private Limited
        Raja Bahadur Building,
        32, Apollo Street, Fort,
        Mumbai - 400023

Insolvency Commencement Date: June 26, 2018

Court: National Company Law Tribunal, Mumbai

Estimated date of closure of
insolvency resolution process: December 23, 2018

Insolvency professional: Rajesh Kumar Mittal

Interim Resolution
Professional:            Rajesh Kumar Mittal
                         204/A, Navjyoti Darsham CHS,
                         Near Purnima Talkies, Murbad Road,
                         Kalyan(W)- 421301, Maharashtra
                         E-mail: csrajeshmittal@gmail.com

Last date for
submission of claims:    July 19, 2018


GVR AJMER: Ind-Ra Affirms 'D' Rating on INR3,187.50BB LT Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
GVR Ajmer Nagaur Tollway Private Limited's (GANTPL) bank loan as
follows:

-- INR3,187.50 bil. Bank loan (long-term) affirmed with IND D
    rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt serving
obligations by GANTPL since the last rating action due to a tight
liquidity position.

The company has not provided FY17 and FY18 annual reports to
Ind-Ra.

RATING SENSITIVITIES

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

COMPANY PROFILE

GANTPL, a special purpose vehicle owned by GVR Infra Projects
Limited , has been established to construct, operate and maintain
the two-laned Ajmer-Nagaur section of NH-89 in Rajasthan under a
21-year concession from the Public Works Department, Rajasthan,
on a design, build, finance, operate and transfer basis.


HEMRAJ DEVKARANDAS: CRISIL Withdraws D Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Hemraj
Devkarandas Metals and Minerals Limited (Hemraj) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'.
Consequently, CRISIL has withdrawn its rating on the bank
facilities of Hemraj on the request of the company and after
receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         10         CRISIL D (ISSUER NOT
                                  COOPERATING; Migrated from
                                  'CRISIL D'; Rating Withdrawn)


   Letter of Credit     8         CRISIL D (ISSUER NOT
                                  COOPERATING; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Proposed Long Term   2         CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with Hemraj for
obtaining information through letters and emails dated June 13,
2018, among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hemraj. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality of the entity. CRISIL believes that the information
available is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to 'CRISIL BB' rating category or lower. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL has migrated the ratings on the bank
facilities of Hemraj to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL D/CRISIL D'.

CRISIL has withdrawn its rating on the bank facilities of Hemraj
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 2012 as a closely held public limited company,
Hemraj is into trading of iron and steel products such as HR and
CR coils, sheets, plates, and various customised steel products.


HIMALAYA CONSTRUCTION: CRISIL Cuts Rating on INR20cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Himalaya Construction Co.Pvt Limited (HCCPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      20         CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit          4         CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

The downgrade reflects the company's overutilisation of cash
credit limit since January 2018, which has not been regularized
yet.

HCCPL also has large working capital requirement and small scale
of operations in the competitive civil construction industry.
However, it benefits from the extensive experience of its
promoter.

Key Rating Drivers & Detailed Description

* Overutilization of cash credit facility: Due to BG invocations
in January 2018, amount of around INR3.5 cr was paid through CC
account which led to overutilization in Jan 2018 and the same has
not been regularised yet.

Weaknesses

* Large working capital requirement: The Company had substantial
gross current assets due to large receivables and necessity of
providing security deposit (5% of project value) for projects.
Also, customers retain earnest money deposit, which is released
six months after project completion.

* Small scale of operations: With turnover estimated to have
declined to INR15 crore for fiscal 2018 from INR36 crore in
fiscal 2017, scale remains modest. Net loss is estimated at
INR1.35 crore in fiscal 2018.

Strength

* Extensive experience of the promoter: Presence of around three
decades in the civil construction segment has enabled the
promoter to develop the required technical and project management
capability to execute small and medium-sized projects.

Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh,
HCCPL is a 'Class A' civil contractor that constructs tunnels for
hydroelectric projects for irrigation purposes, power houses,
dams, roads, and railways. It also undertakes other types of
heavy construction work.


KARTHIKEYA AGRO: CARE Reaffirms B+ Rating on INR9.23cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Karthikeya Agro Industries (KAI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.23      CARE B+; Stable Reaffirmed
   Facilities                      (Removed from Non-cooperation)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KAI continues to
be tempered by weak debt coverage indicators, working capital
intensive nature of business, partnership nature of constitution,
seasonal availability of paddy, presence in fragmented and
competitive industry due to low entry barriers and government
regulations. The ratings also take into account increase in total
operating income albeit decline in profitability margin, improved
capital structure, still remained leveraged. The ratings continue
to derive benefits from experience of the partners for more than
a decade in rice mill industry, presence in paddy cultivation
area facilitating easy procurement of raw material and healthy
demand outlook of rice.

Going forward, the firm's ability to increase its scale of
operations and improve profitability margins amidst competition,
and the ability to improve capital structure would remain the key
rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Weak debt coverage indicators: The PBILDT interest coverage ratio
improved from 1.50x in FY16 to 1.44x in FY17 due to increase in
PBILDT absolute terms. However, the total debt/GCA deteriorated
from 19.96x in FY16 to 20.45x in FY17 due to marginal decrease in
gross cash accruals.

Improved capital structure albeit remained leveraged: The capital
structure of the company though improved marked by debt equity
and overall gearing ratio from 0.35x and 2.48x respectively as on
March 31, 2016 to 0.28x and 2.15x respectively as on March 31,
2017 due to repayment of term loan coupled with increase in
tangible networth, remained leveraged.

Seasonal availability of paddy: Paddy in India is harvested
mainly at the end of two major agricultural seasons Kharif (June
to September) and Rabi (November to April). The millers have to
stock enough paddy by the end of the each season as the price and
quality of paddy is better during the harvesting season. During
this time, the working capital requirements of the rice millers
are generally on the higher side.

Presence in highly fragmented and competitive rice milling
industry: KAI faces stiff competition in the rice milling
business from large number of established and unorganized players
in the market.  Competition gets strong with the presence of
unorganized players leading to milling charges pressures.

Partnership nature of constitution: KAI, 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

Growth in total operating income albeit decline in profitability
margin: The total operating income of the firm increased to.
INR39.92 crore in FY17 as against INR33.26 crore in FY16 due to
addition of new customers coupled with increase in orders from
existing customers. Further, the company achieved sales of
INR43.36 crore FY18. The PBILDT margin declined from 4.11% in
FY16 to 3.58% in FY17 due to increase in transport expenses
coupled with under absorption of other overheads. The PAT margin
of the firm marginally declined from 0.15% in FY16 to 0.14% in
FY17 due to increase in interest cost at the back of availment of
vehicle loan

Improved operating cycle: The operations of the firm are working
capital intensive nature due to seasonal nature of availability
of paddy and procurement of paddy against 100% advance payments.
Furthermore, the operating cycle of the firm stood at 96 days in
FY17 due to decrease in inventory days i.e., from 76 days in FY16
to 72 days in FY17. The firm has increased its customer portfolio
and offered extended credit period in order to retain the new
customers in the competitive environment. The firm utilises
working capital facilities to meet fund requirements for managing
day to day operations and average utilisation of the working
capital facilities by the firm was 90% for the last 12 month
ended March 31, 2018

Karthikeya Agro Industries (KAI) was established in 2013 as a
partnership firm, promoted by Mr. G.Madhusudhana Rao along with
his wife Ms. G Naga Malleswari. The firm is engaged in milling
and processing of rice at Nellore District, Andhra Pradesh, with
an installed capacity to process 16,698 metric tons per annum of
rice. The firm also sells the by products such as broken rice,
husk and bran which comes out during the milling and processing
of rice. The main raw material for the firm is paddy which is
directly procured from local farmers located in and around
Nellore. The firm sells its final product (rice) in the open
markets of Tamil Nadu, Andhra Pradesh and Kerala.


KHUDIRAM COLD: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Khudiram Cold
Storage Private Limited (KCSPL) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee     .1         CRISIL A4 (ISSUER NOT
                                 COOPERATING)

   Cash Credit       3.69        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

   Long Term Loan    4.9         CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

   Working Capital   0.97        CRISIL B/Stable (ISSUER NOT
   Loan                          COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KCSPL continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating'

KCSPL was incorporated in 2004 to provide cold storage facility
to the potato farmers and traders. The company commenced
commercial operations in 2006. KCSPL is owned by the Midnapore
(West Bengal)-based Manna family having extensive experience of a
decade in cold storage industry and over two decades in potato
trading.


KIRTI INFRASTRUCTURES: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Kirti
Infrastructures Limited (KIL) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                    Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       8.5        CRISIL A4 (ISSUER NOT
                                   COOPERATING)
   Cash Credit          2          CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KIL continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating'

Incorporated in 1995, KIL is based at Vadodara, Gujarat, and is
promoted by Mr. Kiritbhai Shah and Mr. Anilbhai Shah. Earlier,
its activities were under a partnership firm, Kirti Builders,
which was started in 1973 by the current promoters along with Mr.
Vikram Shah and Mr. Nitish Shah. KIL is a civil contractor,
engaged in construction of factory, residential, and commercial
buildings for various private and government agencies.


M/S ASVEENS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Asveens Forging Private Limited
        G-16, Sidco Industrial Estate,
        Kakkalur, Tiruvallur District
        Tamilnadu PIN: 602003

Insolvency Commencement Date: July 6, 2018

Court: National Company Law Tribunal, Madurai Bench

Estimated date of closure of
insolvency resolution process: January 1, 2019
                              (180 days from commencement)

Insolvency professional: Muthuiah Thevar Rajapandian

Interim Resolution
Professional:            Muthuiah Thevar Rajapandian
                         3/158, Bharathiyaar Street, Indian Bank
                         Colony, Narayanapuram, Madurai - 625014
                         E-mail: rajapandianm1955@gmail.com

Last date for
submission of claims:    July 28, 2018


M/S. BHEEMA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Bhemma Cements Limited
        6-3-652/C/A, Flat 5A,
        KAUTILYA AMRUTHA ESTATES, Somajiguda,
        Hyderabad, Telangana-500082, India

           - and -

        Ramapuram Village, Mellacheruvu Mandalam,
        Suryapeta District-508246, Telangana

Insolvency Commencement Date: July 9, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 4, 2019
                              (180 days from commencement)

Insolvency professional: Mr. Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Mr. Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103, Sri Sai
                         Swapnasampada Apartments, Balkampet,
                         Sanjeev Reddy Nagar, Hyderabad,
                         Telangana-500038
                         E-mail: madhucs1@gmail.com
                                 bheemacementip@gmail.com

Last date for
submission of claims:    July 24, 2018


M/S PAVAI: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Pavai Alloys & Steels Private Limited
        5-1, SVA Extension III, Tiruchengodu,
        Namakkal District PIN 637211
        Tamilnadu

Insolvency Commencement Date: June 29, 2018

Court: National Company Law Tribunal, Madurai Bench

Estimated date of closure of
insolvency resolution process: December 25, 2018
                               (180 days from commencement)

Insolvency professional: Muthuiah Thevar Rajapandian

Interim Resolution
Professional:            Muthuiah Thevar Rajapandian
                         3/158, Bharathiyar Street, Indian Bank
                         Colony, Narayanapuram, Madurai - 625014
                         E-mail: rajapandianm1955@gmail.com

Last date for
submission of claims:    July 26, 2018


M/S PRISM: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Prism Infracon Limited
        124, Karaya Road, Kolkata - 700 017

Insolvency Commencement Date: July 3, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 30, 2018

Insolvency professional: Partha Kamal Sen

Interim Resolution
Professional:           Partha Kamal Sen
                         Flat-8C1, Brook Tower, Hiland Park
1925 Chak Garia, Kolkata - 700 094
E-mail: Partha_Kamal@yahoo.com

                            - or -

                         Temple Chambers, 6 Old Post
                         Office Street, Kolkata - 700 001

Last date for
submission of claims:    July 17, 2018


MAHALAXMI BUILDERS: CARE Assigns B+ Rating to INR14cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahalaxmi Builders and Developers (MBD), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MBD is tempered by
limited track record of operations, project execution and
salability risk, geographically concentrated revenue profile,
risk associated with the partnership nature of entity and
fragmented nature of real estate sector. The rating, however,
derives its strengths from experienced promoter in real estate
business, achievement of financial closure, registration with
RERA and favorable location of the project.
Going forward, the ability of the firm to complete the project in
timely manner and its ability to sell the units and collect
advances would be key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record of operations: The firm has limited track
record of business, having initiated the business operations in
2016. Although the promoters have an experience of around 3
decades in jewelry and property development business, 'English
County' is the first residential project under MBD. The firm is
expecting to complete its ongoing project in July 2021. The level
of project execution and operations by the management of the
company is yet to be seen.

Project execution and salability risk: The ongoing project
'English County' which commenced in July 2016 is likely to
achieve COD in July 2021, which exposes the project to execution
risk. The project is still in initial stage and the company has
incurred only 21.20% of the total project cost till date. This
exposes the project to substantial salability risk as well.
Furthermore, the firm has received bookings for 10 villas spread
across 28,010 sq.ft. area which translates the overall booking at
~14% as on
May 31, 2018.

Geographically concentrated revenue profile: MBD is primarily
located in the Karnataka State and executing projects in and
around Kalaburagi which reflects geographical concentration risk.
In case, the real estate market of Kalaburagi slows down or there
happens to be any political uncertainties, the same will impact
the operations of the company. Constitution of the entity as a
partnership firm The partners typically make all the decisions
and lead the business operations. If they become ill or disabled,
there may not be anybody else to step in and maintain the optimum
functioning of business. A business run by ten partners also
poses a risk of heavy burden, i.e. an inherent risk of capital
withdrawal, at a time of personal contingency which can adversely
affect the capital structure of the firm. Moreover, the
partnership firms have restricted access to external borrowing
which limits their growth opportunities to some extent.

Fragmented nature of the real estate sector albeit improving
growth prospects: The real estate sector in India is highly
fragmented with a large number of small and mid-sized players.
Certain factors such as project execution challenges, delays in
land acquisition, regulatory clearances, long working capital
cycles as a result of longer gestation periods collectively place
pressure on the company's credit profile. Despite these
impediments, increasing growth in residential properties due to
lower interest rates, easy availability of housing finance and
various government initiatives in real estate sector are expected
to revive the industry in medium to long term.

