TCRAP_Public/180925.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, September 25, 2018, Vol. 21, No. 190

                            Headlines


A U S T R A L I A

NATIONAL REMEDIAL: First Creditors' Meeting Set for Oct. 3
PEET BAYONET: Second Creditors' Meeting Set for Sept. 28
LEDAR GROUP: Second Creditors' Meeting Set for Sept. 27
NEOLIDO HOLDINGS: Queensland Liquidator Charged with Fraud
ONE KEY: Second Creditors' Meeting Set for Sept. 28

POWER CONCRETE: Second Creditors' Meeting Set for Oct. 2
RDS MANAGEMENT: Second Creditors' Meeting Set for Oct. 4
TASMAN BUTCHERS: Owes AUD10MM to Creditors, Administrators Say


C H I N A

SI CHUAN: Moody's Withdraws B3 Sr. Sec. Notes due to Lacking Info
SUNAC CHINA: Moody's Hikes CFR to B1 & Sr. Unsec. Rating to B2
TEXHONG TEXTILE: S&P Withdraws BB Long-Term Issuer Credit Rating


I N D I A

A.M. VINYL: CARE Lowers Rating on INR31.50cr LT Loan to D
A D ELECTRO: CRISIL Migrates B+ Rating to Not Cooperating
ABD DIAMONDS: CRISIL Assigns 'B' Rating to INR28.25cr Term Loan
ACADEMY OF ENGINEERING: Ind-Ra Cuts LT Issuer Rating to 'D'
ACM NATURAL: CRISIL Assigns B+ Rating to INR3.80cr Term Loan

ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Ratings
ARUNACHALA TRADING: CRISIL Lowers Rating on INR4cr Loan to D
BATHSHA MARINE: CARE Raises Rating on INR2.31cr Loan to B+
BHARAT BARREL: CRISIL Maintains B Rating in Not Cooperating
CHIDDARWAR CONSTRUCTION: Ind-Ra Migrates BB- to Non-Cooperating

DEEPAK BUILDERS: CRISIL Assigns B+ Rating to INR30cr LT Loan
DELEXCEL PHARMA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
DEV SHREE: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
ESSPEE CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating
EXCEL TIMBERS: CRISIL Maintains D Rating in Not Cooperating

G.V.D. TEXTILES: CRISIL Maintains 'B' Rating in Not Cooperating
GALVA DECOPARTS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
GARG GRANITES: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
GK-AUTOPAL LIGHTING: CRISIL Maintains B Rating in Not Cooperating
GOOD GREENS: CRISIL Maintains B+ Rating in Not Cooperating

GORAYA INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
GOVAAN STEELS: CRISIL Maintains D Rating in Not Cooperating
GREEN PEACE: Insolvency Resolution Process Case Summary
HYDROBATHS RAMCO: CRISIL Reaffirms D Rating on INR9.25cr Loan
INFRASTRUCTURE LEASING: Said to Seek $4.2 Billion in Asset Sales
K.M. SUGAR: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating

INTERLINK PETROLEUM: Insolvency Resolution Process Case Summary
LEGEND ESTATES: Insolvency Resolution Process Case Summary
MADHAV GINNING: CRISIL Hikes Rating on INR3cr LT Loan to B
MAHAKALI CHANDRAPUR: CARE Assigns B- Rating to INR4.86cr Loan
MAXIM INFRASTRUCTURE: Insolvency Resolution Process Case Summary

MAXROTH IMPEX: Insolvency Resolution Process Case Summary
MNC ELECTRICALS: Ind-Ra Maintains BB LT Rating in Non-Cooperating
MODERN STAGE: CRISIL Reaffirms B Rating on INR4.05cr Cash Loan
MORNING STAAR: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
MPS STEELS: CARE Reaffirms B+ Rating on INR9.18cr LT Loan

NIMP HEALTHCARE: Ind-Ra Maintains D LT Rating in Non-Cooperating
NOSLAR INTERNATIONAL: Ind-Ra Migrates D Rating to Non-Cooperating
P RAMESH: CRISIL Lowers Rating on INR3cr Cash Loan to B+
PALM STREET: CRISIL Assigns 'D' Rating to INR10cr Term Loan
PE ELECTRONICS: Insolvency Resolution Process Case Summary

PSK DEVELOPERS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
PURNA FISHERIES: CRISIL Migrates B Rating to Not Cooperating
R.N. DWIVEDI: CRISIL Lowers Rating on INR7.3cr Term Loan to D
RDS & SONS: CARE Reaffirms B+ Rating on INR14.90cr LT Loan
SAKSHI MARKFIN: CRISIL Ups LT Rating on INR12cr Cash Loan to B+

SANDHU FARMS: CARE Reaffirms D Rating on INR3.03cr LT Loan
SANGAR OVERSEAS: Ind-Ra Maintains 'B' Rating in Non-Cooperating
SEKHANI INDUSTRIES: Ind-Ra Migrates BB Rating to Non-Cooperating
SHAH GROUP: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
SHRI AMBIKA: CRISIL Assigns B+ Rating to INR3.64cr LT Loan

SHRI NARSING: Insolvency Resolution Process Case Summary
SHRI SHYAM: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
SHRINE BUILDTECH: CARE Lowers Rating on INR40cr LT Loan to D
SKY APPLIANCES: Insolvency Resolution Process Case Summary
SPRING BEE: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating

SWADISHT OILS: CRISIL Cuts LT Rating on INR20cr Cash Loan to C
TECHNO ELECTRONICS: Insolvency Resolution Process Case Summary
THEXA PHARMA: Insolvency Resolution Process Case Summary
VALUE INDUSTRIES: Insolvency Resolution Process Case Summary
VISION VIDYUT: CARE Reaffirms B+ Rating on INR6.71cr LT Loan

VRAJ & VAJ: CARE Reaffirms B+ Rating on INR6.0cr LT Loan
WARANA DAIRY: Ind-Ra Affirms 'D' Long Term Issuer Rating
WEBFIL LIMITED: CRISIL Reaffirms B- Rating on INR3.38cr Loan
WORLDSTAR FABRICS: Insolvency Resolution Process Case Summary


S R I  L A N K A

SRI LANKA: PM Puts on Brave Face Amid Record Slide in Rupee


V I E T N A M

VPBANK FINANCE: Moody's Assigns First Time B2 CFR, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2018


                            - - - - -


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


NATIONAL REMEDIAL: First Creditors' Meeting Set for Oct. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Remedial Building Pty Ltd will be held at the offices of Jirsch
Sutherland at Level 27, 259 George Street, in Sydney, NSW, on
Oct. 3, 2018, at 10:30 a.m.

Sule Arnautovic and Peter John Moore of Jirsch Sutherland were
appointed as administrators of National Remedial on Sept. 20,
2018.


PEET BAYONET: Second Creditors' Meeting Set for Sept. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Peet Bayonet
Head Syndicate Limited has been set for Sept. 28, 2018, at
11:30 a.m. at Level 3, 46 Ord Street, in West Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 27, 2018, at 5:00 p.m.

Alan Edson Ledger of Ledger Corporation was appointed as
administrator of Peet Bayonet on Aug. 24, 2018.


LEDAR GROUP: Second Creditors' Meeting Set for Sept. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ledar Group
Pty. Ltd. has been set for Sept. 27, 2018, at 10:00 a.m. at Level
11, 550 Bourke Street, in Melbourne, Victoria.

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 Sept. 26, 2018, at 4:00 p.m.

Glen Kanevsky and Salvatore Algeri of Deloitte was appointed as
administrator of Ledar Group on Aug. 23, 2018.


NEOLIDO HOLDINGS: Queensland Liquidator Charged with Fraud
----------------------------------------------------------
Following an Australian Securities and Investments Commission
investigation, David John Leigh of Sherwood in Queensland has
appeared before the Magistrates' Court in Brisbane charged with
three counts of fraud under section 408C(1) of the Criminal Code
1899 (Qld).

ASIC alleges that between July 25, 2017 and Nov. 9, 2017,
Mr. Leigh, while a co-liquidator of Neolido Holdings Pty Ltd,
caused the transfer of a total of AUD800,000 from Neolido's
liquidation account to the bank account of a private company that
he controlled, and then used the funds for his own purposes.

The charges have been listed for a mention at the Brisbane
Magistrates' Court on Nov. 2, 2018.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Neolido Holdings Pty Ltd was a property development company based
in South Brisbane that was wound up on Nov. 25, 2005 pursuant to
a court order obtained by ASIC. On Oct. 14, 2010, Mr. Leigh, who
was then a partner of PPB Advisory, was appointed as a
co-liquidator of the company.

On March 2, 2018, ASIC suspended Mr. Leigh's registration as a
company liquidator following receipt of an application by him,
which was formally lodged on Feb. 28, 2018. Mr. Leigh agreed to
resign as external administrator of all his current appointments
and ASIC exercised its powers to appoint replacement liquidators
to 16 companies to which Mr. Leigh had been appointed as sole
liquidator.

On March 20, 2018, Mr. Andrew Fielding and Ms Helen Newman of BDO
Business Restructuring were appointed as co-liquidators of
Neolido.

Under section 408C(2A) of the Criminal Code 1899 (Qld), the
maximum penalty for an offence of fraud is 20 years' imprisonment
where the property value is at least AUD100,000.


ONE KEY: Second Creditors' Meeting Set for Sept. 28
---------------------------------------------------
A second meeting of creditors in the proceedings of One Key
Workforce Pty Ltd has been set for Sept. 28, 2018, at 11:30 a.m.
at the offices of Karstens Brisbane at Level 24, 215 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 Sept. 27, 2018, at 4:00 p.m.

Justin Denis Walsh and Adam Nikitins of Ernst & Young were
appointed as administrators of One Key on Aug. 31, 2018.


POWER CONCRETE: Second Creditors' Meeting Set for Oct. 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Power
Concrete Pty Ltd has been set for Oct. 2, 2018, at 11:00 a.m. at
the offices of Cor Cordis at One Wharf Lane, Level 20, 171 Sussex
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2018, at 12:00
p.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Power Concrete on Aug. 27, 2018.


RDS MANAGEMENT: Second Creditors' Meeting Set for Oct. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of RDS
Management Services Pty Ltd has been set for Oct. 4, 2018, at
11:00 a.m. at the offices of Pilot Partners at Level 10, 1 Eagle
Street, 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 Oct. 3, 2018, at 5:00 p.m.

Ann Fordyce of Pilot Partners was appointed as administrator of
RDS Management Services Pty Ltd on Aug. 30, 2018.


TASMAN BUTCHERS: Owes AUD10MM to Creditors, Administrators Say
--------------------------------------------------------------
Matthew Elmas at SmartCompany reports that administrators for
Tasman Butchers have revealed the independent butchery business
owes an estimated AUD10 million to creditors.

SmartCompany says the revelation, provided to stakeholders at a
creditors meeting earlier this week, comes as administrator
PricewaterhouseCoopers progresses an urgent process to sell the
business, which trades as Tasman Butchers, as a going concern.

A preferred bidder has come forward for 10 of the company's 15
operating stores, while other potential buyers have expressed
interest in one, two or three outlets, SmartCompany understands.

SmartCompany also understands a contract with the preferred
bidder could be drawn up as early as next week, which would also
include Tasman Butchers intellectual property.

If the deal were to eventuate the business would be effectively
carved up, with stores not subject to the deal being required to
rebrand, SmartCompany relates.

According to SmartCompany, PwC administrator David McEvoy said he
hopes to secure deals for all of the company's stores in the next
four to eight weeks.

"We're working to an accelerated time frame," Mr. McEvoy told
SmartCompany.

Two of the company's signature big-box format stores in Rosebud
and Bendigo have already closed, but Mr. McEvoy believes much of
the network is still healthy, SmartCompany says.

David McEvoy and Martin Ford of PwC Australia were appointed as
Voluntary Administrators of Tasman Market Fresh Meats Pty Ltd,
which trades as Tasman Butchers, on Sept. 7, 2018.

Tasman Butchers is Victoria's largest independent butcher and
employs around 150 people.  The business is majority owned by
Singapore-based private equity firm Equity Partners, which
purchased its stake in August 2013 from businessman Joe
Catalfamo.



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C H I N A
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SI CHUAN: Moody's Withdraws B3 Sr. Sec. Notes due to Lacking Info
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Si Chuan Province JuYang
Group Limited's B2 corporate family rating and the B3 senior
secured notes rating of Zhong Yi Holdings Limited., which is a
cross-border entrustment loan lender to Si Chuan Province JuYang
Group Limited.

Withdrawal:

Issuer: Si Chuan Province JuYang Group Limited

Corporate Family Rating, Withdrawn, previously rated B2

Issuer: Zhong Yi Holdings Limited

Backed Senior Secured Rating, Withdrawn, previously rated B3

Outlook Action:

Issuers: Si Chuan Province JuYang Group Limited, Zhong Yi
Holdings Limited

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes
it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.

Founded in 2003, Si Chuan Province JuYang Group Limited (JuYang)
is a privately owned company with its headquarters in Luzhou in
Sichuan Province. It engages in real estate, finance, and hotel &
tourism businesses in China.

As of December 2017, it had seven hotels in operation, two hotels
under development and five completed commercial and residential
properties with an aggregate gross floor area of 691,100 square
meters.

The company's chairman, Mr. XianChun Yu, his wife, Mrs. WanXing
Huang, and brother, Mr. PengFei Yu, collectively owned 100% of
JuYang as of the end of December 2017.


