TCRAP_Public/181030.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, October 30, 2018, Vol. 21, No. 215

                            Headlines


A U S T R A L I A

CHOW BELLA: Second Creditors' Meeting Set for Nov. 1
INTERLOGIC PTY: Second Creditors' Meeting Set for Nov. 7
LOTHLANN PTY: Second Creditors' Meeting Set for Nov. 7
PRAGMATIC CUSTODIAN: Second Creditors' Meeting Set for Nov. 7
SAGE FINANCIAL: Second Creditors' Meeting Set for Nov. 5

UNIQUE ESTATES: Director Charged with AUD3.69 Million Fraud
UNIVERSAL FIRE: First Creditors' Meeting Set for Nov. 6


C H I N A

HNA GROUP: Seeks Buyer for US$300 Million 'Dream Jet'


H O N G  K O N G

PRIME SOURCE: U.S. Trustee Unable to Appoint Committee


I N D I A

AKASH FASHION: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
AKR IMPEX: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
C GEMS & JEWELS: Ind-Ra Puts BB LT Issuer Rating, Outlook Stable
CAPTRONIC SYSTEMS: ICRA Lowers Rating on INR2cr Loan to B-
DAYAL STEEL: CRISIL Assigns B+ Rating to INR4cr Cash Loan

EASTERN MATTRESSES: CRISIL Cuts Rating on INR8.5cr Loan to B+
GLOBAL INSTITUTE: ICRA Maintains B+ Rating in Not Cooperating
GIRIJASHANKAR COTTON: ICRA Retains B+ Rating in Not Cooperating
HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.56cr Loan
JAI MAAKALI: ICRA Lowers Rating on INR45cr Cash Loan to D

JASSMINE ENTERPRISES: ICRA Lowers Rating on INR10cr Loan to D
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
KKR SPICES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
KWALITY LTD: KKR Files Insolvency Bid Against Firm
L. P. GREENS: CRISIL Migrates B+ Rating to Not Cooperating

LOKNETE SUNDERRAOJI: CRISIL Moves B+ Rating from Not Cooperating
M.P.K. ISPAT: CRISIL Migrates 'D' Rating to Not Cooperating
M.P.K. STEEL: CRISIL Moves D Rating to Not Cooperating Category
M.R. OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
MAHESH GINNING: ICRA Maintains B+ Rating in Not Cooperating

MARUTI NANDAN: CRISIL Lowers Rating on INR10.1cr Loan to B-
MARUTI PRODUCTS: ICRA Maintains B+ Rating in Not Cooperating
MINOP INNOVATIVE: CRISIL Migrates 'C' Rating from Not Cooperating
MUMS MEGA: ICRA Maintains 'B' Rating in Not Cooperating
NAYARA ENERGY: Moody's Assigns Ba2 CFR, Outlook Stable

OM SHIV: CRISIL Migrates B Rating to Not Cooperating Category
OSNAR CHEMICAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
PIXIE DUST: CRISIL Migrates B- Rating to Not Cooperating Category
PMT MACHINES: Insolvency Resolution Process Case Summary
PRECISION ELECTRONIC: CRISIL Moves B+ Rating to Not Cooperating

PRIUS COMMERCIAL: ICRA Lowers Rating on INR424cr Loan to B(SO)
R R INDUSTRIES: CRISIL Assigns B+ Rating to INR4.19cr LT Loan
RAM MEHER: CRISIL Migrates D Rating to Not Cooperating Category
RAVI MICRONS: ICRA Assigns B+ Rating to INR9cr Term Loan
REVATHI GOLD: CRISIL Migrates B+ Rating from Not Cooperating

S M ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
SAI WHITEGOLD: CRISIL Migrates B+ Rating to Not Cooperating
SATKAR CONTAINER: Insolvency Resolution Process Case Summary
SHREE RAJA: CRISIL Migrates B Rating to Not Cooperating Category
SHRI ASTER: Insolvency Resolution Process Case Summary

SHRI RAMALINGA: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating


M A L A Y S I A

UTUSAN MELAYU: Submits Debt Restructuring Scheme to CDRC


N E W  Z E A L A N D

VINOPTIMA ESTATE: Top Priced Gewurztraminer Wine Up for Sale


S I N G A P O R E

NOBLE GROUP: 2020 Noteholders Informed of Default, Board Says


X X X X X X X X

* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2018


                            - - - - -


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


CHOW BELLA: Second Creditors' Meeting Set for Nov. 1
----------------------------------------------------
A second meeting of creditors in the proceedings of Chow Bella
Group Pty Ltd has been set for Nov. 1, 2018, at 10:00 a.m. at the
offices of PKF, Level 8, 1 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 31, 2018, at 4:00 p.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Chow Bella on Sept. 26, 2018.


INTERLOGIC PTY: Second Creditors' Meeting Set for Nov. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Interlogic
Pty Ltd, formerly known as Fast Line International Pty Ltd, has
been set for Nov. 7, 2018, at 9:00 a.m. at the offices of Dye &
Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East.

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 Nov. 6, 2018, at 5:00 p.m.

Nicholas Giasoumi and Roger Darren Grant of Dye & Co. were
appointed as administrators of Interlogic Pty on Oct. 15, 2018.


LOTHLANN PTY: Second Creditors' Meeting Set for Nov. 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Lothlann Pty
Limited has been set for Nov. 7, 2018, at 9:30 a.m. at the
offices of Crouch Amirbeaggi, Suite 403, 55 Lime 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 Nov. 5, 2018, at 9:30 a.m.

Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Lothlann Pty on Oct. 3, 2018.


PRAGMATIC CUSTODIAN: Second Creditors' Meeting Set for Nov. 7
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Pragmatic Custodian Pty Ltd;

   - Pragmatic Training Pty Ltd (trading name: National Academy
     of Beauty, National Academy of Early Childhood, Pragmatic
     Education Group);

   - Parapharm Pty Ltd (trading name: Paramount Higher Education)

   - Beachside Training & Event Centre Pty Ltd; and

   - Empower HR Pty Ltd

has been set for Nov. 7, 2018, at 3:00 p.m. at Chartered
Accountants Australia and New Zealand, Level 18, Bourke Place,
600 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 Nov. 2, 2018, at 5:00 p.m.

Robyn Erskine and Adrian Hunter of Brooke Bird were appointed as
administrators of Pragmatic Custodian on Oct. 3, 2018.


SAGE FINANCIAL: Second Creditors' Meeting Set for Nov. 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sage
Financial Solutions Pty Ltd, formerly trading as Iconic Home
Loans & Iconic Vehicle Finance, has been set for Nov. 5, 2018, at
10:30 a.m. at the offices of BRI Ferrier Western Australia,
Level 1, 99-101 Francis Street, in Northbridge, WA, on Nov. 5,
2018, at 10:30 a.m.

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 Nov. 2, 2018, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of Sage Financial on Oct. 1, 2018.


UNIQUE ESTATES: Director Charged with AUD3.69 Million Fraud
-----------------------------------------------------------
Georgina Mitchell at The Sydney Morning Herald reports that an
Australian real estate agent specialising in luxury properties
with high-profile owners, including fashion designer Collette
Dinnigan, has been charged with 15 fraud offences after she
allegedly misused AUD3.69 million which was placed into her
agency's trust account by various clients over the course of two
years.

Nicolette van Wijngaarden, 44, is the director of Unique Estates,
a boutique real estate agency now under liquidation which
specialised in selling multi-million dollar properties in NSW,
Victoria and Queensland, the report discloses.

She is accused of fraudulently dealing with home deposits paid to
her company, including AUD105,000 from the sale of Dinnigan's
Surf and Stables retreat at Milton on the NSW south coast in late
2017.

SMH relates that Ms. Van Wijngarden is also accused of "falsely
representing" that AUD1,165,876 from rental properties would
remain in the Unique Estates trust account until the money was
paid to the property owners.

The charges span from May 2016 to February 2018, the report
notes.

According to SMH, the properties involved are located at Byron
Bay, Port Stephens, the NSW north coast, the Victorian locales of
Daylesford, Cremorne and Mallacoota, and at Elanora on the Gold
Coast. All 15 charges are alleged to have been carried out at
Port Macquarie.

Most of the properties are grand homes, while two provide
accommodation: the secluded 16-hectare Rainforest Resort at Byron
Bay, and the waterfront Karbeethong Lodge guest house at
Mallacoota, near the NSW-Victoria border.

In late August, Ms. van Wijngaarden was charged by the NSW
Department of Fair Trading with ten counts of dishonestly
obtaining financial advantage by deception and five counts of
"licensee fraudulently convert money more than $5000", which
relates to trust money being "converted" for use by a corporation
or individual, the report recalls.

In a statement, a NSW Fair Trading spokesman confirmed 15 charges
had been laid against a 44-year-old woman.

"The total quantum of money involved in all charges alleged is in
excess of AUD3.5 million," the spokesman, as cited by SMH, said.

Unique Estates was placed into liquidation in May, owing an
estimated AUD4 million to 26 employees and other unsecured
creditors including BMW Australia Finance, the Australian Tax
Office and the Office of State Revenue.

According to a liquidators report published by ASIC, the Office
of Fair Trading have identified "a number of deficiencies in the
trust accounts" of Unique Estates, SMH relays.

SMH adds that liquidators from PwC also identified a "bookkeeping
error" where the value of certain assets was "significantly
overstated".

Ms. van Wijngaarden maintained contact with liquidators to
provide them with information as recently as August 20, four days
before charges were laid against her, SMH notes.

The matter will return to court on November 8, SMH discloses.


UNIVERSAL FIRE: First Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Universal
Fire & Safety Solutions Pty Ltd will be held at the offices of
Hayes Advisory, Level 16, 55 Clarence Street, in Sydney, NSW, on
Nov. 6, 2018, at 10:00 a.m.

Henry McKenna of Hayes Advisory was appointed as administrator of
Universal Fire on Oct. 25, 2018.



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


HNA GROUP: Seeks Buyer for US$300 Million 'Dream Jet'
-----------------------------------------------------
Reuters reports that cash-strapped Chinese conglomerate HNA Group
has put up for sale its luxurious $300-million-plus corporate
"Dream Jet" that sports a "seven-star" hotel-style cabin, say six
aviation industry sources familiar with the matter.