Key Rating Strengths

Experience of the promoters in real estate business: MBD is
promoted by Mr. Raghavendra K. Mailapur along with other family
members. Mr. Raghavendra has 30 years of experience in jewelry
and property development business. Previously, he has served as
the director of Ganesh Co-operative Bank and Vice President of
Hyderabad Karnataka Chamber of Commerce & Industry (HKCCI). The
long standing experience of promoters has aided in establishing
long term relationships with customers.

Financial closure for the project achieved: The "English County"
project is funded by promoter's capital (37%), term loan (36%)
and advances from customers and sales (27%). As on date, the
funding pattern has been finalized and the term loan of INR13.40
crore that the firm was seeking has been sanctioned by the bank
and hence financial closure for the project has been completely
achieved by the firm.

Registered with RERA: The Real Estate (Regulation and
Development) Act, 2016 (RERA) is effective from May 01, 2017, and
covers all the residential and commercial projects in every state
of India. The project 'English County' was registered on October
26, 2017 (PRM/KA/RERA/1263/419/PR/171026/000652).

Favorable location of the project: 'English County' is located at
Gulbarga, Karnataka, which is one of the sought after residential
options in the city today. Affordable property prices and
proximity to corporate offices are the major catalysts driving
the real estate market here. A lot of commercial properties
related demand arises here from the working population from
industries and corporate offices situated in the vicinity. Also
the property prices are effective as compared to city areas.

Gulbarga based, Mahalaxmi Builders and Developers (MBD) was
established in the year 2015 and promoted by 10 partners who are
close family members with a mix of first and second generation.
The firm constructs and develops residential projects.


MEENA JEWELS: CARE Lowers Rating on INR32cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Meena Jewels Exports, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       32       CARE D; Issuer not cooperating;
   Facilities                    Revised from CARE BB on the
                                 basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Meena Jewels Exports to
monitor the rating vide e-mail communications from November 17,
2017 to June 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 line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which; however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Meena
Jewels Exports bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating has been revised on account of delays in interest
servicing and continued overdrawals on account of stretched
liquidity position of the group and firm.

Detailed description of the key rating drivers

At the time of last rating on July 19, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses:

Delays in interest servicing and continued overdrawals: The group
and the firm have been facing stretched liquidity position
leading to continued overdrawals and delays in interest servicing
with respect to the cash credit account.

Key Rating Strengths:

Belong to Meena Bazar group with brand recognition: Meena
Jewellers Group (MJG) is the jewellery arm of the Meena Bazar
group which has over 75 years of presence in the twin cities of
Hyderabad/Secunderabad.

Experienced and resourceful promoters: Mr Umesh P. Jethwani
(Managing Director) is a qualified MBA with an experience of over
two decades in the jewellery business.

Meena Jewels Exports, incorporated in 2012, belongs to the Meena
Jewellers group (MJG) which is the jewellery arm of the Meena
Bazar group which has over 75 years of presence in the twin
cities of Hyderabad/Secunderabad. Meena Bazar group has varied
business interests consisting of retailing in sarees, textiles,
garments and jewellery, exhibition of films, construction, etc.


MEENA JEWELLERS: CARE Lowers Rating on INR28cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Meena Jewellers Extension Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank         28      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Meena Jewellers Extension
Private Limited to monitor the rating vide e-mail communications
from November 11, 2017 to June 23, 2018, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Meena Jewellers Extension Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.  The rating has been revised on account of ongoing
delays in interest servicing and continued overdrawals on account
of stretched liquidity position of the group and company.

Detailed description of the key rating drivers

At the time of last rating on July 19, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses:

Delays in interest servicing and continued overdrawals: The group
and the company have been facing stretched liquidity position
leading to instances of overdrawals and delay in interest
servicing with respect to the cash credit account.

Key Rating Strengths:

Belong to Meena Bazar group with brand recognition: Meena
Jewellers Group (MJG) is the jewellery arm of the Meena Bazar
group which has over 75 years of presence in the twin cities of
Hyderabad/Secunderabad.

Meena Jewellers Extension Pvt Ltd, incorporated in 2012, belongs
to the Meena Jewellers group (MJG) which is the jewellery arm of
the Meena Bazar group which has over 75 years of presence in the
twin cities of Hyderabad/Secunderabad. Meena Bazar group has
varied business interests consisting of retailing in sarees,
textiles, garments and jewellery, exhibition of films,
construction, etc.


MIHIR BUILDCON: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mihir Buildcon Private Limited
        A-233, Shivalik New Delhi DL 110017

Insolvency Commencement Date: June 14, 2018

Court: National Company Law Tribunal, New Delhi

Estimated date of closure of
insolvency resolution process: December 11, 2018
                              (180 days from commencement)

Insolvency professional: Anupma Aggarwal

Interim Resolution
Professional:            Anupma Aggarwal
                         B-132 Anand Vihar, New Delhi,
                         Delhi, 110092
                         E-mail: anupma@indialiason.com

Last date for
submission of claims:    July 20, 2018


MOMAI FOODS: CARE Hikes Rating on INR8.64cr Loan to C
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Momai Foods Private Private Limited (MFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Bank       8.64       CARE C; Stable Revised from
   Facilities                      CARE D

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of MFPL is
on account of established clear track record in its debt
obligations for the past four months ended May 2018. The rating
also derives strength from experienced promoters. However, the
rating continues to remain constrained on account of its small
scale of operations with thin profitability during FY18
(Provisional, refers to period April 1 to March 31), leveraged
capital structure, weak debt coverage indicators and weak
liquidity position along with working capital intensive nature of
operation. The rating also continues to remain constrained owing
to presence in highly competitive industry.

MFPL's ability to increase its scale of operations with
improvement in profitability, capital structure, and debt
coverage indicators along with better working capital management
will remain key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with thin profitability: The
scale of operation of MFPL stood small marked by total operating
income (TOI) of INR13.30 crore during FY18 (Provisional).
However, MFPL's profitability remained thin marked by PBILDT of
INR2.03 crore and PBDT of INR0.89 crore during FY18 (Prov.).

Leveraged capital structure, weak debt coverage indicators and
weak liquidity position along with working capital intensive
nature of operation: On the back of high total debt along with
low net worth base, capital structure stood leveraged marked by
overall gearing ratio of 6.46 times as on March 31, 2018
(Provisional). As a result of its high total debt, the debt
coverage indicators remained weak marked by high ratio of total
debt to GCA of 12.37 times during as on March 31, 2018
(Provisional). The liquidity position stood weak marked by below
unity current ratio of 0.64 times as on March 31, 2018
(Provisional). The operation remained working capital intensive
as marked by high utilisation of its working capital limit during
last one year ended May 2018 at 90%.

Presence in highly competitive industry: MFPL operates in
industry with many organized and unorganized players. Also, the
presence of big sized players like Vadilal, Amul, Havemor, etc.
with established marketing & distribution network results into
intense competition in the industry.

Key rating strengths

Established clear track record of its debt obligations: MFPL has
established clear track record for the past four months ended May
2018 as the same is being taken care by infusion of funds by
promoters in the form of unsecured loans as well as cash flow
generated from its operations.

Experienced promoters: Mr. Bhaveshbhai Khatra, Mr. Mehulbhai
Khatra and Mr. Chandubhai Khatra are key promoters of MFPL, who
holds more than a decade of experience in ice cream industry.

Rajkot-based (Gujarat), Momai Foods Private Limited (MFPL) is a
private limited company established in 2013 by Mr. Bhaveshbhai
Khatra, Mr. Mehulbhai Khatra and Mr. Chandubhai Khatra. The
company is engaged in business of manufacturing of ice cream. The
company sells its products in state of Gujarat, Rajasthan and
Maharashtra. The company commenced its operations from new
installed capacity of 3.6 crore liters per annum from April, 2017
onwards. The company sells its product under the brand name
'MOMAI'. The company sells its ice cream through its network of
85 distributors. The company has ISO 22000:2005 certification for
food safety management system.


MONNET ISPAT: NCLT Approves AION Capital-JSW Steel Bid
------------------------------------------------------
Livemint reports that the National Company Law Tribunal (NCLT)
has approved the bid of AION Capital-JSW Steel to acquire Monnet
Ispat & Energy Ltd, providing major relief to the consortium.

India's largest lender, State Bank of India (SBI), approached the
Mumbai bench of NCLT in July last year to recover its dues under
the Insolvency and Bankruptcy Code (IBC), Livemint recalls.

This is the third major stressed asset from the so-called first
list issued by the Reserve Bank of India (RBI) to be taken over
by new investors under the resolution process, the report notes.

In May, Tata Steel announced its acquisition of Bhushan Steel Ltd
(BSL) through its wholly owned subsidiary Bamnipal Steel Ltd
(BNPL), completing the resolution of the first case under the
IBC.

On July 19, the division bench of NCLT presided over by B.S.V.
Prakash Kumar and Ravikumar Duraisamy had approved the resolution
plan for Monnet Ispat & Energy Ltd in an oral order with some
modification, Livemint reports.

Sole bidder AION Capital-JSW Steel had offered INR2,875 crore so
far to acquire Monnet Ispat and Energy Ltd, while the company
owes more than INR11,000 crore to its lenders.

AION Capital holds a 70% stake in the consortium while JSW Steel
holds the rest, the report discloses.

Livemint notes that before the court ruling, the tribunal had
also dismissed the miscellaneous applications filed by Deutsche
Bank, an unsecured financial creditor that is part of the
consortium of creditors, and had voted in favor of the JSW-AION
resolution plan with the knowledge that it would get 2.58% return
on its debt.

However, the bank filed a petition registering that it was
aggrieved by the court's earlier decision in relation to payment
outside the plan to small operational creditors that worked out
to a 21.7% return on debt of unsecured operational creditors,
says Livemint.

"We are an unsecured financial creditor to whom the company owes
INR151 crore but we will get around INR3.96 crore," argued senior
counsel Mustafa Doctor who was appearing for Deutsche Bank, the
report relays. "If the tribunal now keeps the provision of
INR25 crore for small operational creditors, they will get around
21% of their dues back which is prejudicial to us. The tribunal
is creating an artificial disparity between two unsecured lenders
namely operational creditors and unsecured financial creditors."

According to Livemint, the tribunal had rejected Deutsche Bank's
claim ruling that it was part of the consortium and privy to the
decision approving the resolution applicant's plan and hence
could not be considered aggrieved or its rights violated thus,
quashing its petition.

The JSW Steel-AION Investments consortium in mid-July agreed to
pay small operational creditors, or small MSME vendors, around
INR25 crore, thereby pushing up the total acquisition amount to
INR2,875 crore, Livemint adds.

                         About Monnet Ispat

Chhattisgarh-based Monnet Ispat & Energy, once the country's
second-largest coal-based sponge iron plant maker by volume fell
in trouble after the coal mine attached to the plant was
cancelled in 2014.

Later, like many other steel manufacturers, the company fell in
troubled waters as the steel prices crashed because of Chinese
steel being dumped globally, forcing the company into bankruptcy.

Rajiv Bakshi, senior vice-president and group general counsel of
JSW Steel Ltd, declined to comment on the ruling as the full
order is yet to be uploaded.

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

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

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

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


NAGAUR BIKANER: Ind-Ra Affirms 'D' LT Rating on INR3.150BB Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
GVR Nagaur Bikaner Tollway Private Limited's (GNBTPL) bank loan
as follows:

-- INR3.150 bil. Bank loan (long-term) affirmed with IND D
    rating.

KEY RATING DRIVERS

The affirmation reflects the continued delays in debt serving
obligations by GNBTPL since the last rating action due to a tight
liquidity position.

The company has not provided FY17 and FY18 annual reports to Ind-
Ra.

RATING SENSITIVITIES

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

COMPANY PROFILE

GNBTPL is a special purpose vehicle that is fully owned by GVR
Infra Projects Limited. It has been incorporated for the
development and operation of a 108.26km section on the Nagaur-
Bikaner stretch of NH-89 in Rajasthan. The project will create
two lanes with paved shoulders under a 15-year concession from
the Public Works Department, Rajasthan, on a design, build,
finance, operate and transfer basis.


NEO AID: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Neo Aid Communication (India) Private Limited
        Plot No.B2/535, G-2, Sector-2, Opp. North Gate of Pratap
        Stadium Chitrakoot, Vaishali Nagar Jaipur 302021
Rajasthan

Insolvency Commencement Date: July 9, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2019
                              (180 days from commencement)

Insolvency professional: Mahendra Prakash Khandelwal

Interim Resolution
Professional:            Mahendra Prakash Khandelwal
                         202, Prism Tower, Opp. Rajasthan Police
  Mukhaliya, Gate No. 2, Lalkothi,
    Jaipur, Rajasthan, 302015
    E-mail: mahendra927@gmail.com

Last date for
submission of claims:    July 27, 2018


NEW PACK: CARE Assigns B+ Rating to INR8.90cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of New
Pack Agro Chem (NPAC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            8.90      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NPAC is constrained
on account of small scale of operation with short track record of
operation coupled with thin profitability during year ended FY18
(Provisional, refers to period April 1 to March 31), leveraged
capital structure with moderate liquidity position and
implementation & stabilization risk associated to on-going debt-
funded project. Ratings are further remained constrained on
account of presence in the highly competitive and fragmented
industry along with susceptibility of operating margins to
volatility in raw material costs and its partnership nature of
constitution.

The ratings, however, derive strength from experienced partners
and moderate debt coverage indicators.

NPAC's ability to increase its scale of operations, improve
profit margins along with improvement in solvency position and
efficient working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and short track record coupled with
thin profitability during year ended FY18 (Provisional): NPAC
started its trading operations from March 2017 onwards reflect
short track record of operation. The scale of operations remained
small marked by total operating income (TOI) of INR28.18 crore
during FY18 (Provisional). Further, the profitability of NPAC
stood thin as marked by PBILDT margin and PAT margin of 5.33% and
0.72% respectively during FY18(Prov).

Implementation and stabilization risk pertaining to on-going
debt-funded project: The firm is undertaking project for
manufacturing agro chemicals having total cost of INR8.07 crore,
which proposed to be funded through debt/equity mix of 1.11
times. The firm has incurred 31% of the project cost till June
07, 2018 which was funded through partners' contribution. The
firm expects to complete the project by July, 2018 and start
commercial operations from August, 2018.

