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        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, November 6, 2018, Vol. 21, No. 220

                            Headlines


A U S T R A L I A

BLUNT BUILDING: Second Creditors' Meeting Set for Nov. 13
EIRE CONSTRUCTION: Second Creditors' Meeting Set for Nov. 13
LIBERTY FUNDING 2018-4: Moody's Rates AUD2.2MM Class F Notes 'B1'
LOST COLLECTIVE: First Creditors' Meeting Set for Nov. 13
MESOBLAST LIMITED: Expands Partnership with Japan's JCR

PICTON PRESS: ATO Blocks Directors' Proposed Plan
PRODUCTION SMASH: Second Creditors' Meeting Set for Nov. 12
RVF (CHILE): First Creditors' Meeting Set for Nov. 16


C H I N A

KANGDE XIN: Moody's Puts B1 CFR on Review for Downgrade
* CHINA: Default Risks Rise in $355BB Builder Bond Market


I N D I A

AKAL PIPE: ICRA Maintains 'D' Ratings in Not Cooperating
AKASH RICE: CRISIL Migrates B+ Rating From Not Cooperating
BURAKIA STEEL: ICRA Maintains B+ Rating in Not Cooperating
CEFONE CERAMIC: CRISIL Assigns B+ Rating to INR7.4cr Term Loan
CHANDI MATA: CRISIL Revises Rating on INR4.85cr Loan to B-

ELMECH POWER: CRISIL Reaffirms B+ Rating on INR4cr Cash Credit
GOUTTEPHONE TECHNOLOGY: ICRA Cuts Rating on INR8.5cr Loan to D
GOVERDHAN VERMA: ICRA Maintains B+ Rating in Non-Cooperating
JANKI CORP: SBI Puts 11 NPA Accounts For Sale
KAMAL TIMBERS: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating

KAMRAN EXPORTS: CRISIL Maintains D Rating in Non-Cooperating
LYPSA GEMS: ICRA Maintains 'D' Rating in Not Cooperating
NITYAGOPAL RICE: CRISIL Maintains 'B' Rating in Not Cooperating
NORTH INDIA: ICRA Maintains 'B' Rating in Not Cooperating
R.D. SALES: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

RASHMI YARNS: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
ROSE METAL: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
SHAKTI POLYTEX: ICRA Maintains 'D' Rating in Not Cooperating
SHANKHESHWAR PROPERTIES: CRISIL Keeps B Rating in Not Cooperating
SHASHIRADHA COLD: CRISIL Reaffirms B- Rating on INR9.5cr Loans

SHITARAM INDUSTRIES: ICRA Maintains B- Rating in Not Cooperating
SHREENATHJI COTGIN: ICRA Maintains B- Rating in Not Cooperating
SOUTH INDIAN: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SRI MURUGAN: CRISIL Reaffirms 'B' Rating on INR1cr Cash Loan
SUMITRA SONS: CRISIL Maintains 'B' Rating in Non-Cooperating

SUN HOSPITALITY: ICRA Maintains 'D' Rating in Not Cooperating
SOUTH MALABAR: CRISIL Maintains 'B' Rating in Not Cooperating
TATA MOTORS: S&P Puts 'BB' Long-Term ICR on CreditWatch Negative
TECHNOLINE ENG'G: CRISIL Moves B Rating From Not Cooperating
UDHAYAKUMAR SUBRAMANI: CRISIL Assigns B+ Rating to INR7.75cr Loan

V.S. COTTON: CRISIL Maintains 'D' Rating in Non-Cooperating
VAIDYANATH SAHAKARI: CRISIL Maintains D Rating in Not Cooperating
VIMAL CHHAGANLAL: CRISIL Maintains D Rating in Not Cooperating
VINAYAK COTTEX: ICRA Maintains 'B' Rating in Not Cooperating
Y. S. INVESTMENTS: ICRA Maintains B+ Rating in Not Cooperating


M A L A Y S I A

CHINA AUTOMOBILE: Fails to Issue Outstanding 2017 Annual Report


N E W  Z E A L A N D

EBERT CONSTRUCTION: Meeting to Roll Liquidator Slated for Nov. 13


S O U T H  K O R E A

* SOUTH KOREA: Slowing Economy Threatens to Spark Crisis for SMEs


V I E T N A M

VPBANK FINANCE: Moody's Hikes CFR to B1, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2018


                            - - - - -


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A U S T R A L I A
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BLUNT BUILDING: Second Creditors' Meeting Set for Nov. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Blunt
Building and Construction Pty Limited has been set for Nov. 13,
2018, at 2:30 p.m. at Chartered Accountants Australia and
New Zealand, at Training Room 4, Level 18, 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. 12, 2018, at 5:00 p.m.

Nathan Deppeler and Matthew Jess of Worrells Solvency were
appointed as administrators of Blunt Building on Oct. 8, 2018.


EIRE CONSTRUCTION: Second Creditors' Meeting Set for Nov. 13
------------------------------------------------------------
A second meeting of creditors in the proceedings of Eire
Construction Group Pty Ltd has been set for Nov. 13, 2018, at
10:30 a.m. at the offices of Ferrier Hodgson, at Level 43, 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. 12, 2018, at 4:00 p.m.

John Ross Lindholm of Ferrier Hodgson was appointed as
administrator of Eire Construction on Oct. 8, 2018.


LIBERTY FUNDING 2018-4: Moody's Rates AUD2.2MM Class F Notes 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2018-4.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2018-4

  AUD345.0 million Class A1 Notes, Assigned Aaa (sf)

  AUD150.0 million Class A2 Notes, Assigned Aaa (sf)

  AUD20.3 million Class B Notes, Assigned Aa2 (sf)

  AUD10.4 million Class C Notes, Assigned A2 (sf)

  AUD6.6 million Class D Notes, Assigned Baa2 (sf)

  AUD6.0 million Class E Notes, Assigned Ba1 (sf)

  AUD2.2 million Class F Notes, Assigned B1 (sf)

The AUD9.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime and non-conforming residential mortgages. All mortgages
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated).

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.

Residential mortgages remain Liberty's predominant business. As
of August 2018, it had a portfolio of Australian mortgage assets
over AUD7.6 billion, of which 76% was securitised in public
transactions.

RATINGS RATIONALE

The definitive rating takes into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes,
the availability of excess spread over the life of the
transaction, the liquidity reserve in the amount of 2.00% of the
notes balance, the legal structure, and the credit strength and
experience of Liberty as Servicer.

Moody's MILAN credit enhancement for the collateral pool is
9.80%, while the expected loss is 1.50%. MILAN CE represents the
loss Moody's expects the portfolio to suffer in a severe
recessionary scenario, and does not take into account structural
features of the transaction. or lenders mortgage insurance (LMI)
benefit. The expected loss represents a stressed, through-the-
cycle loss relative to Australian historical data.

After lenders mortgage insurance (LMI) benefit, MILAN CE is
9.49%.

The key transactional features are as follows:

  - Class A1 and Class A2 Notes benefit from 10.0% credit
    enhancement (CE).

  - The principal pay-down sequentially across all notes, unless
    there is an event of default. Upon satisfaction of all
    stepdown conditions which include - the payment date falling
    on or after the payment date in April 2021, absence of charge
    offs on any notes and average arrears greater than or equal
    to 60 days (as calculated over the prior three periods plus
    the current period) do not exceed 4% - Class A (sequentially
    to Class A1 and Class A2 notes), Class B, Class C, Class D,
    Class E, and Class F Notes will receive a pro-rata share of
    principal payments (subject to additional conditions). The
    Class G Notes do not step down and will only receive
    principal payments once all other notes have been repaid. The
    principal pay-down switches back to sequential pay across all
    notes, once the aggregate loan amount falls below 20.0% of
    the aggregate loan amount at closing, or on or following the
    payment date in November 2022. The principal pay-down
    switches back to sequential pay across all notes.

  - The liquidity facility provided by the National Australia
    Bank Limited (NAB, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required
    limit equal to 2.0% of the aggregate invested amount of the
    notes less the redemption fund balance. The facility is
    subject to a floor of AUD600,000.

  - The guarantee fee reserve account, which is funded at
    AUD1,650,000 at closing. The reserve will be replenished
    through trapping the excess spread up to a limit of 0.30% of
    the issued notional from proceeds paid to Liberty Credit
    Enhancement Company Pty Ltd as Guarantor, from the bottom of
    the interest waterfall prior to interest paid to the Class G
    noteholders. The reserve account will firstly be available to
    meet losses on the loans and charge-offs against the notes.
    Secondly, it can be used to cover any liquidity shortfalls
    that remain uncovered after drawing on the liquidity facility
    and principal. Any reserve account balance used can be
    reimbursed to its limit from future excess income.

The key pool features are as follows:

  - The portfolio has a relatively high scheduled loan to value
    ratio of 69.9%, with relatively high proportion of loans with
    scheduled LTV above 80.0% (12.1%) and above 90% (8.4%).

  - The portfolio has a low weighted average seasoning of 3.0
    months, with 84.6% of the portfolio originated in the past
    six months.