Reuters relates that the 40-seat Boeing 787 jet with registration
"2-DEER", used for charters as well as by top HNA officials,
recently took Cambodian president Hun Sen to the U.N. General
Assembly in New York and flew between Brazzaville, capital of the
Republic of Congo, and Beijing, on dates coinciding with a visit
to China by President Denis Sassou Nguesso.

Under pressure from Beijing, aviation-to-hotels group HNA has in
2018 sold real estate, stakes in overseas companies and aviation-
related assets after a $50-billion acquisition spree in recent
years, Reuters says.

According to Reuters, one of the industry sources said HNA was
attempting to sell the fleet in its wholly-owned private Deer Jet
division and then shut it down.

The jet was put on the market in late July, after Co-Chairman
Wang Jian died in an accidental fall in France, another source
said, Reuters relays.

It could prove difficult to attract close to the purchase price
for the 40-seat 787, because of the limited market for widebody
private jets, which are usually bought by governments or
billionaires who prefer to select their own interior design, two
of the sources told Reuters on condition of anonymity.

Since January, HNA has sold or agreed to sell more than $20
billion worth of assets, including real estate in Sydney, New
York and Hong Kong, according to Reuters calculations and media
reports.

"We do understand that as they are doing the corporate
restructuring they are intending to sell the 787," one of the
sources told Reuters. "It is a very expensive aircraft, due to
the operational costs."

The HNA jet had originally been owned by Dell Technologies Inc
founder and chairman Michael Dell, one of the sources said, adds
Reuters.

                          About HNA Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2018, the Financial Times said reports that the Chinese
aviation-to-finance conglomerate defaulted on a CNY300 million
(US$44 million) loan raised through a trust company, the lender
said on Sept. 13 as it sought to freeze HNA assets.

The FT said the announcement by Hunan Trust is a sign that HNA's
liquidity woes are beginning to have a broader impact outside
China's formal banking sector.  According to the FT, the company
is already under strict supervision by a group of bank creditors,
led by China Development Bank, following a liquidity crunch in
the final quarter of last year. The default came despite an
estimated $18 billion in asset sales by HNA this year that have
done little to address its ability to meet its domestic debts,
the FT noted.



================
H O N G  K O N G
================


PRIME SOURCE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
No official committee of unsecured creditors has been appointed
in the Chapter 11 case of Prime Source Accessories, Inc., as of
Oct. 4, according to a court docket.

                  About Prime Source Accessories

Prime Source Accessories, Inc., with headquarters in south
Florida and full service sourcing offices in Hong Kong &
Shenzhen, China, is a design and manufacturing and sourcing firm
targeting the teen, collegiate and adult segments of the retail
industry. Prime Source is a privately held company founded in
1997.

Prime Source Accessories filed a voluntary petition under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-
20158) on Aug. 21, 2018. In the petition signed by Jamie Chauss,
president, the Debtor disclosed $394,163 in assets and $1,011,261
in liabilities. The case is assigned to the Hon. Erik P. Kimball.
Craig I. Kelley, Esq., at Kelley & Fulton, PL, is the Debtor's
counsel.



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


AKASH FASHION: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Akash Fashion
Prints 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:

-- INR60 mil. Fund-based Working Capital limits migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR156.9 mil. Term loan due on December 2022 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 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 1993, Akash Fashion Prints is located in
Ahmedabad, Gujarat. The company prints, dyes and knits on cotton
and polyester material.


AKR IMPEX: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of AKR Impex Private Limited (AKR). The
rating reflects modest scale of operations in an intensely
competitive market and below-average financial risk profile.
However, these weaknesses are mitigated by established track
record of operations and relationships with customers.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5.5      CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operation in an intensely competitive market:
AKR's scale remains modest, with revenue of INR56.6 crore in
fiscal 2018. Intense competition may continue to constrain
scalability.

* Below-average financial risk profile: The financial risk
profile is constrained by a leveraged capital structure and
average debt protection metrics.

Strengths:

* Established track record and longstanding relationships with
customers: The company has been processing pulses for over a
decade and has an established customer base.

Outlook: Stable

CRISIL believes AKR will continue to benefit over the medium term
from the extensive experience of the promoter. The outlook may be
revised to 'Positive' if ramp-up in scale of operations and
profitability and improvement in capital structure strengthen key
credit metrics. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of higher-than-
expected working capital requirement or decline in cash accrual.

Incorporated in 2006 by Mr S Kathiravan, AKR processes and trades
in a variety of pulses. The company has two processing units at
Tondiarpet, Chennai.


C GEMS & JEWELS: Ind-Ra Puts BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned C. Gems & Jewels
Pvt. Ltd. (CGJPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR330 mil. Term loan due on February 2028 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect CGJPL's small scale of operations, as
indicated by revenue of INR933.37 million in FY18 (FY17:
INR874.31 million). Moreover, the credit metrics are moderate due
to high debt and debt servicing liabilities. Interest coverage
(operating EBITDA/gross interest expense) was 1.84x in FY18
(FY17: 1.57x) and net leverage (total adjusted net debt/operating
EBITDA) was 5.25x (3.99x).

The ratings are constrained by CGJPL's tight liquidity position,
as evident by its around 98% utilization of the fund-based limits
during the 12 months ended August 2018.

Also, the EBITDA margins of the company are volatile due to its
presence in the trading and services segments where margins are
low and high, respectively. In FY18, around 89.72% of the revenue
was derived from the trading of fuel and the rest came from the
services segment. The EBITDA margins slightly declined to 7.26%
in FY18 (FY17: 7.64%), due to the marginal decline in revenue
stemming from the services segment. The company's return on
capital employed was 9.66% in FY18.

However, the ratings are supported by CGJPL's low working capital
requirements. The firm's net working capital cycle was 19 days in
FY18 (FY17: 4 days). The ratings also benefit from CGJPL's
promoter's experience of more than three decades in the oil
trading business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and operating
profitability leading an improvement in the credit metrics, all
on a sustained basis, could lead to a positive rating action.

Negative: A decline in the revenue and profitability leading to
deterioration in the overall credit metrics, all on a sustained
basis, could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1999, CGJPL offers a wide range of services at
Sirhind Rajpura Punjab. The company operates fuel stations of
Hindustan Petroleum Corporation Limited (IND AAA/Stable), motels,
shopping malls and restaurants.


CAPTRONIC SYSTEMS: ICRA Lowers Rating on INR2cr Loan to B-
----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR2.00-
crore fund-based facilities of Captronic Systems Private Limited
(CSPL) to [ICRA]B- from [ICRA]B+ and has reaffirmed the short-
term rating assigned to the INR8.00-crore non-fund based
facilities at [ICRA]A4. The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           2.00       [ICRA]B-(Stable); Downgraded
   Cash Credit                     from [ICRA]B+(Stable)

   Short Term-
   Bank Guarantee       8.00       [ICRA]A4; Reaffirmed

Rationale

The revision in the rating primarily takes into account the
company's weak operational and financial performance, as
reflected by an operating loss of INR0.4 crore and a cash loss of
INR2.6 crore in FY2018, owing to delay in projects execution. The
ratings also consider the company's weak financial risk profile,
characterised by the modest scale of operation, high gearing,
weak coverage indicators and high working capital intensity. The
ratings also factor in the sizeable interest outgo and debt
repayment obligations towards the loans availed, coupled with the
stretched liquidity position on account of long collection period
from Government clients. ICRA notes that the company's revenue
and margin remained volatile over the last few years owing to
project-specific requirements of its customers and delays at the
customers' end, leading to revenue deferment. Further, the
ratings consider the seasonality in cash flows, highly
concentrated in the third and fourth quarters, and the
vulnerability of the company's margins to foreign exchange
fluctuations. ICRA also notes the company's high reliance on
National Instruments Corporation for the procurement of critical
hardware and software requirements. However, an established
relationship with the supplier and CSPL's status as a Platinum
Alliance Partner, provides comfort to an extent.

The ratings, however, continue to derive comfort from the
management's extensive experience in custom-automated test
equipment, data acquisition and control systems mainly for
defence and aerospace; and the company's technical competence, as
reflected by its successful track record of design, development
and execution of various types of defence and aerospace projects.
The ratings consider the company's renowned client base and its
order book of INR20.4 crore primarily from the Defence Research
Development Organisation (DRDO) laboratories, Indian Space
Research Organisation (ISRO) establishments and automotive
customers supporting its revenue visibility over the near term.
ICRA also notes the company's favourable business outlook due to
the defence offset requirements and the fillip derived from the
Make in India policy.

Outlook: Stable

ICRA expects CSPL will continue to benefit from the promoter's
extensive experience in design and development of the custom-
automated test equipment, data acquisition and control systems,
majorly for defence and aerospace. Under the automotive segment,
the company has acquired several new customers like Renault
Nissan Technology & Business Centre, Visteon Electronics India
Pvt. Ltd., Mahindra Research Valley etc, which are likely to
support revenue growth and improve liquidity position. The
outlook may be revised to Positive if substantial growth in
revenues and profitability and better working capital management
strengthen the overall financial risk profile. The outlook may be
revised to Negative, in case lower-than-expected cash accruals or
increase in working capital requirements, weakens the liquidity
position of the company.

Key rating drivers

Credit strengths

Promoter's established track record in industry: The promoter has
an overall experience of 26 years, including over 20 years of
experience in design and development of automated test equipment,
data acquisition and control systems, mainly for defence and
aerospace. The company has increased its focus on the automobile
sector as evident from the higher revenue contribution from it in
FY2018.

Long-term relationship with key customers: The company has an
established and renowned customer base, which includes various
defence laboratories under DRDO, ISRO, Vikram Sarabhai Space
Centre (VSSC), Centre for Airborne Systems (CABS), Aeronautical
Development Establishment (ADE), Aeronautical Development Agency
(ADA), Hindustan Aeronautics Limited (HAL), Bharat Electronics
Limited (BEL), other PSUs etc.

Moderately diversified product/service portfolio across
industries: The company provides a range of products and services
in the field of custom-automated test controls, data acquisition
and control systems for various industries. In FY2018, the
company derived 31.7% of its revenue from the aerospace segment,
23.0% from the defence segment (where it has a strong presence)
and the remaining 45.3% from the automotive sector and other
industries such as manufacturing, power etc.