SUNAC CHINA: Moody's Hikes CFR to B1 & Sr. Unsec. Rating to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded Sunac China Holdings
Limited's corporate family rating to B1 from B2, and the senior
unsecured rating on its existing notes to B2 from B3.

The outlook on the ratings remains positive.

RATINGS RATIONALE

"The ratings upgrade reflects Sunac's demonstrated ability to
reduce debt leverage on the back of its strong contracted sales
growth and controlled capital spending," says Danny Chan, a
Moody's Analyst. "The company will likely continue to deleverage
over the next 12-18 months."

Moody's expects that Sunac's debt leverage - as measured by
revenue/adjusted debt and including adjustments for its shares in
joint ventures and associates - will trend towards 60%-70% over
the next 12-18 months from around 50% for the 12 months to June
30, 2018 and around 36% in 2017.

The improvement in leverage will be driven by Sunac's strong
contracted sales and revenue growth, controlled land purchase and
strengthened financial discipline.

Moody's projects that Sunac's contracted sales will reach RMB450-
RMB500 billion in 2018 and RMB550-RMB600 billion in 2019,
supported by its strong sales execution track record. The company
registered a 65% year-on-year increase in contracted sales to
RMB266 billion in the first eight months of 2018, following
robust 141% and 121% year-on-year increases in 2017 and 2016
respectively. Sunac's growing contracted sales will also offer
good support to its revenue growth over the next 1-2 years.

In addition, Moody's expects that Sunac will control spending on
land over the next 12-18 months.

Specifically, its cash payment on land/contracted sales will drop
below 20%-25% over the next 12-18 months from an estimated annual
average of 35%-40% during 2016-2017. Such a situation will be
supported by Sunac's sizable gross land bank, which reached
approximately 156 million square meters at June 30, 2018. Moody's
estimates its land bank will be sufficient to support property
development plans over the next four to five years.

Sunac's positive ratings outlook reflects Moody's expectation
that the company will improve its profitability, exercise
prudence in financial management and control its investment in
non-property businesses.

Specifically, Moody's forecasts that Sunac's reported gross
profit margin will further improve to 24%-26% over the next 12-18
months from around 22.4% for the 12 months ended June 30, 2018
and around 20.7% in 2017, because the company will recognize the
better quality projects that have been presold in the past 1-2
years.

Consequently, Moody's expects that Sunac's adjusted EBIT/interest
-- including adjustments for its shares in joint ventures and
associates - will improve to 2.3x-2.6x over the next 12-18 months
from around 1.9x for the 12 months ended June 30, 2018 and 1.6x
in 2017.

Sunac's B1 CFR reflects the company's strong sales execution, its
leading brand and market position in China's Tier 1 and Tier 2
cities, as well as the good quality of its land bank. The rating
also considers Sunac's good liquidity profile, driven by its
rapid asset turnover business model.

Sunac's strong liquidity profile is evident by its cash balance
of RMB87.4 billion at June 30, 2018, which covered 116% of its
short-term debt.

However, the CFR is constrained by the modest credit metrics
associated with Sunac's rapid expansion. In addition, the
adoption of a rapid asset turnover business model has reduced the
stability of its profitability and interest coverage.
Nevertheless, Moody's expects that the company's credit metrics
will improve over the next 12-18 months.

Upward ratings pressure could emerge if Sunac: (1) demonstrates
its ability to exercise restraint on its non-core business
investments; (2) maintains its solid liquidity position; and (3)
improves its credit metrics, such that adjusted revenue/debt is
above 75%-80% and adjusted EBIT/interest is above 2.5x-3.0x on a
sustained basis.

On the other hand, Moody's could revise the ratings outlook to
stable from positive, if the company's performance and credit
metrics are unlikely to fall within the parameters required for a
ratings upgrade over the next 12-18 months.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer with projects in China's main
economic regions.


TEXHONG TEXTILE: S&P Withdraws BB Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' long-term issuer credit
rating on China-based Texhong Textile Group Ltd. The outlook was
stable at the time of the withdrawal.



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A.M. VINYL: CARE Lowers Rating on INR31.50cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
A.M. Vinyl Private Limited (AMVPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            31.50      CARE D Revised from CARE BB+;
                                    Stable

   Short term Bank
   Facilities            13.50      CARE D Revised from CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
AMVPL takes into consideration the delays in the servicing of
interest payments and regular overdrawal in the working capital
limit utilization.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Ongoing Delays in Debt Servicing: Due to tight liquidity
position, there have been ongoing delays in the interest
servicing and regular overdrawal in the working capital limit
utilization.

A.M Vinyl Private Limited (AMVPL) was incorporated in 2004 by Mr.
Ashok Chopra who has more than four decades of industry
experience. AMVPL is engaged in the manufacturing and trading of
PVC products and its product portfolio includes PVC floorings,
PVC leather cloth, PP non-woven spun bonded fabric and PVC
sheeting. The products manufactured by AMVPL find application in
various industries like automobiles and power generation. The
primary product manufactured by AMVPL is Coated Textile Fiber
which is majorly used in car mats, seat covers, insulated mats,
shoe soles and auto roof-tops amongst its other uses. The
manufacturing facility for AMVPL is located in Bhiwadi,
Rajasthan.


A D ELECTRO: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of A D Electro
Steel Co Private Limited (ADESCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          3          CRISIL A4 (ISSUER NOT
                                      COOPERATING; Rating
                                      Migrated)

   Cash Credit            11          CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

   Export Packing          1          CRISIL A4 (ISSUER NOT
   Credit                             COOPERATING; Rating
                                      Migrated)

   Proposed Long Term      3          CRISIL B+/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with ADESCPL for
obtaining information through letters and emails dated
August 20, 2018 and August 24, 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 A D Electro Steel Co Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on A D Electro Steel Co Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information with '.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of A D Electro Steel Co Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Set up in 1981 and based in Kolkata, ADESCPL manufactures steel
and iron castings of diverse specifications that comprise low and
high carbon steel, alloy steel, grey iron casting, malleable iron
casting, and ductile iron casting. Operations are managed by Mr.
R N Gupta.


ABD DIAMONDS: CRISIL Assigns 'B' Rating to INR28.25cr Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of ABD Diamonds Private Limited (ADPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             28.25       CRISIL B/Stable (Assigned)

   Cash Credit            0.50       CRISIL B/Stable (Assigned)

   Foreign Exchange
   Forward                1.25       CRISIL A4 (Assigned)

The ratings reflect the company's exposure to risks related to
implementation of its project and to saleability. These
weaknesses are partially offset by the experience of the
promoters and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risk: ADPL's project is in
the nascent stage of construction, and the company faces moderate
project implementation risk. Timely project completion and
stabilisation of operations without any cost overrun will remain
a key rating sensitivity factor.

* Susceptibility to risk related to saleability: Commercial
operations are expected to commence in November 2018 and the
company faces high saleability risk. It could face initial
challenges in stabilisation of operations and ramp-up of sales.
Timely stabilisation of capacity utilisation and commensurate
ramp-up in sales will remain key monitorables.

Strengths

* Experience and funding support of the promoters: The promoters'
experience of over a decade and their understanding of the market
dynamics should help ADPL ramp up operations successfully. The
promoters are also likely to continue extending timely, need-
based unsecured loans to support financial flexibility.

Outlook: Stable

CRISIL believes ADPL will benefit from the experience and funding
support of the promoters. The outlook may be revised to
'Positive' if ramp-up in operations leads to higher-than-
anticipated revenue, profitability, and cash accrual during the
initial phase of operations. The outlook may be revised to
'Negative' if lower-than-expected revenue and cash accrual, or
stretch in working capital cycle weakens the financial risk
profile and liquidity.

ADPL, an Ahmedabad-based company promoted by Mr. Bharat Jivanlal
Patel, Mr. Arvind Sejanliya, and Mr. Archan Patel, is setting up
a unit for manufacturing synthetic/cultivated diamonds. The
commercial production of the company is expected to commence from
November 2018.



ACADEMY OF ENGINEERING: Ind-Ra Cuts LT Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded The Academy of
Engineering and Management Trust's (AEMT) bank facilities as
follows:

-- INR79.69 mil. (reduced from INR108.25 mil.) Bank loans (Long-
    term) downgraded with IND D rating; and

-- INR250.00 mil. Fund-based working capital limits (Long-term)
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects AEMT's delays in debt servicing during the
three months ended August 2018, due to a tight liquidity
position. The company has not provided Ind-Ra with FY18
financials.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1999 under the Indian Trust Act, 1882, AEMT
manages engineering and management college, eight CBSE schools
and a state board school. It offers K-12 education, engineering,
management and computer application courses. It is a part of
Techno India group, which manages several trusts / societies /
partnership firms and private limited companies.


ACM NATURAL: CRISIL Assigns B+ Rating to INR3.80cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of ACM Natural Products Private Limited
(ACM)

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.75        CRISIL B+/Stable (Assigned)
   Term Loan             3.80        CRISIL B+/Stable (Assigned)

The rating reflects ACM's susceptibility to project
implementation related risks and expected average financial risk
profile because of a modest networth and debt funded project
capex. These rating weaknesses are partially offset by the
extensive experience of ACM's promoters in the oleo resin
industry and its proximity to raw material suppliers in
Malappuram- Kerala.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to funding and implementation risks on ongoing
project: ACM is setting up a project for manufacturing of spice
oleoresin and essential oils from spices which is expected to be
commissioned in near term. The company remains exposed to timely
completion of project, stabilization of commercial operation
thereon along with subsequent ramp-up. Nonetheless, achievement
of financial closure and receipt of major portion of promoters'
contribution mitigates the funding related risk.

* Expected average financial risk profile: Total cost of project
of INR5.7 crore is being funded by term debt of INR3.8 crore and
rest from promoters' contribution in the form of equity and
unsecured loans. During initial phase, a modest networth and
large debt contracted to meet project funding and working capital
requirements, shall lead to leveraged capital structure, thus
partly constraining the financial risk profile.

Strengths

* Experience of promoters: Benefits from the promoters'
experience of over three decades in spices and oil extraction
business, their strong understanding of the local market
dynamics, and healthy relations with customers and suppliers
should continue to support the business. Further the company
shall benefit from its proximity to suppliers in Malappuram-
Kerala.

Outlook: Stable

CRISIL believes that ACM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if ACM executes its project
within the budgeted cost and time, and posts higher-than-expected
revenues and/or profitability, resulting in large cash accruals
during the initial phase of operations. Conversely, the outlook
may be revised to 'Negative' in case of time or cost overrun in
the project implementation, or lower than expected ramp-up in
sales leading to weakening of financial risk profile especially
liquidity.

Incorporated in December 2016, ACM is setting up a plant for
manufacturing of spice oleoresin and essential oils from
different spices available in India with an installed capacity to
produce 30 MT 95% curcumin, 13 MT oleo resin, and 12 MT essential
ginger oil in Malappuram Kerala.


ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Ratings
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ansal Housing &
Construction Limited's (AHCL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Thus, the ratings are on the basis of best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR750 mil. Secured overdraft limits affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR716.3 mil. Non-fund-based limits affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR1.40 bil. Fixed deposit programme affirmed with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by AHCL, as
stated by the statutory auditor in the latest audited annual
report of the company. Further details of delays are not
available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1983, AHCL operates a real estate business with a
key focus on northern India. The company is listed on the Bombay
Stock Exchange and National Stock Exchange. The company primarily
operates in Delhi NCR, Mumbai and Tier II and Tier III towns and
commands a premium of 10%-15% over its local peers.


ARUNACHALA TRADING: CRISIL Lowers Rating on INR4cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Arunachala Trading Company (ATC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.  The downgrade reflects delays by the firm in
servicing bank debt. CRISIL had discussion with the bank, which
has confirmed the delay in repayment.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL B/Stable;
                                     ISSUER NOT COOPERATING')

   Letter of Credit        4         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL A4 ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with ATC for obtaining
information through letters and emails dated April 6, 2017, and
May 4, 2017, 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 ATC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
ATC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower.'

Set up in 2015 as a partnership entity, ATC trades in paper and
board. The firm, based in Sivakasi (Tamil Nadu), deals in two
major categories of paper - printing and writing Paper and copier
paper. The operations are managed by Mr. Chiranjeevi Rathnam.


BATHSHA MARINE: CARE Raises Rating on INR2.31cr Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bathsha Marine Exports Private Limited (BMEPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            2.31       CARE B+; Stable Revised from
                                    CARE B; Stable

   Short-term Bank
   Facilities            5.50       CARE A4 Re-affirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BMEPL continue to
be tempered by small scale of operations with declining operating
margins and thin net profit margin, leveraged capital structure
with weak debt coverage indicators, moderate operating cycle days
along with competitive nature of industry. The ratings are
further tempered by regulatory risk and seasonality associated
with seafood industry along with fluctuation in foreign exchange
prices. The ratings also factor in increase in total operating
income, and PAT margin and improved debt coverage indicators. The
ratings however, are underpinned by the long track record and
experienced promoters for more than two decades in sea food
industry and locational advantage of the plant.