  - 4.2% of the loans in the portfolio were extended on an
    alternative documentation ('alt doc) basis.

  - The portfolio contains 2.6% exposure to borrowers with prior
    credit impairment (default, judgment or bankruptcy). Moody's
    assesses these borrowers as having a significantly higher
    default probability.

  - Investment and IO loans represent 30.4% and 9.4% of the pool,
    respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans. The Australian job market and the housing market
are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.


LOST COLLECTIVE: First Creditors' Meeting Set for Nov. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of The Lost
Collective Pty Ltd will be held at the offices of AMB Insolvency,
at Level 1, 6 Allison Street, in Bowen Hills, Queensland, on
Nov. 13, 2018, at 10:30 a.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of The Lost Collective on Nov. 1, 2018.


MESOBLAST LIMITED: Expands Partnership with Japan's JCR
-------------------------------------------------------
Mesoblast Limited has expanded its partnership with JCR
Pharmaceuticals Co. Ltd. in Japan for wound healing in patients
with Epidermolysis Bullosa (EB).

JCR has received Orphan Designation for the allogeneic
mesenchymal stem cell (MSC) product TEMCELL HS Inj in the
treatment of EB.

Based on promising results from an investigator-initiated trial
in Japan, JCR intends to seek label extension for TEMCELL in
Japan beyond its existing approval for the treatment of acute
graft versus host disease.

Under the expanded License Agreement covering EB, Mesoblast has
provided JCR with access to its broad patent portfolio for the
use of mesenchymal stem cells in wound healing. Mesoblast will
receive royalties on TEMCELL product sales for EB. Additionally,
Mesoblast has the right to use safety and efficacy data generated
by JCR in Japan in support of development and commercialization
of its MSC product candidate remestemcel-L for EB and other non-
healing wound indications in the United States and other major
healthcare markets.

There are many genetic and symptomatic variants of EB, with all
sharing the prominent symptom of extremely fragile skin that
blisters and tears from minor friction or trauma. Internal organs
and bodily systems can also be seriously affected by the disease.
EB is always painful, often pervasive and debilitating, and is in
some cases lethal before the age of 30. The international branch
of the Dystrophic Epidermolysis Bullosa Research Association
(DEBRA International) reports that there were approximately
25,000 cases within the United States as of April 2011.
Currently, there are no effective treatments available.

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer of innovative cell-based medicines. The Company
has leveraged its proprietary technology platform to establish a
broad portfolio of late-stage product candidates with three
product candidates in Phase 3 trials - acute graft versus host
disease, chronic heart failure and chronic low back pain due to
degenerative disc disease.

Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can
be used off-the-shelf without the need for tissue matching.

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

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017. As of June 30,
2018, Mesoblast had US$692.4 million in total assets, US$146.4
million in total liabilities and US$546.0 million in total
equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended June 30, 2018. The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


PICTON PRESS: ATO Blocks Directors' Proposed Plan
-------------------------------------------------
Wayne Robinson at Print21 reports that the directors of Picton
Press are seeking to take back control of the company through a
Deed of Company Arrangement (DOCA), but the Australian Taxation
Office (ATO) sensationally blocked its progress in the second
creditors' meeting this week.

According to Print21, the DOCA would enable the administration to
end, and Picton directors Garry Kennedy and Dennis Hague to run
the company as before, but with the AUD2.25 million debt to
unsecured creditors placed in a creditors trust, which would pay
15 cents in the dollar for creditors owed more than AUD10,000 --
which is almost all of it -- and between 79 cents and 100 cents
in the dollar to those owed less than AUD10,000.  Print21 relates
that Messrs. Hague and Kennedy have said they will put AUD205,000
into the trust within a month and a further AUD290,000 by next
December. Under the proposed creditors trust employees will
receive 100 cents in the dollar that is owed to them.

Print21 relates that at the meeting the administrator spent time
explaining to the unsecured creditors that a DOCA was the best
way forward, as it would give the creditors the most money. The
alternatives it said were either winding up the company or ending
the administration, both of which would provide worse outcomes
for unsecured creditors.

However, once Jeremy Nipps from administrator Cor Cordis had
finished his presentation recommending the DOCA, and opened up
for questions, the ATO spent the best part of an hour - by
speakerphone - grilling him over why things would be any
different if the company kept going, Print21 says.

Mr. Nipps then moved to the resolutions, the first of which was
to agree to Cor Cordis remuneration for work carried out so far,
to the not inconsiderable sum of AUD344,000, before the vote on
whether to accept the DOCA proposal, Print21 relates.

Print21 says the vote on the administrator's remuneration is
usually a formality, albeit okayed through gritted teeth, but in
an almost unprecedented move, the ATO voted against, and as the
largest unsecured creditor - with more than half of the debt -
the vote failed, and Mr. Nipps, after recovering from shock,
adjourned the meeting without moving to the rest of the votes,
including the vote on DOCA, leaving the future of the company in
limbo.

The ATO then took its winding up order back to the court the next
day, with Cor Cordis seeking an adjournment, Print21 relates.
Unlike the previous two occasions where it sought and won
adjournments without any issues, this time it had to present an
affidavit to the court, the contents of which it managed to have
suppressed. The court agreed to adjourn and set a new date of
November 27, Print21 discloses.

According to Print21, industry insiders said the ATO is under
intense pressure from the government's newly established anti-
phoenixing unit to make sure it is not or is not perceived to be
enabling phoenixing. DOCA is a fully legal mechanism, intended to
allow debt-laden businesses to negotiate with their creditors and
agree a timeline for an agreed part repayment of the debt from a
business that then trades on. However in practice, it often means
the company in trouble is able to offload its debts for a
fraction of the amount it owes and carry on as before.

This leaves rival companies furious, as they argue they are
having to price their jobs to pay their tax bill and other
unsecured creditors in full, where the DOCA company does not.

Debts owed by Picton include AUD2.25 million to unsecured
creditors, AUD663,500 to employees, and AUD6.8 million to secured
creditors, of which AUD5 million is owed to the primary creditor
Westpac against the directors' property, AUD1.46 million owed to
the secondary creditor NAB against the KBA ten-colour, and
AUD382,000 owed to the third creditor, the CBA, against the
company's two Kodak Nexpresses, Print21 discloses.

Of the unsecured creditors, the ATO is owed AUD1.3 million, with
a major paper merchant owed several hundred thousand dollars,
although the merchant was insured, Print21 adds. Total amount
owed to unsecured creditors owed more than AUD10,000 apart from
the ATO is AUD884,000, with AUD94,000 in total owed to those with
less than AUD10,000 due. Related parties are owed AUD1.27
million, with Dennis Hague in for AUD800,000 of that.

Print21 relates that Cor Cordis said if the company is liquidated
all unsecured creditors will receive nil cents in the dollar on
the debts. Employees will receive 100 cents in the dollar in
DOCA, but down to as little as 2.6 cents in the dollar if the
company goes into liquidation.

Cor Cordis has had the business up for sale since May, with 23
parties expressing an interest, Print21 says. All offers have
been considered in conjunction with the DOCA proposal. Of the 23
parties, 18 received confidentiality agreements, and five made
offers, but all of them were only for the main press, a KBA ten-
colour B1 perfector, with the offers likely to have come from the
big UK and German second-hand machinery dealers, says Print21.


PRODUCTION SMASH: Second Creditors' Meeting Set for Nov. 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Production
Smash Repairs Pty Ltd, trading as Production Collision Centre,
has been set for Nov. 12, 2018, at 3:00 p.m. at the offices of
Worrells Solvency & Forensic Accountants, Suite 601B, Level 6, 91
Phillip Street, in Parramatta, 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. 9, 2018, at 5:00 p.m.

Graeme Robert Beattie of Worrells was appointed as administrator
of Production Smash on Oct. 8, 2018.


RVF (CHILE): First Creditors' Meeting Set for Nov. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of RVF
(Chile) Pty Ltd will be held at the offices of PCI Partners Pty
Ltd, at Level 8, 179 Queen Street, in Melbourne, Victoria, on
Nov. 16, 2018, at 11:00 AM

P Newman of PCI Partners was appointed as administrator of RVF
(Chile) on Nov. 5, 2018.



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


KANGDE XIN: Moody's Puts B1 CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Kangde Xin Composite Material Group Co., Ltd.'s B1 corporate
family rating, and Top Wise Excellence Enterprise Co., Ltd's
backed B1 senior unsecured bond rating.

The rating action follows the continued trading suspension of
KDX's shares and the announcement of an investigation by the
China Securities Regulatory Commission into potential information
disclosure violations by the company and its two largest
shareholders.

RATINGS RATIONALE

"The review reflects the uncertainty resulting from the continued
suspension of trading in KDX's shares, the elevated share pledge
ratio of its largest shareholder, and the regulatory
investigation, which together will weaken the company's ability
to access funding," says Gloria Tsuen, a Moody's Vice President
and Senior Credit Officer.

"Amid an increasingly challenging operating environment, a
weakening in KDX's ability to refinance could reduce its cash
buffer and increase liquidity risks," adds Tsuen.