Credit challenges

Weak financial profile: The company's financial risk profile is
characterised by the modest scale of operation, high gearing,
weak coverage indicators and high working capital intensity. In
FY2018, the company reported a net loss of INR3.4 crore on an
operating income (OI) of INR28.4 crore.

Volatile revenues and profit margins: The company's revenues and
margins have been volatile over the last few years owing to
project-specific requirements of its customers, and delays at the
customer end, leading to revenue deferment.

Stretched liquidity position: There are significant delays in the
collection of receivables, which remain outstanding for over six
months as the company generates a significant portion of the
total revenues from supplies to Government agencies, resulting in
high liquidity pressure as reflected by the fully-utilised fund-
based and non-fund based working capital facilities.

Vulnerability of profitability to adverse currency movements: The
company's margins are exposed to the foreign currency fluctuation
risk as it imports a major portion of the commercial off-the-
shelf (COTS) goods. Any adverse movement in the foreign exchange
rates could adversely impact the margins, considering it does not
have any hedging mechanism in place.

Captronic Systems Private Limited (CSPL) is primarily involved in
the design and development of custom-automated test equipment,
data acquisition and control systems. The company is also a
system integrator for application development in aerospace,
defence, automotive, manufacturing, and power sector solutions.
It provides offshore outsourcing services for software
development and validation testing. It is an ISO 9001 and CSIA
Level 1 certified company.

In FY2018, the company reported a net loss of INR3.4 crore on an
operating income of INR28.4 crore, compared to a net profit of
INR1.6 crore on an operating income of INR39.0 crore in the
previous year.


DAYAL STEEL: CRISIL Assigns B+ Rating to INR4cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the bank
facilities of Dayal Steel and Construction Private Limited
(DSCPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4         CRISIL B+/Stable (Assigned)
   Term Loan             4         CRISIL B+/Stable (Assigned)

The rating reflects the working capital-intensive operations and
weak financial risk profile. These rating strengths are partially
offset by promoters' extensive experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are highly
working capital-intensive, as reflected in gross current assets
of 670 days as on March 31, 2017 due to high debtors of 573 days
as on March 31, 2017.

* Weak financial risk profile: The financial metrics are weak,
with modest networth and moderate gearing (INR9.4 crore and at
1.3 times, respectively as on March 31, 2017). Debt protection
metrics are average: interest coverage and net cash accrual to
total debt ratios were of 1.1 and 0.13 times respectively for
fiscal 2016-17.

Strengths

* Promoter's extensive experience: The promoters have been in the
transport and hotel industry for around 2 decades and have a keen
grasp of local market dynamics and price trends. They help
calibrate purchasing and stocking decisions and in bringing
significant business linkages over and above the financial
support they continue to extend.

Outlook: Stable

CRISIL believes DSCPL will continue to benefit from the
promoters' extensive experience and funding support. The outlook
may be revised to 'Positive' if revenue growth and stable
profitability leading to stronger cash accrual. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly capital structure and liquidity, weakens
considerably due to lower revenue, profitability and cash
accrual, or stretch in working capital cycle.

Incorporated in 2009 by Mr Niraj Kumar Singh, Mr Manoj Kumar
Singh, Mr Ranjay Kumar Singh, and Mrs. Sandhya Singh, DSCPL is
present in the transportation and hotel businesses.


EASTERN MATTRESSES: CRISIL Cuts Rating on INR8.5cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Eastern Mattresses Private Limited (EMPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan             6.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of EMPL's financial risk
profile as a result of weak operating performance. Although
operating income increased marginally from INR45 crore in FY2017
to INR48 crore in FY2018, operating margin declined from 3.9% to
(8.6%). As a result, cash accrual declined from INR0.5 crore in
FY2017 to INR(5.7) crore in FY2018. Further, the capital
structure has also weakened, as indicated by the decline in net
worth from INR6 crore as on March 31 2017 to INR3 crore as on
March 31 2018 and increase in gearing from 1.7 times to 4.6 times
during the same period.

The rating reflects EMPL's modest scale of operations and below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of EMPL's promoters in the
mattress manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue was around INR48 crore in
fiscal 2018. The modest scale of operations restricts the
company's bargaining capacity with suppliers and customers and
exposes it to competition from larger players.

* Below-average financial risk profile: Financial risk profile is
below average with modest networth and high gearing of INR3.0
crore and 4.6 times, respectively, as on March 31, 2018. Debt
protection metrics are weak, with net cash accrual to total debt
and interest coverage ratio of -41% and -2.7 times, respectively,
in fiscal 2018.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' near two decade-experience in the industry and
established relationships with suppliers and customers should
support the business.

Outlook: Stable

CRISIL believes EMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if equity infusion or larger accretion to reserves
improve financial risk profile and thereby strengthens the
capital structure. The outlook may be revised to 'Negative' if
decline in revenue or profitability, stretch in the working
capital cycle or any large debt-funded capital expenditure
(capex) weakens the financial risk profile.

Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra. EMPL is based in Thodupuzha, Kerala
and its operations are managed by Mr Firoz Meeran and Mr Nawas
Meeran.


GLOBAL INSTITUTE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR20.0 crore bank facilities of
Global Institute of Medical Science & Health Care (GIMSH)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term fund       20.0      [ICRA]B+ (Stable) ISSUER NOT
   Based                          COOPERATING; Continues to
                                  remain Issuer Not Cooperating
                                  category

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

Incorporated in November 2011, GIMSH is a closely-held company
registered under section 25 (not for Profit Company) that is
setting up a 300-bed multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, have extensive experience in the
healthcare sector and are currently running a 130-bedd hospital
in Jabalpur, Madhya Pradesh. They are also managing the affairs
of medical and engineering institutes (Institutes under Global
Nature Care Sangathan) located in Madhya Pradesh.


GIRIJASHANKAR COTTON: ICRA Retains B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR8.0 crore bank facilities of
Girijashankar Cotton Private Limited (GSPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term fund        7.0      [ICRA]B+ (Stable) ISSUER NOT
   based (CC Limit)               COOPERATING; Continues to
                                  remain Issuer Not Cooperating
                                  category

   Long term             1.0      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Continues to
                                  remain Issuer Not Cooperating
                                  category

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

Incorporated in October 2005, GCPL is engaged in cotton ginning
and pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the
firm is of various kinds such as desi, Shankar 6, BB, MCU-5 and
H4 cotton variety which is of high quality with staple length of
28-32 mm. The manufacturing facility is located in Sendhwa,
Madhya Pradesh.

The company registered an operating income (OI) of INR17.6 crore
with a profit after tax (PAT) of INR0.4 crore in FY2016.


HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.56cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR5.56-crore fund-based facilities of Hunsur Plywood Works Pvt.
Ltd. (HPWPL). ICRA has also reaffirmed the short-term rating at
[ICRA]A4 for the INR9.50-crore non-fund based facilities of
HPWPL. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based
   Facilities           5.56      [ICRA]B+ (Stable); reaffirmed

   Non-fund based
   facilities           9.50      [ICRA]A4; reaffirmed

Rationale

The reaffirmation of ratings considers HPWPL's modest scale of
operations despite moderate revenue growth of ~9% in FY2018 over
the previous fiscal, restricting its operational and financial
flexibility. The ratings also factor in the moderate financial
profile characterised by thin net margins, moderate capital
structure and coverage indicators along with high working-capital
intensity due to high inventory holdings. ICRA notes that HPWPL's
margins remain exposed to fluctuations in raw material prices as
well as forex rates as a major portion of the raw materials are
imported. The ratings further consider the intense competition in
the industry and the fragmented nature of the business, which
limits the company's bargaining power and pricing flexibility and
exerts pressure on its revenues and margins.

The ratings, however, continue to take comfort from the extensive
experience of the promoters and established presence of the
company in the timber industry. The ratings also take comfort
from the company's established relationship with key customers
and its diversified clientele, which mitigate the counterparty
risk to some extent and lend stability to revenues. The ratings
also positively factor in the stable demand outlook for timber
given the demand from furniture, real estate and infrastructure
sectors. Going forward, HPWPL's ability to scale up operations
and improve profitability while effectively managing working
capital requirements and foreign exchange fluctuations will be
the key rating sensitivities.

Outlook: Stable

ICRA believes that HPWPL will continue to benefit from the
extensive experience of its promoters in the timber business and
its established relationship with key customers. The outlook may
be revised to Positive if the firm is able to demonstrate
substantial and sustainable growth in revenues and profitability,
resulting in strong cash accruals, strengthening the overall
financial risk profile. The outlook may be revised to Negative if
weaker-than-expected operating performance and/or if higher-than-
anticipated capital expenditure, or a stretch in the working
capital cycle, weakens the liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the timber business: Mr.
Moiz S Vagh and his family members, the promoters of HPWPL, have
over four decades of experience in the timber and plywood
industry. The promoters also have controlling stake in Group
entities such as Pyramid Timber Associated Private Limited, The
Decorative Laminates India Private Limited and Ferro Foundries
Private Limited, which are mainly involved in similar line of
business. The company derives most of its revenue (~93% in
FY2018) from the sale of plywood and decorative plywood.

Long-term association with key customers: With long presence in
the timber business, the promoters have established strong
association with dealers and timber marts in Bengaluru,
Hyderabad, Mysore and other parts of South India, which supports
business volumes.

Credit challenges

Modest scale of operations: HPWPL's scale of operations continue
to remain modest at INR38.7 crore in FY2018 despite registering
~9% growth over FY2017, which was supported by improved demand
from the end-user industry. The moderate scale of operations
restricts operational and financial flexibility to a major
extent.

Financial profile characterised by moderate capital structure and
coverage indicators: High inventory holding requirements lead to
reliance on external borrowings for funding, resulting in high
debt levels and moderate capital structure with a gearing of 2.0
times as on March 31, 2018 and moderate coverage indicators.

Profitability exposed to forex risk: The company imports ~50-60%
of its raw materials from Burma, Malaysia, Italy, North Africa
and the US against 180 days letter of credit, which expose
margins to foreign exchange rates fluctuations in the absence of
any formal hedging mechanism.

Intense competition in a highly fragmented industry limits
bargaining power: Intense competition and the fragmented nature
of the industry limit its overall bargaining power as well as the
pricing flexibility. Demand for plywood is directly related to
the growth of construction and real-estate sectors, which expose
the company to sectoral concentration risk to an extent. However,
HPWPL's established relationship with its major customers offers
comfort to some extent.