Going forward, the ability of the company to increase its scale
of operations, improve capital structure and its debt coverage
indicators and manage working capital requirements efficiently
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations with thin profit margins: The scale of
operations, however improving, continued to remain small marked
by a total operating income of INR26.18 crore and a low net worth
base of INR4.24 crore in FY18 (Prov.).  The PBILDT margin
continued to decline and stood at 9.38% in FY18 (Prov.) as
compared to 14.47% in FY17 on back of increase in cost of raw
material for the execution of increased orders. The PAT margin,
however, improved and stood at 2.99% in FY18 (Prov.) as compared
to 1.15% in FY17 in line with improvement in PBILDT in absolute
terms.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company marked by overall gearing of
the company though improved stood moderately leveraged at 2.75x
as on March 31, 2018 (Prov.) as against 7.46x as on March 31,
2017 on back of improved net worth position of the company. The
debt coverage indicators represented by TD/GCA of the company
improved and stood moderate at 8.97x as on March 31, 2018 (Prov.)
as compared to 12.22x as on March 31, 2107 on account of
improvement in gross cash accruals. The PBILDT Interest coverage
improved marginally and stood at 2.62x in FY18 (Prov.) as
compared to 2.13x in FY17 due to improvement in PBILDT in
absolute terms despite an increase in interest expense.

Moderate operating cycle days: The operating cycle of the company
stood stretched at 88 days as on March 31, 2018 (Prov.) as
compared to 33 days as on March 31, 2017 due to an increase in
average inventory period from 97 days as on March 31, 2017 to 108
days as on March 31, 2018 (Prov.) and average collection period
from 25 days to 35 days as on March 31, 2018 (Prov.) on back of
realizations made during the year. The average creditor period,
however, improved and stood at 55 days in FY18 (Prov.) as against
89 days in FY17.

Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: The company has to
stock shrimps for export during the off season, thus increasing
its inventory levels. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to
pose risk in the raw material procurement. Furthermore, due to
limited value addition nature of business and less technological
input entry barriers are low. As a result, processed sea food
industry is highly competitive with the presence of a large
number of Indian players as well as players from other
international market. Furthermore, exports of sea food is highly
regulated, as exporters of sea food have to meet various
regulations imposed by importing nations as well as imposed by
the Indian government.

Profitability margins are susceptible to fluctuation in foreign
exchange prices: The company generates 100% of revenue through
export sales therefore the profitability margins of the company
are susceptible to fluctuation in foreign exchange prices because
of absence of hedging mechanism. The company, however, has made
profit from foreign exchange transactions of INR0.13 crore in
FY17(A) and INR0.20 crore in FY18 (Prov.).

Key Rating Strengths

Long track record and experience of the promoters for more than
two decade in sea food industry: BMEPL was incorporated in the
year 1997, promoted by Mr. Akber Bathsha (Managing Director),
Mrs. Sunitha Bathsha (Director) and Mr. Yazar Bathsha (Director),
all the directors are qualified graduate having more than two
decades of experience in sea food industry. The directors are
actively involved in day to day operations of the company. Mr.
Akber
Bathsha has more than two decades of experience in sea food
industry and looks after the marketing activities. Due to
long term presence in the market, the promoters have good
relations with suppliers and customers.

Growth in total operating income and improved PAT margin during
review period: The total operating income of the company
improvement by 102% in FY18 (Prov.) and stood at INR26.18 crore
as compared to INR12.99 crore in FY17 on account of increase in
number of orders executed for export of frozen sea food products
during the year. During 4MFY19, as on August 23, 2018 the company
achieved a total operating income of INR7.62 crore (USD 1.14
million). The PAT margin improved and stood at 2.99% in FY18
(Prov.) as compared to 1.15% in FY17 in line with improvement in
PBILDT in absolute terms.

Locational advantage: The plant location of the company is
located in aquaculture Zone near Kerala, which enables the
company to procure raw materials and send the same for process
immediately after harvest. This results in better quality product
as well as lowers the transportation cost.

Placo Enterprises Private Limited was incorporated in the year
1997 and later the name was changed to Placo Plastics Private
Limited. During 2003, the company name was changed to current
nomenclature Bathsha Marine Exports Private Limited (BMEPL).
Initially the company was engaged in storage of sea food. However
from May 2016, the company commenced processing, packing and
export of shrimp and various fish to the places like Vietnam,
Portugal, Australia, Kuwait and Korea. The product profile of the
company includes black tiger, Vannamei, white shrimp, Cuttle
Fish, Indian Mackeral, Yellow Fin Tuna and Ribbon Fish. The
company is 100% Export Oriented Unit (EOU). BMEPL procures fish
and shrimp from local fisher men i.e., Kerala and other places
like Nellore and Andhra Pradesh. The plant has the certification
from 'Hazard Analysis Critical Control Point (HACCP) and British
Retail Consortium (BRC). The processing and storage facilities of
SMPL are approved by the Marine Products Export Development
Authority (MPEDA).


BHARAT BARREL: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Bharat Barrel and
Drum Manufacturing Company Private Limited (Bharat Barrel)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          5          CRISIL A4 (ISSUER NOT
                                      COOPERATING)

   Cash Credit             4.5        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      2          CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with Bharat Barrelfor
obtaining information through letters and emails dated Feb. 28,
2018, and Aug. 31, 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 Bharat Barrel, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Bharat
Barrel 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 Bharat Barrel continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Bharat Barrel, incorporated in 1951, manufactures steel barrels
and bitumen drums. It also manufactures barrels and drums on
jobwork basis for oil refineries. It owns property other than for
the barrel business. Bharat Barrel is owned by two families: the
Jalan family owns 94 per cent stake while the Goenka family owns
the rest. Its day-to-day operations are managed by director Mr.
Sanjeev Goenka.


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Set up in 1988, CCCPL executes road construction work for the
central government (70%) and the Maharashtra government (30%).


DEEPAK BUILDERS: CRISIL Assigns B+ Rating to INR30cr LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Deepak Builders & Developers (DBD).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan          30         CRISIL B+/Stable (Assigned)

   Proposed Overdraft
   Facility                20         CRISIL B+/Stable (Assigned)

The rating reflects exposure to risks associated with ongoing
projects and cyclicality in the Indian real estate industry and
exposure to risk associated with ongoing projects. These
weaknesses are partially offset by promoter's extensive
experience in real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical and is marked by sharp
movements in prices and a highly fragmented market structure. The
overall uncertain economic climate, and, higher caution by banks
towards exposure to the sector, can also impact company's credit
profile.

* Exposure to risks associated with ongoing projects: The firm
has sold about 5% and completed 5% of its ongoing projects, which
leads to a moderate off-take and implementation risk. Any delay
in inflow of customer advances or bookings may impact
construction progress and liquidity.

Strength

* Promoters extensive experience: The promoters have been in the
real estate industry for more than 29 years, and have completed
several projects in and have completed several projects in Nashik
region leading to established presence and brand value.

Outlook: Stable

CRISIL believes DBD will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if higher bookings and timely receipt of
advances lead to substantial cash inflows and strengthens
financial risk profile. The outlook may be revised to 'Negative'
if lower bookings or delayed receipt of customer advances
constrains cash flows and debt repaying ability.

DBD, established in 1992 in Nashik, is promoted by Mr. Deepak
Chande.  The firm undertakes residential real development in
Nashik. It currently has two projects under execution.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit (long- and short-
    term) downgraded and migrated to Non-Cooperating Category
    with IND D (ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Term loan (long-term) due on March 2024
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Delexcel, the
details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in September 2014, Delexcel Pharma has a
pharmaceutical manufacturing plant in Telangana.


DEV SHREE: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dev Shree
Cotsyn Private Limited's (DSCPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits Long-term rating downgraded;
    Short-term rating affirmed with IND BB-/Stable/IND A4+
    rating;

-- INR10 mil. Non-fund-based limits assigned with IND A4+
    rating; and

-- INR200 mil. (increased from INR90 mil.) Term loan due on
    June 2025 downgraded with IND BB-/Stable rating.

KEY RATING DRIVERS

The downgrade reflects a decline in DSCPL's EBITDA margins
leading to weak credit metrics. In FY18, return on capital
employed was negative 4.90% and the EBITDA margins were modest at
3.18% (FY17: 9.86%). The decline in the margins was on account of
an increase in manufacturing and personnel expenses.
Consequently, EBITDA interest coverage (operating EBITDA/gross
interest expense) deteriorated to 1.10x in FY18 (FY17: 3.92x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) to 18.30x (5.47x). FY18 financials are provisional in
nature.

The ratings continue to factor in the company's medium scale of
operations. Revenue grew at a CAGR of 21.88% to INR712.04 million
during FY14-FY18 (FY17: INR654.24 million) on account of high
demand of synthetic yarn and increase in the quantum of orders
received from different dealers and customers. The company
purchased additional machineries in FY17-FY18, which is likely to
boost production and consequently revenue in the short-to-medium
term.

The ratings are also constrained by DSCPL's tight liquidity
position as indicated by 91% average utilization of the fund-
based limits for the 12 months ended August 2018.

However, the ratings continue to be supported by DSCPL's
promoters' more than three decades of experience in the textile
industry.

RATING SENSITIVITIES

Negative: Any decline in the operating revenue or EBITDA margin
leading to deterioration in the credit metrics and pressure on
the liquidity position will be negative for the ratings.

Positive: A sustained improvement in the revenue along with an
improvement in the EBITDA margin, leading to an improvement in
the credit metrics will be positive for the ratings.

COMPANY PROFILE

DSCPL was incorporated in 2011 and began commercial operations in
2013. The company manufactures synthetic yarn with a wide range
of counts in grey and dyed Ne 8/1 - Ne 40/1. It has installed
27,000 spindles and manufacturing capacity of 23 tons yarn per
day. The company also manufactures sewing thread (contributes 2%-
3% to the top line).


ESSPEE CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Esspee Construction
(EC) continues to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit            7          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with EC for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 31, 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 EC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EC 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 EC continues to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

EC is a partnership firm promoted by Mr. N L Pareek and his sons.
The firm undertakes construction of buildings and other civil
structures in Rajasthan.


EXCEL TIMBERS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Excel Timbers
Private Limited (ETPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          3           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     7           CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ETPL for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 31, 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 ETPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ETPL 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 ETPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Based in Kozhikode (Kerala), ETPL primarily trades in timber
logs.


G.V.D. TEXTILES: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of G.V.D. Textiles
Private Limited (GVD) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10.6        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Term Loan               0.9        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with GVD for obtaining
information through letters and emails dated February 28, 2018
and August 31, 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 GVD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GVD 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 GVD continues to be 'CRISIL B/Stable Issuer not
cooperating'.

GVD was originally set up as a proprietary concern in 1983; the
firm was reconstituted as a private limited company. GVD,
promoted by Mr. D Krishnamurthy, manufactures cotton yarn.


GALVA DECOPARTS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Galva Decoparts
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:

-- INR190 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR42 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating;

-- INR600 mil. Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR210 mil. Proposed fund-based working capital limit
    migrated to Non-Cooperating Category with Provisional IND BB+
    (ISSUER NOT COOPERATING)/Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR8 mil. Proposed non-fund-based working capital limit
    migrated to Non-Cooperating Category with Provisional IND A4+
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 2007, Galva Decoparts is engaged in the
manufacturing and electroplating of anti-lock braking system
plastic components used for decorative purposes in the automobile
and FMCG industries.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 7, 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 1993, Garg Granites is engaged in processing and
trading of marble slabs and tiles of various texture and design.
Its processing facility is in Kishangarh, Rajasthan. The site has
an annual installed capacity of 300,000 cubic feet.


GK-AUTOPAL LIGHTING: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of GK-Autopal Lighting
Solutions LLP (GKALS) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Rupee Term Loan         1.5       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GKALS for
obtaining information through letters and emails dated February
28, 2018 and August 31, 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 GKALS, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GKALS 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 GKALS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

GKALS was registered as a partnership firm with limited liability
(LLP) on December 29, 2014. The firm is currently engaged in
trading of compact fluorescent lamps (CFLs) and is in the process
of setting up a plant for manufacturing light-emitting diode
(LED) luminaries.


GOOD GREENS: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Good Greens India
Private Limited (GGIPL) continues to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        2         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        0.5       CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          1         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Packing Credit          2         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Proposed Working       2.5        CRISIL B+/Stable (ISSUER NOT
   Capital Facility                  COOPERATING)

CRISIL has been consistently following up with GGIPL for
obtaining information through letters and emails dated Feb. 28,
2018 and Aug. 31, 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 GGIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GGIPL 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 GGIPL continues to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'

Set up in 2009, GGIPL processes and exports gherkins. The company
is based in Chennai and is promoted by Ms. Kavitha Parthibhan,
Mr. Divya Prakash, and Mr. A. Balamurugan


GORAYA INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goraya Industries -
Jalalabad (GIJ) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8.75        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Term Loan              2           CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Warehouse Receipts     1.25        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with GIJ for obtaining
information through letters and emails dated February 28, 2018
and August 31, 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 GIJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GIJ is
consistent with 'Scenario 2' 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 GIJ continues to be 'CRISIL B/Stable Issuer not
cooperating'.

GIJ was established in 2010 as a partnership firm by Mr. Inderjit
Singh and his brothers, Mr. Balwinder Singh and Mr. Joginder
Singh, in Jalalabad (Punjab). The firm mills and undertakes
indirect export of rice, mainly basmati, under its brands,
Kashmir ki Rani and Goraya Gold. The firm is managed by three
brothers.


GOVAAN STEELS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Govaan Steels
Private Limited (GSPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        20        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          15        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Cash
   Credit Limit             7.14     CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GSPL for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 31, 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 GSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSPL 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 GSPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in June 2008, GSPL manufactures mild steel billets
and thermo-mechanically treated (TMT) bars. GSPL commenced
commercial operations in September 2010 and is based in
Coimbatore, Tamil Nadu.