Trading in KDX's shares on the Shenzhen Stock Exchange has been
suspended since June 6, when it announced that it was in the
process of acquiring a domestic supplier for automobile service
centers and that the transaction would involve a stock issuance.

At the same time, the company's largest shareholder, Kangde
Investment Group Co., Ltd., slightly increased the percentage of
its share pledge to 92.6% at the end of September from 91.5% at
the end of July 2018.

Moody's had expected that KDX would resume its share trading and
for its largest shareholder to reduce its share pledge ratio, but
progress in both has been slower than expected.

The high share pledge ratio of KDX's largest shareholder
increases the risk of a change of control, which would accelerate
debt repayment and impact the company's operations.

In addition, KDX disclosed in regulatory filings made on
October 29 and October 30 that it was being investigated by the
CSRC, along with its two largest shareholders and chairman Zhong
Yu of KDX and Kangde Investment Group, regarding alleged
information disclosure violations. Moody's views the
investigation as a credit negative development that could further
impair KDX's ability to refinance as and when needed.

Kangde Investment Group entered into an agreement in 2016 with
Zhejiang Zhongtai Chuangying Asset Management Ltd Co, KDX's
second largest shareholder, requesting that the latter would hold
KDX shares for at least three years. Kangde Investment Group and
Zhongtai Chuangying, which respectively owned 24.05% and 7.75% of
KDX as of the end of September 2018, were not disclosed to be
parties acting in concert.

KDX also filed its 3Q 2018 financial statements last week,
showing a weakening operating performance as increasing economic
uncertainties dampened its sales to downstream customers. Revenue
growth slowed to 6% year-on-year in 3Q 2018, compared with 10%-
34% in the previous six quarters, while its reported operating
profit fell 3% year on year.

At the same time, KDX's net cash position narrowed to RMB2.5
billion at the end of September 2018 from RMB4.4 billion at the
end of 2017, as the company increased its capital spending.

Moody's review will focus on: (1) the resolution of the CSRC
investigation; (2) the progress made in reducing the share pledge
by KDX's largest shareholder and resumption of trading in KDX's
shares; (3) the impact on KDX's access to the capital markets and
liquidity; (4) KDX's ability and likelihood to maintain its net
cash position and credit metrics.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Established in 2001 and listed on the Shenzhen Stock Exchange
since 2010, Kangde Xin Composite Material Group Co., Ltd. is a
leading manufacturer of optical and pre-coated laminating films
globally.

KDX was 24% owned by its parent company, Kangde Investment Group
Co., Ltd., and 76% by public shareholders at the end of September
2018. The company's founder and chairman, Yu Zhong, owns 80% of
Kangde Investment Group.


* CHINA: Default Risks Rise in $355BB Builder Bond Market
----------------------------------------------------------
Carrie Hong at Bloomberg News reports that investors are bracing
for more debt defaults among China's cash-squeezed real estate
developers as funding costs surge and refinancing pressure
intensifies.

Borrowing costs in dollars for China's high-yield issuers, most
of whom are property developers, almost doubled this year to 11.2
percent, the highest in about four years, Bloomberg discloses
citing ICE BofAML indexes. To make things worse, the sector faces
a record $18 billion bond maturities in both onshore and offshore
markets in the first quarter of 2019. That number is expected to
double if investors demand early repayment on some of these
notes, according to Bloomberg-compiled data.

According to Bloomberg, China's property developers have been
caught in the storm of a funding crunch facing the nation's
private sector due to a two-year long clampdown on shadow
financing. Although authorities have rolled out measures to ease
funding for non-state firms, the existing property control
policies won't loosen, the official Xinhua New Agency said in a
commentary last week. At least four property-related firms
defaulted on notes this year, Bloomberg notes.

"Funding conditions may not improve until sentiment changes,"
Bloomberg quotes Clement Chong, a Singapore-based senior credit
analyst at NN Investment Partners Ltd, as saying. "Defaults are
happening more frequently onshore. I believe some developers will
be caught up in this if funding cost keeps rising."

Wuzhou International Holdings, a developer based in Wuxi, failed
to repay notes in both the offshore and domestic markets this
year, Bloomberg discloses. Neoglory Holding Group, a handicraft
maker that also has real estate business, reneged on at least
three local bond payments in the past two months, adds Bloomberg.

Even the country's largest developers have had to pay sky-high
yields on dollar bonds to lure investors, according to Bloomberg.
Junk-rated China Evergrande Group, the nation's second largest
builder by sales, sold $1.8 billion three-tranche notes last
week. The 13.75 percent coupon on the five-year bond was the
highest interest rate it has ever paid on a dollar debenture,
according to Bloomberg data.

The builder has been named by China's central bank as one of the
four private conglomerates that may pose a systemic risk to the
nation's financial system. Its due-2025 bonds fell 0.6 cents on
the dollar to 81 cents on Nov. 5, according to Bloomberg-compiled
prices.

"Evergrande is the latest lower-rated issuer to re-price offshore
bond markets wider, as the onshore private sector credit crunch
continues to bite," Bloomberg quotes Owen Gallimore, head of
credit strategy from Australia & New Zealand Banking Group, as
saying. "The property sector is the lightening-rod for market
concerns amidst weaker contract sales."

According to Bloomberg, Chinese home price gains slowed in
September for the first time in half a year, adding to signs of a
residential property market slowdown triggered by the
government's housing curbs. S&P Global Ratings expects more
failures in the sector in the coming year.

"We could see more defaults among Chinese property developers
next year as dollar funding costs are now at record high for even
some of the big names amidst large amount of bonds coming due,
while sales outlook are not that promising with consumer
sentiment deteriorating," Christopher Lee, managing director of
corporate ratings at S&P, said in an interview, Bloomberg relays.

Bloomberg says financial flexibility of builders, which have $355
billion notes outstanding, has also diminished as the drop in
their share prices makes it challenging to pledge shares against
their borrowings. The outstanding loans listed firms obtained by
using their stock as collateral shrank for seven consecutive
months to CNY1.46 trillion in August, according to Moody's
Investors Service. JPMorgan Chase & Co. has advised its clients
to stick to safer credits.

"If I wanted to choose Chinese high yield, I would stick to the
strong BB names and stay away from weak single B names" due to
higher borrowing costs for weaker ones and lower investor demand
for property bonds, said Ben Sy, head of fixed income, currencies
and commodities at JPMorgan's private-banking unit in Asia, adds
Bloomberg.



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


AKAL PIPE: ICRA Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR9.40-crore bank facilities of
Akal Pipe Industries (API) continue to remain under the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund        2.50       [ICRA]D; ISSUER NOT
   Based/Cash                       COOPERATING; Continues
   Credit                           to remain under the
                                    'Issuer Not Cooperating'
                                    Category

   Long Term-Fund        6.90       [ICRA]D; ISSUER NOT
   Based Term Loan                  COOPERATING; Continues
                                    to remain under the
                                    'Issuer Not Cooperating'
                                    Category

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

API was established in March 2012 as a partnership firm of Mr.
Harbant Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr.
Yadvinder Singh and Mr. Nazam Singh. The firm manufactures RCC
(Reinforced cement concrete) pipes and manholes.


AKASH RICE: CRISIL Migrates B+ Rating From Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Akash Rice
Industries (ARI) from 'CRISIL B+/Stable issuer not cooperating'
to 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of ARI to 'CRISIL B+/Stable
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 the rating on bank facilities of ARI from 'CRISIL
B+/Stable issuer not cooperating' to 'CRISIL B+/Stable'.

The rating continues to reflect a weak financial risk profile, a
small scale of operations, and exposure to intense competition in
the rice milling industry. These weaknesses are partially offset
by the extensive industry experience its partners.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: The networth was small and the
gearing high as on March 31, 2018. Cash accrual is low on account
of modest operating margin and revenue. Hence, the debt
protection metrics are weak.

* Small scale of operations and exposure to intense competition:
The firm has an installed milling capacity of 5 tonne per hour
(tph), of which, 70% is utilised. This is modest given the
presence of players with capacity of 50-70 tph in Karnataka.
While large players have better efficiency and pricing power,
small players face intense competition and have low pricing
flexibility, which constrains their profitability. Also, the rice
milling business in Karnataka is highly fragmented.

Strengths:

* Extensive industry experience of the partners: The managing
partner, Mr S Suresh, earlier owned Jarekatte Trading Co, which
traded in paddy. He has experience of 20 years in the sector. He
also manages Vinaya Traders, which trades in paddy. The
experience has helped to establish a healthy relationship with
various stakeholders, and the strong procurement network will
continue to benefit the firm over the medium term.

Outlook: Stable

CRISIL believes ARI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability increase
substantially, leading to a better financial risk profile, or if
significant capital infusion results in an improved capital
structure. The outlook may be revised to 'Negative' in case of
aggressive, debt-funded expansion, a significant decline in
revenue and profitability, or substantial withdrawal of capital,
weakening the financial risk profile.