Leveraged Capital Structure and Moderate liquidity position:
Capital structure stood leveraged as marked by overall gearing
ratio of 1.81 times as on March 31, 2018 owing to low networth
base as on March 31, 2018. Liquidity position remained moderate
as marked by current ratio of 1.50 times as on March 31, 2018
(Prov.) and operating cycle of 33 days during FY18(Prov.).

Presence in a fragmented and competitive industry: NPAC operates
in a highly fragmented and unorganized market for its products
with presence of large number of organized and unorganized
players. The industry is characterized by low entry barriers due
to minimal capital required and less bargaining power with its
customer and supplier.

Susceptibility of operating margins to volatility in raw material
costs: The prices of basic raw material i.e. Emulisifiers,
Stabilizers, Dyes, Silica, China Clay and various other
chemicals, the prices of the same are highly volatile in nature
and therefore profitability of the firm remains exposed to any
adverse price fluctuations in raw material prices.

Constitution as partnership firm: NPAC being a partnership firm
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of key promoters.

Key Rating Strengths

Experienced partners: The key partners named Mr. Raju Patel and
Mr. Jasmin Patel hold a long experience of more than 15 years
trading Industry and look after overall management of firm.

Weak debt coverage indicators: The debt protection metrics
remained moderate marked by interest coverage ratio of 3.25 times
during FY18 (Provisional) and moderate total debt to GCA ratio of
4.30 times as on March 31, 2018.

Anklesvar-based (Gujarat), New Pack Agro Chem (NPAC) is a
partnership firm originally established in July, 2014 by four
partners namely Mr. Mayank Patel, Mr. Kalpanaben Patel, Mrs.
Jasuben Pithaia and Mr. Kesurbhai Pithaia, however due to some
reasons they have not started any business. Later on in January,
2016 the firm was purchased by four partners namely Mr. Rajubhai
Patel, Mr. Jasminbhai Patel, Mrs. Renukaben Patel and Mrs.
Kinjalben Patel. NPAC is engaged in the business of trading of
agro chemicals since March 2017. Currently, NPAC is implementing
a project for manufacturing of Pesticides and Insecticides having
total cost of INR8.07 crore, which proposed to be funded through
debt/equity mix of 1.11 times. NPAC expects to commence
operations from its manufacturing unit from August, 2018 onwards.
NPAC will carry out its manufacturing from its facility located
in Panoli (Gujarat) with proposed installed capacity of
manufacturing 18000 Kilo Litre of agro-chemicals per annum.


NOBLE POLYTEC: CARE Assigns B+ Rating to INR5.44cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Noble
Polytec (NPT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.44       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NPT is constrained
on account of stabilization risk associated with newly
established project, its constitution as a partnership firm,
susceptibility of profit margins to volatility in raw material
price and its presence in fragmented and competitive HDPE pipe
industry.

The rating, however, derives strength from experienced partners
along with locational advantage available to the firm.
Going forward, NPT's ability to stabilize its business operations
by establishing customer base would be key rating sensitivity.
Further, achieving envisaged level of sales and profitability in
volatile raw material pricing scenario and highly competitive
industry would also remain crucial.

Key Rating Weaknesses

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

Project Stabilization risk associated with newly established
project: NPT has implemented a green field project for
manufacturing of double wall corrugated pipes at Silvassa with
total cost of INR5.56 crore with project debt equity ratio of
2.48 times and it has total installed capacity of 3960 Metric
Tonne Per Annum. The said project is started in August, 2017 and
completed in March, 2018. The commercial operations of the firm
are commenced from April 1, 2018. Thus, from the recently
completed capital project, NPT is exposed to post project
stabilization risk.

Presence in fragmented and competitive HDPE pipe industry: NPT is
engaged into manufacturing of HDPE pipes; however, the HDPE pipes
industry is highly fragmented and is characterized by low entry
barriers leading to presence of numerous smaller entities in the
unorganized sector. This makes the industry highly competitive
which in turn restricts its profitability margins.

Susceptibility of operating margins to raw material price
fluctuation: The major raw material used in the manufacturing
process by NPT is polymer granules, which are derivatives of
crude oil, prices of which remain highly fluctuating in nature.
Thus, the raw material prices of polymer granules are vulnerable
to fluctuation in crude oil prices.

Key rating strengths

Experienced partners: NPT was established as a partnership firm
in March, 2017 by two partners i.e. Mr Dilip Joshi & Mr Yash
Thosani. Later on from March 1, 2018, other partners are
introduced in the firm and currently there are 9 partners in NPT.
Currently, the operations of the firm are managed by Mr Dilip
Joshi & Mr Yash Thosani. The partners of NPT have experience of
more than decade in the same line of business. Thus, vast
experience of partner will became helpful to the firm for
stabilization & growth in scale of operations of the firm.

Locational advantage: NPT was established in Silvassa of Dadra
Nagar Haveli, which is a major industrial belt, located in
western longitude surrounded by other industrial belt like Vapi,
Umergam, Bhilad and Daman. The government had also declared
various incentives available to manufacturing units established
in Dadra Nagar Haveli which is also available to NPT. The
location is well connected with road and rail transportation
system along with enough availability of labour over there.

Silvassa (Dadra & Nagar Haveli) based Noble Polytec (NPT) was
established as a Partnership Firm in 2017 by two partners i.e. Mr
Dilip Joshi & Mr Yash Thosani. NPT has recently completed capital
project for manufacturing of pipes and started commercial
operations from April, 2018. NPT is involved in manufacturing of
plastic High Density Poly-Ethylene (HDPE) extruded corrugated
pipes i.e. Double wall corrugated pipes at its manufacturing
facilities located at Silvassa with a total installed capacity of
3960 Metric Tonne Per Annum (MTPA) as on April 1, 2018. The firm
is certified as ISO 9001:2015 firm.


PELLET ENERGY: CARE Lowers Rating on INR28.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pellet Energy Systems Private Limited (PES), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     28.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB-; Issuer
                                  not cooperating on the basis of
                                  best available information.

CARE has been seeking information from PES to monitor the
rating(s) vide e-mail communications/letters dated June 4, 2018,
May 29, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Pellet Energy Systems Private Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
meeting the debt obligations.

Pellet Energy Systems Private Limited (PES) currently being
managed by Mr. Bharat Sharma and Ms. Shruti Sharma was initially
incorporated as Luxury Woodplus Private Limited in 2010. The name
changed to its present status in October 2011. PES is engaged in
manufacturing of biomass pellets at its manufacturing unit
located in Roorkee, Uttarakhand with installed capacity of 500
tons per day. The company has commenced its manufacturing
operations in April, 2015. The product finds its usage as a fuel
in industrial, commercial and household segment. The main raw
material is sugarcane baggase which is procured domestically. PES
primarily sells its product to FMCG (Fast Moving Consumer Goods)
companies domestically. Its group entities include Advance Hydrau
Components Pvt Ltd engaged in Manufacturing of hydraulic and
mechanical machinery, Subha International engaged in Export of
engineering goods and turnkey projects and Advance Machines
engaged in Manufacturing of engineering goods.


POWER TELEVENTURES: CARE Lowers Rating on INR15.80cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Power Televentures Private Limited (PTPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     15.80      CARE D; Issuer not cooperating;
   Facilities                    Revised from CARE BB; Stable
                                 based on best available
                                 information

   Long-term/short     8.00      CARE D/CARE D; Issuer not
   Term Bank                     cooperating; Revised from
   Facilities                    CARE BB; Stable/CARE A4;
                                 based on best available
                                 information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from PTPL to monitor the rating
vide e-mail communications/ letters dated June 27, 2018, July 2,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. Moreover, CARE has been seeking the
monthly Default, if any, (NDS) statement for the month of May
2018 and June 2018 from PTPL vide email dated June 4, 2018, June
6, 2018, June 11, 2016, June 22, 2018, June 29, 2018 and numerous
phone calls. However, the company has not submitted NDS for the
said months. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on bank facilities of PTPL
will now be denoted as CARE D; ISSUER NOT COOPERATING*. Users of
this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).

The revision in the ratings assigned to the bank facilities of
PTPL takes into account overdrawing in cash credit limits for
more than 30 consecutive days.

Detailed description of the key rating drivers

Key Rating Weakness

Overdrawing in cash credit limits for more than 30 consecutive
days: The company used to act as an authorized distributor cum
stocking agent for Proctor & Gamble Home Products Ltd, Products &
Gamble Hygiene & Health Care Ltd and Gillette India Ltd (together
referred to as P&G). However, recently the company has lost the
distributorship of P&G which has led to fall in revenue and in
turn led to overdrawn in cash credit limits.

Incorporated in June 2005, PTPL is a Bhopal based company
incorporated by Mr. Aseem Singh and his family members. The
company used to act as an authorized distributor cum stocking
agent of P&G for eastern and southern Madhya Pradesh including
Bhopal and Gwalior.


PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR10cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Pravin Mohanlal (PM).

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

The rating reflects PM's below-average financial risk profile,
moderate working capital requirement, modest scale of operations
and exposure to intense competition in the gems and jewellery
sector. These weaknesses are partially offset by the extensive
experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated at
a modest INR3.5-3.7 crore and total outside liabilities to
adjusted networth ratio high at 5.0-5.5 times, as on March 31,
2018. Debt protection metrics are weak, with interest coverage
and net cash accrual to adjusted debt ratios of 2.8-2.9 times and
0.06-0.08 time, respectively, for fiscal 2018.

* Large working capital requirement: Gross current assets are
estimated at 205-210 days as on March 31, 2018, due to stretched
receivables of 150-155 days.

* Modest scale of operations: Revenue is estimated at INR36-37
crore for fiscal 2018. The diamond trading industry is intensely
competitive, leading to low pricing flexibility and hence
constrained profitability (3.5-4.5% in the five fiscals through
2018). In the absence of a fixed hedging policy, profitability
also remains susceptible to fluctuations in foreign exchange
rates.

Strength

* Extensive experience of the proprietor: Benefits from the
proprietor's experience of over two decades and established
relations with customers should support the business.

Outlook: Stable

CRISIL believes PM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if capital infusion improves capital structure or
working capital management is efficient. The outlook may be
revised to 'Negative' if decline in profitability or increase
working capital requirement or capital withdrawals weaken capital
structure.

Set up in 1994, Mumbai-based PM, a proprietorship concern of Mr
Pravin Mohanlal Selvadia, primarily trades in rough and polished
diamonds and also manufactures diamond-studded jewellery.


PRAXIS DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Praxis Developers India Pvt. Ltd.
     128, 129 1st Floor, Tower B-3, Spaze-I, Tech Park,
        Sector-47, Sohna Road, Gurugram, Haryana

Insolvency Commencement Date: July 6, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2019

Insolvency professional: Sudhir Kalra

Interim Resolution
Professional:            Sudhir Kalra
                         E-93 Greater Kailash I, New Delhi-110048
                         E-mail: kalra.adv@gmail.com
                                 rp.pdipl@gmail.com

Insolvency professional
Representative of
Creditors in a Class:    Sameer Rastogi
                         Brijesh Kumar Tamber
                         Shyam Arora
                         E-93 Greater Kailash, New Delhi-110048

Last date for
submission of claims:    August 1, 2018


RAMKY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ramky Infrastructure Limited
        Ramky Grandoise, 15th Floor, Sy No. 136/2 & 4,
        Gachibowli, Hyderabad 500032

Insolvency Commencement Date: July 13, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 9, 2019
                               (180 days from commencement)

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         153-A, A.P.C. Road, Kolkata - 700006
                         E-mail: casanjaigupta@gmail.com

Last date for
submission of claims:    July 27, 2018


RAMNIKLAL & SONS: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Ramniklal & Sons (RS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      17.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      6.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RS to monitor the ratings
vide e-mail communications/letters dated May 24, 2018, May 2,
2018, April 30, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on RS bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings take into account of ongoing delays in debt
servicing.

Key Rating Weaknesses

Ongoing delays in debt servicing: As per banker interaction,
there have been ongoing delays in debt servicing and the account
has been classified as NPA.

Established in 1998, as a partnership firm, Ramniklal & Sons
(R&S) is engaged in making of jewellery [primarily diamond and
gems stones studded jewellery] mainly for the high-end market.
The firm is also engaged in trading of diamonds. The company
majorly sells its jewellery to various reputed domestic clients
and export clients mainly in Dubai and Kuwait market. The firm
also owns a retail store at Hughes Road, Mumbai (retail sales
contribute only a miniscule portion of overall sales).


S.R.K. FABRICS: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with S.R.K. Fabrics
(SRK) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          6       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long Term
   Bank Loan Facility   3.3     CRISIL D (ISSUER NOT COOPERATING)

   Term Loan            3.2     CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SRK continues to be CRISIL D Issuer not
cooperating'

Established in 2008 and based in Ludhiana (Punjab), SRK
manufactures knitted fabrics. The firm has a manufacturing unit
in Ludhiana with a capacity of around 5 tonnes per day, and is
owned and managed by Mr. Sachin Kaushal.


SARDA MINES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sarda Mines Private Limited
        Suit No. - 64, 6th Floor, Circular Count, 8,
        A.J.C. Bose Road, P.S. - Shakespeare
        Kolkata, West Bengal - 700017

Insolvency Commencement Date: June 19, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 16, 2018
                              (180 days from commencement)

Insolvency professional: Dilip Kumar Niranjan
                         RZP-237, Rajnagar-II, Gali No-IV, Palam
                         Colony, Dwarka Sector 8, New Delhi -
                         110077
                         E-mail: dilip.niranjan@gmail.com

Interim Resolution
Professional:            Dilip Kumar Niranjan
                         255, 2nd Floor, D-21, Corporate Park,
                         Dwarka, Sector-21, New Delhi-110075
                         E-mail: sardamines@dknip.com

Last date for
submission of claims:    July 15, 2018


SBZ AD: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: SBZ AD Agency Private Limited
        UB-1B Indraprakash Building,
        21 Barakhamba Road, Connaught Place,
        New Delhi-110001

Insolvency Commencement Date: July 6, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 3, 2019

Insolvency professional: Anubhav Bindal

Interim Resolution
Professional:            Anubhav Bindal
                         T-14, IIIrd Floor, Aditya City
                         Centre, Above ICICI Bank, Vaibhav Khand,
                         Indirapuram, Ghaziabad-201014 U.P.
                         E-mail: bindal007@gmail.com
                                 ipanubhavbindal@gmail.com

Last date for
submission of claims:    July 20, 2018


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR120 mil. Term loan due on March 2019-March 2022 migrated
    to non-cooperating category with IND BB (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, Secure Industries manufactures caps and
closures for polyethylene terephthalate bottles.