Established in 1962, HPWPL is promoted by Mr. Moiz S Vagh and
family. It manufactures hardwood and decorative plywood, block
boards, flush doors and decorative veneers. The company's
manufacturing facility is at Hunsur in Mysore district of
Karnataka and is spread over 26 acres of land, with an installed
capacity to manufacture 1.0 million square feet of plywood per
annum. The company's products are marketed under the brand,
Hunsply.

In FY2018, the company reported a net profit of INR0.6 crore on
an OI of INR38.7 crore compared to a net profit of INR0.4 crore
on an OI of INR35.6 crore in the previous year.


JAI MAAKALI: ICRA Lowers Rating on INR45cr Cash Loan to D
---------------------------------------------------------
ICRA has revised the rating of bank facilities of Jai Maakali
Fish Farms Private Limited (JMFFPL) to [ICRA]D from [ICRA]B-. The
rating continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        45.00     [ICRA]D ISSUER NOT COOPERATING;
                                Revised from [ICRA]B-(Stable);
                                Rating continuous to remain
                                under 'Issuer Not Cooperating'
                                category

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

Rationale

The rating downgrade factors in delays in debt servicing with
cash credit limits overutilized beyond 30 days due to liquidity
pressures arising from delays in payments by customers.

Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the
Jai Maakali Group of companies based at Tanuku, West Godavari
district. JMFFPL was incorporated in2003 and is engaged in fish
farming. The company is engaged in cultivation of fish such as
Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages
in West Godavari District (Andhra Pradesh). The annual production
capacity is around 10000 tonnes.


JASSMINE ENTERPRISES: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating of [ICRA]BB- with Stable
outlook and short-term rating of [ICRA]A4 assigned to the
INR16.00 crore fund-based bank limits of Jassmine Enterprises to
[ICRA]D. The ratings continue to remain under 'ISSUER NOT
COOPERATING' category and are denoted as '[ICRA]D ISSUER NOT
COOPERATING'. ICRA had earlier moved the ratings to 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the firm.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-Term-Fund       10.00     [ICRA]D ISSUER NOT COOPERATING;
   Based Cash Credit              Downgraded from [ICRA]BB-
                                  (Stable); Continues to remain
                                  under NDS

   Non-cooperation       6.00     [ICRA]D ISSUER NOT COOPERATING;
   Short-Term-                    Downgraded from [ICRA]A4;
   Fund Based                     Continues to remain under NDS

Rationale

The ratings downgrade takes into account instances of delays in
debt servicing during the past three months. The company's
liquidity position has remained stretched following delayed
payments from its customers. The ratings are also constrained by
the financial profile of the firm characterised by thin profit
margins due to the minimal value addition. The capital structure
of the firm too has deteriorated because of withdrawal of capital
due to the retirement of a partner, as reflected by a gearing of
2.02 times as on March 31, 2017. The ratings also take into
consideration the vulnerability of the firm's profitability to
fluctuations in foreign exchange rates, as the export sales have
grown year-on-year.

However, the ratings draw comfort from the significant experience
of the firm's promoters in the textile trading industry, and the
location advantage enjoyed in terms of proximity to customers and
suppliers.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the textile business:
The partners of the firm, Mr. Mukesh Kumar Gadhiya and Mr. Shyam
Sunder Motwani have an experience of more than 25 years in the
textile business, especially in fabric trading. Due to the vast
knowledge of the foreign markets and business relationships
established over the years, the turnover of the firm has grown at
a healthy rate, especially the share of exports.

Location advantage by virtue of proximity to suppliers and
customers: The firm's office and warehousing facility is located
in Mumbai area which is close to Surat and Bhiwandi, home to many
fabric manufacturers. The proximity to suppliers ensures a steady
supply of required fabrics. JE also has the advantage of being
close to a large and easily accessible customer base. Since the
firm is also involved in exports of fabrics and readymade
garments, the location of its warehouse in Navi Mumbai has proved
to be an added advantage in terms of proximity to Jawaharlal
Nehru Port Trust (JNPT).

Credit challenges

Delays in servicing debt obligations: The firm was not able to
service its debt obligations in timely and regular manner due to
non-receipt of pending receivables from its customers. Hence its
account was moved to non-performing asset (NPA) category by the
bank on September 7, 2018.

Stretched liquidity on account of delayed realisation from
customers leading to stretched creditors and high working capital
limits utilization: The liquidity position of the firm has
remained stretched on account of increase in debtors which is
managed by stretched creditors. Also, the utilisation of cash
credit limits has remained high with average utilisation of 96%
during the period - September 2016 to August 2017.

Low profitability and accruals due to limited value additive
nature of business: The firm trades in various types of fabrics
and readymade garments which hardly involves any kind of value
addition. Limited value addition in the fabrics trading business
has kept the operating profit margins low at 2.16% in FY2017
(2.79% in FY2016). This along with high interest cost has subdued
the net profit margin to 0.57% in FY2017.

Leveraged capital structure due to withdrawal of partner's
capital: Due to the retirement of one of the partners, capital
was withdrawn from the business as on March 31, 2017. This led to
deterioration of the capital structure with the gearing increased
to 2.02 times as on March 31, 2017 from 0.79 time as on March 31,
2016. Even though the gearing improved in FY2018, it still
remained high at 1.56 times as on July 31, 2017.

Profitability vulnerable to volatility in currency market: With
48% of the revenue being generated from the export market in
FY2017, the receipts are exposed to adverse movements in the
Indian Rupee against the US Dollar. The volatility could have a
significant impact on the margins of the firm. JE enjoys export
incentives in the form of Duty Drawback and Merchandise Export
from India Scheme (MEIS) which support the operating profit
margins of the firm.

Jassmine Enterprises was established as a partnership concern in
August 2012. The firm was initially managed by the partners, Mr.
Shyam Sunder Motwani and Mr. Umesh Jani while Mr. Mukesh Kumar
Gadhiya joined the firm as partner in FY2016. However, in FY2017,
Mr. Umesh Jani retired from the business as partner. The firm has
its registered office in Mumbai and a warehouse facility in Navi
Mumbai (Maharashtra). It is involved in trading of various types
of fabrics, dress materials and readymade garments such as salwar
suits, shirts, kids' garments, tops and legins.

JE recorded a profit after tax of INR0.71 crore on an operating
income of INR124.64 crore for the year ending March 31, 2017.


JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR14.00-crore fund-based facilities of Jivandhara Cotton
Industries. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Cash Credit         14.00      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by the
low operating income and profitability, stretched capital
structure and weak coverage indicators. The rating also factors
in the vulnerability of the company's profitability to
fluctuations in raw material prices (raw cotton), considering the
inherently low value-added ginning business and the stiff
industry competition. Further, it is also exposed to regulatory
risks with regard to the minimum support price (MSP), which is
set by the Government. ICRA notes the partnership constitution of
JCI, wherein any significant withdrawal from the capital account
could adversely impact its net worth and thereby its credit
profile.

The rating reaffirmation, however, continues to favourably factor
in the extensive experience of the promoters in the cotton
ginning industry and the proximity of the company's manufacturing
unit to raw material sources.

Outlook: Stable

ICRA believes that JCI will continue to benefit from the
experience of the promoters in the cotton ginning industry. The
outlook may be revised to Positive if substantial growth in
revenue and profitability leads to adequate net cash accruals and
capital infusion, which strengthens its financial risk profile.
Conversely, the outlook may be revised to Negative if lower-than-
expected sales and profitability leads to lower-than-expected
cash accruals; or any major capital withdrawals or stretch in the
working capital cycle weakens the capital structure and the
overall liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in cotton ginning industry: The
promoters of JCI have over a decade of experience in the cotton
ginning industry, resulting in established relationships with
customers.

Location-specific advantages: The firm is based in Rajkot
(Gujarat), an area of high cotton acreage and quality cotton
crop. Hence, the firm benefits in terms of lower transportation
cost and easy access to quality raw material because of its
proximity to raw material suppliers.

Credit challenges

Weak financial risk profile: The company's operating income
witnessed a sharp decline of 44% to INR58.76 crore in FY2018 from
INR104.54 crore in FY2017 as the management carried out
production in Navjivan Cotton Industries (Group concern) wherein
they received electricity duty exemption, which reduces the cost
of production. However, because of the low value-added nature of
the cotton ginning operations and the stiff competition, the
profitability continues to remain low with the operating
profitability at 0.33% in FY2018. However, the net profit margin
was better than the operating profitability; at 0.42% in FY2018
due to non-operating income earned, though continued to remain
low. Low profitability and high debt level resulted in weak debt
protection metrics with TD/OPBITDA of 21.93 times and an NCA/TD
of 4% as on March 31, 2018.

Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various
factors such as seasonality, climatic conditions, global demand
and supply situation, and export policy. Further, it is also
exposed to the regulatory risks with regard to the MSP set by the
Government.

Intense competition and fragmented industry structure - The
cotton ginning industry is highly fragmented with presence of
numerous small to mid-sized players. Thus, the firm faces stiff
competition, which limits its bargaining power and exerts
pressure on its margins.

Risks associated with partnership concern: Any capital
withdrawal, given the partnership nature of the firm, could
adversely impact its capital structure.

Jivandhara Cotton Industries (JCI) was established in 2006 and is
engaged in cotton ginning and pressing business. The firm has 28
ginning machines and one pressing machine; its production
capacity is 9,360 MTPA. The firm is managed by the Kadivar
family, with its manufacturing facility at Wankaner, in Rajkot
district. JCI also has an associate concern, Navjivan Cotton
Industries, which is engaged in same line of business.
In FY2017, the firm reported a net profit of INR0.44 crore on an
operating income (OI) of INR104.54 crore as against a net profit
of INR0.07 crore on an OI of INR22.46 crore in FY2016. In FY2018
(provisional financial statements), the company reported a net
profit of INR0.25 crore on an OI of INR58.76 crore.