Set up in June 2013, ARI is a partnership firm managed by Mr
Suresh and his family members. It mills and processes paddy into
rice, rice bran, broken rice, and husk at its factory in
Davangere, Karnataka.


BURAKIA STEEL: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the bank facilities of Burakia Steel &
Alloys (BSA) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          2.80      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-          1.50      [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-          5.00      [ICRA]B+ (Stable) ISSUER NOT
   Open Cash Credit               COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/limited
information on the issuer's 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.

Established in 2011, BSA is engaged in the manufacturing of mild
steel (MS) ingot. The manufacturing facility of the firm is
located at Kamrup, Assam. The firm commenced its commercial
operations in September 2011. Besides, the firm is also engaged
in the trading of TMT bar in the domestic market.


CEFONE CERAMIC: CRISIL Assigns B+ Rating to INR7.4cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Cefone Ceramic LLP (CCLLP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            7.4        CRISIL B+/Stable (Assigned)
   Bank Guarantee       1.7        CRISIL A4 (Assigned)
   Cash Credit          4.0        CRISIL B+/Stable (Assigned)

The ratings reflect expected modest scale of operations and
susceptibility of profitability to raw material prices. These
rating weaknesses are partially offset by extensive experience of
the partners in the ceramic industry and strategic location of
the plant.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations is expected to
remain modest with a turnover of INR10-12 Cr for FY19 in a highly
competitive industry. And also there are many competitors in and
around the firm in the same locality. Therefore, scale of
operations remain a key monitor able factor in the medium term.

* Susceptibility of operating margin to raw material price
volatility and low bargaining power: Raw materials such as
feldspar and quartz account for 40 to 50 percent of the total
cost of sales, while gas and power constitute about 20 to 25
percent. Due to intense competition in the market, it will be
difficult for marginal players like CCLLP to pass on raw material
prices to customers. CRISIL believes that CCLLP's operating
margin will be susceptible to raw material price volatility and
will remain a key rating sensitivity factor, over the medium
term.

Strengths:

* Extensive experience of the partners: Partners of CCLLP have
experience of close to 8 years through group concern Cura
Sanitaryware. The partners' long track record in the industry has
enabled them to build established relationships with customers.
CRISIL believes that CCLLP will benefit from the extensive
experience of its partners and their established relationships
with clients, over the medium term.

* Strategic location ensuring availability of raw materials and
labor: CCLLP's manufacturing facilities are located in Morbi, the
hub of the ceramic industry in India. Morbi accounts for around
65 - 70 per cent of India's ceramic tile production. CCLLP is
expected to derive significant benefits from being present in
Morbi; these include easy access to Feldspar (main raw material)
and availability of contractors and skilled laborers. Other
critical infrastructure such as gas and power is also readily
available in Morbi.

Outlook: Stable

CRISIL believes that CCLP will benefit from the long experience
of its partners in the industry. The outlook may be revised to
'Positive' in case of timely stabilization of operations and
healthy ramp up in sales. Conversely the outlook may be revised
to 'Negative' in case of delay in commencement in operations or
lower than expected revenue and profitability.

Incorporated in 2017, CCLLP is a Gujarat based entity which is
setting up a plant to manufacture ceramic wall tiles. Partners
are Mr. Kalidas Makasana and family. Its manufacturing plant is
located in Morbi.

Operations of CCLLP are expected to commence in October 2018.


CHANDI MATA: CRISIL Revises Rating on INR4.85cr Loan to B-
----------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Chandi
Mata Cold Storage Private Limited (CMCSPL) from 'CRISIL B-
/Stable/CRISIL A4' to 'CRISIL D/CRISIL D' and simultaneously
upgraded the ratings to 'CRISIL B-/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       0.12      CRISIL A4 (Revised from
                                  'CRISIL A4' to 'CRISIL D'
                                  and Simultaneously Upgraded
                                  to 'CRISIL A4')

   Cash Credit          4.85      CRISIL B-/Stable (Revised
                                  From 'CRISIL B-/Stable' to
                                  'CRISIL D' and Simultaneously
                                  Upgraded to 'CRISIL B-/Stable')

   Proposed Long        0.16      CRISIL B-/Stable (Revised
   Term Bank Loan                 from 'CRISIL B-/Stable' to
   Facility                       'CRISIL D' and Simultaneously
                                  Upgraded to 'CRISIL B-/Stable')

   Working Capital      0.70      CRISIL B-/Stable (Revised
   Facility                       from 'CRISIL B-/Stable' to
                                  'CRISIL D' and Simultaneously
                                  Upgraded to 'CRISIL B-/Stable')

The rating revision to 'CRISIL D/CRISIL D' reflects delay in
repayment of term loan due to liquidity mismatch. However, since
June 2018, there has been no instances of delay in repayment.

The ratings continue to reflect CMCSPL's weak financial risk
profile and exposure to risks relating to unfavourable
regulations and intense competition in the cold storage industry.
These weaknesses are partially offset by promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weakness

* Presence in highly regulated and intensely competitive
industry: The potato cold storage industry in West Bengal is
regulated by the West Bengal Cold Storage Association, with
rental rates are fixed by the state department of agricultural
marketing. Fixed rental will continue to limit players' ability
to earn profits based on their respective strengths and
geographical advantages. Pressure to offer discounts to ensure
healthy utilisation of storage capacity, especially given intense
competition, will also constrain margin.

* Weak financial risk profile: Networth was small at INR0.62
crore as on March 31, 2018, despite marginal improvement in
recent years on account of accretion to reserve. Gearing was high
at 10.38 times because of loans extended to farmers and term loan
availed of by the company. However, debt protection metrics are
likely to remain moderate, with interest coverage and net cash
accrual to total debt ratios of 2.21 times and 0.04 time,
respectively, in fiscal 2018.

Strengths

* Promoters' extensive experience: Benefits from promoters'
experience of over two decades and strong relationship with
potato farmers will continue to support business risk profile and
help maintain healthy utilisation of storage capacity (90% on
average in fiscal 2018).

Outlook: Stable

CRISIL believes CMCSPL will continue to benefit from promoters'
extensive experience. The outlook may be revised to 'Positive' if
the company efficiently manages farmer credit financing,
significantly scales up operations, and improves profitability.
The outlook may be revised to 'Negative' in case of pressure on
liquidity because of delay in debt repayment by farmers, low cash
accrual, or large, debt-funded capital expenditure.

Incorporated in 1980 and promoted by Mr. Ranjit Kumar Dandapat,
Mr. Sukamal Dandapat, Mr. Moutusi Dandapat, CMCSPL operates a
cold storage unit for potatoes with capacity of 1,19,791
quintals, in Pashchim Medinipur, West Bengal. The company
occasionally trades in potatoes to ensure optimum capacity
utilisation of the unit. It also finances farmers' potato
storage, which is refinanced by banks.


ELMECH POWER: CRISIL Reaffirms B+ Rating on INR4cr Cash Credit
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Elmech Power & Air Conditioning Engineers
Private Limited (Elmech).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1        CRISIL A4 (Reaffirmed)
   Cash Credit           4        CRISIL B+/Stable (Reaffirmed)
   Proposed Fund-
   Based Bank Limits     2        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the large working capital
requirement and modest financial risk profile because of small
networth. These weaknesses are partially offset by extensive
experience of its promoter in the electrical contracting business
and moderate unexecuted orders providing medium-term revenue
visibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Gross current assets of 221
days as on March 31, 2018, reflect large working capital cycle
due to sizeable receivables and retention money. Inventory is
also high at 148 days as on march31, 2018.

* Modest networth: Low networth of INR3.09 crore as on march31,
2018 has led to high total outside liabilities to tangible
networth ratio and gearing were weak at 2 time and 3 times,
respectively, as on March 31, 2018.

Strengths

* Promoter's extensive experience in the electrical contracting
industry: Promoter's experience of over three decades and timely
project completion track record have helped to get repeat orders.

* Moderate order book providing medium-term revenue visibility:
Successful implementation of various electrical contracts, with
no significant time and cost overruns, helped to gain moderate
outstanding orders of INR30 crore as of August 2018. This ensures
medium-term revenue visibility.

Outlook: Stable

CRISIL believes Elmech will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if significant improvement in scale, profitability,
and working capital cycle results in higher-than-expected cash
accrual. The outlook may be revised to 'Negative' if low cash
accrual, substantial working capital requirement, or any large,
debt-funded capital expenditure further weakens financial risk
profile.

Incorporated in 1990 and promoted by Mr MC Kishore Shrivastav,
Elmech provides indoor and outdoor electrification solutions for
real estate projects, and commercial and government buildings.