SHANTI AGRO: CARE Lowers Rating on INR29.42cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shanti Agro Food Private Limited (SAF), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      29.42      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer
                                  not Cooperating, on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAF to monitor the
rating(s) vide e-mail communications/letters dated May 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Shanti Agro Foods Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of the ongoing delays in
debt servicing of the company due to its stretched liquidity
position.

Detailed description of the key rating drivers

The revision in the ratings takes into consideration the
following factors:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are instances of
overutilization of the cash credit limit for more than 30 days.
The delays are on account of weak liquidity position as the
company is unable to generate sufficient funds in a time
manner.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Additionally, the raw material (paddy) prices are regulated by
the government to safeguard the interest of farmers, which in
turn limits the bargaining power of the rice millers.

Shanti Agro Food Private Limited (SAF) was established as a
proprietorship firm in November, 2008 by Mr Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr Sahil
Verma and Mr Bishambar Lal as its directors. The company is
engaged in processing of paddy at its manufacturing facility
located at Karnal, Haryana having an installed capacity of 10,800
metric ton per annum (MTPA) as on March 31, 2016. SAF is also
engaged in trading of rice. SAF procures paddy directly from the
local grain markets through commission agents located in Haryana.
Furthermore, the company sells its products (basmati and non-
basmati rice) under the brand name of 'Satya', '444' and 'Shanti'
in the states of Punjab, Haryana, Rajasthan and Delhi through a
network of commission agents. The group concerns of the company
include 'Hans Raj Bishambar Lal' and 'Sahil Traders' which are
engaged in the businesses of trading of paddy and trading of eggs
respectively.


SHIVALIK COTSYN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shivalik Cotsyn Private Limited
        Delhi Road, Saharanpur, Uttar Pradesh-
        PIN: 247 001

Insolvency Commencement Date: July 3, 2018

Court: National Company Law Tribunal, Panipat Bench

Estimated date of closure of
insolvency resolution process: December 29, 2018
                              (180 days from commencement)

Insolvency professional: Dinesh Kumar

Interim Resolution
Professional:            Dinesh Kumar
                         Room No.7, First Floor, Chatarbhuj
                         Leelawati Trust Building, Geeta Mandir
                         Road, Panipat-132 103, Haryana
                         E-mail: dkgc2004@yahoo.com
                                 shivalik.cotsyn.cirp@gmail.com

Last date for
submission of claims:    July 17, 2018


SMART STACK: CRISIL Migrates Rating from BB-/Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Smart
Stack Warehousing (SSW) from 'CRISIL B/Stable/issuer not
cooperating' to 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        12        CRISIL B/Stable (Migrated from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated its ratings
on the bank facilities of SSW to 'CRISIL B/Stable/issuer not
cooperating'. However, SSW has subsequently started sharing
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL has migrated its ratings from
'CRISIL B/Stable/issuer not cooperating' to 'CRISIL B/Stable'.

The ratings reflects modest scale and limited track record of
SSW's operations, and exposure to risks relating to low offtake
and intense competition, lack of an established brand name, and a
highly leveraged financial risk profile. These weaknesses are
partially offset by benefits derived from the experience of the
partners, strategic location, and low funding and demand risks.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation with limited track record of
operations: Revenue has been weak at INR1.30 crore in fiscal
2018; the operations just began from October 2017

* Exposure to risks relating to offtake, lack of an established
brand name, and to intense competition: Industrial warehousing
segment in India is highly fragmented, with unorganised players
comprising an estimated 83-85% share of total warehousing space.
Intense competition may continue to restrict scalability and
limit pricing power, thereby constraining profitability.

* Financial risk profile to be constrained by high leverage
Financial risk profile is likely to be modest, with high
leverage, given the debt-funded project and modest networth.
Total outside liabilities to adjusted networth ratio is over 6
times as on March 31, 2018; after the complete disbursal of term
loan, it is further expected to increase to around 8 times.
Leverage may improve gradually over the medium term as operations
stabilise and rise in accretion enhances networth.

Strengths

* Experience of partners in diversified industry: Benefits from
the partners' experience of over two decades, their strong
understanding of the local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business.

* Locational advantage of warehouse: The warehouse is well
connected by network of roads, air and railway and is very close
to the four lanes of National Highway 4, which connects to Punjab
and Haryana.

* Low funding and demand risk of project: The partners have
already disbursed about INR9 crore in the form of share capital
and term loan. Further, an agreement of lease for the nine
fiscals has been done with Abbott India Limit.  Therefore,
funding and demand risk is low.


Outlook: Stable

CRISIL believes SSW will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if higher occupancy and rise in rental tariff
substantially increase cash accrual. Conversely, the outlook may
be revised to 'Negative' if low occupancy and tariff, or delays
in customer advances, leading to significantly low cash accrual,
weakens liquidity.

SSW was set up in 2016 as a partnership between Mr Kanav Mittal,
Mr Udit Mittal, Ms Nidhi Mittal, Ms Shashi Jain, and Mr Amit
Jain. The firm is currently setting up a 204,750 square feet
multipurpose warehouse facility at Village Jeetpur Dera Bassi
road, Barwala, Punchkula. Commercial operations began from
October 2017.


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

The instrument-wise rating actions are:

-- INR73.83 mil. Term loans due on March 2021 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR615 mil. Fund-based working capital facility migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR0.6 mil. Non-fund-based working capital facility migrated
    to Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Karnataka-based, Sree Shanmuga Modern Rice Mills processes paddy
into raw rice, steam rice and parboiled rice.  It owns five
units, each of which has a production capacity of 29 tons per
hour.


SRI PARANTHAMAN: CRISIL Cuts Rating on INR5.5cr Secured Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Sri Paranthaman Textiles Private Limited (SPTPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft       5.5       CRISIL D (Downgraded from
   Facility                          'CRISIL B-/Stable')

The downgrade reflects overdrawals in the cash credit limit for
the past 3 months and instances of delays in servicing of
interest. The overdrawals are due to weak liquidity resulting
from stretch in working capital cycle.

The rating reflects the company's below-average financial risk
profile, susceptibility of operating margin to volatility in raw
material prices, and exposure to intense competition. These
weaknesses are partially offset by extensive experience of
promoters in the cotton yarn industry and need based fund
support.

Key Rating Drivers & Detailed Description

Weakness

* Overdrawals in cash credit limit due to weak liquidity: Cash
credit limit has remained overdrawn for the past 3 months and
there have been instances of delays in servicing of interest. The
overdrawals are due to weak liquidity resulting from stretch in
working capital cycle.

* Exposure to intense competition in cotton yarn manufacturing
industry: SPTPL's scale of operations is modest, as reflected
from its estimated operating income of INR7.0 crores in fiscal
2018. The Indian cotton fabric industry is marked by intense
competition from unorganised, non-integrated, small scale
spinning enterprises resulting in increased pricing pressure
among the players.

* Below-average financial risk profile: Networth has been eroded
due to past losses and weak accrual, leading to negative gearing
as on March 2018. Debt protection metrics were also muted. The
liquidity is stretched, reflected in bank lines being fully
utilised. Debt repayments are timely, supported by fund support
by promoters.

Strengths

* Promoters' extensive experience and need based fund support:
The promoters have been in the textile industry for over four
decades, resulting in established relationship with customers.
The promoters have supported the operations of the company
through need based fund support. The unsecured loans from
promoters are estimated at INR1.47 crores at 31 March 2017.

SPTPL, was incorporated in 2000 in Chennai (Tamil Nadu) and is
engaged in the manufacture of cotton yarn, primarily 60s and 80s
count.  The day to day operations are overseen by Mrs Prema
Paranthaman and Mr Pramod Paranthaman.


SRI RAM: CRISIL Downgrades Rating on INR11.2cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sri
Ram Spinning Mills limited (SRSM) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         11.2       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Corporate Loan       2         CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Letter of Credit     0.5       CRISIL D (Downgraded from
                                  'CRISIL A4')

   Long Term Loan       2         CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term   2.25      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

   Standby Line of      1.75      CRISIL D (Downgraded from
   Credit                         'CRISIL B/Stable')

   Working Capital      0.30      CRISIL D (Downgraded from
   Demand Loan                    'CRISIL B/Stable')

Downgrade reflects delays in repayment of term loan.

The rating reflects modest scale and working capital-intensive
operations in a fragmented textile industry, and a below-average
financial risk profile because of moderate gearing and weak debt
protection metrics. The rating also factors in susceptibility to
cotton availability its prices and government policy regarding
the cotton industry. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry,
and their need based funding support.

Key Rating Drivers & Detailed Description

Weakness

* Delays in the repayment of term loan: SRSM has been repaying
the term loan with delays. Same is on account of temporary crunch
in liquidity.

* Modest scale of operations in a highly fragmented industry:
Revenue is estimated to be around INR 52 crore in fiscal 2018 and
expected to grow marginally current fiscal. The operations will
remain exposed to intense competition in a fragmented industry.

* Susceptibility to availability and prices of cotton and to
government regulations: Operations will remain susceptible to any
high volatility in cotton prices, its availability or any adverse
impact of government regulations pertaining to the industry.

* Below-average financial risk profile: The financial risk
profile is below-average, marked by modest networth of INR 10.3
crore, moderate gearing ratio of 1.7 times, and average debt
protection metrics marked by interest coverage ratio of 1.9
times, estimated for the Fiscal 2018.

* Moderate working capital requirement: The company's operations
are working capital intensive as reflected in gross current
assets of above 105 days as on March 31 2018. The working capital
will continue to remain high over the medium term due to high
inventory requirement of the company.

Strengths

* Promoters' extensive experience and need based fund support
Benefits from the promoters' extensive experience of over a
decade. Over the years the promoters have developed established
relationship with the customers and suppliers resulting in
uninterrupted supply of raw material and repeated order,
supporting the business risk profile of the company. Furthermore
need-based fund infusions should continue to support operations
of the company.

Established in 1995, SRSM manufactures cotton yarn of counts
ranging from 30's to 40's and has a capacity of 23184 spindles in
Hyderabad, Telangana.


STANDARD AUTOGEARS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Standard Autogears
Private Limited (SAPL) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bill Discounting    3.75     CRISIL D (ISSUER NOT COOPERATING)
   Open Cash Credit    3        CRISIL D (ISSUER NOT COOPERATING)
   Proposed Cash
   Credit Limit        0.50     CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SAPL continues to be CRISIL D Issuer not
cooperating'

SAPL, incorporated in 1997 in Mohali (Punjab) by Mr. Anil Atri,
manufactures ceiling fan blades and refrigerator components. It
has a fan blade manufacturing plant in Mohali with capacity of
100,000 packs.


STERLING TUBES: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Sterling Tubes
(ST) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Open Cash Credit       6        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of ST continues to be CRISIL B/Stable Issuer not
cooperating'

Sterling Tubes (ST), incorporated in 2014, is engaged in
manufacturing of mild steel (M.S) tubes. It has its manufacturing
facility located in Hyderabad, Telangana. The firm is promoted by
Mr. Giridhar Babu, Mr. Narasimha Rao and Mr. Saibaba.


SUBHSHRI DEVELOPERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with Subhshri
Developers (SD) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Term         10       CRISIL B/Stable (ISSUER NOT
   Loan                           COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SD continues to be CRISIL B/Stable Issuer not
cooperating'

SD is a partnership firm established in 2007. It is engaged in
residential and commercial real estate development. Currently the
firm is undertaking the redevelopment of a residential building
in Malad West (Mumbai). The building will have 36 offices, three
flats and two shops, all saleable. The firm is a part of the
Fulchand group, which has business interests in the fields of
textiles, finance and real estate.


SUNHILL HOMES: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Sunhill Homes
Private Limited (Sunhill) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           175        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Sunhill continues to be CRISIL B/Stable Issuer not
cooperating'

Sunhill was incorporated in 2012 by New Delhi-based Mr. Ajay
Khetarpal and Mr. Pardeep Jain. Sunhill is a residential real
estate developer in Gurgaon (Haryana). Sunhill has a development
agreement with HS Realty Pvt Ltd for setting up 804-flats group
housing project in Sector 67, Gurgaon. Mr. Ajay Khetarpal and Mr.
Pardeep Jain are the key promoters and are also the directors in
the company.


THIRRUPATHI BROTHERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Thirrupathi Brothers Film Media Private Limited
        No.16, Lamech Street, Janaki Nagar,
        Valasaravakkam Chennai 600087

Insolvency Commencement Date: July 4, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 30, 2018
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No.10/17, Anandam Colony, South Canal
Bank Road, Mandaveli, Chennai-600028
E-mail: srirampcs@gmail.com

Last date for
submission of claims:    July 18, 2018


TODAY FOOTWEAR: CARE Assigns B+ Rating to INR9.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Today
Footwear Private Limited (TFP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            1.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TFP are
constrained by its modest scale of operations with low
profitability margins, leveraged capital structure and weak total
debt to GCA ratio and working capital intensive nature of
operations. The ratings are also constrained by exposure to raw
material price volatility and company's presence in fragmented
and competitive nature of industry. The ratings, however, derive
strength from experienced promoters, long track record of
operations and favorable location.
Going forward, the ability of the company to scale up its
operations while efficiently managing its working capital
requirements would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with low profitability margins:
Despite being in operations for two decades, the company's scale
of operations has remained modest marked by Total Operating
Income (TOI) of INR78.64 crore in FY18 (Provisional; refers to
the period of April 1 to March 31). Furthermore, the company's
GCA was relatively small at INR1.59 crore for FY18 (Provisional).
The modest scale limits the company's financial flexibility in
times of stress and deprives it of scale benefits. Further, the
profitability margins stood low marked by PBILDT margin and PAT
margin of 4.04% and 1.26%, respectively in FY18 (Provisional).

Leveraged capital structure and weak total debt to GCA ratio: The
capital structure of the company is leveraged characterized by
overall gearing ratio of 4.75x as on March 31, 2018. The same
deteriorated from 2.70x as on March 31, 2017 on account of higher
utilization of working capital limits as on last balance sheet
date as compared to previous year and additional demand loan
availed in FY18 for capex involving installation of plant &
machinery and other business requirements.