GREEN PEACE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Green Peace Construction Private Limited
        Grand Citadel, No. 10
        Natesan Salai, Ashok Nagar
        Chennai 600083

Insolvency Commencement Date: August 27, 2018

Court: National Company Law Tribunal, Madurai Bench

Estimated date of closure of
insolvency resolution process: February 22, 2019
                               (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:    September 19, 2018


HYDROBATHS RAMCO: CRISIL Reaffirms D Rating on INR9.25cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Hydrobaths Ramco Marketing Private Limited (HRMPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.25       CRISIL D (Reaffirmed)

   Import Letter of
   Credit Limit           2.50       CRISIL D (Reaffirmed)

   Term Loan              1.25       CRISIL D (Reaffirmed)

The ratings continue to reflect its weak financial risk profile
because of high gearing and subdued debt protection metrics,
small scale of operations, and large working capital requirement.
However, the company benefits from the extensive experience of
its promoter in the sanitary ware industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting debt obligation: HRMPL has delayed servicing
its debt obligation on account of weak liquidity, led by decline
in scale of operations since fiscal 2016.

* Weak financial risk profile: Gearing was high at 2.59 times as
on March 31, 2018. Also, debt protection metrics were weak, with
interest coverage and net cash accrual to total debt ratios of of
1.11 times and 0.01 time, respectively, in fiscal 2018.

* Small scale of operations: With an operating income of INR17.81
crore in fiscal 2018, scale remains modest in the competitive
sanitary ware industry.

Strength

* Extensive experience of promoter: Industry presence of around
two decades has enabled the promoter to establish healthy
relationship with suppliers and customers.

Set up in 2000 as a proprietorship firm by Mr. Vineet Bhutani and
reconstituted as a private limited company in 2009, HRMPL trades
in tiles and sanitary ware products. The company owns a showroom
in Gurgaon.


INFRASTRUCTURE LEASING: Said to Seek $4.2 Billion in Asset Sales
----------------------------------------------------------------
Bloomberg News, citing an internal memo, reports that
Infrastructure Leasing & Financial Services Ltd., an Indian
conglomerate that has missed payment on more than five of its
obligations since August, is seeking to raise more than
INR300 billion (US$4.2 billion) selling assets to cut debt.

The company, which has been categorized as a "systemically
important" non-banking financial firm by the Reserve Bank of
India, plans to sell 25 assets and has received investor interest
for 14 of them, Bloomberg relates citing a note sent to employees
by Vice Chairman and Managing Director Hari Sankaran. The company
is satisfied with the valuation of the offers, Sankaran said,
Bloomberg relays. IL&FS didn't respond to an email seeking
comment on the note.

According to Bloomberg, investors are concerned that defaults by
IL&FS, which has total debt of $12.6 billion -- 61 percent in the
form of loans from financial institutions -- could spread to
other shadow banks in Asia's third-largest economy. The firm,
which helped fund India's longest highway tunnel, hasn't been
able to pay more than INR4.9 billion ($68 million) of its
obligations this year and has additional dues of about 2.2
billion rupees to be repaid by end of October, according to data
compiled by Bloomberg.

"Investors are wary about the credit issues," the report quotes
Rajesh Cheruvu, chief investment officer at WGC Wealth Management
Ltd, as saying. "Few of IL&FS bonds are maturing over the next
few weeks, market participants are nervous over it."

The company's shareholders will meet on Sept. 29 to vote on
increasing the authorized share capital of IL&FS to
INR45 billion, which "will be the starting point for the
implementation of a plan to restore normalcy," according to the
IL&FS note to employees, Bloomberg relays.

The Reserve Bank of India has called for a meeting with
shareholders of Infrastructure Leasing & Financial Services on
Sept. 28, to focus on the recent set of defaults, Bloomberg Quint
reported on Sept. 23, citing two bankers with direct knowledge of
the matter.

Separately, a unit of IL&FS re-designated its Chief Financial
Officer Dilip Bhatia's role and asked him to focus on selling
assets, IL&FS Transportation Networks Ltd. said in a filing on
Sept. 22, Bloomberg reports. IL&FS Transportation manages 28 road
and five other non-road projects, according to its annual report.

"Investors are awaiting concrete announcements on the sale of
assets and infusion of liquidity from shareholders," the report
quotes Mahendra Jajoo, head of fixed income at Mirae Asset Global
Investment in Mumbai, as saying.

IL&FS, which reported revenue of $2.6 billion in the year ended
March 31, said in a statement that it couldn't make interest
payments due Sept. 28 on three non-convertible notes. The amounts
due totaled about INR376.4 million, according to data compiled by
Bloomberg.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2018, India Ratings and Research (Ind-Ra) has
downgraded Infrastructure Leasing & Financial Services Limited's
(IL&FS) Long-Term Issuer Rating to 'IND D' from 'IND BB' and
Short-term Issuer Rating to 'IND D' from 'IND A4+' while
resolving the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR93,600.8 bil. Long-term debt (Long-term) downgraded, off
   RWN with IND D rating;

-- INR1.0 bil. Subordinated debt (Long-term) downgraded, off
   RWN with IND D rating;

-- INR12.25 bil. Short-term debt (Short-term) downgraded, off
   RWN with IND D rating; and

-- INR3.0 bil. Bank loans (Long-term) downgraded, off RWN with
   IND D rating.

The downgrade reflects IL&FS's delays in meeting its debt
servicing obligations due to sharp deterioration in the liquidity
profile of the group. The company is planning to raise INR45
billion of equity through a rights issue and INR35 billion of
long-term debt from its shareholders. However, the emergency
shareholders meeting remained inconclusive on providing liquidity
support to IL&FS, which aggravated the liquidity situation. In
absence of immediate support from the shareholders, IL&FS's
ability to timely honor its forthcoming repayments commitments is
highly susceptible.


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

The instrument-wise rating actions are:

-- INR1,005.1 bil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR279 mil. Term loan due on June 30, 2020 migrated to non-
    cooperating category IND BB+ (ISSUER NOT COOPERATING) rating;
    and

-- INR20 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

K.M. Sugar Mills manufactures sugar, distillery products and bio-
fertilizers at its plant in Faizabad, Uttar Pradesh.


INTERLINK PETROLEUM: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Interlink Petroleum Limited
        105, 1st Floor, 389-A, South Ex Plaza-1
        Masjid Moth, South Extn. Part-II
        New Delhi 110049

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019

Insolvency professional: Atul Mittal

Interim Resolution
Professional:            Atul Mittal
                         174, BALCO Apartments, Plot No.58
                         IP Extn., Patparganj, Delhi 110092
                         E-mail: a.mittalmc@gmail.com
                                 ip.amittal@gmail.com

Last date for
submission of claims:    September 21, 2018



LEGEND ESTATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Legend Estates Private Limited
        Registered Office:
        6-3-1238, Sixth Floor, Legend Apartment
        Renuka Enclave
        Raj Bhavan Road
        Somajiguda, Hyderabad 500082
        Telangana, India

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 26, 2019
                               (180 days from commencement)

Insolvency professional: Sunil Kumar Jain

Interim Resolution
Professional:            Sunil Kumar Jain
                         C/o Sunil & Sanjay Chartered Accountants
                         1-7-264/2017, II Floor, Emerald House
                         S.D Road
                         Secunderabad, Telangana 500003
                         E-mail: ssuniljain@gmail.com

Last date for
submission of claims:    September 13, 2018


MADHAV GINNING: CRISIL Hikes Rating on INR3cr LT Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term facility of
Madhav Ginning (MG) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          3         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in liquidity with adequate
cushion in cash accrual against repayment obligations.The upgrade
is supported by annual growth of 80% in revenue for fiscal 2018
and above-average debt protection metrics.

The rating reflects the firm's average financial risk profile and
modest scale of operations. These weaknesses are partially offset
by the extensive experience of MG's partners in the cotton
ginning industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition and limited
product differentiation, constrain the firm's pricing and
bargaining power with customers and suppliers, and have led to
modest revenue of INR15 crore in fiscal 2018.

* Vulnerability to changes in cotton prices: Availability of
cotton depends on monsoon, and prices are further affected by
government interventions and fluctuations in global output.
Hence, the firm's ability to manage volatility in cotton prices
and maintain profitability, will be a key rating factor.

* Average financial risk profile: Gearing and total outside
liabilities to tangible networth were estimated at 1.83 and 1.85
times, respectively, as on March 31, 2018. Debt protection
metrics were above-average with estimated interest coverage and
net cash accrual to total debt ratios of 2.95 times and 0.15
time, respectively, for fiscal 2018. Also, networth was average
at INR2.24 crore as on March 31, 2018.

Strength

* Extensive experience of the partners: Benefits from the three
decade-long experience of the partners, their understanding of
the local market dynamics, and established relationships with
customers and suppliers, will continue.

Outlook: Stable

CRISIL believes MG will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' in case of improvement in revenue, profitability,
working capital management and capital structure. The outlook may
be revised to 'Negative' if low cash accrual, stretch in working
capital cycle, or any large debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.

MG is a partnership firm, incorporated in 2013, by members of the
Bariya family, which has been engaged in the cotton ginning
business for over three decades. The firm is located in Jetpur,
Junagadh (Gujarat).


MAHAKALI CHANDRAPUR: CARE Assigns B- Rating to INR4.86cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahakali Chandrapur Polytex Private Limited (MCPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.86       CARE B-; Stable Assigned

   Short-term Bank
   Facilities            0.56       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCPL is
constrained by its small scale of operations with low
profitability margins along with susceptibility of operating
margins to fluctuations in the raw material prices, leveraged
capital structure, working capital intensive nature of operations
and presence in a highly fragmented industry. The ratings,
however, draw strength from extensive experience of the directors
in plastic packaging industry, reputed customer base across
geographies and favorable outlook for the plastic packaging
industry.

The ability of the company to improve its scale of operations,
profitability margins, solvency position while managing its
working capital requirements effectively are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability: The company
total operating income grew y-o-y at 36.69% and stood at INR21.87
crore in FY18. Small scale of operations limits the financial
flexibility of the company in times of stress. Furthermore, the
profitability margins of the entity remained low during the year.

Leveraged capital structure and debt coverage indicators: The
capital structure of the company stood leveraged as reflected by
debt to equity and overall gearing ratio of 37.89x and 49.74x as
on March 31, 2018. Moreover, with low profit margins and high
gearing levels, the debt coverage indicators also stood weak
during FY18.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature with gross
current asset days of 57 days in FY18 with funds majorly blocked
in inventory holding period. The working capital requirements are
met by cash credit facility, average utilization of which
remained high.

Susceptibility of margins to the fluctuation in raw material
prices: The raw material prices accounts for ~80% of total
sales. The raw material Polypropylene being derivative product of
crude oil, the price of PP/HDPE polymer is inherently volatile in
nature which exposes its operating profitability to fluctuations
in the raw material prices.

Intensely competitive nature of the industry characterized by a
number of small players: The company operates in an industry
characterized by high competition with presence of few
established players and a large number of unorganized players in
view of low investment and technological requirements.

Key Rating Strengths

Experienced promoters: VPPL is promoted by Mr. Madhusudan
Roongta, Mr.Pradeep Bukkawar, and Mr. Harish Dudhani. The
promoters have an average experience of around two decades in
plastic packaging industry. Long experience of the promoters has
supported the business risk profile of the company to a large
extent.

Reputed clientele: The Company has an established and well
reputed client base with major customers being Ambuja Cement
Limited, Manikgarh Cement, ParmeshwariPolysacks, ACC Limited,
Simplex Chemopack Private Limited, and Ultratech Cement Limited.
MMPL has long-standing relationship with these players, who
possess respectable position in their respective industries, and
has been able to bag repeated orders from them.

Favorable outlook for the plastic packaging industry: In recent
years, with the increasing consumer needs, the uses of plastic
packaging products with major contributions from the Food,
Household Care, and Cosmetics & Toiletries industries. Increasing
economies, the rising population, and the subsequent disposable
income of people are the main drivers for augmented opportunities
in developing countries.

MCPL was incorporated in 2011 and is engaged in the manufacturing
of polypropylene (PP) bags, PP sacks and PP fabrics (un-
laminated). PP sacks are used as packaging material for food
grains, cement, sand, chemicals and other. Majorly, PP bags and
sacks are sold to various big sized cement companies in the state
of Maharashtra.


MAXIM INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Maxim Infrastructure and Real Estate Pvt. Ltd.
        Registered Office:
        Vikash Enterprise, Lower Ground Floor
        Salonsar Mansion, Police Bazar, Shillong-ML 793001

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 27, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Kamalesh Kumar Singhania

Interim Resolution
Professional:            Mr. Kamalesh Kumar Singhania
                         AV Iinsolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No.412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: info@avipgroup.co.in
                                 cirp.maximinfra@avipgroup.co.in

Last date for
submission of claims:    September 14, 2018


MAXROTH IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Maxroth Impex Private Limited
        Neelmani Chambers, 2nd Floor
        b/h. Sales India, Ashram Road
        Ahmedabad, Gujarat 380009

Insolvency Commencement Date: September 12, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 10, 2019
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II, Opp. GLS University
                         Maradia Plaza Lane, C.G. Road
                         Ahmedabad 380006
                         E-mail: pksheth@hotmail.com
                                 irp.maxroth@gmail.com

Last date for
submission of claims:    October 1, 2018


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR80 mil. Non-fund-based working capital Limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+( ISSUER NOT COOPERATING) rating;

-- INR10 mil. Proposed fund-based working capital limit
    maintained in non-cooperating category with Provisional
    IND BB (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR25 mil. Proposed non-fund-based working capital limit
    maintained in 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
August 31, 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 2005, MNC Electricals manufactures GO switches,
electrical panels etc.