GOUTTEPHONE TECHNOLOGY: ICRA Cuts Rating on INR8.5cr Loan to D
--------------------------------------------------------------
ICRA has reassigned the long-term rating of USD8.5 million
(about Rs62.5 crore) bank facilities of Gouttephone Technology
Private Limited (GTPL) to [ICRA]D from [ICRA]A2+(SO). 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
   ----------      -----------     -------
   Short Term Loan       8.5       [ICRA]D; Reassigned from
                                   [ICRA]A2+(SO)

Rationale

The rating action follows delays in servicing of interest payment
due on the rated facility. As per the terms of the rated
facility, the interest amount due on the facility for the entire
tenure was secured by a funded reserve lien-marked in favour of
the lender. The principal amount on the rated facility was
covered through the redemption of promissory note (PN) issued by
Bishopgate Capital Limited (BGCL). Payment on the PN was secured
by credit default insurance from Archipelago Insurance Limited
(AIL/ Insurer) and further reinsurance from General Insurance
Corporation of India (GIC/ Reinsurer).

The rating assigned assumed that the lender would dip into the
interest reserve created by the company, in case the company
fails to service the interest payment. However, despite the
availability of funds in the reserve, the lender did not do the
same. Accordingly, the initial terms of the transaction basis,
which the rating was assigned no longer apply, and the reassigned
rating reflects the standalone creditworthiness of the Borrower.

Key Rating Drivers

Credit Challenges

Delays in servicing debt obligations: Delays in servicing of debt
obligations by GTPL and the failure of the lender to dip into the
reserve created for the same

Slippages in funding: The company has taken longer than expected
to tie-up the requisite funding for the project due to
substantial time taken for regulatory compliance as well as
changes in the investor composition. The same is also likely to
lead to slippages in project execution.

GTPL was incorporated in February 2017 for the purpose of
manufacturing TSPs. The company intends to set up a manufacturing
plant with an annual capacity of 1.5 million TSP units per annum
at Visakhapatnam Industrial Park (SEZ) in Andhra Pradesh. The
plant is completely export oriented, and the company has entered
into an agreement with Fortrend for the technology transfer,
procurement of raw materials, and offtake of TSPs produced.
Fortrend was registered in 1999 in Taiwan and primarily
manufactures TSPs, with a number of patents registered to its
name. GTPL is promoted by Mr. Ramesh Kumar and Mr. Amardeep
Singh.

Calfin Capital Private Limited is a Singapore-based limited
exempt private company2 registered on February 17, 2017. It is a
PE fund, and its shares are held by Mr. Kottarapattil Asok Don
and Mr. Vempati Subramanyeswara Sarma equally.

Bishopgate is an offshore company registered on November 7, 2017
in Labuan, Malaysia, with a total of five employees as on
November 24, 2017. Calin Capital has agreed to invest a sum of
USD 50 million in GTPL, of which USD 10 million has been given as
a PN by Bishopgate.

AIL is a Labuan-based FSA-registered and licensed general
insurance company based in Kuala Lumpur, Malaysia. It operates
within the Labuan IBFC-regulated framework and is a member of the
Labuan International Insurance Association (LIIA).

GIC Re was incorporated in November 1972, as a part of Government
of India's (GoI) move to nationalise the general insurance
business. It is wholly owned by the GoI and it is the dominant
national reinsurer.


GOVERDHAN VERMA: ICRA Maintains B+ Rating in Non-Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR6.20-crore bank facilities of
Goverdhan Verma Punjab Jewellers Private Limited (GVPJ) continue
to remain under the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       6.20      [ICRA]B+ (Stable); ISSUER NOT
   Based/Cash                     COOPERATING; Continues to
   Credit                         remain under the 'Issuer Not
                                  Cooperating' category

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

GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged
in the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.


JANKI CORP: SBI Puts 11 NPA Accounts For Sale
---------------------------------------------
BloombergQuint reports that the State Bank of India has put up 11
non-performing assets for sale to asset reconstruction companies
and financial companies to recover dues of nearly INR1,019 crore.

According to BloombergQuint, the country's largest lender said
the e-auction of these NPA accounts will take place on Nov. 22.

"In terms of the bank's policy on sale of financial assets in
line with the regulatory guidelines, we place these accounts for
sale to asset reconstruction companies/banks/non-banking finance
companies/financial institutions," SBI said in an auction notice
on its website.

Of these 11 accounts, Janki Corp Ltd. has the highest outstanding
dues of INR592.53 crore.

According to BloombergQuint, the 11 non-performing assets for
sale are:

   Account                          Outstanding Dues
   -------                          ----------------
   Janki Corp Ltd.                  INR 592.53 crore
   Venus Remedies Ltd.              INR  83.01 crore
   SBS Transpole Logistics Pvt.     INR  63.36 crore
   INRLuth Education Trust          INR  60.62 crore
   Nilachal Iron & Power Ltd.       INR  52.41 crore
   Sri Balmukund Polyplast Pvt.     INR  50.12 crore
   Remaining 5 accounts             INR 117.00 crore

BloombergQuint relates that SBI said the interested
ARCs/banks/NBFCs/FIs can conduct due diligence of these assets
with immediate effect, after submitting expression of interest
and executing a non-disclosure agreement with the bank.

Once the deal is finalised, the assignment deed and other legal
formalities will be completed in the shortest possible time as
mutually agreed upon, it added, the report relays.

SBI's gross NPAs rose to 10.69 percent of the total advances at
the end of the first quarter ended June this fiscal year, as
against 9.97 percent a year ago. In value terms, they increased
to INR2,12,840 crore, from INR1,88,068 crore, BloombergQuint
adds.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR190 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Kamal Timbers is engaged in the trading and
processing of timber.


KAMRAN EXPORTS: CRISIL Maintains D Rating in Non-Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamran Exports
Private Limited (KEPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         5        CRISIL D (ISSUER NOT COOPERATING)

   Export Packing
   Credit             25        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 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 KEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2009 and based in New Delhi, KEPL trades in
polyester fabrics and readymade garments. The company is promoted
by Mr. Kultar Singh and his family.


LYPSA GEMS: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR 50.00-crore fund-based/non-
fund-based facilities of Lypsa Gems and Jewellery Limited (LGJL)
continued to remain in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D /[ICRA]D ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short-     50.00      [ICRA]D/[ICRA]D ISSUER NOT
   term Fund-based/                COOPERATING; Rating continues
   Non-fund-based                  to remain in the 'Issuer Not
                                   Cooperating' category

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

Incorporated on November 30, 1995, Maloo Polymers Limited, a
public limited company, was listed on Ahmedabad Stock Exchange in
the year 1997. In the year 2008-09, it was taken over by Mr.
Dipan Patwa and Mr. Manish Janani. Subsequently the name of the
company was also changed to Maloo Gems and Jewellery Ltd. on
January 12, 2010. The name of the company was further changed to
Lypsa Gems & Jewellery Limited (LGJL) on March 07, 2012. LGJL was
listed on the Bombay Stock Exchange (BSE) on July 02, 2012.
At present, LGJL is in the business of manufacturing and trading
of polished diamonds and has two manufacturing facilities at
Navsari and Palanpur respectively. The company specialises in
manufacturing of small sized diamonds ranging from 0.005 to 0.75
cents. The company exports to various countries including Hong
Kong, USA, UAE, and Belgium.


NITYAGOPAL RICE: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nityagopal Rice
Mill (NRM) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       0.2        CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Cash Credit          2.5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term   1.05       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan            4.25       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with NRM for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 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 NRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

NRM, established in 2015, is setting up a 96-tonne-per-day non-
basmati rice mill at Burdwan in West Bengal. Its operations will
be managed by partners Mr. Tapan Dutta, Mr. Swapan Dutta, and Mr.
Janardhan Dutta.


NORTH INDIA: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for INR 12-crore bank facility of North
India Surgical Company (NISC) 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
   ----------      -----------    -------
   Fund Based-         11.00      [ICRA]B (Stable) ISSUER NOT
   Working Capital                COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Non-fund Based       1.00      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

NISC, a partnership firm, commenced operations in April 2012 by
taking over the operational business of a medical segment of
Jagat Steels Private Limited. NISC is the exclusive dealer of
stents made by Abbott Healthcare, spinal implants made by
Medtronic Plc, and pacemaker of St. Jude. It also trades various
disposable surgical items and medicines.


R.D. SALES: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.D. Sales'
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 action is:

-- INR80 mil. Fund-based limit (long-term) migrated to Non
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

R.D. Sales is engaged in the trading of thermo-mechanically
treated bars, structural steel and other steel products.


RASHMI YARNS: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rashmi Yarns
Limited's (Rashmi) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the 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
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR300 mil. Fund-based working capital limits (Long-
    term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
    rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by Rashmi
Yarns.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Rashmi Yarns, incorporated in 1997, is engaged in the texturizing
and twisting of polyester partially oriented yarn.


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

The instrument-wise rating actions are:

-- INR60.0 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR120.0 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 5, 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 1979, Rose Metal is a Mumbai-based proprietorship
concern engaged in the trading of ferrous and non-ferrous metals
such as steel pipes, tubes, aluminum, nickel alloy, copper, brass
and other related products. Its head office is in Mumbai. In
addition, it has warehouses in Bhiwandi, Thane and Lucknow.