KKR SPICES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
--------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank loan
facilities of KKR Spices and Oleoresins Private Limited (KKR).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     1        CRISIL B+/Stable (Assigned)

The ratings reflect KKR's modest scale of operations in the
intensely competitive pulse processing and trading industry. The
rating also factors in the firm's below-average financial risk
profile, with modest net worth and weak debt protection metrics.
These weaknesses are partially offset by KKR's established
relationships with customers and suppliers, and its promoters'
extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in fragmented industry: KKR scale of
operations has remained modest over the years which limits its
ability to benefit from economies of scale that are available to
players with larger volumes. Further, the domestic trading
business is fragmented, with numerous small-sized unorganized
players catering to local demands resulting in lower firm's
ability to bargain with its suppliers and customers, leading to
pressure on its operating margin.

* Below-average financial risk profile: The below-average
financial risk profile, marked by a small net worth, high total
outside liabilities to tangible net worth (TOLTNW) ratio and
below average debt protection metrics renders its financial risk
profile highly susceptible to external business shocks such as a
slowdown in the business or any incremental debt.

Strengths

* Promoters' extensive industry experience and established
relations with customers and suppliers: KKR trades in and chilies
and the promoter family has been in the agro commodities trading
business for the past five decades. Over the years, the promoter
family has developed strong relations with major suppliers and
customers in the southern region resulting in healthy growth in
revenues over the years.

Outlook: Stable

CRISIL believes that KKR will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
healthy growth in revenues and profitability leading to improved
cash accruals and interest coverage. Conversely, the outlook may
be revised to 'Negative' if low revenue and profitability, or any
large capital expenditure (capex) programme weakens KKR's
financial risk profile.

Incorporated in the year 2010 and based out of Nellore, KKR is
involved into trading of chilies. The Company is promoted by Mr.
Kilari Venkata Rosiah and Ms. Kilari I Lakshmi Saraswati.


KWALITY LTD: KKR Files Insolvency Bid Against Firm
--------------------------------------------------
The Hindu reports that global private equity player KKR has filed
insolvency plea against Kwality Ltd. before the National Company
Law Tribunal (NCLT).

In 2016, Kwality had announced that it had raised INR300 crore
from KKR India Financial Services and got additional commitment
of INR220 crore, The Hindu recalls.  According to the report, the
amount was raised to fund its expansion plans and enter into
consumer segment.

The matter was listed for Oct. 22 before an NCLT bench in Delhi
comprising Ina Malhotra and Deepa Krishan, the report says.

The Hindu adds that the company had earlier this month informed
the BSE that KKR India Financial Services Private Ltd. has filed
a petition before NCLT under section 7 of IBC 2016.

Kwality Limited manufactures dairy products which includes
skimmed milk powder, diary whitener, whole milk powder, ice cream
mix powder, butter and ghee.


L. P. GREENS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of L. P. Greens
(LPG) to 'CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Term Loan      6.15     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan         8.85     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LPG for obtaining
information through letters and emails dated July 23, 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 LPG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LPG is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

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

Established in November 2013, L. P. Green is proprietorship
concern promoted by Mr. Kesho Lal Goel. The hotel has three
banquet halls, three conference halls, 62 rooms, in-house
recreational rooms and restaurants. The hotel was operationalized
in June ' 2017.


LOKNETE SUNDERRAOJI: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Loknete
Sunderraoji Solanke Sahakari Sakhar Karkhana Limited (LSSSSKL)
from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        30       CRISIL B+/Stable (Migrated
                                  from 'CRISIL B+/Stable
                                  ISSUER NOT COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facilities of LSSSSKL to 'CRISIL
B+/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing the information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

The rating continues to reflect societies established presence in
the sugar industry and healthy relationship with farmers,
integrated nature of its operations and moderate financial risk
profile. These strengths are partially offset by working capital
intensive operations and exposure to regulatory changes and
cyclicality in the sugar industry.

Key Rating Drivers & Detailed Description

Strengths

* Established market position and healthy relationship with
member farmers: Benefits from the company's long-standing
presence in the Maharashtra (Beed district) sugar industry since
1992 and the established relationships with local farmers
supports the business.

* Integrated operations and a favorable outlook for the sugar
industry: The company produces sugar and by-products, such as
rectified spirit and ethanol through a distillery, and power
through a co-gen plant. Integrated operations and healthy margin
estimated on by-products will ensure a better operating
performance over medium term. Benefits would also be derived from
sustained sugar prices and a favourable demand-supply scenario,
over the medium term.

Weaknesses

* Leverage Capital Structure: Despite moderate Networth of
INR38.9 crore, gearing remains high at 7.97 times, as on March
31, 2018, due to higher reliance on external debt.

* Working capital-intensive operations: Gross current assets
stood at 405 days as on March 31, 2018, because of substantial
inventory of 417 days, thereby constraining liquidity.

* Exposure to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated
and is also exposed to risks related to seasonality in sugarcane
production. These factors can impact the scale of operations and
margin.

Outlook: Stable

CRISIL believes LSSSSKL will continue to benefit from its
established relationship with farmers in the command area, and
integrated operations. The outlook may be revised to 'Positive'
if significant improvement in cash accrual, supported by higher
revenue and operating margin, leads to a sustainably stronger
capital structure. The outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens on
account of low cash accrual or a stretch in the working capital
cycle caused by further increase in inventory.

LSSSSKL was established in 1992 by Late Sunderraoji Solanke and
his family. The company is based in Beed, Maharashtra and
manufactures sugar with a cane crushing capacity of 5000 tonne
per day, a 22-megawatt co-generation power plant and 45
kiloliters per day distillery.


M.P.K. ISPAT: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.P.K. Ispat
India Private Limited (MPKI) to CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Letter of Credit       5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)
   Standby Line
   of Credit              1.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              6.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MPKI for obtaining
information through letters and emails dated July 23, 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 MPKI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPKI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPKI to CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPKI, MPK Metals Pvt Ltd (MPKM), and
MPK Steels India Pvt Ltd (MPKS). This is because the three
companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKS have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.

                         About the Group

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the
products under its own brand, MPK. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj
Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the
company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj
Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to
March 31) with 2013-14 being its first full year of operations.
The company has been set up as a backward integration unit of the
group to manufacture steel billets and ingots for captive
consumption in MPKS and MPKM. The company has its plant in Bagru
(Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr.
Manoj Upadhyay.


M.P.K. STEEL: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.P.K. Steel
India Private Limited (MPKS) to CRISIL D Issuer not cooperating'.

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

   Proposed Long Term     0.36     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Standby Line of
   Credit                 0.50     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              2.44     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MPKS for obtaining
information through letters and emails dated July 23, 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 MPKS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPKS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPKS to CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPKS, MPK Metals Pvt Ltd (MPKM), and
MPKI Ispat India Pvt Ltd (MPKI). This is because the three
companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKS have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.

                           About the Group

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the
products under its own brand, MPK. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj
Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the
company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj
Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the
group to manufacture steel billets and ingots for captive
consumption in MPKS and MPKM. The company has its plant in Bagru
(Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr.
Manoj Upadhyay.


M.R. OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.R.
Overseas Private Limited (MROPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           47       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MROPL for
obtaining information through letters and emails dated July 23,
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 MROPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MROPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

MROPL was originally set up as a partnership firm in 1996 by Mr
Nand Kumar Arora, Mr Rajesh Kumar Arora, Mr Sanjiv Kumar Arora,
and Mr Rohit Arora, and was reconstituted as a private limited
company in 1998. It processes basmati rice varieties (PUSA 1121,
PUSA 1509, traditional basmati, and blended rice) in the domestic
and overseas markets, and has milling and sorting capacity of 8
tonne per hour (tph) and 6 tph, respectively. Its plant is in
Delhi and has Hazard Analysis and Critical Control Points
(HACCP), ISO 9001:2001, and US Food and Drug Administration
(USFDA) certifications.


MAHESH GINNING: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR5.25 crore bank facilities of
Mahesh Ginning Private Limited (MGPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term            5.25       [ICRA]B+ (Stable) ISSUER NOT
   fund based                      COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

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

MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is part of the Mahesh Group belonging to the
Tayal family of Sendhwa, Madhya Pradesh, which is predominantly
engaged in cotton trading and ginning, and has more than two
decades of experience in this line of business. MGPL procures
kapas from farmers/mandis, which is processed in ginning mills
for removing seeds and other impurities. The cotton bales are
sold to spinning mills and traders whereas cotton seeds are sold
to oil extraction units.

The entity reported a net profit of INR0.47 crore on an operating
income of INR33.92 crore in FY2016 as against net profit of
INR0.18 crore on an operating income of INR40.41 crore in FY2015.


MARUTI NANDAN: CRISIL Lowers Rating on INR10.1cr Loan to B-
-----------------------------------------------------------

CRISIL has downgraded its rating on the long-term bank facilities
of Maruti Nandan Oils Private Limited (MOPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           7.5        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term    2.4        CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Warehouse            10.1        CRISIL B-/Stable (Downgraded
   Financing                        from 'CRISIL B/Stable')


The downgrade reflects weakening of the MOPL's business risk
profile; revenue and operating margin fell to INR49.72 crore and
1%, respectively, in fiscal 2018 from INR50.96 crore and 4.3% in
fiscal 2018. Liquidity was also constrained as cash accrual was
inadequate to meet maturing debt.

The rating also factors in MOPL's volatile profitability and a
modest financial risk profile. These weaknesses are partially
offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Volatile profitability: Operating margin has been 0.9-4.3% for
the three fiscals through 2018 because of fluctuations in price
of raw materials. The margin is expected to remain modest over
the medium term due to low value addition and intense
competition.

* Modest financial risk profile: Low operating margin led to weak
debt protection metrics, with interest coverage and net cash
accrual to adjusted debt ratios of 0.68 time and 0.03 time,
respectively, in fiscal 2018. The metrics are likely to remain
muted over the medium term. Total outside liabilities to adjusted
networth ratio was 1.1 times as on March 31, 2018.

Strength

* Experience of promoters: Benefits from the promoters'
experience of over a decade, their strong understanding of local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes MOPL's business risk profile will remain
constrained over the medium term by large working capital
requirement. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and profitability
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if stretched working capital cycle or
any large, debt-funded capital expenditure weaken financial risk
profile.

MOPL, incorporated in 2008 at Mansa (Punjab), extracts rice bran
oil with installed capacity of 400 million tonne per day. Mr
Sunny Kumar and Mr Parminder Kumar are the promoters.