MODERN STAGE: CRISIL Reaffirms B Rating on INR4.05cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Modern
Stage Service (MSS) at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.75       CRISIL A4 (Reaffirmed)

   Cash Credit            4.05       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .20       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations and
net worth, and large working capital requirement. These rating
weaknesses are partially offset by the extensive experience of
the partners in the lighting and audio industry, and comfortable
leverage.

Analytical Approach

Crisil has treated unsecured loans from the partners and
relatives which stood at INR4.55 crore as on March 31, 2018 as
debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and net worth: Around 80% of revenue
is derived from projects undertaken for various government
institutions, through a tender bidding process. Operating revenue
of the firm stood at INR26.55 crore in fiscal 2018 which declined
from INR38.9 crore in fiscal 2018 due to one off impact of
implementation of GST. Operating revenue is expected to remain
modest over the medium term.

* Large working capital requirement: Gross current asses were
high, estimated at over 400 days as on March 31, 2017, in line
with past trends. The same is due to debtors of more than 230
days as most of the customers are government departments, and
inventory of around 130 days on account of lead time required for
procurement.

Strengths

* Extensive industry experience of the partners: The partners
have an established track record in the stage lighting, audio and
video space, backed by extensive experience and engineering know-
how that the partners have acquired over the past seven decades.
The firm has provided end-to-end lighting solutions to over 1000
auditoriums, and other institutions, thereby establishing a
strong relationship with customers and suppliers.

* Comfortable leverage: The total outside liabilities to adjusted
net worth is estimated at 1.70 times, as on March 31, 2018
against 1.63 times over the same period last fiscal. The same is
due to moderate networth of INR13.14 crore as on 31st March 2018.
The leverage is expected to remain comfortable over the medium
term marked by moderate networth, accretion to reserves and no
debt contracted to fund any capital expenditure.

Outlook: Stable

CRISIL believes MSS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of sustained and significant increase in
revenue and profitability leading to higher cash accrual, and
considerable improvement in working capital management. The
outlook may be revised to 'Negative' if revenue and profitability
decline steeply due to intense competition, or in case of larger-
than-expected debt-funded capital expenditure or a stretched
working capital cycle, leading to deterioration in liquidity.

MSS is a partnership concern established in 1994; operations are
managed by the partners, Mr. Varinder Kumar Wadhwa and Mr.
Davinder Kumar Wadhwa. The firm installs stage lights, and video
and audio systems for government and private organizations.


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

The instrument-wise rating actions are:

-- INR15 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

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

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

COMPANY PROFILE

Tirupur-based Morning Staar Apparels manufactures and exports
readymade garments to retailers and wholesalers in Europe.


MPS STEELS: CARE Reaffirms B+ Rating on INR9.18cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
MPS Steels Private Limited (MPS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             9.18      CARE B+; Stable Re-affirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MPS factors in the
increase in Total Operating Income (TOI), improvement in
operating margins and reduced net losses in FY18 (refers to the
period April 1 to March 31). Further, the ratings continue to
remain tempered by the leveraged capital structure, debt serving
ability of the company, working capital intensive nature of
operations, profit margins being susceptible to raw material
price fluctuation, and intense competition due to fragmented
nature of the steel industry.  The ratings, however, continue to
derive strength from experience of the promoters and improved
profitability margins. Going forward, the ability of MPS to scale
up the operations, improve profitability and capital structure
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Leveraged capital structure and debt coverage indicators: The
capital structure of the company continued to remain leveraged
and negative marked by an overall gearing and debt equity of
1.11x and 0.43x as on March 31, 2018 (CA Cert.) respectively.
This is mainly on account of the accretion of losses to the
reserves of the company resulting in erosion of net worth. The
net worth, showed improvement, however continues to remain
negative at INR11.71 crore as on March 31, 2108 (CA Cert.) as
compared to INR12.02 crore as on March 31, 2017.

The debt coverage indicators marked by TD/GCA improved and stood
at 8.82x in FY18 (CA Cert.) as against -23.84x in FY17 due to a
significant improvement in GCA to INR1.47 crore in FY18 (CA
Cert.) as compared to negative GCA of INR0.55 crore in FY17 on
back of reduced losses and a significant increase in the total
operating income of the company during the year.

Working capital intensive nature of operations: The operating
cycle stood at negative 95 days in FY18 (CA Cert.) as against
negative 38 days in FY17. There has been improvement in the
average inventory period and average collection period standing
at 36 days and 91 days in FY18 (CA Cert.) as compared to 68 days
and 121 days in FY17 respectively. However, the average creditor
period remained high at 222 days in FY18 (CA Cert.) and 226 days
in FY17.

Profit margins susceptibility to price fluctuation: MPS has to
purchase raw materials from the market and does not have any long
term contracts for purchase of the same. The raw material is the
major cost driver for MPS and raw material prices are volatile in
nature which are driven by the global prices and are also
dominated by the demand supply scenario prevailing on a
particular day. Hence, the profitability margin sis susceptible
to fluctuation in raw material prices and any adverse fluctuation
in the prices can adversely affect the profitability margins of
the firm.

Intense competition due to fragmented nature of the industry: MPS
faces intense competition from various regional and unorganized
players of steel industry. The spectrum of the industry is highly
fragmented and competitive marked by presence of numerous players
in India, in view of low entry barriers. Hence, the players in
the industry (incl. MPS) do not have pricing power and are
exposed to competition induced pressures on profitability.

Key Rating Strengths

Long experience of the promoters of over a decade in similar
business: The promoters of MPS have over 2 decades of experience
in similar business belonging to the Beepath Group.

Increase in Total Operating Income along with reduced net loss
during the period under review: The Total Operating Income (TOI)
of the company has improved over a year. The TOI of the company
registered growth of 18% and stood at INR32.15 crore in FY18 (CA
Cert.) as against the TOI of INR27.26 crore in FY17. The increase
was on back of an increase in selling price of the ingots as a
result of improvement in market conditions. The increase in the
total operating income resulted in a decrease in the net losses
of the company and stood at INR0.21 crore as compared to INR3.28
crore.

Improved profitability margins: The PBILDT margin improved and
stood at 9.10% in FY18 (CA Cert.) as compared to 3.22% in FY17 as
a result of increase in PBILDT in absolute terms on back of
improved operations and market conditions of the company. The PAT
margin also improved in line with the PBILDT margin, however
continued to remain negative, and stood at 0.67% in FY18 (CA
Cert.) as compared to 12.04% in FY17. The improvement in market
conditions and selling price changes have resulted in a reduction
in the net losses by around 93% for FY18 (CA Cert.) and stood at
INR0.21 crore as compared to INR3.28 crore in FY17.

MPS Steels Private Limited (MPS) was originally established as
MPS Steels Castings Private Limited, part of the Paragon Steel
Group. It had two divisions - castings and ingots. Subsequently
in FY13, the ingot division was taken over by Bee Path group,
whose promoters are Mr. Palakkandy UsmanKoya Moideenkoya, Mr.
Mujeeb Rehman Charupadikkal and Mr. Palakkandy Hafeezula and thus
MPS was incorporated. The directors, Mr. Palakkandy UsmanKoya
Moideenkoya and family, have been in the steel industry for close
to two decades are involved in the day to day activities of the
business of MPS. MPS commenced its operations in May 2013 and is
engaged in manufacturing MS ingots with an installed capacity of
15,000 MT per annum. The average capacity utilization was 80% as
on July 31, 2018. The manufacturing unit is situated in Palakkad
in 2.5 acres which has in-house warehouse to the extent of
approx. 1 acre. MPS is certified by ISO 9001:2008 and ISI
certification for entire product range. The key raw materials are
sponge iron and scrap.


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

The instrument-wise rating actions are:

-- INR44.5 mil. Term loan (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR22.5 mil. Fund-based working capital limit (long-term/
    short-term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 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 2012, NIMP Healthcare manufactures bulk drugs and
fine chemicals.


NOSLAR INTERNATIONAL: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Noslar
International Ltd.'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 D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR172.5 mil. Fund-based working capital limits (long
    term/short-term) migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limits (short-term)
    migrated to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR44.1 mil. Term loan (long-term) due on October 2022
    migrated to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 13, 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 1974, Noslar International is a premium bicycle
tyre and tube brand in India and abroad. It is based in
Mandideep, Bhopal, and has an annual installed capacity of 6
million tires and 3.6 million tubes.


P RAMESH: CRISIL Lowers Rating on INR3cr Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P Ramesh And Co (PRAC; formerly known as P Ramesh) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          10        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              3        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Standby Line of          0.4      CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB-/Stable')

The downgrade reflects significant stretch in working capital
marked by high debtor days as on March 31, 2018. Furthermore,
liquidity has remained stretched.

CRISIL continues to reflect the extensive experience of PRAC in
the construction industry, and the firm's healthy financial risk
profile driven by moderate net worth, low gearing, and adequate
debt protection metrics. These strengths are partially offset by
working capital-intensive operations in a fragmented industry,
high geographical and project concentration in order book, and
exposure to risks inherent in tender-based business.

Key Rating Drivers & Detailed Description

Strengths

* Partner's extensive industry experience: The partner has
experience of more than two decades in the civil construction
industry, and has established relationships with key customers
and suppliers.

* Average financial risk profile: The financial risk profile is
comfortable, supported by comfortable gearing of 0.69 times, net
worth of INR13.40 crore as on March 31, 2018 and debt protection
metrics as reflected in  interest coverage and net cash accrual
to total debt ratios of 3.61 times and 0.21 times, respectively,
in fiscal 2018.

Weaknesses: * Working capital-intensive operations: Gross current
assets were estimated at 311 days as on March 31, 2018 driven by
stretch in receivables.

* Exposure to risks inherent in tender-based business: Revenue
depends on success in winning tenders. Profitability is under
pressure because of competitive pricing.

* High geographical and project concentration in order book
PRAC's entire revenue comes from Telangana, and the firm executes
projects for a single region, Roads and Buildings Department of
Telangana. This exposes it to delays or changes in investment
plans of its customer, and to political situation in the region.

Outlook: Stable

CRISIL believes PRAC will continue to benefit from its
proprietor's extensive industry experience and its healthy order
book. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue and profitability,
or in networth because of sizeable equity infusion. The outlook
may be revised to 'Negative' if delays in project execution or
receivables result in lower-than-expected growth in revenue and
operating profitability, or if any large debt-funded capex
weakens the financial risk profile.

Initially, PR was set up as a proprietorship firm in 1989 by Mr.
P Ramesh. Later changed its constitution to P Ramesh And Co. The
firm is engaged in civil construction works Based on Hyderabad
and it is registered as a special class contractor.


PALM STREET: CRISIL Assigns 'D' Rating to INR10cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Palm Street Infrastructure and Developers Private
Limited (Palm Street).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan         10        CRISIL D (Assigned)

The rating reflects delays by Palm Street in payment of interest
on the term loan. The rating also factors in exposure to risks
related to the cyclical nature of the real estate industry and to
demand risk associated with the ongoing project. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in payment of interest against the term loan: The delay
was due to limited advances received from customers and low
booking of only 8-9% of the total flats as of August 2018. Also,
advances of only 8-9% of the booked sales have been received,
resulting in limited cash flows for servicing the term loan.

* Exposure to risks related to the cyclical nature of the real
estate industry and to demand risk associated with the ongoing
project: The real estate sector is inherently cyclical. Also, the
demand risk for the project is high as only 8-9% of project has
been booked as of August 2018.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of more than a decade in the real estate
industry. This has resulted in around 75% of the construction of
the current project being completed.

Incorporated in 2008 by Mr. Sanjay Suri, Palm Street develops
residential real estate. At present, it has one ongoing project,
Panditwari, adjacent to Etlantis Club, Dehradun. The project
includes 36 3-bedroom, hall, kitchen (BHK) flats and 36 2-BHK
flats comprising a saleable area of 109,800 square foot.


PE ELECTRONICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: PE Electronics Limited

        Registered Office:
        Auto Cars Compound, Adalat Road
        Aurangabad, MH 431005

        Corporate Office:
        1711C, Mittal Court, Nariman Point
        Mumbai 400023

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 27, 2019
                               (180 days from commencement)

Insolvency professional: Divyesh Desai

Interim Resolution
Professional:            Divyesh Desai
                         B2 402B Marathon Innova
                         Off Ganpatrao Kadam Marg, Lower Parel
                         Mumbai 400013
                         E-mail: divyeshdesai@singhico.com

Last date for
submission of claims:    September 20, 2018


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

The instrument-wise rating action is:

-- INR1.850 bil. Term loan (long-term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2004, Mumbai-based PSK Developers is engaged in
residential real estate redevelopment. Its ongoing project,
Fashion Index, is a commercial and residential redevelopment in
Dadar, Mumbai. The project comprises 268 residential units (to be
handed over to the current tenants) and 333 commercial units
(developer's share).


PURNA FISHERIES: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Purna
Fisheries Private Limited (PFPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       4       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PFPL for obtaining
information through letters and emails dated May 31, 2018,
August 7, 2018, and August 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 Purna Fisheries Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Purna Fisheries Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Purna Fisheries Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in fiscal 2014, PFPL is promoted by Mr. Nagre. The
company is engaged in fish farming at Yeldar reservoir on the
Purna River in Parbhani, Maharashtra, spread across 6272 hectare
(16,000 acre).