SHAKTI POLYTEX: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for INR 27-crore bank facility of Shakti
Polytex Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]D
ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        18.00      [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Fund Based-         5.85      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated         3.15      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

SPPL was incorporated in August 2010. It manufactures regenerated
polyester staple fibre (RPSF) using waste polyethylene
terephthalate (PET) bottles as raw material. The company is based
in Agra, Uttar Pradesh and has a production capacity of 35 tonnes
per day (TPD). SPPL belongs to the Shakti Group, which is
promoted by Mr. Suresh Chand Agarwal.


SHANKHESHWAR PROPERTIES: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shankheshwar
Properties Private Limited (SPPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 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 SPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

SPPL was incorporated in 1995. It is part of the Sabari Group
which is promoted by the Bharani family. The company is engaged
in real estate development in Mumbai.


SHASHIRADHA COLD: CRISIL Reaffirms B- Rating on INR9.5cr Loans
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Shashiradha Cold Storage Private Limited
(SCSPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.9        CRISIL B-/Stable (Reaffirmed)

   Term Loan            4.2        CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Facility             0.4        CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile and susceptibility to changes in regulations and to
intense competition in the cold storage industry in West Bengal
(WB). These weaknesses are partially offset by the promoters'
extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to the regulated and intensely
competitive nature of the cold storage industry: The potato cold
storage industry in WB is regulated by the West Bengal Cold
Storage Association, with rental rates fixed by Department of
Agricultural Marketing, WB. The fixed rent will continue to limit
players' ability to earn profits based on their respective
strengths and geographical advantages. Pressure to offer
discounts to ensure healthy utilisation of storage capacity,
especially given the intense competition, will also constrain
profitability.

* Weak financial risk profile: Networth remained modest estimated
at INR1.43 crore as on March 31, 2018, despite marginal increase
in recent years on account of accretion to reserve. Gearing was
high at 7.26 times on account of loans extended to farmers and
term loan availed. Debt protection metrics are likely to remain
moderate. Interest coverage and net cash accrual to total debt
ratios were 1.36 times and 0.07 time, respectively, in fiscal
2018.

Strengths

* Promoters' extensive experience: The promoters' experience of
over two decades and strong relationships with potato farmers led
to healthy utilisation of storage capacity (90% on an average in
fiscal 2018), and should continue to support business risk
profile.

Outlook: Stable

CRISIL believes SCSPL will continue to benefit from the
promoters' extensive experience in the cold storage business. The
outlook may be revised to 'Positive' if the company efficiently
manages farmer credit financing, significantly scales up
operations, and improves profitability. The outlook may be
revised to 'Negative' if liquidity comes under pressure because
of delays in repayment by farmers, low cash accrual, or large
debt-funded capital expenditure.

Incorporated in 2015, SCSPL operates a cold storage unit for
potatoes, with capacity of 183,000 quintal, in Pashchim
Medinipur, WB. The company occasionally trades in potatoes to
ensure optimum capacity utilisation of the cold storage unit. It
also finances farmers' potato storage, which is refinanced by
banks.


SHITARAM INDUSTRIES: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for INR 5.33 crore bank facilities of
Shitaram Industries continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term            5.33      [ICRA]B- (Stable); ISSUER NOT
   fund-based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in April 2012 as a partnership firm, Shitaram
Industries (SI) is engaged in ginning and pressing of raw cotton.
The manufacturing facility is located in Rajkot, Gujarat and is
equipped with 18 ginning machines having an input capacity of
about 11,860 MTPA. The commercial operations commenced in
December 2013. The firm is promoted and managed by Mr. Harshad K
Ratanpara, Mr. Suresh N Ratanpara, Mr. Bhudar R Chikani, Mr
Harjivan V Bhadja and Mr. Pravin B Vachhani along with other
family members and relatives.


SHREENATHJI COTGIN: ICRA Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for INR 9.67 crore bank facilities of
Shreenathji Cotgin Private Limited continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable)/A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term           8.00       [ICRA]B- (Stable); ISSUER NOT
   fund-based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated         1.57       [ICRA]B- (Stable); ISSUER NOT
   limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short-term          0.10       [ICRA]A4; ISSUER NOT
   non fund-based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in December 2010, Shreenathji Private Limited (SCPL)
is into the business of ginning and pressing of raw cotton.
SCPL's manufacturing unit is located at Jasdan, Rajkot (Gujarat)
and is equipped with 24 ginning machines and one pressing machine
with total production capacity of 120 bales per day. The company
is promoted and managed by Mr. Sudhirkumar Raja, Mr. Kamlesh
Thakkar and Mr. Chandresh Jogi along with other relatives and
friends.


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

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital limit (long-/short-
     term) downgraded and migrated to Non-Cooperating Category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR100 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
the best available information

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by M/s South
Indian Constructions during the 12 months ended September 2018
due to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

M/s South Indian Constructions executes civil construction
contracts, mainly building construction for various departments
such as public works departments, Central Public Works Department
and public sector companies in Kerala and Tamil Nadu. Its
promoter is Vinod Kumar.


SRI MURUGAN: CRISIL Reaffirms 'B' Rating on INR1cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Sri Murugan Timbers (SMT) at 'CRISIL B/Stable' and has
reassigned its 'CRISIL A4' rating to the short term bank
facility.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL B/Stable (Reaffirmed)

   Foreign Letter
   of Credit             6        CRISIL A4 (Reassigned)

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

The rating continues to reflect the modest scale of operations.
The rating weakness is partially offset by extensive experience
of the partners in the timber trading business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm had a modest scale of
operations as indicated by an operating income of INR3.6 crore
for fiscal 2018 in the intensively competitive timber trading
business.

Strength

* Extensive experience of the partners in the timber trading
business:  The partners have over 2 decades of extensive
experience in the timber trading business, and strong
relationships with reputed customers, have ensured a healthy
order inflow, even though operations are at a nascent stage.

Outlook: Stable

CRISIL believes SMT will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if a significant increase in scale of operations and
operating margin, along with capital infusion by the partners,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile weakens, due
to a decline in scale of operations and operating margin, or if a
stretch in the working capital cycle adversely affects liquidity.

SMT was set up as a partnership firm in 2014. The firm processes
and trades in timber. The processing facilities are at Tenkasi
(Tamil Nadu). Operations are managed by Mr Rajakani.


SUMITRA SONS: CRISIL Maintains 'B' Rating in Non-Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sumitra Sons
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Inventory             8         CRISIL B/Stable (ISSUER NOT
   Funding Facility                COOPERATING)

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

CRISIL has been consistently following up with Sumitra Sons for
obtaining information through letters and emails dated March 31,
2018 and September 28, 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 Sumitra Sons, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Sumitra
Sons is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Sumitra Sons was set up as a partnership firm in 2009 by the
Singh family. The firm is an authorised exclusive dealer of Hero
Motocorp in Shahjahanpur with two showrooms and two service
stations. The partners of the firm are Mr. Balvir Singh, Mr.
Jagjeet Singh, Mr. Simarjeet Singh, and Ms. Jasmin Kaur.


SUN HOSPITALITY: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR 13.00 crore bank facilities of
Sun Hospitality & Service Apartments Private Limited (SHSAPL)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        13.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits-Term                   Rating continues to remain in
   Loan                          the 'Issuer Not Cooperating'
                                 category

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

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Incorporated in April 2010, Sun Hospitality and Service
Apartments Private Limited is a closely held private limited
company, based out of Mumbai, Maharashtra. The company is
currently executing two projects in Goa: One of the projects is
residential project while the second project involves the
development of retail, commercial and hotel space. The company is
a part of Sun Group, a group of companies engaged in real estate
development in cities such as Goa, Lonavala, Pune and Virar. The
group has completed the development of ~2.76 lakh sq. ft. of real
estate development, since its inception in 2005. The focus of the
company has been on construction of holiday home/second home,
villas, bungalows and apartments in the past few years.


SOUTH MALABAR: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of South Malabar
Steels and Alloys Private Limited (SMSAPL) continues to be
'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SMSAPL for
obtaining information through letters and emails dated
March 31, 2018 and September 28, 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 SMSAPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SMSAPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1996, SMSAPL is a Kerala based company engaged in
manufacturing of thermo-mechanical treated steel bars, mild steel
flats and mild steel round. Its operations are handled by the
directors, Mr. K P Ummer and Ms. Naziya Ummer.


TATA MOTORS: S&P Puts 'BB' Long-Term ICR on CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term issuer credit rating
on Tata Motors Ltd. on CreditWatch with negative implication. At
the same time, S&P placed its 'BB' issue rating on the India-
based automotive company's senior unsecured notes on CreditWatch
with negative implications.

S&P said, "The CreditWatch listing follows Tata Motors'
announcement on Oct. 31, 2018, of half-yearly results that are
below our expectation. The CreditWatch with negative implication
is driven by our view that Tata Motors' adjusted credit metrics
may have weakened and the company's credit profile may no longer
support its rating if it fails to post a sharp recovery in the
remainder of the year.

"We understand Tata Motors is working on a restructuring plan to
reign in the continued heavy capital spending and sliding retail
volumes at Jaguar Land Rover Automotive PLC (JLR), although the
details are still emerging.