Furthermore, the total debt to GCA stood high at 17.00x for FY18
(Provisional). However, interest coverage ratio stood moderate at
2.56x in FY18 (Provisional) in comparison to interest coverage
ratio of 1.66x in FY17.

Elongated collection and payment period: The operating cycle of
the company stood at 41 days for FY18 (Provisional; PY: 45 days)
on account of stretched creditor days. The working capital limit
remained fully utilized for last 12 months period ended May,
2018.

Exposure to raw material price volatility: TFP's main raw
materials include PVC (Poly Viny Chloride) compounds, synthetic
yarn etc. The prices of which are volatile as these products are
crude oil derivatives. Also, the company does not have any long
term contracts with its suppliers. Given the thin margins the
company is operating at and competitive and fragmented nature of
industry, volatility in the raw material prices can have
significant impact on the company's profitability.

Fragmented and competitive nature of industry: TFP operates in
the footwear industry which is highly fragmented and has various
organized and unorganized players due to low capital investment
which resulted into low entry barriers. Further there is a low
product differentiation among the players. These factors resulted
into high competition among players.

Key Rating Strengths

Experienced promoters and long track record of operations: TFP is
engaged in the business of manufacturing of footwear for more
than two decades. Mr. Subhash Chand has an industry experience of
20 years gained through his association with TFP only. Mr. Duni
Chand Jagga and Mr. Parveen Jagga have an industry experience of
19 years and 17 years respectively gained through their
association with TFP only. Besides this, the promoters are also
associated with another group concern namely, Jagga Footwear
Private Limited (JFP), engaged in similar business operations as
TFP. Furthermore, over the years, TFP has established healthy
relationships with customers and suppliers which has led to
smooth procurement process and has enabled it in getting repeat
orders from the clients.

Favorable location of plant: The manufacturing facility of TFP is
located in footwear park Bahadurgarh, Haryana. It gives the
company easy availability of raw materials and other support
items as a large number of companies engaged in the related
business are located in the footwear park. This benefits the
company in carrying out its operations smoothly.

Today Footwear Private Limited (TFP), an ISO 9001:2008 certified
private limited company was incorporated in July, 1997 and is
currently being managed by Mr. Subhash Chand, Mr. Duni Chand
Jagga and Mr. Parveen Jagga. The company is engaged in
manufacturing of footwear products like shoes, sandals, slippers
etc., for men, women and kids at its manufacturing facility
located at Bahadurgarh, Haryana with an installed capacity of 60
lakh pairs of footwear per annum as on March 31, 2018. Besides
TFP, the promoters are also associated with group concern namely,
Jagga Footwear Private Limited (JFP), incorporated in 1999 and
engaged in manufacturing of footwear.


UNIVERSAL BUILDWELL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Universal Buildwell Private Limited
102, Antriksh Bhawan, 22, K G Marg,
Connaught Place, New Delhi - 110001 (India)

           - and -

        8th Floor, Universal Trade Tower, Sector-49,
        Gurgaon - 122018 (India)

Insolvency Commencement Date: July 3, 2018

Court: National Company Law Tribunal, New Delhi Bench - II

Estimated date of closure of
insolvency resolution process: December 30, 2018
                              (180 days from commencement)

Insolvency professional: Atul Kumar Kansal

Interim Resolution
Professional:            Atul Kumar Kansal
                         3rd Floor, SCO-61, Above Kotak, Mahindra
                         Bank, Old Judicial Complex, Civil Lines,
                         Gurgaon - 122001
                         E-mail: cakansal@yahoo.com

                            - or -

                         CA Atul Kumar Kansal
                         SCO-61, 3rd Floor, Old Judicial Complex,
                         Above Kotak, Mahindra Bank,
                         Civil Lines, Gurgaon - 122001
                         E-mail: cirp.universal@gmail.com


Insolvency professionals
Representative of
Creditors in a Class:    Nisha Malpani
                         D-190, Rosewood City, Sector -50,
                         Gurgaon -122018
                         E-mail: nisha.malpani@outlook.com

                         Sandeep Chandana
                         H No. 23, GF, A Block, South City-II,
                         Sector -49, Gurgaon - 122018 (Haryana)
                         E-mail: cssandeep@live.in

                         Vinay Bansal
                         7-D, Row Buildings, Surya Vihar,
                         Sector -21, Gurgaon - 122016 (Haryana)
                         E-mail: bansal_vinay@hotmail.com


Last date for
submission of claims:    July 18, 2018



VENKATA RAJESH: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Venkata Rajesh
Poultries Private Limited (VRPPL) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit       12          CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)
   Long Term Loan    11          CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VRPPL continues to be 'CRISIL B/Stable Issuer not
cooperating

Established in 2005, VRPPL is a producer and supplier of eggs in
Guntur (Andhra Pradesh). The company is promoted by Mr. Purna
Rajesh and family.


VIDHYA PHARMACHEM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vidhya Pharmachem Private Limited
01 Basement, Dattani Trade Centre, Chandawarkar
Borivali West Mumbai Mumbai City Maharashtra
400092, India

Insolvency Commencement Date: May 7, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 2, 2018

Insolvency professional: CA. Devang Sampat

Interim Resolution
Professional:            CA. Devang Sampat
Bungalow No. 4, Shiv Pooja,
Plot 100, Sector 29 Vashi, Mumbai,
                  Maharashtra, 400703
E-mail: dpsampat@sampatassociates.in

                            - or -

                         CA. Devang Sampat
                         #651 Shivai Plaza, Plot 79/A,
                         Marol Coop. Industrial Estate,
                         Off Andheri Kurla Road, Marol,
                         Andheri (East), Mumbai - 400059
                         E-mail: dpsampat@sampatassociates.in

Last date for
submission of claims:    July 19, 2018


VIMAL INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Vimal Industries
(VI) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          4        CRISIL D (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   1.27     CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING)

   Term Loan            2.73     CRISIL D (ISSUER NOT
                                 COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VI continues to be 'CRISIL D Issuer not
cooperating'

VI is a proprietary concern established by Mr. R Manilachelvan in
1994. The firm manufactures sheet metal and pressed components
and undertakes fabrication works for the electrical and
automotive industries.


VIRAL CORPORATION: CARE Lowers Rating on INR6.50cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Viral Corporation India Private Limited (VCPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      6.50      CARE B; Issuer Not Cooperating;
   Facilities                    Revised from CARE BB on the
                                 basis of best available
                                 information

   Short Term Bank     6.00      CARE A4; Issuer Not Cooperating;
   Facilities                    Reaffirmed; on the basis of
                                 best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VCPL to monitor the
rating(s) vide e-mail communications/letters dated April 30,
2018, May 4, 2018, May 14, 2018 and May 24, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Viral Corporation India
Private Limited's bank facilities will now be denoted as CARE BB;
Stable/CARE A4; 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 17, 2017 the following were
the rating strengths and weaknesses and updated for data
available: The ratings have been revised on account of decline in
scale of operations and deterioration in liquidity position with
significant elongation in working capital cycle.

The ratings continue to be constrained by the relatively small
scale of operations and moderate financial risk profile marked by
moderately leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operation. The
ratings also continue to be constrained by susceptibility of
margins to volatility in raw material prices and presence in the
highly competitive and fragmented industry.

The above weaknesses are partially offset by the strength derived
from well-established track record of the promoters in
manufacturing of prefabricated engineered buildings (PEBs),
demonstrated financial support and association with reputed
clientele and moderate profit margins.

Detailed description of the key rating drivers

Key rating Weakness

Relatively small scale of operations: The total operating income
of the company has substantially declined from INR13.95 crore in
FY16 to INR6.77 crore in FY17 on account of lower sales
realization. Due to VCPL's limited financial flexibility, its
scale of operations is relatively modest. Its products (bunk
houses) are used by Construction, Oil & Gas, Hydrocarbon and
Infrastructure Industry. And performance of VCPL is directly
dependant on quantity and magnitude of orders received.

Operating & net losses: The profitability margins have decline
significantly and it posted losses at operating level on account
of lower sales realization. Further owing to above coupled with
interest and depreciation expenses it posted losses at PAT level
as well.

Moderately leveraged capital structure and weak debt coverage
indicators: VCPL's capital structure is leveraged due to high
dependence on unsecured loans from promoters which is used to
fund work in progress inventory. Furthermore, company is highly
dependent on its working capital bank borrowings to support
liquidity requirements. The aforementioned reason leads to high
interest costs and subsequently weak debt coverage indicators.

Working capital intensive nature of operations: VCPL's operations
are working capital intensive in nature due to funds being
blocked in inventory and receivables. Due to the unique nature of
products manufactured, turnaround time is between 1-2 months.
Furthermore, company procures requisite raw material in bulk and
maintains raw material and finished goods inventory for about 180
days on an average basis.

Key Rating Strengths:

Well established track record of promoters in manufacturing of
prefabricated engineered buildings (PEBs): Viral Corporation was
incorporated in the year 1984 and has a rich business vintage of
more than 20 years. The promoter, Mr. Jyotin Sheth has an
experience of over 3 decades in the industry. All promoters are
actively and have significant experience in the business.
Reputed clientele: VCPL over the years of its operations has
established strong business relations with reputed clientele in
construction and its ancillary industries, thereby facilitating
repeat orders from them.

Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth
& family and reconstituted as a private limited company in May
2011, Viral Corporation (India) Private Limited (VCPL) is engaged
in the manufacturing (contributing ~75% to TOI) and renting (~25%
to TOI) of prefabricated engineered building (PEB) and portable
cabins. VCPL caters to the needs of clients belonging to oil &
gas, infrastructure industries (including private companies,
multinationals and government organizations) such as L&T, ABB and
Cairn Energy India.


VIROO MAL: CRISIL Lowers Rating on INR58cr Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Viroo
Mal Mulkh Raj Jain Rice Mills Private Limited (Viroo) to
'CRISIL D Issuer Non Cooperating' from 'CRISIL BB-/Stable Issuer
Not Cooperating' as the account has been classified as an NPA
(non-performing asset) in fiscal 2018.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            58        CRISIL D (ISSUER NOT
                                    COOPERATING: Downgraded
                                    from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

   Warehouse Financing     19       CRISIL D (ISSUER NOT
                                    COOPERATING: Downgraded
                                    from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with Viroo for
obtaining information through letters and emails, the last of
which was dated July 9, 2018, April 30, 2018, and apart from
telephonic communication. However, the issuer has remained non-
cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded
the rating to 'CRISIL D Issuer Non Cooperating' from 'CRISIL BB-
/Stable Issuer Not Cooperating' as the account has been
classified as an NPA (non-performing asset) in fiscal 2018.

Viroo was set up as a proprietorship firm by Mr Gulshan Jain in
2003; it was reconstituted as a partnership firm in July 2012,
and as a private limited company in March 2015. The company
processes and trades in rice.


VISION MINERALS: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Vision Minerals
and Energy (VME) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                    Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         2.25     CRISIL D (ISSUER NOT COOPERATING)

   Export Packing      6        CRISIL D (ISSUER NOT COOPERATING)
   Credit & Export
   Bills Negotiation/
   Foreign Bill
   discounting

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VME continues to be 'CRISIL D Issuer not
cooperating'

VME was established in 2007 by Mr. Sikander Alam as a
proprietorship firm. It sells drilling fluids and mud chemicals
to oil and gas drilling and exploration companies. VME has a
presence in the domestic as well as export market and is based in
Delhi.



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


CBL CORPORATION: Chair, Two Other Directors Step Down
-----------------------------------------------------
Insurance Business Mag reports that John Wells has stepped down
as director and chair of both the CBL Corporation and CBL
Insurance Limited, the NZ-based insurer that has operations
throughout the UK and Ireland, following issues over conduct,
financial disclosure and corporate governance that have hit the
group of companies.

He is joined by two other independent non-executive directors
Paul Donaldson and Ian Marsh, who are also resigning, the report
discloses.

According to the report, Mr. Wells said CBL was well aware of its
requirement for additional capital but recent events, including
the Reserve Bank of New Zealand (RBNZ) application to liquidate
CBL Insurance, and the appointment of voluntary administrators to
the CBL Group, have disrupted it from its intention to fulfil its
obligations.

"As chair, I particularly regret we have been unable to
communicate directly with shareholders and other parties as I
would have wished, given the nature of the administration and
interim liquidation processes," the report quotes Mr. Well as
saying. "We now feel we can simply do no more for shareholders
and with little power or authority, our resignation is the
appropriate option in these circumstances, and provides clarity
and certainty over our position."

The report relates that Mr. Wells noted that CBL's deputy
chairman and managing director have been working to develop and
present a plan as an alternative to the liquidation process.

"They have consistently stated their wish is to ensure the best
possible outcome for policyholders, creditors and shareholders,"
he added. "We support this objective and wish them well in this
endeavour."

                          About CBL Corp.