MARUTI PRODUCTS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR21.78 crore bank facilities of
Maruti Products Private Limited (MPPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term fund        4.28      [ICRA]B+ (Stable) ISSUER NOT
   based (Term Loan)               COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long-term/short-     17.50      [ICRA]B+(Stable)/A4 ISSUER NOT
   term fund-based/                COOPERATING; Continues to
   non fund-based                  remain Issuer Not Cooperating
                                   category

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

Incorporated in April 2010, MPPL manufactures steel billets in
its manufacturing facility located in Jaipur with a total
installed capacity of 27,000 Metric Tonne Per Annum (MTPA). The
company procures its key raw materialssuch as sponge iron and
steel scrap from domestic as well as international market and
supplies its product to the rolling mills located in Rajasthan.


MINOP INNOVATIVE: CRISIL Migrates 'C' Rating from Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of Minop
Innovative Technologies Pvt. Ltd. (MITPL) from 'CRISIL
C/FC/CRISIL A4 Issuer Not Cooperating' to 'CRISIL C/FC/CRISIL A4'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          9         CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit             1         CRISIL C (Migrated from
                                     'CRISIL C ISSUER NOT
                                     COOPERATING')

   Proposed Short Term     1         CRISIL A4 (Migrated from
   Bank Loan Facility                'CRISIL A4 ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
of MITPL to 'CRISIL C/FC/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of the rating. Consequently, CRISIL is migrating its
rating on the bank facilities of MITPL from 'CRISIL C/FC/CRISIL
A4 Issuer Not Cooperating' to 'CRISIL C/FC/CRISIL A4'

The rating continues to reflect delay in debt servicing (not
rated by CRISIL), which is regularized as on date, modest scale
of operations and exposure to high project concentration risk.
These weaknesses are partially offset by experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations remains modest
with operating income of INR1.88 crore in fiscal 2018.

* Exposure to high project concentration risk: Project
concentration risk is high, since only one contract'with Bharat
Coking Coal Ltd (BCCL) - exists. Delays in the timely receipt of
payments from BCCL results in cash flow mismatches. It had led to
delay in debt servicing of loan (not rated by CRISIL), however,
it is repaid fully as on September 2018. The company had issued a
writ Petition against BCCL (Bharat coking Coal Limited) for their
unilateral decision of banning the project for 3 years, the
judgement of high court has come in favor of the company and
operations will be resumed soon.

Strength

* Experience of promoters: The promoters have over three decades
of experience in design and planning, exploration, development of
mines through the group company, Maheshwari Mining Pvt Ltd -
('CRISIL B+/FB+/Stable/CRISIL A4 Issuer Not Cooperating') -
engaged in similar line of business.

MITPL, incorporated in December 2005, has undertaken a contract
for the development of the Muraidih underground mines (in
Jharkhand) of BCCL and extraction of coal from Muraidih I and III
seam. The company obtained the contract under a consortium with
it being the leader. MITPL is equally owned by families of Mr
Biswanath Pan, Mr Sanjiv Kumar Ganeriwala, and Mr Pravin
Parkeria.


MUMS MEGA: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the INR95.0 crore bank facilities of
Mums Mega Food Park Private Limited (MMFPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term            95.0       [ICRA]B (Stable) ISSUER NOT
   fund based                      COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

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

MMFP is a special purpose vehicle (SPV) which was incorporated in
January 2012, to undertake a Mega Food Park project in the Buxar
district of Bihar under the MoFPI's Mega Food Parks Scheme. The
cost of the project estimated at INR154.48 crore, is proposed to
be funded by INR32.32 crore of equity, INR50 crore of grant from
MoFPI, INR15 crore of grant from Government of Bihar and INR57.16
crore of term loans.The company is promoted by Ultra Home
Construction Pvt Ltd and ABIP, entities belonging to the Amrapali
group. The Amrapali group is a well established real estate
player in Delhi with execution track record of residential and
commercial projects across the National Capital Region. ABIP
manufactures products such as corn flakes, jams, pickles, sauce
and vinegar, under the brand name 'Mums'. The company has started
a new unit in Buxar for manufacturing of corn flakes and grits.


NAYARA ENERGY: Moody's Assigns Ba2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Nayara Energy Limited.

The rating outlook is stable.

RATINGS RATIONALE

Nayara operates a refinery in Vadinar, India with a total crude
distillation capacity of 20 million metric tons per annum
(mmtpa). The refinery has a high complexity index of 11.8.

"Nayara's Ba2 CFR is underpinned by its strategically-located
refinery with a stable operating track record, strong margins
supported by its high-complexity refinery and integrated
infrastructure, as well as its moderate credit metrics," says
Rachel Chua, a Moody's Assistant Vice President and Analyst.

Moody's expects Nayara's leverage will improve over the next 12-
18 months, with adjusted retained cash flow (RCF)/debt of 16%-18%
from 12% in FY2018.

The Ba2 rating also takes into account Nayara's supportive
shareholder group - PJSC Oil Company Rosneft (Baa3 stable) and a
consortium comprising Trafigura Holdings Pte Ltd and UCP PE
Investment Limited - which acquired the company in August 2017.

Given Nayara's working relationships with Rosneft and Trafigura,
Moody's expects the new shareholder group will provide
operational, technical and management expertise and oversight.

"At the same time, the rating assumes that Nayara will not be
subject to current or future sanctions imposed on its
shareholders," adds Chua, who is also Moody's lead analyst for
Nayara. "Such a scenario would be credit negative, and if it
occurs, would prompt us to reassess Nayara's business profile and
the credit implications."

The rating remains constrained by Nayara's moderate refinery
scale, single-site operations with high reliance on its primary
crude distillation unit, and exposure to the inherently cyclical
nature of the industry.

At March 31, 2018, Nayara had cash and short-term investments of
INR47.8 billion compared to INR80.5 billion of debt maturing over
the next 12 months.

Nonetheless, its liquidity profile has improved, following the
INR24 billion bond issuance in August 2018 and the long-term
export prepayment agreement that was executed in September 2018.
These debt-raising exercises have alleviated Nayara's reliance on
short-term financing and lengthened the company's debt maturity
profile.

The rating outlook is stable, reflecting Moody's expectation that
Nayara's high refinery utilization rate and operational
competitiveness will continue to support its credit metrics. The
rating also incorporates Moody's expectation that the company
will not upstream shareholder distributions over the next few
years.

A rating upgrade is unlikely over the next 12 months, given
Nayara's modest scale, low business diversity and the
concentration risk at its refinery.

Nonetheless, upward rating pressure could emerge, if the company
meaningfully improves its operating profile, through: 1)
expanding its spectrum of downstream products into higher value-
added petroleum and petrochemicals; 2) reducing its reliance on
its primary crude distillation unit or single-site plant; and 3)
increasing its refining capacity.

Specific credit metrics that Moody's would consider for an
upgrade include: adjusted debt/EBITDA below 2.5x, RCF/adjusted
debt exceeding 25% and adjusted EBIT interest cover above 3.0x,
all on a sustained basis.

Moody's would downgrade Nayara's Ba2 CFR if: 1) the operating
environment deteriorates materially, leading to a decline in its
cash flow; 2) the company faces operational disruption at its
refinery; 3) Nayara embarks on material debt-funded expansions or
acquisitions; or 4) the company engages in shareholder
distributions over the next 3-4 years.

Specific credit metrics that Moody's would consider for a
downgrade include adjusted debt/EBITDA above 3.5x-4.0x,
RCF/adjusted debt below 15%, or adjusted EBIT interest cover
below 2.5x.

The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.

Nayara Energy Limited is a refiner and supplier of petroleum
products in India and overseas. It operates the country's second
largest single-site refinery in Gujarat, with a nameplate
capacity of 405 thousand barrels per day and a high complexity
index of 11.8.

Nayara was delisted from the National Stock Exchange of India in
February 2016, and acquired by the new shareholder group in
August 2017 for $12.9 billion. Nayara is 49.13% owned by a
wholly-owned subsidiary of Rosneft and 49.13% owned by Kesani
Enterprises Company Limited, a joint venture between commodity
trader, Trafigura and Russian private equity group United Capital
Partners. The remaining 1.74% stake is held by retail investors.


OM SHIV: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Shiv
Foods (OSF) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           12        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             12        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OSF for obtaining
information through letters and emails dated July 23, 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 OSF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OSF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in 2017 as a partnership firm by Ms. Saroj Sharma,
Ms. Pushpa Saravagi, Mr. Ajay Mittal, Mr. Vijay Kumar Mittal, and
Mr. Sonam Sharma, OSF is setting up a rice milling unit in
Gwalior, Madhya Pradesh.


OSNAR CHEMICAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Osnar Chemical
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 actions are:

-- INR 40 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR40 mil. Non-fund-based facilities 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
July 25, 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 1972, Osnar Chemical offers services in road
development and improvement and undertakes contracts for
waterproofing and damp-proofing work.


PIXIE DUST: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pixie Dust
(PD) to CRISIL B-/Stable Issuer not cooperating'

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

   Proposed Long Term     5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PD for obtaining
information through letters and emails dated July 23, 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 PD. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PD is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PD to CRISIL B-/Stable Issuer not cooperating'

Promoted by Ms Swapna Mathivanan, Mr Jeevan Nedunchezhiyan, and
Dr M A S Subramanian in 2013, PD is setting up a luxury resort
with 40 cottages, swimming pool, restaurant and bar. The firm has
a restaurant, Celine's Kitchen, in Puducherry, which has been
operational since 2014.


PMT MACHINES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: PMT Machines Limited

        Registered Office:
        Post Box No. 1102
        Behind PCMC Building, Mumbai-Pune Road
        Pimri, Pune 411018, Maharashtra

Insolvency Commencement Date: October 22, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 20, 2019
                               (180 days from commencement)

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         1006, Raheja Centre, Nariman Point
                         Mumbai 400021, Maharashtra
                         E-mail: rrkanoongo@gmail.com
                                 cirppmt@gmail.com

Last date for
submission of claims:    November 5, 2018


PRECISION ELECTRONIC: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Precision
Electronic Instruments Company (PEIC) to ' CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        0.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           5.25      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Bill           .25      CRISIL B+/Stable (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)

   Long Term Loan         .45      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.55      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PEIC for obtaining
information through letters and emails dated September 28, 2018
and October 5, 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 PEIC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PEIC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PEIC to ' CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating.