"In our view, faster volume growth at Tata Motors' India
operations of 39.5%, albeit on a lower base, and a 10%-12%
depreciation in the Indian rupee (INR) seem to have tempered the
impact of decline in JLR volumes. Tata Motors reported first-half
revenue growth of 8.3% and reported EBITDA margin of 8.7%,
against our fiscal 2019 expectations of about 9.0% and about 11%,
respectively.

"During this period, JLR retail volumes weakened by 4.1% compared
with our growth estimates of 6%-8%. The continued aversion to
diesel, Europe's new Worldwide Harmonised Light Vehicle Test
Procedure (WLTP) emission norms starting Sept. 1, 2018, and
import duty changes in China were the key reasons behind the weak
sales."

Reported debt was higher at INR1.0 trillion against our March 31,
2019, estimates of INR950 billion, mainly due to higher debt at
JLR and translation of foreign currency debt at higher rupee
exchange rates.

S&P said, "We aim to resolve the CreditWatch status over the next
90 days, by drafting a revised base case, after we have better
understanding of the company's financial performance and revival
plans.

"We would lower the rating by one notch if we assess that the
chances of an immediate turnaround in JLR's performance is
unlikely, resulting in Tata Motors' leverage (funds from
operations [FFO]-to-debt ratio) to remain sustainably below 25%
over the next 12-18 months.

"We could affirm the ratings if Tata Motors provides a credible
plan to contain its negative free operating cash flows such that
its FFO-to-debt ratio remains above 25% on a sustainable basis."


TECHNOLINE ENG'G: CRISIL Moves B Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL in line with SEBI
guidelines, had migrated the rating of Technoline Engineering
(TE) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of rating. Consequently CRISIL is migrating the rating on
bank facilities of TE from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       1.7       CRISIL A4 (Migrated from
                                  'CRISIL A4/Stable ISSUER NOT
                                  COOPERATING')

   Cash Credit          5.3       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The ratings continues to reflect small scale of operations in the
fragmented civil construction industry, large working capital
requirements and subdued financial risk profile These rating
weaknesses are partially offset by the extensive experience of
the promoters in construction industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in intensely competitive industry: TE
had recorded revenues of around INR20 crore during fiscal 2018,
underpinning its modest scale of operations in the industry.
Given the low entry barriers in the civil construction segment of
the infrastructure sector, the firm faces increasing competition
from other established players in the segment.

* Large working capital requirements: TE's operations are highly
working capital intensive as reflected in gross current assets
(GCA) days of 293 days as on March 31, 2018. This is primarily on
account of high inventory of work-in-progress which stood at 282
days.

* Subdued financial risk profile: TE's networth is small at
INR2.26 crore, capital structure moderate marked by gearing and
total outside liabilities to tangible networth (TOLTNW) of 2.18
times and 2.44 times respectively. Its debt protection metrics
were also weak marked by interest coverage and net cash accruals
to adjusted tangible networth (NCATD) of 1.74 times and 0.12 time
respectively for fiscal 2018.

Strength:

* Extensive experience of the promoters in civil construction
industry: TE benefits from the extensive industry experience of
its promoters, who have been operating in the civil construction
industry for over 20 years. Consequently, the firm has been able
to secure repeat orders from the state government departments.

Outlook: Stable

CRISIL believes that TE will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if sustained scales up of operations while
maintaining profitability, leads to better financial profile and
liquidity. Conversely, the outlook may be revised to 'Negative'
if decline in revenue or profitability, stretch in working
capital cycle, or large debt-funded capital expenditure
programme, weakens financial risk profile, particularly
liquidity.

Set up in 2007 and based in Kochi (Kerala), TE executes various
civil construction projects for government undertakings. The
firm's day-to-day operations are managed by Mr. K V Abraham.


UDHAYAKUMAR SUBRAMANI: CRISIL Assigns B+ Rating to INR7.75cr Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Udhayakumar Subramani (US).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4         CRISIL B+/Stable (Assigned)
   Term Loan            3.75      CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operation and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the proprietor in the
poultry industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: Scale of operations is small as
reflected in revenue of INR19.38 crore in fiscal 2018 (INR18.46
crore in fiscal 2017). The firm currently has 2 lakh birds in its
layer unit with a capacity to lay 1.8 lakh eggs per day. A firm
is setting up a new laying unit, which will house 1 lakh birds.

* Average financial risk profile: Financial risk profile is
constrained by modest networth of INR5.22 crore as on March 31,
2018 and average debt protection metrics with interest coverage
and net cash accrual to adjusted debt ratios of 2.03 times and
0.09 time, respectively, for fiscal 2018. Gearing, comfortable at
0.84 time as on March 31, 2018, is expected to deteriorate owing
to a debt funded capex in fiscal 2019.

Strengths

* Extensive experience of the proprietor: Benefits from the
proprietor's experience of over two decades and addition of new
customers has led to steady growth in revenues over the past few
years. His experience should continue to support the business.

Outlook: Stable

CRISIL believes US will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if revenue and profitability increase and working
capital management is prudent. The outlook may be revised to
'Negative' if low revenue and cash accrual, stretch in working
capital cycle, or any larger than expected, debt-funded capital
expenditure weakens financial risk profile.

Set up in 1977, Namakkal, Tamil Nadu-based US, a proprietorship
firm of Mr. Udhayakumar Subramani, is engaged in manufacturing
eggs from layer chicken.


V.S. COTTON: CRISIL Maintains 'D' Rating in Non-Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of V. S. Cotton
Industries (VSC; part of the Kakad group) continues to be
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          2           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Rupee       0.36        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Term Loan            2.64        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VSC for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 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 VSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSV Cotton Industries (RSV) and VSC.
This is because the two entities, together referred to as the
Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.

                          About the Group

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and
presses cotton. The firm commenced operations in November 2013.
Its manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing
facilities are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.


VAIDYANATH SAHAKARI: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vaidyanath Sahakari
Sakhar Karkhana Limited (VSSKL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      1.73      CRISIL D (ISSUER NOT
                                 COOPERATING)

   Cash Credit        81.96      CRISIL D (ISSUER NOT
                                 COOPERATING)

   Short Term Loan    28.37      CRISIL D (ISSUER NOT
                                 COOPERATING)

   Term Loan          33.60      CRISIL D (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with VSSKL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 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 VSSKL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on VSSKL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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


VSSKL, set up as a co-operative society in 1996, manufactures
sugar. Its unit is in Parali, Maharashtra, and has sugar cane
crushing capacity of 4500 tonne per day. It also has a 60-
kilolitre-per-day distillery and a 21-megawatt co-generation
power unit.


VIMAL CHHAGANLAL: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vimal Chhaganlal
Jewellers Private Limited (VCJPL) continues to be 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    5          CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with VCJPL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 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 VCJPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on VCJPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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


VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11
(refers to financial year, April 1 to March 31), trades in gold
ornaments.


VINAYAK COTTEX: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for INR7.67 crore bank facilities of Vinayak
Cottex continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term            7.67      [ICRA]B (Stable); ISSUER NOT
   fund-based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in February 2013 as a partnership firm, Vinayak
Cottex (VC) is into the business of ginning and pressing of raw
cotton and crushing of cotton seed. Its manufacturing facility is
located at Amreli (Gujarat) and is equipped with 24 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 60 cotton bales per day and 38 MT oil per
day. The firm is promoted and managed by Mr. Kamlesh B.
Bokarvadiya, Mr. Kantilal B. Bokarvadiya, Khimji G. Virpara, Mr.
Narendra M. Patel, Mr. Natha Virpara and Mr. Vikas N. Patel. The
promoters have a prior experience in the cotton industry by
virtue of their earlier association as partners/employee in
cotton ginning and pressing entities.


Y. S. INVESTMENTS: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for INR 96.90 crore bank facilities of Y. S.
Investments continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/ A4; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term           10.00     [ICRA]B+ (Stable); ISSUER NOT
   fund-based                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term          86.90     [ICRA]A4; ISSUER NOT
   non fund-based                COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated as the Association of Person (AOP) in 1985 and
acquired by Mr. Riazhusen S. Masani and Mr. Arifhusen S. Masani
in 1994, YSI belongs to the Bhavnagar-based Lucky Group, held by
the Masani family. YSI is involved in ship breaking and operates
on a plot leased from the Gujarat Maritime Board in the Alang
Ship Recycling Yard. Besides ship breaking, the Lucky Group is
also involved in other related businesses such as steel re-
rolling and scrap trading. Besides YSI, the Lucky Group has other
companies such as Lucky Ship Breaking Industries (SBD) involved
in ship breaking, and in steel re-rolling.



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


CHINA AUTOMOBILE: Fails to Issue Outstanding 2017 Annual Report
---------------------------------------------------------------
Justin Lim at theedgemarkets.com reports that Practice Note 17
(PN17) company China Automobile Parts Holdings Ltd (CAP) said it
was unable to issue its outstanding 2017 annual report, as well
as its 2018 annual report, by Oct. 31.

In a filing with Bursa Malaysia, CAP said the group expects to
issue the 2017 report by Dec. 31, as the external auditors are in
the midst of accessing the appropriate audit plan,
theedgemarkets.com discloses.