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

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

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

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



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


* BOND PRICING: For the Week July 16 to July 20, 2018
-----------------------------------------------------


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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19    USD       0.31
ARTSONIG PTY LTD           11.50     04/01/19    USD       0.31
CLIME CAPITAL LTD           6.25     11/30/21    AUD       0.99
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD       0.94
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.07
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.07
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
TREASURY CORP OF VICTOR     0.50     11/12/30    AUD      73.14


  CHINA
  -----

AKESU XINCHENG ASSET IN     7.50     10/10/18    CNY      25.02
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY      70.18
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.29
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.30
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY      60.17
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      60.97
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      61.08
ANHUI SHENGYUN ENVIRONM     6.98     03/23/20    CNY      45.00
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.12
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.28
ANKANG DEVELOPMENT & IN     6.35     03/06/20    CNY      40.81
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      39.83
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      41.07
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.40
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.46
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY      39.85
ANYANG INVESTMENT GROUP     8.00     04/17/19    CNY      20.12
BAISHAN URBAN CONSTRUCT     7.00     07/31/19    CNY      40.50
BAIYIN CITY DEVELOPMENT     6.78     07/19/20    CNY      39.53
BAODING NATIONAL HI-TEC     7.33     12/24/19    CNY      40.12
BAOJI INVESTMENT GROUP      7.14     12/26/18    CNY      25.12
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.34
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.35
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.70
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.83
BAOTOU STATE OWNED ASSE     7.03     09/17/19    CNY      40.38
BAYAN ZHUOER HETAO WATE     8.54     03/31/22    CNY      62.70
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      53.30
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      60.10
BAZHONG STATE-OWNED ASS     8.50     04/25/21    CNY      61.90
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY      39.95
BEIJING CAPITAL DEVELOP     5.95     05/29/19    CNY      20.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.26
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.56
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.73
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.40
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.83
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.00
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.12
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      19.91
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      40.14
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY      50.53
BEIJING GUCAI GROUP CO      8.28     12/15/18    CNY      40.44
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.60
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.61
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY      59.90
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY      60.40
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      59.00
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      61.22
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.54
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.72
BEIJING XINGZHAN STATE      6.48     08/31/19    CNY      40.35
BEIJING XINGZHAN STATE      6.66     04/24/21    CNY      61.74
BENGBU URBAN INVESTMENT     6.30     09/11/20    CNY      60.97
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.68
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.69
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      52.14
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      61.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.60
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.39
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.41
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY      60.10
C&D REAL ESTATE CORP LT     6.15     04/03/20    CNY      40.49
CANGZHOU CONSTRUCTION &     6.72     01/23/20    CNY      40.22
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.25
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.39
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY      61.97
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.32
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.63
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.00
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.02
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.11
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.23
CHANGSHA CITY CONSTRUCT     6.95     04/24/19    CNY      20.27
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.43
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.44
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      72.47
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      73.36
CHANGSHA ECONOMIC & TEC     8.45     04/13/22    CNY      62.52
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.75
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.89
CHANGSHA PILOT INVESTME     6.70     12/10/19    CNY      40.51
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      60.85
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      61.45
CHANGSHU BINJIANG URBAN     6.85     04/27/19    CNY      20.11
CHANGSHU CITY OPERATION     8.00     01/16/19    CNY      20.16
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY      40.15
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      60.85
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      61.70
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      60.00
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      60.92
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      61.37
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      75.00
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY      40.25
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.02
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.20
CHANGZHI CITY CONSTRUCT     6.46     02/26/20    CNY      40.18
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      61.87
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      62.22
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.31
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.34
CHANGZHOU JINTAN DISTRI     8.30     03/14/19    CNY      20.12
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      61.08
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      81.45
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.14
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.46
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      60.00
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      61.03
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.48
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.49
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY      20.14
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.31
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.36
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      50.70
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      54.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.11
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.27
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.41
CHENGDU XINCHENG XICHEN     8.35     03/19/19    CNY      20.26
CHENGDU XINDU XIANGCHEN     8.60     12/13/18    CNY      40.27
CHENGDU XINGCHENG INVES     6.17     01/28/20    CNY      40.37
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.51
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.56
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      60.61
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      61.78
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      39.98
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      40.21
CHIFENG CITY HONGSHAN I     7.20     07/25/19    CNY      40.11
CHINA ENERGY RESERVE AN     6.25     12/21/18    USD      30.38
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      59.99
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      60.21
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.31
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.60
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      60.05
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      81.00
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY      60.60
CHONGQING BEIFEI INDUST     7.13     12/25/19    CNY      40.32
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.12
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.17
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.27
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.78
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      59.91
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      60.11
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.70
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.74
CHONGQING DASUN ASSET D     6.98     09/10/20    CNY      60.36
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.16
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.29
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.44
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.45
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.88
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.89
CHONGQING FULING STATE-     6.39     01/21/20    CNY      40.31
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.35
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.54
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.41
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.44
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.66
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.99
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      39.94
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      40.30
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      60.91
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      61.14
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      39.60
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      40.43
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      39.91
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      40.06
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY      60.77
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.33
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.35
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      20.03
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      39.70
CHONGQING LAND PROPERTI     7.35     04/25/19    CNY      20.30
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY      60.87
CHONGQING LIANGJIANG NE     6.70     04/25/21    CNY      62.28
CHONGQING MAIRUI CITY I     6.82     08/17/19    CNY      40.21
CHONGQING NAN'AN URBAN      8.20     04/09/19    CNY      20.38
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.01
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.20
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      39.79
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      40.33
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.60
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.61
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      61.82
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      62.40
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY      39.54
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY      58.69
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.87
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.94
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      61.22
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      82.30
CHONGQING TEA GARDEN IN     7.70     05/20/21    CNY      60.07
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.00
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.03
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.90
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.91
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.29
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.99
CHONGQING WESTERN MODER     7.08     10/18/20    CNY      61.09
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.00
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.15
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.00
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.33
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.34
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.43
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.71
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.88
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.46
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.50
CHONGQING YULONG ASSET      6.87     05/31/19    CNY      20.11
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.94
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.95
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      39.52
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      40.42
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY      60.91
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      38.93
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      39.91
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.06
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.25
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.23
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.44
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
DALI ECONOMIC DEVELOPME     8.80     04/24/19    CNY      20.31
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      60.37
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      60.71
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      61.07
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      61.27
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.00
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.41
DALIAN DETA INVESTMENT      6.50     11/15/19    CNY      40.30
DALIAN HUANGHAI PORT CO     7.17     07/07/21    CNY      61.82
DALIAN PULANDIAN CONSTR     8.48     12/12/18    CNY      55.48
DALIAN PUWAN ENGINEERIN     7.09     02/20/21    CNY      59.97
DALIAN RONGQIANG INVEST     8.60     03/30/19    CNY      40.60
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.01
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.09
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.26
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.49
DALIAN SHUNXING INVESTM     6.97     10/18/20    CNY      61.35
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.33
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.55
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.26
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.27
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY      50.32
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY      60.35
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY      39.74
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      39.96
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      40.00
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      57.15
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      60.34
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      39.90
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      40.50
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      60.47
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      62.33
DAYE CITY CONSTRUCTION      7.95     11/27/20    CNY      59.20
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.26
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.57
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY      40.13
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.91
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.92
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      39.90
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      40.31
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.03
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.40
DONGTAI UBAN CONSTRUCTI     8.65     01/13/21    CNY      61.54
DUNAN HOLDING GROUP CO      7.30     12/21/18    CNY      69.92
ENSHI URBAN CONSTRUCTIO     7.55     10/22/19    CNY      40.55
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.14
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.52
EZHOU CITY CONSTRUCTION     7.08     06/19/19    CNY      19.99
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      60.84
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      61.36
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      61.24
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      84.50
FEICHENG CITY ASSETS MA     7.10     08/14/18    CNY      25.00
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.12
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.14
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      61.63
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      62.70
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.20
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.47
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      60.88
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      61.25
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY      61.07
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY      60.21
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY      40.44
FUJIAN LONGYAN CITY CON     7.45     08/14/19    CNY      40.73
FUJIAN NANPING HIGHWAY      6.69     01/28/20    CNY      40.00
FUJIAN NANPING HIGHWAY      7.90     10/26/18    CNY      40.26
FUQING CITY STATE-OWNED     6.66     03/01/21    CNY      55.06
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      38.80
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      40.28
FUZHOU JIANGONG GROUP C     6.80     12/10/19    CNY      70.81
FUZHOU URBAN AND RURAL      6.35     09/25/18    CNY      25.03
GANSU PROVINCIAL HIGHWA     6.75     11/16/18    CNY      20.08
GANSU PROVINCIAL HIGHWA     7.20     09/19/18    CNY      40.16
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.20
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.42
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      50.59
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY      50.64
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      50.89
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      51.83
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.07
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.17
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      24.97
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      25.03
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GOLMUD INVESTMENT HOLDI     8.70     12/30/20    CNY      60.35
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY      50.05
GUANG ZHOU PANYU COMMUN     6.30     04/12/19    CNY      25.14
GUANGAN DEVELOPMENT AND     8.18     04/25/19    CNY      20.24
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.00
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.01
GUANGXI BAISE DEVELOPME     7.27     06/20/21    CNY      60.93
GUANGXI FINANCIAL INVES     5.75     01/23/21    USD      83.72
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.43
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.55
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.37
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.38
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      61.91
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      62.01
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.00
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.39
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.30
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.52
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      59.59
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      60.26
GUIYANG HI-TECH HOLDING     6.01     12/01/19    CNY      49.87
GUIYANG URBAN DEVELOPME     6.20     02/28/20    CNY      38.98
GUIZHOU KAILI CITY CONS     7.80     02/21/21    CNY      60.65
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      61.53
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      62.20
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
HAICHENG URBAN INVESTME     8.39     11/07/18    CNY      40.24
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY      60.18
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY      61.14
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.39
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.64
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.01
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.08
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      60.93
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      61.00
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.12
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.16
HAINING STATE-OWNED ASS     6.08     03/06/20    CNY      40.43
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.28
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.69
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.02
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.12
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.64
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.86
HANDAN CITY DEVELOPMENT     7.60     11/25/20    CNY      61.70
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY      40.39
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.80
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.85
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY      60.97
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.42
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.46
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.02
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.15
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY      61.33
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.38
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.40
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.55
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.81
HANGZHOU YUHANG ECONOMI     7.45     03/03/21    CNY      61.68
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.31
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.58
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.35
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.49
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.19
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.27
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.25
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.44
HARBIN GLORIA PHARMACEU     5.30     02/28/22    CNY      50.01
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.06
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.19
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.16
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.17
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.62
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.63
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.66
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.68
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      50.04
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      74.00
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.28
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.30
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.41
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.61
HEFEI GAOXIN DEVELOPMEN     6.90     03/12/20    CNY      72.21
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.10
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.22
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY      40.12
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.35
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.50
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.37
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.38
HEFEI XINCHENG STATE-OW     7.88     04/23/19    CNY      20.23
HEGANG KAIYUAN CITY INV     6.50     07/19/19    CNY      20.13
HEIHE CITY CONSTRUCTION     8.48     03/23/19    CNY      40.59
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      58.98
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      59.72
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY      74.79
HENAN JIYUAN CITY CONST     7.50     09/25/19    CNY      40.38
HENAN SHENGRUN HOLDING      7.39     01/10/19    CNY      76.00
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY      40.40
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY      40.39
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY      60.94
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.14
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.25
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      61.74
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      62.04
HEZHOU URBAN CONSTRUCTI     8.16     05/16/21    CNY      61.32
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY      39.94
HUACHEN ENERGY CO LTD       6.63     05/18/20    USD      53.52
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY      40.54
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.38
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.58
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.15
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.52
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.39
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.63
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.09
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.35
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY      40.05
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      24.96
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      25.04
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      51.95
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      60.11
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.67
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.93
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      61.02
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      62.17
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY      62.41
HUANGSHI CIHU HIGH-TECH     8.70     12/05/20    CNY      61.35
HUANGSHI CIHU HIGH-TECH     9.30     01/21/21    CNY      61.99
HUANGSHI URBAN CONSTRUC     6.96     10/25/19    CNY      40.33
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      69.80
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      70.28
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.17
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.31
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.19
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.32
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY      68.89
HUNAN CHANGDE DEYUAN IN     7.18     10/18/18    CNY      25.02
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      59.95
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      60.98
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.03
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.07
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.20
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.21
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      61.79
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      65.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      61.43
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      62.00
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      24.99
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      25.15
HUZHOU CITY INVESTMENT      6.70     12/14/19    CNY      40.42
HUZHOU NANXUN STATE-OWN     8.15     03/31/19    CNY      20.25
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY      61.49
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      60.84
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      61.07
INNER MONGLIA SHENGMU H     4.48     12/28/20    CNY      72.20
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY      40.19
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.00
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.14
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.68
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.75
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.15
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.28
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      60.83
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      61.91
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      60.19
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      61.59
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.35
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.70
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      60.89
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      61.00
JIANGDONG HOLDING GROUP     6.90     03/27/19    CNY      20.17
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.38
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.90
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.10
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.31
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY      60.65
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.18
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.56
JIANGSU HANRUI INVESTME     8.16     03/01/19    CNY      20.10
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY      39.82
JIANGSU JINGUAN INVESTM     6.40     01/28/19    CNY      25.06
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY      60.24
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      60.50
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      61.83
JIANGSU JURONG FUDI BIO     8.70     04/26/19    CNY      40.61
JIANGSU LIANYUN DEVELOP     6.10     06/19/19    CNY      20.00
JIANGSU NANTONG NO2 CON     8.10     07/10/21    CNY      59.38
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.13
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.42
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.25
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.34
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      60.42
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      61.19
JIANGSU TAICANG PORT DE     7.66     05/16/19    CNY      20.28
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      60.76
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      61.02
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.33
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.38
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.10
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.25
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.14
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.49
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY      40.45
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.18
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.22
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.11
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.91
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY      61.84
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.35
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.37
JIANGYIN GAOXIN DISTRIC     6.60     02/27/20    CNY      40.50
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.16
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.79
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      39.95
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      40.09
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.07
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.28
JIASHAN STATE-OWNED ASS     6.80     06/06/19    CNY      20.45
JIAXING CITY CULTURE MI     8.16     03/08/19    CNY      20.38
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.12
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.13
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      60.86
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      61.53
JIAXING NANHU INVESTMEN     7.45     02/26/21    CNY      61.77
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.81
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.83
JILIN RAILWAY INVESTMEN     6.63     06/26/19    CNY      40.00
JILIN RAILWAY INVESTMEN     7.18     03/04/21    CNY      60.36
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY      60.56
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.02
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.69
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.01
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.45
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY      71.66
JINGDEZHEN STATE-OWNED      6.59     06/25/20    CNY      39.95
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      60.46
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      61.80
JINGJIANG BINJIANG XINC     6.80     10/23/18    CNY      25.03
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.36
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      60.40
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.53
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      67.88
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY      60.98
JINGZHOU URBAN CONSTRUC     7.98     04/24/19    CNY      20.40
JINING CITY CONSTRUCTIO     8.30     12/31/18    CNY      20.28
JINING WATER SUPPLY GRO     7.18     01/22/20    CNY      40.30
JINSHAN STATE-OWNED ASS     6.65     11/27/19    CNY      40.41
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY      40.10
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.01
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.04
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.44
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.57
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      60.66
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.08
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.62
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      61.74
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.50
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.90
JIUJIANG CITY CONSTRUCT     8.49     02/23/19    CNY      20.28
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     7.04     09/01/20    CNY      74.46
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY      40.18
JIUQUAN ECONOMIC DEVELO     7.40     02/26/21    CNY      60.79
JIXI STATE OWN ASSET MA     7.18     11/08/19    CNY      40.16
KAIFENG DEVELOPMENT INV     6.47     07/11/19    CNY      20.05
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY      50.53
KASHI URBAN CONSTRUCTIO     7.18     11/27/19    CNY      40.35
KUERLE CITY CONSTRUCTIO     7.48     09/10/18    CNY      25.02
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.21
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.35
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      39.88
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      40.18
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.03
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.10
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN ENTREPRENEUR HO     6.28     11/07/19    CNY      40.44
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.72
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.76
KUNSHAN HUAQIAO INTERNA     7.98     12/30/18    CNY      20.20
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      58.34
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      60.87
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.35
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.50
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY      75.00
LANZHOU NEW AREA INVEST     8.30     04/29/21    CNY      60.56
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.08
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.16
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.33
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.58
LIAOYUAN STATE-OWNED AS     8.17     03/13/19    CNY      19.96
LILING LUJIANG INVESTME     8.10     05/22/21    CNY      60.87
LINCANG STATE-OWNED ASS     6.58     04/11/20    CNY      40.07
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      39.85
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      40.09
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.00
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.30
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      58.85
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      59.95
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.00
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.05
LINYI CITY ASSET MANAGE     6.68     12/12/19    CNY      40.52
LINYI ECONOMIC DEVELOPM     8.26     09/24/19    CNY      40.88
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      60.72
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      61.49
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      62.33
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      82.60
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      50.77
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      51.25
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      38.20
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      40.22
LISHUI URBAN CONSTRUCTI     5.80     05/29/20    CNY      39.62
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      66.50
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      70.65
LIUZHOU DONGCHENG INVES     8.30     02/15/19    CNY      20.20
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.73
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.75
LIUZHOU INVESTMENT HOLD     6.98     08/15/19    CNY      40.22
LIUZHOU LONGJIAN INVEST     8.28     04/30/24    CNY      70.01
LIYANG CITY CONSTRUCTIO     8.20     11/08/18    CNY      33.60
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.91
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.93
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.04
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.05
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      60.97
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      61.55
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      60.52
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      61.28