Set up as a proprietorship concern in 1995 by Mr. Rajnish Kumar
Agarwal, PEIC manufactures weighbridges, scales, vehicle metres,
and tracking devices under the Goldtech brand. Unit is in
Bahadurgarh, Haryana.


PRIUS COMMERCIAL: ICRA Lowers Rating on INR424cr Loan to B(SO)
--------------------------------------------------------------
ICRA has downgraded the rating for INR424-crore term loans of
Prius Commercial Projects Private Limited (PCPPL) from
[ICRA]BB+(SO) to [ICRA]B (SO). The outlook on the rating has been
changed from stable to negative. The letter SO in parenthesis
suffixed to a rating symbol stands for Structured Obligation. An
SO rating is specific to the rated issue, its terms, and its
structure. SO ratings do not represent ICRA's opinion on the
general credit quality of the issuers concerned.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          424.00     [ICRA] B (SO) (negative);
                                  rating downgraded from
                                  [ICRA]BB+ (SO) (stable)

Rationale

The rating revision takes into account stretched liquidity
position of PCPPL and its subsidiaries on account of high
leverage, delay in leasing the space in the commercial properties
and lower-than-estimated support from Finserve Shared Services
Limited (FSSL). On account of the same, four subsidiaries of
PCPPL have delayed on their debt repayments. FSSL is PCCPL's
associate entity and was required to make lease payments to PCCPL
to enable payments of LRD loan but it has been facing liquidity
constraints due to high leverage, significant short-term debt and
illiquid investments of the promoter group.

The rating continues to be constrained by PCCPL's elevated
borrowings which has led to losses and poor debt coverage
indicators and has restricted the incremental fund raising
capacity. The ratings also continue to factor in PCPPL's negative
networth on account of its significant accumulated losses.
The rating derives comfort from structure of the instrument,
which involves charge on escrow account through which all inflows
are to be routed and provision of Debt Service Reserve Account
(DSRA3) for two months of Instalments. Rating also continues to
derive comfort from PCCPL's reputed lessees, its healthy lease
rates and occupancy as well as the favourable location of its
commercial building in Saket area of New Delhi.

PCCPL holds four wholly-owned subsidiaries, each of which owns
and manages one commercial property located in different parts of
the country. Of PCCPL's total balance sheet, almost 62% (Rs. 620
crore) have been invested into these subsidiaries. While the
long-term nature of these investments is putting pressure on
PCCPL's return indicators, it can also result in higher funding
requirements for PCCPL if it has to provide support to the
subsidiaries to meet their debt repayments.

Outlook: Negative

The negative outlook reflects the fact that group is currently
facing stretched liquidity position and four of the subsidiaries
of PCCPL have delayed on debt repayments. The outlook may be
changed to stable or the rating may be upgraded in case the group
is able to improve the cash flow position through asset
monetisation, refinancing of its loans at significantly better
terms or through substantial increase in its operational inflows.
The ratings are likely to be downgraded if the liquidity
situation remains stretched.

Key rating drivers

Credit strengths

Instrument structure: Payment mechanism includes charge on escrow
account through which all inflows are to be routed and provision
of Debt Service Reserve Account (DSRA) for two months of
instalments.

Favourable location of PCPPL's commercial property: PCPPL's
commercial property is located in Saket district centre in New
Delhi and its catchment area includes affluent sections of South
Delhi. The fully developed infrastructure, good connectivity and
the property's proximity to large premium retail space, hotels
and Grade A commercial offices makes the location attractive.

Reputed lessees and robust lease rates in PCPPL's property: Some
of the reputed tenants in PCPPL's property are LG Electronics,
Mitsui Chemicals, Hennes & Mauritz Retail, and Amarchand
Mangaldas. The company owns and manages Grade 'A' office space
and is able to command robust lease rates and has attained more
than ~92% occupancy.

Credit weaknesses

Stretched liquidity position: Stretched liquidity position of the
company and its subsidiaries on account of high debt, delay in
leasing the space in the commercial properties and lower-than-
estimated support from Finserve Shared Services Limited (FSSL).
On account of the same, four subsidiaries of PCPPL have delayed
on their debt repayments.

Support to Subsidiaries: A majority of PCPPL's funds have been
invested in its four subsidiaries, which puts pressure on PCPPL's
return indicators; it can also result in higher funding
requirements for PCPPL if it has to support the subsidiaries to
meet their debt repayments.

High leverage constrains financial flexibility: To fund the
losses over the years, the company has resorted to additional
leverage which has led to poor debt coverage indicators and has
restricted the incremental fund raising capacity.

Prius Commercial Projects Private Limited (previously known as
GYS Real Estates Private Limited) was incorporated on December 8,
2006. 84% stake in the company is held by Ms. Shabnam Dhillon and
16% stake is held by Mr. Yuvraj Narain Gorwaney. The company is
based out of New Delhi and it owns and manages a commercial
property in Saket in New Delhi. The commercial building is
operational since 2009 and has total leasable area of 2,56,641 sq
ft. GYS has five subsidiaries, each of which owns and manages
commercial properties in various locations. Total saleable area
across the six companies (GYS and its five subsidiaries) is 1.15
million sq ft.


R R INDUSTRIES: CRISIL Assigns B+ Rating to INR4.19cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R R Industries - Hyderabad (RRI)

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility       4.19      CRISIL B+/Stable (Assigned)

   Long Term Loan           1.81      CRISIL B+/Stable (Assigned)

   Bank Guarantee           4.50      CRISIL A4 (Assigned)

   Cash Credit              1.50      CRISIL B+/Stable (Assigned)

The ratings reflect modest scale of operations in the competitive
aerospace and defense segment, high capital structure and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of
promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations is moderate as
reflected in revenue of INR25.14 crore in fiscal 2018. Revenue is
expected to remain same over the medium term and low
profitability margins.

* High capital structure: The TOLTNW was 5.2 times as on
March 31, 2018; the net worth stood at INR3.5 crores as on the
same date

* Large working capital requirement: Working capital intensive as
reflected in gross current asset (GCAs) of 249 days as on
March 31, 2018 driven by high debtor days.

Strengths

* Expensive industry experience of promoter: The business risk
profile benefits from its proprietor's extensive experience in
the aerospace and defense segment. RRI is promoted by Mrs. V.
Kamala Kumari. It benefits from its proprietor's extensive
experience and established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes RRI will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial and sustained
improvement in revenue, profitability and improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of steep decline in profitability margins, or
significant deterioration in capital structure because of stretch
in working capital cycle

RRI was set up in 1999 by Mrs. V. Kamala Kumari. The firm designs
and manufactures of composite products, used in the defense
industry. It is based in Hyderabad.


RAM MEHER: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ram Meher
Infradevelopers Private Limited (RMIPL) to CRISIL D Issuer not
cooperating.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Overdraft            1.4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   5.1        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan            5          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RMIPL for
obtaining information through letters and emails dated July 23,
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 RMIPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on RMIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RMIPL to CRISIL D Issuer not cooperating'.

RMIPL was incorporated in 2009, promoted by Mr Ram Vinod Singh,
Mr Ravi Singhal, Mr Girish Chand Goyal, and Mr Nitish Goyal,
based in Agra. The company undertakes residential real estate
development in this city.


RAVI MICRONS: ICRA Assigns B+ Rating to INR9cr Term Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR9.00-crore term loan facility and the INR4.00-crore cash
credit facility of Ravi Microns LLP. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR0.80-crore non-fund based
limits of the firm. The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            9.00       [ICRA]B+ (Stable); Assigned
   Cash Credit          4.00       [ICRA]B+ (Stable); Assigned
   Bank Guarantee       0.80       [ICRA]A4; Assigned

Rationale

The ratings remain constrained by the small-scale operations and
the risk associated with the plant's stabilisation as per the
expected operating parameters. Furthermore, the assigned ratings
also take into account the firm's financial risk profile, which
is expected to remain weak in the near to medium term, given the
debt-funded nature of the project and the impending debt
repayments. The rating is also constrained by the intense
competition and the vulnerability of profitability to adverse
movements in key raw material prices.

The assigned ratings, however, favorably factor in the experience
of the partners in the ceramic industry and the location
advantage enjoyed by the firm, which ensures easy access to
Morbi-based customers.

Outlook: Stable

ICRA believes that RML will benefit from the experience of its
partners in the ceramic industry. The outlook may be revised to
Positive if timely stabilisation and scale-up of operations lead
to higher profitability and cash accruals during the initial
phase. The outlook may be revised to Negative if slower ramp-up
in sales and accrual, or sizeable working capital requirement
weakens the financial risk profile, especially the liquidity.

Key rating drivers

Credit strengths

Extensive experience of partners in ceramic tiles industry: The
key partners, Mr. Kartavya J. Aghara, Mr. Jayeshkumar P. Aghara
and Mr. Hiteshbhai J. Sanavda have extensive experience in the
ceramic industry through their associations with Jayco Ceramic
and Romex Tiles Pvt. Ltd., which are involved in the
manufacturing of tiles.

Location-specific advantage: The manufacturing facility of the
company is in the ceramic hub of Morbi (Gujarat), which provides
easy access to prospective clients.

Credit challenges

Limited track record of operations: Being in a nascent stage
(commercial operations commencing from February 2018), the firm
remains exposed to risks associated with stabilisation and
successful scale up of operations as per the expected parameters.

Weak financial risk profile: The firm's financial risk profile is
expected to remain weak in the near term because of the debt-
funded project and the impending debt repayments, with an
estimated gearing of 2.22 times, DSCR of 1.25 times and Total
Debt/OPBDITA of 5.61 times in FY2019.

High competition: The competitive intensity of the industry
remains high because of low capital intensity and limited entry
barriers. The presence of large number of players in the
unorganised segment, with most of them based in Gujarat, and
operating with low-cost structures creates a pressure on the
pricing.

Profitability to remain susceptible to volatility in raw material
prices: Raw material price is a major component that determines
the cost competitiveness of the industry. The company has,
however, little control over the prices of raw materials. Thus,
the margins are expected to remain exposed to movement in raw
material prices and the company's ability to pass on any upward
movement to its customers.