R.N. DWIVEDI: CRISIL Lowers Rating on INR7.3cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of R.N.
Dwivedi Foundation (RNDF) to 'CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               7.3       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India (SEBI) guidelines, had migrated the
rating on the long-term bank facility of RNDF to 'CRISIL
B+/Stable; issuer not cooperating'. However, the management has
subsequently started sharing information required for a
comprehensive rating review. Consequently, CRISIL is downgrading
the rating to 'CRISIL D'.

The downgrade reflects instances of delays in servicing term
debt, due to stretched liquidity. The rating also reflects the
weak financial risk profile, because of a modest corpus fund,
negative cash accrual and exposure to regulatory risks associated
with educational institutions. These rating weaknesses are
partially offset by extensive experience of the promoter in the
education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in term loan repayment: There have been instances of
delay in servicing term debt due to stretch in liquidity.

* Weak financial risk profile: Financial risk profile is weak,
marked by a modest corpus fund of INR2.40 crore as on March 31,
2018. Negative cash accrual also constrains the financial risk
profile and liquidity. Cash accrual is also negative in the
absence of sufficient fee collection.

* Exposure to regulatory risks associated with educational
institutions: RNDP has to comply with specific operational and
infrastructure norms, set by regulatory bodies like the Central
Board of Secondary Education (CBSE). Also, setting up of new
schools, adding different courses, and/or increasing the number
of seats, requires approvals from authorities. Any instance of
non-compliance could lead to withdrawal of the acquired status,
and affiliation to the respective boards.

Strength

* Extensive experience of the promoter in the education industry:
Dr Sanjay Ranjan, son of the trust's chairman, has over 25 years
of experience in the education sector. Benefits from the
extensive experience of the trustees, their established track
record and operational capabilities in running schools, will
continue.

Set up in 2015, RNDF runs a school at Patna (Bihar). The school
is affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.


RDS & SONS: CARE Reaffirms B+ Rating on INR14.90cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
RDS & Sons Private Limited (RDSS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            14.90      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RDSS continues to
be constrained by its small scale of operation along with short
track of operations, volatile agro-commodity (paddy) prices with
linkages to vagaries of the monsoon, project Implementation risk,
regulated nature of the industry, working capital intensive
nature of operations and moderately high leverage ratios and
intensely competitive nature of the industry with presence of
many unorganized players. The rating, however, derives strength
from its experienced promoters and proximity to raw material
sources and favorable industry scenario.

Going forward, the ability of the company to grow its scale of
operation and profitability margins, ability to manage working
capital effectively and timely completion of the project without
any cost & time overrun, will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: The promoter of RDSS is Mr. Ram Das Sahu,
Director, aged about 56 years, having around three decades of
experience in the rice milling industry. He is being duly
supported by the other promoter director Mr. Arun Kumar Gupta and
Mrs Kulwanti Devi having experience of around fifteen years and
ten years respectively in similar line of business. The promoters
are actively involved in the strategic planning and running the
day to day operations of the company along with a team of
experienced personnel.

Proximity to raw material sources and favorable industry
scenario: RDSS plant is located at Daltonganj district of
Jharkhand which is a paddy growing region in eastern India
resulting in lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices. Rice, being one of the primary food articles
in India, demand is high throughout the country and with the
change in life style and health consciousness; byproducts of the
same like rice bran oil etc. are in huge demand.

Key Rating Weaknesses

Small scale of operations along with short track of operations:
The scale of operations remained small as compared to its peers
with a PAT of INR0.62 crore on total operating income of INR43.32
crore during FY18 (prov). Further, the total capital employed
remained low at INR7.73 crore as on March 31, 2018. The small
size restricts the financial flexibility of the company in times
of stress. The company started operation from FY15, thus having
short track record.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: RDS is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September- October and the
peak arrival of crop at major trading centers begins in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.

Regulated nature of the industry: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the company, especially in
times of high paddy cultivation.

Working capital intensive nature of operations and moderately
high leverage ratios: Paddy is mainly a 'kharif' crop and is
cultivated from June-July to September-October and the same is
processed by rice millers throughout the year. Hence, the
operation is working capital intensive in nature. Accordingly,
the average utilization of working capital limits was around 95%
during last 12 months ended July 31, 2018. The capital structure
of the company has improved and remained comfortable marked by
below unity overall gearing ratio at 0.95x as on March 31, 2018.
The same has improved on the back of accretion of profit to
reserve and repayment of term loan.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Daltonganj and nearby
districts of Jharkhand are major paddy growing area with many
rice mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability. Project Implementation
risk: RDSS is engaged in setting up additional rice milling unit
with a proposed installed capacity of 28,800 tonne per annum. The
project is estimated to be set up at a cost of INR14.58 crore, to
be financed by way of promoter's contribution of INR2.00 crore,
unsecured loan from promoter of INR3.58 crore and term loan of
INR8.00 crore with working capital borrowing of INR1.00 crore.
The bank financing has already been tied up, however, the
construction of the project yet to be started. The project is
expected to be operational from April 2019.

Incorporated in May 2013, RDS & Sons Private Limited (RDSS) is
engaged in the rice milling activities at its plant located at
Daltonganj, Jharkhand with aggregate installed capacity of 15,040
MTPA. The company has started commercial operations from January
2015 onwards. The company procures its raw material from local
market and sells its finished products across India.

RDSS is engaged in setting up additional rice milling unit with a
proposed installed capacity of 28,800 tonne per annum. The
project is estimated to be set up at a cost of INR14.58 crore, to
be financed by way of promoter's contribution of INR2.00 crore,
unsecured loan from promoter of INR3.58 crore and term loan of
INR8.00 crore with working capital borrowing of INR1.00 crore.
The bank financing has already been tied up, however, the
commencement of the project yet to be started. The project is
expected to be operational from April 2019.

Mr. Ram das Sahu (aged, 56 years), having around three decades of
experience in the rice milling industry, looks after the day to
day operations of the company. He is supported by other directors
Mr. Arun Kumar Gupta (aged, 38 years) and Mrs Kulwanti Devi
(aged, 56 years) and a team of experienced professionals.


SAKSHI MARKFIN: CRISIL Ups LT Rating on INR12cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sakshi Markfin Private Limited (SMPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the short term rating
at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit         7       CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits        2       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects expectation of improvement in financial risk
profile, aided by improved net worth & capital structure.
Business risk profile remains stable, with moderate revenue of
INR79 crore during fiscal 2018, driven by stable demand for PVC.
Further unsecured loans from promoters and related parties
continues to support liquidity.

CRISIL ratings to the bank facilities of SMPL continues to Low
operating margin, below-average financial risk profile, and
working capital-intensive operations. These weaknesses are
partially offset by promoters' experience in the polymer trading
industry.

Analytical Approach

The Company had unsecured loan of INR6.43 crore as on March 31,
2018, which has been treated as 75% equity and 25% debt as it is
from the promoters and is likely to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margin: Operating profitability remained low at
1.5-2% over the four years ended March 31, 2017, due to trading
nature of operations.

* Below-average financial risk profile: Debt protection metrics
are weak with interest coverage ratio and net cash accrual to
adjusted debt ratio at 1.2 times and 0.02 times in Fiscal 2018
due to low operating profitability. Capital structure is moderate
, driven by  networth of INR7.91 crore as on March 31, 2018 and
total outside liabilities to tangible networth ratio of 2.3
times.

* Working capital-intensive operations: Operations are working-
capital intensive marked by estimated gross current assets (GCA)
of 97 days as on March 31, 2018 which has increased  from 66 days
a year earlier due higher credit period given to the clients
after GST implications .

Strengths

* Experience of promoters: Benefits from the promoters'
experience (over two decades) and healthy relations with
customers and suppliers should continue to support the business.

Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if substantial increase in revenue and
profitability with prudent working capital management strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in profitability or revenue, resulting in
lower-than expected cash accrual, or stretch in working capital
cycle or larger-than-expected debt-funded capital expenditure
weakens financial risk profile.

Incorporated in October 1996, SMPL is promoted by Mr. Ajay Kumar
Garg and his wife, Ms Rekha Garg; it caters to demand from the
pipes, wire and cable industry. The company trades in polyvinyl
chloride resins, plasticisers and metals such as copper and
aluminum. It has three warehouses in Delhi with total capacity of
around 1,000 MT.


SANDHU FARMS: CARE Reaffirms D Rating on INR3.03cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sandhu Farms Private Limited (SFP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            3.03       CARE D Rating reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SFP continues to
be constrained by recent delays in debt servicing by the company
due to its stretched liquidity position. The company has small
scale of operations with cash losses, high dependence upon
borrowings, negative corpus fund base and stressed debt coverage
indicators. Further, nature of industry is competitive and the
company has revenue concentration risk due to single property.
Going forward, the ability of the company to scale up its
operations while achieving profitability would remain its key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Recent delay in debt servicing: There were delays in the
repayment of principal and interest amount of term loan. The
delays were on account of weak liquidity as the company was
unable to generate sufficient funds in timely manner.

Small scale of operations with cash losses: The total operating
income of the company increased from INR0.27 crore in FY17
(refers to the period April 1 to March 31) to INR0.42 crore in
FY18 owing to increase in occupancy level. However, the scale of
operations continues to remain small. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits.

The PBILDT margin of SFP stood comfortable at 79.40% in FY18.
However, the company incurred cash loss of INR0.62 crore in FY18
(compared to cash loss of INR0.24 crore in FY17) due to high
interest expenses.

High dependence upon borrowings and negative corpus fund base:
The net worth base deteriorated as compared to last year due to
net loss of INR1.08 crore in FY18, Further, the company infused
additional unsecured loans in FY18 to meet the business
requirements.  The debt coverage indicators of SFP stood stressed
marked by interest coverage ratio of 0.34x in FY18 and total debt
to GCA of (-) 14.58x for FY18.

Competitive nature of hospitality industry: The Indian
hospitality industry is highly fragmented in nature with presence
of large number of organized and unorganized players spread
across various regions. Further, the industry is region-based and
is highly sensitive to the untoward events such as slowdown in
the economy which have had an adverse impact on the hospitality
industry. Small players in the industry do not have any pricing
power and are exposed to competition induced pressure on
profitability.

Revenue concentration risk due to single property: SFP currently
has only one resort in Patiala, Punjab which restricts the
operations to a single site leading to revenue concentration
risk. The single-site operations expose the company's revenue and
profitability margins to seasonality in business and happening of
unfavourable event in relation to hotel property or the city.

Sandhu Farms Private Limited (SFP) was incorporated in August
2013 and is promoted by Mr. Manjit Singh Sandhu and Mrs Updesh
Kaur. SFP undertook a project pertaining to setting up a marriage
palace under the name of 'Fort Patiala' having 9 rooms and 2
banquet halls at Rajpura Road, Patiala. The same is spread on a
land area of 4 acres. The palace got operational from October,
2016 with completion of capex. The company earns income from
letting of banquet halls (having accommodation facility of
maximum 500 people) and rooms on rent for the purpose of
marriage, parties etc.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating;

-- INR72.5 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR4 mil. Term loan maintained in non-cooperating category
    with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1996, Gurugram-based Sangar Overseas manufactures
and exports readymade garments specially kids wear.


SEKHANI INDUSTRIES: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sekhani
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 these ratings. The rating
will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR322.5 mil. Term loan due on March 2021-2024 migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 11, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sekhani Industries undertakes embroidery works on fabrics on a
job-work basis.


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

The instrument-wise rating action is:

-- INR1.350 mil. Term loan maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 11, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shah Group Builders is a real estate company based out of Navi
Mumbai.


SHRI AMBIKA: CRISIL Assigns B+ Rating to INR3.64cr LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shri Ambika Agro Private Limited (SAPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      3.64       CRISIL B+/Stable (Assigned)

   Long Term Loan          1.28       CRISIL B+/Stable (Assigned)

   Bank Guarantee          7.00       CRISIL A4 (Assigned)

   Cash Credit              .08       CRISIL B+/Stable (Assigned)

The ratings reflect SAPL's modest scale of operation in the
intensely competitive rice milling industry and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in agro business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Despite being in business for over a
decade, scale of operation continues to be modest with revenue of
INR9.8 crore in fiscal 2018. Despite some improvement, revenue is
expected to remain below-average over the medium term.

* Average financial risk profile: Gearing, comfortable at sub-1
time as on March 31, 2018, is expected to weaken to above 2 times
over the medium term owing to debt-funded capex.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 15 years is expected to continue.
Over the years, the promoters have established longstanding
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained growth in revenue and
profitability with stable working capital cycle strengthen
financial risk profile. The outlook may be revised to 'Negative',
if low cash accrual, stretch in working capital cycle, or any
large debt-funded capital expenditure, weakens financial risk
profile, especially liquidity.

Incorporated in 2007, Raipur, Chhattisgarh-based SAPL is engaged
in rice milling. Mr. Pradeep Agrawal manages the operations.