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.31
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.41
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY      40.23
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY      40.47
MAOMIN TRANSPORTATION C     6.90     05/28/21    CNY      61.50
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.30
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.47
MEISHAN HONGDA CONSTRUC     6.56     06/19/20    CNY      40.42
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.43
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.53
MIANYANG INVESTMENT HOL     7.70     03/26/19    CNY      40.80
MIANYANG SCIENCE TECHNO     7.16     05/15/19    CNY      20.06
MIANYANG SCIENCE TECHNO     6.30     07/22/18    CNY      27.50
MINXIXINGHANG STATE-OWN     6.20     03/26/19    CNY      25.22
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      39.84
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      40.12
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.38
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.72
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.40
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.51
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY      25.03
NANCHANG ECONOMY TECHNO     6.88     01/09/20    CNY      40.23
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY      40.51
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.06
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.50
NANCHONG ECONOMIC DEVEL     8.16     04/26/19    CNY      20.14
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      60.02
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      61.73
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGNING SCIEN     7.29     04/28/19    CNY      20.12
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.00
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.21
NANJING STATE OWNED ASS     5.40     03/06/20    CNY      40.35
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.45
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.46
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.90
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.95
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.03
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.10
NANJING XINGANG DEVELOP     6.80     01/08/20    CNY      40.59
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      60.01
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      61.05
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      59.00
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      60.28
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.87
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.92
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.30
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.42
NANTONG CITY TONGZHOU D     6.80     05/28/19    CNY      20.17
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.10
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.96
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      60.52
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      61.08
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.02
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.17
NEOGLORY HOLDING GROUP      8.10     11/23/18    CNY      55.82
NEOGLORY HOLDING GROUP      6.50     09/25/20    CNY      63.50
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      60.71
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      61.62
NINGBO CITY YINZHOU CIT     6.50     03/18/20    CNY      40.00
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY      40.01
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.81
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.82
NINGBO ZHENHAI HAIJIANG     6.65     11/28/18    CNY      25.05
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY      60.77
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      59.50
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      60.35
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      60.92
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      61.54
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      61.64
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      62.70
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.00
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.15
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.09
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.13
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.12
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.22
PINGDU CITY STATE OWNED     7.25     11/05/20    CNY      61.48
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY      40.02
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      61.09
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      63.00
PINGLIANG CHENGXIANG CO     7.10     09/17/20    CNY      60.52
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.17
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.92
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY      39.82
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.40
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.51
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.27
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.46
PUER CITY STATE OWNED A     7.38     06/20/19    CNY      20.10
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.36
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.89
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.62
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.86
QIANDONG NANZHOU DEVELO     8.80     04/27/19    CNY      20.17
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY      39.93
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY      61.25
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.00
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.08
QIDONG STATE-OWNED ASSE     7.30     11/20/22    CNY      70.99
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      60.00
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.50
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.54
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      61.91
QINGDAO CHENGYANG DEVEL     7.09     03/10/21    CNY      61.13
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.29
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.30
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.20
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.21
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.93
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.94
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY      61.11
QINGDAO JIAOZHOU CITY D     6.59     01/25/20    CNY      40.73
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY      50.86
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.51
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.84
QINGHAI PROVINCIAL INVE     6.40     07/10/21    USD      68.65
QINGYANG CITY ECONOMIC      7.98     04/16/21    CNY      61.13
QINGYUAN TRANSPORTATION     8.20     12/19/20    CNY      61.59
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      10.04
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      19.95
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.04
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.05
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.36
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.43
QINGZHOU HONGYUAN PUBLI     7.59     05/29/21    CNY      61.50
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.19
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.30
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      60.85
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      61.08
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.10
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.38
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY      60.80
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.48
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.80
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY      69.86
QITAIHE CITY CONSTRUCTI     7.30     10/18/19    CNY      39.46
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.64
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.79
QUJING ECO TECH DEVELOP     7.48     07/21/21    CNY      79.13
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      60.84
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      61.93
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.96
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.97
REWARD SCIENCE AND TECH     5.95     06/22/19    CNY      74.89
RIZHAO CITY CONSTRUCTIO     5.80     06/06/20    CNY      39.70
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.00
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.13
RONGCHENG ECONOMIC DEVE     6.45     03/18/20    CNY      40.60
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      60.70
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      61.49
RUCHENG COUNTY HYDROPOW     6.65     04/25/20    CNY      70.48
RUCHENG COUNTY URBAN CO     6.00     06/28/23    CNY      55.88
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      39.30
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      40.20
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      60.59
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      61.11
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      60.97
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      61.27
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY      62.49
RUGAO COMMUNICATIONS CO     8.51     01/26/19    CNY      25.30
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.19
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.27
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY      62.64
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.24
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.31
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      39.50
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      40.37
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      61.60
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      62.00
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY      61.49
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      61.72
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      62.79
SHANDONG JINMAO TEXTILE     9.00     02/21/19    CNY      97.37
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.30
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.31
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      36.00
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      39.74
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      61.00
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      65.70
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.01
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.25
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      60.90
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      62.17
SHANGHAI CHENJIAZHEN CO     7.18     11/06/19    CNY      50.52
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.34
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.74
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY      40.34
SHANGHAI JIADING INDUST     6.71     10/10/18    CNY      25.04
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      60.81
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      61.42
SHANGHAI JINSHAN URBAN      6.60     12/21/19    CNY      40.47
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.14
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.16
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.25
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.25
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.38
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.59
SHANGHAI MUNICIPAL INVE     4.63     07/30/19    CNY      39.95
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      49.97
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      50.02
SHANGHAI SONGJIANG TOWN     6.28     08/15/18    CNY      24.99
SHANGHAI URBAN CONSTRUC     5.25     11/30/19    CNY      40.19
SHANGHAI YONGYE ENTERPR     6.84     05/21/20    CNY      50.49
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.07
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.25
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      60.15
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      61.01
SHANGQIU DEVELOPMENT IN     6.60     01/15/20    CNY      40.17
SHANGRAO CITY CONSTRUCT     7.30     09/10/19    CNY      40.49
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      62.30
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      63.27
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY      40.37
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY      40.12
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      24.97
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      25.08
SHAOXING KEQIAO DISTRIC     6.30     02/26/19    CNY      25.03
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY      40.18
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY      60.57
SHAOXING SHANGYU COMMUN     6.70     09/11/19    CNY      40.25
SHAOXING SHANGYU HANGZH     6.95     10/11/20    CNY      60.29
SHAOXING URBAN CONSTRUC     6.40     11/09/19    CNY      40.50
SHAOYANG CITY CONSTRUCT     7.40     09/11/18    CNY      25.02
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      58.00
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      61.34
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      62.85
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      82.32
SHENMU COUNTY STATE-OWN     7.28     06/23/21    CNY      59.98
SHENYANG MACHINE TOOL C     6.50     04/09/20    CNY      69.87
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY      40.05
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.00
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.08
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY      40.26
SHIYAN CITY INFRASTRUCT     7.98     04/20/19    CNY      20.30
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY      60.51
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.17
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.78
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      48.80
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      50.53
SHUANGLIU SHINE CHINE C     8.48     03/16/19    CNY      40.66
SHUANGLIU SHINE CHINE C     8.40     03/16/19    CNY      40.87
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      39.82
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      40.30
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.10
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.23
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.45
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.59
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY      59.74
SICHUAN COAL INDUSTRY G     7.70     01/09/18    CNY      45.00
SIPING SITONG CITY INFR     8.10     04/25/21    CNY      60.91
SIPING SITONG CITY INFR     7.25     04/29/19    CNY      70.06
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.07
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.41
SONGYUAN URBAN DEVELOPM     7.30     08/29/19    CNY      40.27
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      37.50
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      39.88
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      60.78
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      61.78
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY      59.99
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      39.90
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      40.21
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      59.95
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      62.50
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY      40.28
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.65
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.81
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY      62.25
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      60.51
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      61.04
SUQIAN ECONOMIC DEVELOP     7.50     03/26/19    CNY      20.19
SUQIAN WATER GROUP CO       6.55     12/04/19    CNY      40.38
SUZHOU CITY CONSTRUCTIO     7.45     03/12/19    CNY      20.15
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.06
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.20
SUZHOU FENHU INVESTMENT     7.49     02/28/21    CNY      60.26
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.14
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.16
SUZHOU NEW DISTRICT ECO     6.20     07/22/21    CNY      61.53
SUZHOU TECH CITY DEVELO     7.32     11/01/18    CNY      25.12
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.36
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.37
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      55.50
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      56.10
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.28
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.32
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.15
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.35
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.09
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.10
TACHENG DISTRICT STATE-     7.49     10/16/19    CNY      50.18
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY      40.62
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.36
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.46
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      60.63
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      61.50
TAICANG HENGTONG INVEST     7.45     10/30/19    CNY      40.57
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.20
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.50
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.14
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.59
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.14
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.21
TAIYUAN HIGH-SPEED RAIL     6.50     10/30/20    CNY      55.56
TAIYUAN LONGCHENG DEVEL     6.50     09/25/19    CNY      40.22
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.10
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.78
TAIZHOU CITY HUANGYAN D     6.85     12/17/18    CNY      25.03
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      50.73
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      51.03
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY      60.60
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      60.25
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      61.15
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      60.10
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      61.50
TAIZHOU HAILING ASSETS      8.52     03/21/19    CNY      20.20
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY      40.08
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      55.75
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      56.40
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      39.83
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      40.26
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.00
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.03
TANGSHAN CAOFEIDIAN DEV     7.50     10/15/20    CNY      59.25
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.45
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.47
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.42
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.80
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY      40.08
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.25
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.30
TIANJIN DONGFANG CAIXIN     7.99     11/23/18    CNY      40.27
TIANJIN DONGLI CITY INF     6.05     06/19/20    CNY      39.44
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      39.96
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      40.06
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.17
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.37
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.11
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.51
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY      67.32
TIANJIN HI-TECH INDUSTR     7.80     03/27/19    CNY      20.12
TIANJIN HI-TECH INDUSTR     6.65     09/12/21    CNY      73.00
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY      61.49
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      70.50
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      71.02
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.10
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.25
TIANJIN JINNAN CITY CON     6.50     06/03/21    CNY      60.52
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.09
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.24
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.34
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.50
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      60.19
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      62.19
TIANJIN RESIDENTIAL CON     8.00     12/19/20    CNY      60.31
TIANJIN TEDA CONSTRUCTI     6.89     04/27/20    CNY      40.78
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.39
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY      61.44
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.87
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.20
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.40
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      63.76
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      81.00
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      60.87
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      63.30
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.60
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.96
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.31
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.44
ULANQAB CITY JI NING DI     6.88     03/19/20    CNY      39.41
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.29
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.31
URUMQI CITY CONSTRUCTIO     7.20     11/06/18    CNY      50.30
URUMQI ECO&TECH DEVELOP     8.58     01/10/19    CNY      25.35
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY      40.01
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.39
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.68
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.25
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.51
VANZIP INVESTMENT GROUP     7.92     02/04/19    CNY      22.86
WAFANGDIAN STATE-OWNED      8.55     04/19/19    CNY      20.38
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.15
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.48
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.10
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.68
WEIFANG BINHAI INVESTME     6.16     04/16/21    CNY      54.56
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.38
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.52
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.57
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.61
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.19
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.40
WENZHOU ANJUFANG CITY D     7.65     04/24/19    CNY      20.23
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY      40.38
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY      60.90
WENZHOU HIGH-TECH INDUS     7.95     03/21/21    CNY      61.09
WINTIME ENERGY CO LTD       7.50     12/06/20    CNY      35.36
WINTIME ENERGY CO LTD       7.00     01/22/19    CNY      36.57
WINTIME ENERGY CO LTD       7.50     12/18/19    CNY      74.80
WUHAI CITY CONSTRUCTION     8.20     03/31/19    CNY      20.26
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      57.00
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      61.82
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.53
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.66
WUHAN JIANGXIA URBAN CO     8.99     01/20/21    CNY      62.65
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY      40.09
WUHAN REAL ESTATE DEVEL     5.90     03/22/19    CNY      25.15
WUHAN URBAN CONSTRUCTIO     5.60     03/08/20    CNY      40.29
WUHU JINGHU CONSTRUCTIO     6.68     05/16/20    CNY      40.71
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.26
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.34
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.33
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.87
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY      40.61
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.65
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.98
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.20
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.38
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.25
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.41
WUXI EAST SCIENCE & TEC     5.98     10/26/18    CNY      40.08
WUXI HUISHAN ECONOMIC D     6.03     04/22/19    CNY      25.14
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.84
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.95
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.06
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.40
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.83
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.94
WUZHOU DONGTAI STATE-OW     7.40     09/03/19    CNY      40.26
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.42
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.45
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      39.89
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      40.29
XI'AN AEROSPACE CITY IN     6.96     11/08/19    CNY      40.27
XIAN CHANBAHE DEVELOPME     6.89     08/03/19    CNY      40.29
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.11
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.19
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.41
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.60
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      40.66
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      70.50
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      60.30
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      62.01
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.11
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.26
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      39.90
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      40.17
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      60.89
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      61.46
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     5.00     07/25/26    CNY      55.12
XIANGTAN JIUHUA ECONOMI     6.59     01/21/22    CNY      56.00
XIANGTAN JIUHUA ECONOMI     7.15     10/15/20    CNY      59.63
XIANGTAN LIANGXING SOCI     7.89     04/23/21    CNY      61.23
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.52
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.78
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.25
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.77
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.00
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.09
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      39.69
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      59.70
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.58
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.59
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.44
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.85
XIAOGAN URBAN CONSTRUCT     8.12     03/26/19    CNY      20.31
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      58.94
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      60.73
XIN JIANG GUANG HUI IND     7.88     03/30/20    USD      61.19
XINGHUA URBAN CONSTRUCT     7.25     10/23/18    CNY      25.02
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.09
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.29
XINING CITY INVESTMENT      7.70     04/27/19    CNY      20.22
XINING ECONOMIC DEVELOP     5.90     06/04/20    CNY      40.22
XINJIANG KAIDI INVESTME     7.80     04/22/21    CNY      61.73
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      49.93
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      50.54
XINJIANG SHIHEZI DEVELO     7.50     08/29/18    CNY      24.84
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      59.92
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      60.14
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.15
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.44
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      60.62
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      82.38
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      39.67
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      40.36
XINXIANG INVESTMENT GRO     5.85     04/15/20    CNY      40.14
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.05
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.19
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      60.82
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      61.30
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.70
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.91
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      61.50
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      67.00
XINYU URBAN CONSTRUCTIO     7.08     12/13/19    CNY      40.38
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.05
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.13
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY      74.96
XINZHOU ASSET MANAGEMEN     7.39     08/08/18    CNY      25.02
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      60.89
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.23
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      61.34
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.68
XUANCHENG STATE-OWNED A     7.99     03/20/19    CNY      30.46
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.36
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.37
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.41
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.64
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.24
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.25
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY      61.00
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.53
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.74
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      60.87
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      61.11
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.29
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.35
YAAN STATE-OWNED ASSET      7.39     07/04/19    CNY      19.85
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY      40.31
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.20
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.21
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      62.49
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      63.30
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      53.00
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      60.55
YANCHENG ORIENTAL INVES     6.99     10/26/19    CNY      40.14
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      39.50
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      40.46
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.00
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.78
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      60.96
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      61.10
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU LONGCHUAN HOLD     8.10     03/23/19    CNY      20.26
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.10
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.23
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.19
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.42
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.22
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.69
YICHANG URBAN CONSTRUCT     8.13     11/17/19    CNY      53.11
YICHUN CITY CONSTRUCTIO     7.35     07/24/19    CNY      19.65
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.38
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.59
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.33
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.73
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.07
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.10
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      71.22
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      72.76
YINCHUAN URBAN CONSTRUC     6.88     05/12/21    CNY      61.36
YINGKOU PORT GROUP CO L     6.10     04/27/22    CNY      70.00
YINGKOU PORT GROUP CO L     5.78     03/23/19    CNY      71.34
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY      72.16
YINING CITY STATE OWNED     8.90     01/23/21    CNY      62.79
YINING CITY STATE OWNED     8.90     01/23/21    CNY      69.95
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.22
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.35
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      60.64
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      61.30
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      40.88
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      41.17
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.80
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.81
YIZHENG CITY CONSTRUCTI     7.78     06/14/19    CNY      20.21
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.38
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.62
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      51.77
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      52.32
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.78
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.90
YONGZHOU CITY LINGLING      7.80     04/02/21    CNY      62.83
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      39.80
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      40.11
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      39.98
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      40.33
YULIN CITY INVESTMENT O     6.81     12/04/18    CNY      25.06
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      39.00
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      40.11
YUNCHENG URBAN CONSTRUC     7.48     10/15/19    CNY      40.33
YUNNAN HIGHWAY & BRIDGE     7.58     02/21/20    CNY      26.10
YUNNAN METROPOLITAN CON     6.77     05/23/21    CNY      60.65
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.20
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.52
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      60.84
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      61.77
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.05
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.13
YUYAO WATER RESOURCE IN     7.20     10/16/19    CNY      40.30
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      60.56
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      61.29
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.10
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.48
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY      40.45
ZHANGJIAJIE ECONOMIC DE     7.40     10/18/19    CNY      40.37
ZHANGJIAJIE ECONOMIC DE     7.80     04/17/21    CNY      60.81
ZHANGZHOU CITY CONSTRUC     6.60     03/26/20    CNY      40.49
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      59.75
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      61.55
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      59.50
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      60.60
ZHAOYUAN STATE-OWNED AS     6.64     12/31/19    CNY      40.16
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.87
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.99
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.34
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.93
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY      40.26
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      60.97
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      61.92
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.69
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.74
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.10
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.22
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.20
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.60
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY      61.27
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      61.70
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      71.00
ZHENJIANG CULTURE AND T     6.60     01/30/20    CNY      40.00
ZHENJIANG NEW AREA URBA     8.35     02/26/21    CNY      61.19
ZHENJIANG NEW AREA URBA     8.99     01/16/21    CNY      61.98
ZHENJIANG TRANSPORTATIO     7.29     05/08/19    CNY      19.76
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      24.99
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      25.01
ZHOUKOU INVESTMENT GROU     7.49     04/21/21    CNY      60.61
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.47
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.71
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.24
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.83
ZHUCHENG ECONOMIC DEVEL     7.50     08/25/18    CNY      21.25
ZHUCHENG ECONOMIC DEVEL     6.80     11/29/19    CNY      40.94
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      24.89
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      50.00
ZHUHAI HUIHUA INFRASTRU     7.15     09/17/20    CNY      60.67
ZHUJI CITY CONSTRUCTION     6.92     12/19/19    CNY      40.23
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.04
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.30
ZHUZHOU CITY CONSTRUCTI     6.95     10/16/20    CNY      61.39
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18    CNY      40.05
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.11
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.22
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY      40.21
ZIBO CITY PROPERTY CO L     5.45     04/27/19    CNY      11.98
ZIYANG CITY CONSTRUCTIO     7.58     01/09/19    CNY      24.93
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.64
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.72
ZUNYI CITY HUICHUAN DIS     6.75     04/24/19    CNY      24.97
ZUNYI CITY HUICHUAN DIS     7.85     06/25/21    CNY      60.67