Incorporated in April 2017, Ravi Microns LLP (RML) manufactures
potassium and sodium feldspar powder, which is used as a raw
material in the ceramic tiles industry. The unit is located at
Morbi, Gujarat, and has an installed capacity of producing
1,20,000 metric ton of feldspar powder per annum. The firm's
commercial operations commenced from February 2018.


REVATHI GOLD: CRISIL Migrates B+ Rating from Not Cooperating
------------------------------------------------------------
CRISIL is migrating the rating on the Revathi Gold Agro Products
(RGAP) bank facility from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

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

   Cash Term Loan        1.5        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')


Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the bank facility of RGAP to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, management has subsequently started
sharing information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the
rating on the RGAP bank facility from 'CRISIL B+/Stable Issuer
Not Cooperating' to 'CRISIL B+/Stable'.

The rating reflects the firm's modest scale of, and working
capital-intensive, operations and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of proprietor and longstanding relationship with
customers.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: With revenue of about INR21.89
crore in fiscal 2018, scale remains small, leading to weak
profitability.

* Large working capital requirement: Gross current assets were
164 days as on March 31, 2018, because of large inventory
requirement.

Strengths:

* Extensive experience of partners: The partners have been in the
rice milling industry for over two decades, resulting in
established relationship with a wide clientele.

Outlook: Stable

CRISIL believes RGAP will benefit over the medium term from the
extensive experience of partners. The outlook may be revised to
'Positive' if significant improvement in capital structure,
revenue, and operating margin strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
profitability weakens due to increased competition, or if working
capital management deteriorates.

Established in 2010 as a partnership firm by Mr. R P
Chandirasekaran based RGAP processes paddy to produce rice,
broken rice and husk.


S M ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S M
Enterprises - East Delhi (SME) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      17       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SME for obtaining
information through letters and emails dated July 23, 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 SME. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SME is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up as a proprietorship concern by Mr. Bharat Kalra, SME is
engaged into supply of construction and building materials.


SAI WHITEGOLD: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai
Whitegold (SW) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             4        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SW for obtaining
information through letters and emails dated July 23, 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 SW. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SW is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in January 2017 as partnership firm, SW is engaged in
cotton ginning and pressing. The firm is promoted by Mr.
Hamunandas Chandak and Mr.Kapil Chandak.


SATKAR CONTAINER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Satkar Container Lines Pvt Ltd
        B-72, 2nd Floor, Rohit House
        Vishwakarma Colony, Tunghlakabad, M.B. Road
        New Delhi 110044

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Devnidhi Arya

Interim Resolution
Professional:            Devnidhi Arya
                         308-310, Agarwal Chamber-2, 30-31
                         Veer Savarkar Block, Shakarpur
                         Delhi 10092
                         E-mail: devaryafca@gmail.com
                         Landline No.: 011-43215950
                         Mobile No.: +91-9818125950

Classes of creditors:    As per the last Audited Financial
                         Statements of the Corporate Debtor
                         for the Financial Year 2015-16 available
                         on the Ministry of Corporate Affairs
                         website on the basis of inspection done
                         vide SRN U34946491 Dated 23rd October
                         2018, there are only Bank Loan & Trade
                         Payables.

Last date for
submission of claims:    November 4, 2018


SHREE RAJA: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Raja
Ram Prints Private Limited (SRPPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     3.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              3.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRPPL for
obtaining information through letters and emails dated
September 28, 2018, October 5, 2018 and October 9, 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 SRPPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SRPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

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


Incorporated in 2004, SRPPL, promoted by Mr Suresh Chand Gupta
initially traded in all types of fabrics. In June 2015, it set up
a plant for dyeing and printing cotton and other wider width
fabrics in Pali (Rajasthan). The plant has an installed capacity
of around 120,000 meter per day.


SHRI ASTER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shri Aster Silicates Limited
        Plot No. 831, B/h.J.M Huber Chemicals
        Jhagadia GIDC, Jhagadia, Dist. Bharuch
        Jhagadia Bharuch Gujarat 393110

Insolvency Commencement Date: October 22, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 19, 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.astersilicates@gmail.com

Last date for
submission of claims:    November 5, 2018


SHRI RAMALINGA: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Ramalinga
Textiles' 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:

-- INR150 mil. Fund-based working capital limit (Long-
    term/Short-term) downgraded and migrated to Non-Cooperating
     Category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR44 mil. Non-fund-based working capital limit (Short-term)
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects Shri Ramalinga Textiles's delays in debt
servicing during the last 12 months ended September 2018 due to a
tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Shri Ramalinga Textiles was established in October 2014 after it
was carved out of another group entity Shri Govindaraja Textiles
Private Limited. It manufactures cotton yarn, polyester yarn,
polyester cotton and polyester viscose-blended yarn and has an
installed capacity of 37,092 spindles.



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


UTUSAN MELAYU: Submits Debt Restructuring Scheme to CDRC
--------------------------------------------------------
Bernama reports that Utusan Melayu (Malaysia) Bhd said it has
submitted the Proposed Debt Restructuring Scheme to the Corporate
Debt Restructuring Committee (CDRC) for its consideration.

On Aug. 30, 2018, Utusan Melayu received a letter issued from the
CDRC, approving its application for assistance to mediate between
the company and its subsidiaries and respective financiers,
expecting to submit its debt restructuring plan within 60 days.

"Utusan wishes to inform that the Company submitted the Proposed
Debt Restructuring Scheme to CDRC today for their consideration,"
it said, Bernama relays.

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines
and books, and also indoor and outdoor advertising; Printing,
which is engaged in printing of magazines and books; Information
technology and multimedia, and Investment holding, management
services and others. It publishes newspapers, which include
Utusan Malaysia, Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its
magazines include Mastika, Saji, Infiniti and Wanita. The
Company, through its subsidiary, publishes educational books that
cover all levels of education, from pre-school to university. It
also publishes children's books and other general titles covering
subjects, such as religion and women's titles. Its other services
include transportation, audio video production and series, and
archive and research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018,
as it had failed to provide a solvency declaration to Bursa
Malaysia after defaulting on its principal and profit payment to
Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd totalling
MYR1.18 million.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective
financiers.



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


VINOPTIMA ESTATE: Top Priced Gewurztraminer Wine Up for Sale
------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that a Hawkes Bay vineyard
that has gone into receivership has raised questions about the
marketability of the gewurztraminer wine variety.

Vinoptima Estate vineyard and winery at Ormond, near Gisborne,
was established by wine industry pioneer, Nick Nobilo, in 2000 to
produce gewurztraminer wine only, Stuff discloses.

According to the report, receiver Andrew Mackay said he had
commissioned Bayleys to call for tenders for the approximate
100,000 litres of the aromatic white wine and it was attracting
interest.

Stuff relates that a Marlborough vintner, Nikolai Chief winemaker
Nikolai St George said his company, The Brothers Gewurztraminer
2014, was one of the most awarded wines but had still proved
difficult to sell, Stuff says.

"Vinoptima is a beautiful vineyard. But sauvignon and chardonnay
seems to be where the world has pigeon-holed a lot of New Zealand
wine," the report quotes Mr. St George as saying.

Gewurztraminer is often advertised as "an ideal partner for fresh
sashimi, pickled ginger, soya sauce and wasabi".

While the Giesen gewurztraminer sold between NZ$20 to NZ$30 a
bottle, the Vinoptima vintages were aimed at a more luxury market
with prices starting at NZ$75 a bottle, according to its web
site, Stuff relays.

"You could look on that statistic and assume that there is a huge
potential for the grape and little competition in the market,"
Stuff quotes Bayleys agent Damian Campbell as saying.  "The
vineyard might be purchased by a bigger competing wine label for
its gewurztraminer plantings, or for the land, infrastructure,
and winery plant - with the option of planting a new grape
variety, or target new markets."

"Vinoptima's grapes have always been picked by hand to ensure a
high degree of quality control so there is room to increase
efficiency," Mr. Campbell said.

It only used grapes grown within its vineyards, and bottling was
carried out on-site.

According to Stuff, Vinoptima receiver Mackay's first report
reveals debts secured by a general security agreement of NZ$11.9
million, with another NZ$3.1m owed to unsecured creditors.

"As a result of additional significant funding required to
produce the current season vintage with no confirmed sales
orders, the decision was made to appoint receivers."

"The key sales market was intended to be China. The wine produced
has received critical acclaim, but sales have been slow
particularly as the previous distributor into China stopped
operations despite having entered into a multi-year distribution
agreement with Vinoptima.

"The result of poor sales affected trading operations and
incurring trading losses the company was reliant on shareholder
support to fund ongoing trading. A proposal for a new Chinese
agent was negotiated in June 2018, however, there remained a lack
of confirmed orders," Mr. Mackay, as cited by Stuff, said.



=================
S I N G A P O R E
=================


NOBLE GROUP: 2020 Noteholders Informed of Default, Board Says
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that holders of
certain notes from Noble Group have been informed of a default,
the board said on Oct. 26.

Its 6.75 per cent US dollar fixed-rate senior notes due 2020,
with a principal amount of nearly US$1.18 billion, face a default
after the company filed a Chapter 15 bankruptcy petition in the
United States, according to the report.

The Business Times relates that the board noted that the filing
does not affect its proposed debt restructuring, but seeks legal
recognition in the US of a scheme of arrangement that was begun
in England.

In the event of default, said the board, the notes' principal,
premium and accrued and unpaid interest will be immediately due
and payable, without any action needed from the trustee or
noteholders, the report relays.

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court will conduct the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.



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


* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2018
-----------------------------------------------------


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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19    USD       0.30
ARTSONIG PTY LTD           11.50     04/01/19    USD       0.30
CLIME CAPITAL LTD           6.25     11/30/21    AUD       0.80
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD       0.96
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.10
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.10
QUINTIS LTD                 8.75     08/01/23    USD      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      25.00
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      60.18
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      46.00
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       1.00


PHILIPPINES
-----------

BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.65
BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.65
PHILIPPINE GOVERNMENT B     3.63     03/21/33    PHP      69.42
PHILIPPINE GOVERNMENT B     4.63     09/09/40    PHP      73.00


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      52.01
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.00
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       0.55
MDX PCL                     4.75     09/17/03    USD      31.00


VIETNAM
-------

DEBT AND ASSET TRADING      1.00     10/10/25    USD      67.60
DEBT AND ASSET TRADING      1.00     10/10/25    USD      68.75



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

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

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

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



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