SHRI NARSING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shri Narsing Dev Sugar Private Limited

        Registered Office:
        B-61, Defence Colony, Meerut
        Uttar Pradesh 250001

Insolvency Commencement Date: September 6, 2018

Court: National Company Law Tribunal, Allahabad Bench

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

Insolvency professional: CS Babita Jain

Interim Resolution
Professional:            CS Babita Jain
                         35B/6 Madhokunj Rammohan Plaza
                         Katra Allahabad 211002
                         E-mail: jainbabita06@gmail.co
                                 irp.shrinarsing@gmail.com

Last date for
submission of claims:    September 20, 2018


SHRI SHYAM: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Shyam
Global Private Limited's (SSGPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR60 mil. Non-fund-based working capital limit downgraded
    with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in SSGPL's net financial
leverage (adjusted net debt/operating EBITDA) to 1.2x in FY18
(FY17: 0.9x) due to a decline in operating EBITDA to INR4 million
(INR5 million), resulting from a decline in revenue to INR53
million (INR83 million). The decline in revenue was driven by a
decline in rice sales, resulting from lower demand. However,
gross interest coverage (operating EBITDA/gross interest expense)
improved to 4.2x in FY18 (FY17: 2.5x) due to a decline in
interest expense. FY18 financials are provisional in nature.

The company's return on capital employed was 4% in FY18 (FY17:
5%) and EBITDA margin was modest at 7.4% (5.7%).

The ratings continue to be constrained by SSGPL's tight liquidity
position as reflected by 99.74% average utilization of its
working capital limits during the 12 months ended August 2018.

The ratings, however, remain supported by the company's
promoter's experience of over two decades in the rice milling
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit metrics on a sustained basis could be
positive for the ratings.

Negative: Any deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2004, SSGPL has a 24,000MTPA rice mill in Banari,
Chhattisgarh. It sells rice, rice bran and other products in
Madhya Pradesh, Bihar, Jharkhand, and Maharashtra through dealers
and distributors. SSGPL procures paddy from the local market. It
also undertakes custom milling for state governments. The company
is promoted by Shri Liladhar Agrawal and Shri Ramesh Agrawal.


SHRINE BUILDTECH: CARE Lowers Rating on INR40cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shrine Buildtech Private Limited (SBPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            40.00      CARE D Revised from CARE BB;
                                    Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SBPL takes into consideration the on-going delays in the
servicing of interest payments by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing Delays in Debt Servicing: The company has on-going delays
in the servicing of interest of term loan with Bank of India for
the last two months. The delays are on account of slow sales
momentum coupled with slow customer collection due to sluggish
real-estate industry.

Shrine Buildtech Private Limited (SBPL), registered with the
registrar of companies - Delhi on June 13, 2013 is engaged in
development of commercial and residential real estate projects
with the objective to sale and lease developed units in the
National Capital Territory region. SBPL being a part of the SCC
Group, engaged in the real estate development activities for over
a decade now, is currently developing a residential project "SCC
Sapphire (Block F)" in Raj Nagar Extension, Ghaziabad. The
residential project "Block F" with a total developable area of
2.38 lsf comprising of 2BHK and 3BHK apartments is a part of the
township project "SCC Sapphire" which is divided into 6 blocks
viz. Blocks A, B, C, D, E and F. While the "Block F" being
developed under SBPL is near completion stages, the other blocks
under the project initiated by the group company of SBPL, "SCC
Builders Pvt. Ltd." in 2012 have obtained completion certificates
in 2017.


SKY APPLIANCES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sky Appliances Limited

        Registered Address:
        1601 Maker Chamber Nariman Point
        Mumbai 400021

        Corporate Address:
        No.171, 17th Floor, C Wing
        Nariman Point, Mumbai 400021

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 27, 2019

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12
                         Dwarka, New Delhi 110078
                         Email: mahender.khandelwal@pwc.com

Last date for
submission of claims:    September 21, 2018


SPRING BEE: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spring Bee Dairy
Products Private Limited's Long-Term Issuer rating to 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 B (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR200 mil. Proposed long-term loans migrated to  Non-
    Cooperating Category with Provisional IND B (ISSUER NOT
    COOPERATING) rating; and

-- INR90 mil. Proposed fund-based facilities migrated to  Non-
    Cooperating Category with Provisional IND B (ISSUER NOT
    COOPERATING)/Provisional IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 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 October 2015, Spring Bee Dairy Products will be
engaged in the processing of raw milk to produce milk powder,
packaged milk and milk by-products such as clarified butter and
butter. Its promoters are Mr. Yalavarthi Ravindra Kumar, Mr.
Jaswanth Kadiyam, Mr. Prasannaraju Yalavarthi, Mr. Ramesh Babu
Yalavarthy and Ms. Rosyhemalathajoynehu Yalavarthi.


SWADISHT OILS: CRISIL Cuts LT Rating on INR20cr Cash Loan to C
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Swadisht Oils Private Limited (SOPL) to 'CRISIL C' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

The rating is downgraded as liquidity continues to remain
stretched because of negative cash accrual during fiscal 2018,
and is expected to remain stretched over the medium term.
Further, National Company Law Tribunal had appointed an
Insolvency Resolution Professional (IRP) for managing the
company's operations vide its order dated May 30, 2017, after one
of the creditors of SOPL filed a case against it on January 18,
2017, and currently the company's operations are being supervised
by IRP.

The rating continues to reflect weak financial risk profile and
exposure to intense competition. These weaknesses are partially
offset by funding support from JFICL.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: Liquidity is stretched, as reflected in
negative cash accrual of INR2.6 crore (estimated) during fiscal
2018. The loss was caused due to decrease in selling price due to
competitive pressures and increase in expenses for raw material
and labour.

* Weak financial risk profile: Financial risk profile continues
to remain weak marked by high gearing of around 6 times
(estimated) as on March 31, 2018, and weak debt protection
metrics as reflected in interest coverage and net cash accrual to
adjusted debt ratios of 0.3 time and -0.04 time, respectively, in
fiscal 2018 (estimated).

* Exposure to intense competition: Intense competition may
continue to constrain scalability, pricing power, and
profitability.

Strength

* Funding support from JFICL: JFICL, which has Mr. Tilak Raj
Sharma (one of the promoters of SOPL) and his relatives as
promoters, has been supporting the liquidity of SOPL through term
loan which stood at around INR40 crore as on March 31, 2018
(estimated).

On February 22, 2016, Mr. Tilak Raj Sharma (and family; referred
to as the TRS group) bought out the stake of Mr. Dinesh Arora
(and his family; referred to as the DA group) and took full
control from them. Commercial operations were restarted from
December 2016. Swadisht undertakes solvent extraction of
varieties of edible and nonedible oil seeds such as soy and
mustard with the capacity of 300 tonne per day (tpd) at Rania,
Kanpur. Beside this, the company has an oil refining unit with
refining capacity of 100 tpd.


TECHNO ELECTRONICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Techno Electronics Limited

        Registered Office:
        Auto Cars Compound, Adalat Road
        Aurangabad, MH 431005

        Corporate Office:
        171C, Mittal Court, Nariman Point
        Mumbai 400023

        Plant:
        5th KM Stone, Kashipur Moradabad Road
        Kashipur, Udham Singh Nagar
        Uttaranchal, India 244713

Insolvency Commencement Date: Augus 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 27, 2019
                               (180 days from commencement)

Insolvency professional: Divyesh Desai

Interim Resolution
Professional:            Divyesh Desai
                         B2 402B Marathon Innova
                         Off Ganpatrao Kadam Marg, Lower Parel
                         Mumbai 400013
                         E-mail: divyeshdesai@singhico.com

Last date for
submission of claims:    September 20, 2018


THEXA PHARMA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Thexa Pharma Private Ltd
        Factory & Registered Office:
        Sy.No.40/13, Kulkulpally (V), Madgu(M), Madgul
        Mehbubnagar TG509327IN

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 23, 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 Swapna
                         Sampada Apartments, Balkampet, Sanjeev
                         Reddy Nagar, Hyderabad, Telangana 500038
                         E-mail: maducs1@gmail.com
                                 thexaip@gmail.com

Last date for
submission of claims:    September 17, 2018


VALUE INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Value Industries Limited
        14, KM Stone Aurangabad Paithan Road
        Village Chitegaon Talpaithan
        Aurangabad MH 431005 IN

Insolvency Commencement Date: September 5, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Dushyant C Dave

Interim Resolution
Professional:            Dushyant C Dave
                         1101, Dalamal Tower
                         Free Press Journal Marg
                         Nariman Point
                         Mumbai 400021
                         E-mail: dushyant.dave@dcdave.in
                                 irp@dcdave.in
                                 irp.valueind@dcdave.in

Last date for
submission of claims:    September 19, 2018


VISION VIDYUT: CARE Reaffirms B+ Rating on INR6.71cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vision Vidyut Engineers Private Limited (VVE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.71       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            1.50       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities
of VVE are constrained by small scale of operations with low
capitalization with moderate order book position, Moderate
capital structure and debt coverage indicators, working capital
intensive nature of operation, customer and geographic
concentration risk, presence in intensely competitive and
fragmented industry with tender driven nature of operations. The
ratings, however, draw strength from experienced promoters,
association with reputed clientele and fluctuating albeit
moderate profit margins.

The ability of the company to increase its overall scale of
operations while strengthening its order book and improve profit
margins and capital structure amidst intense competition and
managing its working capital requirement efficiently are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with moderate order book
position: Total operating income of the company grew to INR20.56
crore in FY17 and INR20.80 crore in FY18 vis-Ö-vis INR16.12 crore
in FY16 on account of increase in number of orders received and
executed in FY17 and FY18. Further during 4MFY19, company
reported total operating income of INR7.11 crore and has moderate
order book position.  Moderate capital structure and debt
coverage indicators: Company's capital structure stood moderate
however improved during FY17 and FY18 on account of infusion of
equity share capital by promoters during FY17 and accretion of
profit to the capital. Further debt coverage indicators continue
to remain weak with increase in debt level due to availment of
term loan, unsecured loan and higher utilization of its working
capital borrowings to support its business operations.

Working capital intensive nature of operation: Operations of VVE
are working capital intensive in nature mainly on account of
funds being blocked in receivables and inventory as reflected by
high gross current asset days of 203 days in FY18. Further
company receives only one month period from its suppliers thus
resulting in high dependence in working capital borrowings.
Mention why higher collection period & why deteriorated in FY18.

Presence in intensely competitive and fragmented nature of
logistics industry: The company operates in transformer industry,
which is fragmented with predominantly unorganized and small
players catering to the smaller distribution transformers market.
However, with times changing, many of them have graduated to the
medium size category, thereby expanding the organized players'
base thereby facing competition. Increasing competition from
domestic and foreign players along with tender driven nature of
operations could lead to margin contraction due to pricing
pressure.

Key Rating Strengths

Experienced promoters and management team: VVE is managed by
Thorat familiy, with directors Mrs. Vaishali Thorat and Mr.
Jaywant Thorat have more than 25 years of experience in
electrical engineering services. The promoters are supported by
experienced team in the field of production, technical
assistance, accounting and administration. Association with
reputed clientele: During its decade of existence in the market,
VVE has been associated with various reputed clients and
successfully receiving repetitive contracts through bidding
process from the clientele such as Tata Housing Development
Company Limited, Lodha Developers Private Limited and Maharashtra
State Electricity Distribution Company Limited (MSEDCL) for
commercial and residential projects across Maharashtra.

Fluctuating albeit moderate profit margins: The operating margins
of the company remained moderate and volatile over the period of
last four years ended FY18 due to contribution to the income from
manufacturing, trading and electrical engineering services varies
every year. Operating margin of the company has declined in FY17
to 8.87% and 9.51% in FY18 from 10.58% in FY16 as on account of
increase in material cost in FY17 and FY18. However PAT margin
remained stable at 2.48% in FY17 and 2.62% in FY18.

Vision Vidyut Engineers Private Limited (VVE) was incorporated in
the year 2007 as a partnership firm by Mrs. Vaishali Thorat and
Mr. Jaywant Thorat under the name of Vision Enterprises which was
engaged in supply of electrical goods. Later in April 2011, it
got converted to private limited company with named VVE and
expanded its business in manufacturing of transformers, trading
of control panels and providing electrical engineering services
of power transmission, distribution and building electrification
in industrial, commercial and residential projects. Currently
company has its reach only in Maharashtra where it receives
contracts through tender bidding process from its various reputed
clients like Tata Housing Development Company Limited, Lodha
Developers Private Limited, and Maharashtra State Electricity
Distribution Company Limited (MSEDCL) for commercial and
residential project. The company has ISO 9001:2008 certified
transformer manufacturing unit situated in Shahapur in Thane
district.


VRAJ & VAJ: CARE Reaffirms B+ Rating on INR6.0cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vraj & Vaj Construction (Vraj), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            2.50       CARE A4 Reaffirmed

Detailed rationale

The ratings assigned to the bank facilities of Vraj continue to
remain constrained on account of its small scale of operations
coupled with low profitability, leveraged capital structure and
weak debt coverage indicators with modest liquidity position in
FY18 (Provisional; refers to the period from April 1, 2017 to
March 31, 2018) and moderate order book position. Furthermore,
the ratings are also constrained on account of its constitution
as a partnership firm, tender driven nature of operations coupled
with its presence in a highly competitive intensity. The ratings
derive comfort from the experienced partners and established
track record of operations coupled with reputed clientele.

The ability of Vraj to tap more projects, increase its scale of
operations with improvement in profit margins, solvency position,
debt protection metrics along with better working capital
management will be the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability: During FY18
(Prov.), the scale of operations marked by the total operating
income(TOI) has registered a growth of 11.64% compared to FY17
(A) but stood small at INR16.61 crore during FY18(Prov) as
against INR14.88 crore during FY17 due to higher order execution.
Overall profit margins stood low marked by PBILDT margin and PAT
margin at 10.49% and 1.89% respectively during FY18(Prov.) as
against 11.92% and 1.61% respectively during FY17.