HONG KONG
---------

CHINA SOUTH CITY HOLDIN     7.25     11/20/22    USD      71.81
CHINA SOUTH CITY HOLDIN     6.75     09/13/21    USD      74.05


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25    USD      12.50
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      48.89
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      49.04
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       9.71
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       9.96
CORE EDUCATION & TECHNO     7.00     05/07/49    USD       0.29
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
EDELWEISS ASSET RECONST     2.00     11/20/27    INR      55.52
EDELWEISS ASSET RECONST     2.00     08/28/27    INR      56.22
EDELWEISS ASSET RECONST     2.00     08/27/27    INR      56.23
EDELWEISS ASSET RECONST     2.00     03/28/27    INR      57.13
EDELWEISS ASSET RECONST     2.00     04/27/27    INR      57.28
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      49.71
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      25.53
PAN INDIA INFRAPROJECTS     0.10     01/25/24    INR      56.42
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD      22.63
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD       1.00
REI AGRO LTD                5.50     11/13/14    USD       1.38
REI AGRO LTD                5.50     11/13/14    USD       1.38
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD      51.83
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD      29.43

JAPAN
-----

TAKATA CORP                 1.02     12/15/17    JPY       0.50
TAKATA CORP                 0.58     03/26/21    JPY       2.37
TAKATA CORP                 0.85     03/06/19    JPY       2.37


KOREA
-----

2016 KIBO 1ST SECURITIZ     5.00     09/13/18    KRW      75.01
DOOSAN CAPITAL SECURITI    20.00     04/22/19    KRW      65.13
HEUNGKUK FIRE & MARINE      5.70     12/29/46    KRW      50.04
KIBO ABS SPECIALTY CO L     5.00     12/25/19    KRW      71.27
KIBO ABS SPECIALTY CO L     5.00     08/29/19    KRW      72.18
KIBO ABS SPECIALTY CO L     5.00     02/26/19    KRW      73.30
KIBO ABS SPECIALTY CO L     5.00     02/25/19    KRW      73.57
KOREA TREASURY BOND         1.50     09/10/66    KRW      73.90
SAMPYO CEMENT CO LTD        7.50     07/20/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.50     04/20/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.50     09/10/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.30     04/12/15    KRW      70.00
SAMPYO CEMENT CO LTD        7.30     06/26/15    KRW      70.00
SINBO SECURITIZATION SP     5.00     09/27/21    KRW      69.39
SINBO SECURITIZATION SP     5.00     08/25/21    KRW      69.62
SINBO SECURITIZATION SP     5.00     07/27/21    KRW      69.82
SINBO SECURITIZATION SP     5.00     06/23/20    KRW      69.85
SINBO SECURITIZATION SP     5.00     03/15/20    KRW      70.63
SINBO SECURITIZATION SP     5.00     02/28/21    KRW      71.00
SINBO SECURITIZATION SP     5.00     01/27/21    KRW      71.26
SINBO SECURITIZATION SP     5.00     12/22/20    KRW      71.54
SINBO SECURITIZATION SP     5.00     09/23/20    KRW      72.25
SINBO SECURITIZATION SP     5.00     08/26/20    KRW      72.48
SINBO SECURITIZATION SP     5.00     06/24/19    KRW      72.66
SINBO SECURITIZATION SP     5.00     07/28/20    KRW      72.70
SINBO SECURITIZATION SP     5.00     03/13/19    KRW      73.44
SINBO SECURITIZATION SP     5.00     02/25/20    KRW      73.97
SINBO SECURITIZATION SP     5.00     01/28/20    KRW      74.20
SINBO SECURITIZATION SP     5.00     12/30/19    KRW      74.43
SINBO SECURITIZATION SP     5.00     07/29/18    KRW      79.10
WISE MOBILE SECURITIZAT    20.00     09/17/18    KRW      73.93


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35     03/01/26    LKR      73.48


MALAYSIA
--------

AEON CREDIT SERVICE M B     3.50     09/15/20    MYR       1.30
ASIAN PAC HOLDINGS BHD      3.00     05/25/22    MYR       0.73
BARAKAH OFFSHORE PETROL     3.50     10/24/18    MYR       0.15
BERJAYA CORP BHD            5.00     04/22/22    MYR       0.38
BERJAYA CORP BHD            2.00     05/29/26    MYR       0.40
BRIGHT FOCUS BHD            2.50     01/22/31    MYR      73.70
ELK-DESA RESOURCES BHD      3.25     04/14/22    MYR       0.98
HIAP TECK VENTURE BHD       5.00     06/23/21    MYR       0.36
I-BHD                       3.00     10/09/19    MYR       0.37
IRE-TEX CORP BHD            1.00     06/10/19    MYR       0.02
LAND & GENERAL BHD          1.00     09/24/18    MYR       0.12
PERODUA GLOBAL MANUFACT     0.50     12/17/25    MYR      68.81
PMB TECHNOLOGY BHD          3.00     07/12/23    MYR       3.18
PUC BHD                     4.00     02/15/19    MYR       0.14
REDTONE INTERNATIONAL B     2.75     03/04/20    MYR       0.09
SENAI-DESARU EXPRESSWAY     1.35     06/30/31    MYR      57.04
SENAI-DESARU EXPRESSWAY     1.35     12/31/30    MYR      58.33
SENAI-DESARU EXPRESSWAY     1.35     06/28/30    MYR      59.67
SENAI-DESARU EXPRESSWAY     1.35     12/31/29    MYR      60.97
SENAI-DESARU EXPRESSWAY     1.35     12/29/28    MYR      63.69
SENAI-DESARU EXPRESSWAY     1.35     06/30/28    MYR      65.11
SENAI-DESARU EXPRESSWAY     1.35     12/31/27    MYR      66.65
SENAI-DESARU EXPRESSWAY     1.35     06/30/27    MYR      68.17
SENAI-DESARU EXPRESSWAY     1.35     06/30/26    MYR      71.03
SENAI-DESARU EXPRESSWAY     1.15     06/30/25    MYR      72.86
SENAI-DESARU EXPRESSWAY     1.15     12/31/24    MYR      74.43
THONG GUAN INDUSTRIES B     5.00     10/10/19    MYR       2.40
UNIMECH GROUP BHD           5.00     09/18/18    MYR       0.96
VIZIONE HOLDINGS BHD        3.00     08/08/21    MYR       0.06
YTL LAND & DEVELOPMENT      3.00     10/31/21    MYR       0.42


NEW ZEALAND
------------
PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD       1.02


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      69.40
PHILIPPINE GOVERNMENT B     4.63     09/09/40    PHP      73.02

SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      51.48
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.02
AUSGROUP LTD                8.45     10/20/18    SGD      51.35
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.89
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.93
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD       5.00
BLUE OCEAN RESOURCES PT     6.00     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      74.99
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       4.84
HYFLUX LTD                  4.20     08/29/19    SGD      50.00
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD      67.50
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD      30.04
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD      40.19
OSA GOLIATH PTE LTD        12.00     10/09/18    USD      62.63
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           7.88     06/05/17    SGD      16.00
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD      16.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD       0.53
MDX PCL                     4.75     09/17/03    USD      30.00


VIETNAM
-------

DEBT AND ASSET TRADING      1.00     10/10/25    USD      67.62
DEBT AND ASSET TRADING      1.00     10/10/25    USD      68.78



                             *********

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.


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

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

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

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

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



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