Leveraged capital structure and weak debt coverage indicators On
the back of improvement in tangible net worth, capital structure
of the firm has improved but stood leveraged marked by overall
gearing ratio which stood at 3.76x as on March 31, 2018 as
against 4.01x as on March 31, 2017. Further increase in total
debt level and low profitability level debt coverage indicators
stood weak marked by total debt to GCA ratio stood at 13.94x as
on March 31, 2018 as against 13.41x as against March 31, 2017.
Interest coverage ratio also stood at 1.74x during FY18 (Prov.)
as against 1.66x during FY17.

Modest liquidity position: The liquidity position stood modest
marked by current ratio stood at 1.46x as on March 31, 2018
(Prov.) as against 1.20x as on March 31, 2017. Operating cycle
has elongated from 137 days during FY17 to 148 days during FY18
(Prov.). Average fund-based working capital utilization remained
90% for the past 12 months ended July 2018.

Moderate order book position: Vraj has order book of INR46.79
crore on hand as on August 16, 2018, which will be completed by
March 2020 reflects short term revenue visibility of Vraj.

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

Tender driven nature of operations coupled with its presence in a
highly competitive industry: Vraj participates in the tenders
passed by the ministry of shipping and military engineering
services for civil construction work mainly pertaining to
construction and maintenance work. Hence, the entire business
prospects are dependent on the government tenders. Further, the
construction industry is highly fragmented in nature with
presence of large number of unorganized players and a few large
organized players.

Key Rating Strengths

Experienced promoters along with established track record of
operation: The partners possess more than four decades of
experience in the construction industry. Vraj is operating in the
construction industry since 1985 reflects established track
record of operation in the industry.

Vraj & Vaj Construction (Vraj) was established in 1985 by Mr.
Virendra S. Patel, Mr. Gajendra R. Patel, Mr. Gandalal H. Lakhani
and Mr. Shambhulal K. Patel as partnership firm. After the demise
of Mr. Shambhulal K. Patel his son Mr. Alpesh S. Patel was
introduced as partner in the firm in 1998. Vraj is engaged in
construction and maintenance work mainly in Gujarat for Military
Engineering Services (MES), which is the largest Government
construction agency in India that provides works cover to Defence
Forces for more than a decade now. The firm is an approved
special class contractors and registered as 'S' (Specialist)
class contractor with MES and secures all its contracts through
open tendering process.


WARANA DAIRY: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings on
Warana Dairy And Agro Industries Ltd.'s bank facilities at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the ratings are based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR485.19  mil. Bank loan (long-term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Fund-based working capital limit (long-term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects the continued classification of Warana
Dairy And Agro Industries' account as non-performing by the
banker.

RATING SENSITIVITIES

Positive: The reclassification of the account as standard and
timely debt servicing thereafter for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Formed in 2008, Warana Dairy And Agro Industries is engaged in
milk processing and milk product manufacturing.


WEBFIL LIMITED: CRISIL Reaffirms B- Rating on INR3.38cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long
term bank facilities of Webfil Limited (Webfil) while reassigned
'CRISIL A4' rating on the short term bank facilities.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4.9        CRISIL A4 (Reassigned)
   Letter of Credit       5.4        CRISIL A4 (Reaffirmed)
   Cash Credit            3.38       CRISIL B-/Stable
                                     (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile.  These weaknesses are partially offset by the company's
established position in the digital division and strong linkages
with West Bengal Industrial Development Corporation (WBIDC), an
agency of Commerce and Industries Department, Government of West
Bengal (GoWB).

Key Rating Drivers & Detailed Description

Weakness

* Large debt repayment obligation: As on March 31, 2018, net cash
accrual of INR74 lakh was insufficient to repay debt of INR8.42
crore from WBIDC and GoWB. However, the entire debt is treated as
loans from promoters, thereby providing flexibility in repayment.

* Weak financial risk profile: Large working capital requirement,
weak financial flexibility, and significant debt obligation have
considerably weakened debt protection metrics. Liquidity is
likely to remain stretched over the medium term due to limited
financial flexibility and leveraged capital structure.

Strengths

* Established market presence: Webfil has a strong market
position in the insert multiplexer segment and signaling system.
Further, it is a top supplier of programmable digital drop/insert
multiplexers and signaling system to the Indian Railways.

* Strong linkages with WBIDC and GoWB: WBIDC, with a stake of
49%, is the largest shareholder in Webfil. The company has
availed term loans from WBIDC and the state government, however
such loans are similar to promoter loans and hence have
flexibility in terms of repayment.

Outlook: Stable

CRISIL believes Webfil will continue to benefit from its
longstanding presence in digital division and strong relationship
with WIBDC and GoWB. The outlook may be revised to 'Positive' if
healthy growth in revenue and improvement in profitability or
working capital cycle, or repayment of debt strengthens financial
risk profile. The outlook may be revised to 'Negative' if decline
in revenue or profitability, or stretch in working capital cycle
weakens financial risk profile.

Webfil (formerly, West Bengal Filaments & Lamps Ltd) was
incorporated in 1979 as a joint venture of WBIDC, group companies
of Andrew Yule & Co Ltd (the AYCL group), and other institutions.
It manufactures multiplexers and signaling system for railways
(digital division) and tungsten filament for incandescent lamps
(filament division) at its facility in Gayeshpur, West Bengal.


WORLDSTAR FABRICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Worldstar Fabrics LLP
        Registered Office:
        First Floor, 'B' Wing
        Todi Industrial Estate
        Sun Mill Compound
        Lower Parel Mumbai Mumbai City
        MH 400013 IN

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019

Insolvency professional: Shyam Sundar Kasera

Interim Resolution
Professional:            Shyam Sundar Kasera
                         B-402, La Chappelle CHS
                         Evershine Nagar
                         Near Ryan International School
                         Malad (West), Mumbai 400064
                         E-mail: shyamkasera551@gmail.com
                                 shyamwsf@gmail.com

Last date for
submission of claims:    September 15, 2018




================
S R I  L A N K A
================


SRI LANKA: PM Puts on Brave Face Amid Record Slide in Rupee
-----------------------------------------------------------
The Standard reports that amid widespread condemnation by
opposition political parties over the Sri Lankan rupee's rapid
dive versus the US dollar to a record Rs170, embattled, unpopular
Prime Minister Ranil Wickremesinghe has said there is a world
economic crisis, and that the party he leads in a coalition
government, "will bravely face it without abandoning or running
away from it."

He said the rupee will steady in a month, the Standard relates.

The Sri Lankan rupee has weakened 4.5 percent so far this month
after a 1.2 percent drop last month, and has declined by 9.9
percent so far this year, the Standard notes citing a Reuters
report.

Sri Lankans are incensed that the prices of basic commodities
which are mostly imported, have soared, while bus and train
fares, as well as cooking gas prices have also jumped as a result
of the free-falling rupee, according to the Standard.

"This situation was expected to continue for about a month. The
government was now busy discussing measures to meet this
situation successfully. They had held discussions about this with
the Finance Minister and the IMF because they had to find 4,000
million US dollars to repay the foreign debt and interest by next
year. Whatever the situation, the government would never allow
the economy to crash," the state-run Daily News quoted Mr.
Wickremesinghe as saying, the Standard relays. "This situation
had brought both benefits and losses. Although the increase in
prices of goods was a loss, this had benefited exports and the
tourism industry."

Wickremesinghe did not specify any particular measures to stem
the perilous slide in the rupee, the Standard says. He is leading
a government with President Maithripala Sirisena. Under his
tenure, notorious for regular policy missteps, widespread
corruption in government and policy uncertainty, sovereign debt,
foreign debt and domestic debt have ballooned to unsustainable
levels in the wake of profligate spending on super luxury auto
imports for lawmakers, massive increases in salaries and
allowances for politicians and waste of public funds on
politically-motivated social and economic programs.

Meanwhile, nearly a million Sri Lankans are suffering without
water and food as a result of a severe drought that has lingered
for more than a year, The Standard reports.

Foreign investors sold government securities worth a net 8.8
billion rupees (US$52.19 million) in the week ended Sept. 19, its
highest weekly outflow since the week ended on December 6. Sri
Lanka has suffered a net outflow of 63.7 billion rupees in
securities so far this year, central bank data showed, Reuters
reported, adds the Standard.



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


VPBANK FINANCE: Moody's Assigns First Time B2 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to VPBank Finance Company Limited (FE
Credit).

The CFR is positioned one notch higher than FE Credit's
standalone credit profile of b3, because of Moody's assumption of
a very high likelihood that FE Credit will receive support from
its parent, Vietnam Prosperity Joint Stock Commercial Bank (VP
Bank, B1 stable, b2), if required.

The outlook on the rating is stable.

RATINGS RATIONALE

The standalone credit profile of b3 reflects FE Credit's good
market position in Vietnam's consumer finance market, strong
profitability and healthy capitalization. These strengths are
partly offset by the company's exposure to the high credit risk
inherent in Vietnam's rapidly growing unsecured consumer finance
market, as well as the company's reliance on wholesale funding
sources and little excess liquidity on its balance sheet.

FE Credit is a 100% owned subsidiary of VP Bank. The company
holds a good market position in Vietnam's consumer finance
market, with a market share of around 50% at the end of 2017. FE
Credit provides its customers with small unsecured loans and with
high interest rates, through its wide distribution network
exceeding 10,000 points of sale in 63 cities across the country.

FE Credit's exposure to credit risk is high as its loan portfolio
is concentrated to retail customers with monthly incomes of less
than $700. Such customers are less financially resilient to
negative macroeconomic factors. At the end of 2017, the company's
loan loss provisions to average gross loans measured 12%, and
nonperforming and written-off loans registered 15% of gross
loans.

FE Credit's asset quality weakened moderately in 2017, as the
bank loosened its underwriting standards to expand market share
in two-wheeler and consumer durable loans. Adding to credit risk
is the very rapid gross loan growth of 39% in 2017 and 61% in
2016. Loan growth is likely to slow in the coming years, due to
rising competitive pressure.

Profitability represents a key strength of the company, with
average returns on assets measuring around 5.8% over the last
three years (2015-2017). This high profitability is driven by a
combination of high net interest margins and good cost
management.

Yield on assets registered around 32% in 2017. Such high yields
are required to compensate for the high credit costs and
operating expenses. Strong profitability and full earnings
retention since 2015 has enabled the company to improve its
capitalization despite rapid growth. At the end of 2017, tangible
common equity to total managed assets increased to 14.8% from
12.2% in 2016.

Offsetting these strengths is the company's funding and
liquidity, which are vulnerable to disruptions in the event of
market and/or credit shocks. As a finance company, FE Credit
cannot accept retail deposits, and relies on wholesale sources.
At December 31, 2017, 59% of FE Credit's funding base was made up
of certificates of deposits, supplemented by interbank funding
(22%), corporate deposits (12%) and bonds (7%).

Only 6% of its balance sheet comprised liquid assets at the end
of 2017. And, the company's financial flexibility is somewhat
constrained during periods of tight liquidity. FE Credit runs a
negative liquidity gap in its one- to six-month bucket. Such a
situation could worsen significantly, in the case of much higher
customer defaults.

The stable rating outlook reflects Moody's expectation that FE
Credit will maintain stable credit fundamentals over the next 12-
18 months.

Its B2 CFR incorporates a very high probability of support from
its parent, VP Bank, which leads to a one-notch uplift from its
standalone credit profile of b3. Moody's assumption of a very
high level of support is driven by: (1) the 100% ownership of FE
Credit by VP Bank, (2) FE Credit's strategic importance to VP
Bank's retail strategy, and (3) financial links between FE Credit
and VP Bank, as seen by FE Credit's contribution of around 50% of
VP Bank's net income for 2017.

WHAT COULD CHANGE THE RATINGS -- UP

FE Credit's standalone credit profile could be upgraded if the
company demonstrates an improvement in its liquidity while
maintaining stable asset quality and capital. An upgrade of the
baseline credit assessment of its parent, VP Bank, could also
lead to an upgrade of its CFR.

WHAT COULD CHANGE THE RATINGS -- DOWN

FE Credit's standalone credit profile could be downgraded, if
there is a meaningful increase in leverage and a sharp
deterioration in asset quality, leading to significant reduction
in profitability and erosion of capital. In addition, a downgrade
of VP Bank's baseline credit assessment or any indication of a
change in the company's importance to its parent, which would
alter its assessment of the probability of support in times of
stress, could lead to a downgrade of the rating.

The principal methodology used in this rating was Finance
Companies published in December 2016.

Headquartered in Ho Chi Minh City, VPBank Finance Company Limited
(FE Credit) held total assets of VND48.7 trillion at the end of
2017, according to audited financial statements prepared under
International Financial Reporting Standards.

FE Credit started its operations in 2010 as the Consumer Credit
Division of Vietnam Prosperity Joint Stock Commercial Bank (VP
Bank).

In 2014, VP Bank, driven by its focus on consumption credit
services as part of its retail strategy, acquired Vinacomin
Finance Company from Vietnam National Coal and Minerals
Industries Group, and the consumer finance business of VP Bank
was shifted into a separate legal entity: VPBank Finance Company
Limited (FE Credit), which is a 100% owned subsidiary of VP Bank.



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


* BOND PRICING: For the Week Sept. 17 to Sept. 21, 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.


                            *********


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

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

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

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

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



                 *** End of Transmission ***