According to theedgemarkets.com, the group said it had furnished
the consolidated account for the financial year ended June 30,
2017 to the external auditors on Sept. 11.

theedgemarkets.com adds that CAP said in a separate filing that
it was unable to issue in time, the outstanding results for the
quarters ended March 31, June 30, Sept. 30 and Dec. 31 in 2017
and the quarters ended March 31 and June 30 in 2018.

The quarterly results were supposed to be due for issuance by
Oct. 31, but the group is still unable to finalise the results,
it said.

The board is expecting to issue the outstanding quarterly results
by Dec. 31, the filing added, theedgemarkets.com says.

                       About China Automobile

China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its
subsidiaries, is principally engaged in the manufacturing of
chassis components used in automobiles for transporting goods.
Its product portfolio consists of five categories: wheel-hub
bolts, wheel axles, steel pins, u-bolts and torque-rod bushings.
The Company's products are supplied for aftermarket repair,
maintenance and modification segment, with an emphasis towards
catering for replacement components in heavy commercial vehicles.
The Company's subsidiaries include CAP-HK, an investment holding
company, and FenSun, a manufacturer, marketer and trader of
automobile chassis components.

China Automobile Parts Holdings Ltd slipped into Practice Note 17
(PN17) after its external auditor Messrs PFK expressed an audit
disclaimer of opinion in the company's latest audited financial
statements for financial year ended Dec. 31, 2015 (FY15) on
undisclosed material liabilities.



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


EBERT CONSTRUCTION: Meeting to Roll Liquidator Slated for Nov. 13
-----------------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that a campaign to change
the liquidator of Ebert Construction will have its opportunity
next week at an official creditors meeting.

Ebert's liquidators David Ruscoe and Timothy Downes of Grant
Thornton have called the meeting for November 13 at Auckland's
The Grid, at 2:00 p.m., Stuff discloses.

Ebert went into receivership in August owing about NZ$45 million,
nearly NZ$34 million of which was to unsecured creditors - most
of which is unlikely to be repaid, according to the receivers,
PWC.

There are 1,000 creditors on the liquidator's mailing list and
Mr. Ruscoe said he was dealing with more than 200 claims, "and
everyday, [we] continue to receive more," Stuff relates.

One of the items on the agenda will be a vote to keep or replace
Grant Thornton as liquidator.

Tempest Litigation Funders has been holding informal creditor
meetings as part of a campaign to replace Grant Thornton, chiefly
because it was appointed by Ebert's shareholders.

Stuff relates that Tempest director Damien Grant, a liquidator
himself, has suggested BDO, Mainzeal's liquidator, take over the
investigation because it had been courageous enough to take
Mainzeal's directors to court.

According to Stuff, Mr. Ruscoe said as liquidator, he continued
to ask questions about the company's relationship with related
parties, including:

   * The structure and rents charged on plant Ebert leased from
     Wakefield Plant, a company linked to managing director
     Kelvin Hale.

   * The relationship of The Insulation Panel & Door Co Limited,
     Cancast, Long Holdings and Long Panel as a supplier of
     building components to Ebert

   * The contractual amount paid by Habia - a company directed by
     Hale and company founder Dennis Ebert - to Ebert for
     building 77 Abel Smith St in Wellington.

He said Grant Thornton would also investigate the process Kelvin
Hale followed in commissioning Ebert to help with his house in
Lowry Bay, Stuff relays.

He is also looking into whether there was any company
intellectual property transferred from Ebert to FP Contractors, a
company which picked up Ebert's dairy factory work and which was
formed by ex-Ebert staff and a director of Cancast, the report
adds.

Stuff says Mr. Ruscoe will also enquire into the NZ$3.5 million
cash advance Mr. Hale made to the company shortly before the
company collapsed in July as a secured creditor.

"We understand the advance was meant to be replaced by
shareholder equity at a later date and we will investigate the
validity of the GSA {general security agreement] granted," the
report quotes Mr. Ruscoe as saying.

                     About Ebert Construction

New Zealand-based Ebert Construction Limited provided
construction management services. It offered design management,
value engineering, cost planning, programming, construction
management, health and safety management, quality management, and
project reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were
appointed receivers to Ebert Construction Limited in July 2018 as
a result of a request made by the Ebert Board of Directors to its
bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover
of NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with
a further NZ$1.3 million owed to employees on an unsecured basis,
NZ Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale
is also a secured creditor, owed NZ$3.5 million, which he loaned
to the business on July 24 as a short-term measure before new
capital was raised from other shareholders.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: Slowing Economy Threatens to Spark Crisis for SMEs
-----------------------------------------------------------------
Song Jung-a and Bryan Harris at The Financial Times report that
Lee Jung-rok's factory on the outskirts of Seoul is silent. Just
five years ago, the workshop hummed as Mr. Lee's 15-strong team
churned out packaging for some of South Korea's biggest
companies, generating millions of dollars in annual sales.

But orders have shrunk 80 per cent and the workforce has been cut
to four, the FT says.

According to the FT, Mr. Lee's experience is shared by hundreds
of thousands of small and medium-sized enterprises in South
Korea, which provide 90 per cent of jobs in the country.

The FT relates that the government has attempted to remedy the
problem but its roots are deep: the country's powerful
conglomerates and offshore competition are squeezing smaller
employers.

"Although SMEs account for a small portion of the country's GDP,
their trouble has a big impact on the job market and
consumption," the FT quotes Lee Sang-jae, an economist at Eugene
Investment and Securities, as saying.

The FT says Chinese competition is hollowing out vast tracts of
industry that once girded South Korea's export-led economy. The
pain is felt across Asia's fourth-largest economy but it is the
SMEs, long dependent on sales to the country's conglomerates and
with few international networks of their own, that are bearing
the brunt, the report states.

This situation was thrown under a spotlight on Nov. 5 with the
release of new figures showing SMEs have this year suffered their
sharpest drop in output since the aftermath of the global
financial crisis in 2009, according to the FT.

"We may be forced to close the business if orders keep falling,"
the FT quotes Mr. Lee, the 56-year-old president of Nokstop Chem,
as saying. "We've been hit hard by the declining business of our
customers. Losses are ballooning."

South Korea is home to more than 3.5 million SMEs, the FT
discloses. Last year, almost 45 per cent of the groups were
classified as "zombies" - companies that were unable to pay
capital costs with operating profits for three consecutive years,
the FT discloses citing the Bank of Korea.

Many stay afloat with cheap loans, but the rate of corporate
bankruptcy is increasing - up 9 per cent year on year by number
of defaulting groups - as is the number of SMEs up for sale - up
44 per cent year on year - according to court data and the Korea
M&A Exchange, a mergers and acquisitions broker, the FT relays.

"[Korean companies] can't compete with China and India on price
and should move up the value chain," the report quotes Park Sang-
in, an economics professor at Seoul National University, as
saying. "But the industrial evolution towards higher value-added
products is not happening in the SME sector because" of their
reliance on the conglomerates, he added.

"Things are likely to get worse as prices keep falling," said
Chung Sung-kook, a manager at the Nokstop factory. "I wish there
was more work because many days pass with almost none."

According to the FT, bolstering the sector is a key priority for
South Korean President Moon Jae-in, who is attempting to ease the
country off its dependence on large conglomerates, such as
Samsung and Hyundai.

With these chaebol increasingly manufacturing more abroad, there
is a growing sense that Seoul needs to follow the lead of Tokyo
or Berlin by nurturing strong, specialist SMEs, the FT relays.

Yet Mr. Moon's efforts have so far gained little traction,
despite swaths of subsidies and tax incentives. For many SMEs,
his economic policies, which have included a minimum-wage
increase and a cap on working hours, have only worsened their
plight, the FT states.



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


VPBANK FINANCE: Moody's Hikes CFR to B1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded VPBank Finance Company
Limited's corporate family rating to B1 from B2.

At the same time, Moody's has affirmed the company's standalone
credit profile at b3.

The rating action on FE Credit follows Moody's decision to
upgrade the baseline credit assessment of FE Credit's parent
bank, Vietnam Prosperity Joint Stock Commercial Bank (VP Bank, B1
stable, b1), to b1 from b2 on October 30, 2018.

The outlook on the rating remains stable.

RATINGS RATIONALE

Moody's upgrade of FE Credit's CFR was driven by the upgrade of
VP Bank's BCA to b1 from b2, which Moody's uses as an anchor when
assessing rating uplifts related to affiliate support. As a
result, Moody's incorporates two notches of affiliate support
uplift into the B1 CFR of FE Credit, given Moody's assessment of
a very high likelihood of support from VP Bank.

When determining affiliate support and related rating uplift for
FE Credit, Moody's has taken into account (1) the 100% ownership
of FE Credit by VP Bank, (2) FE Credit's strategic importance to
VP Bank's retail strategy, and (3) good capacity of VP Bank to
provide support to FE Credit.

The affirmation of FE Credit's b3 standalone credit profile
reflects FE Credit's good market position in Vietnam's consumer
finance market, strong profitability and healthy capitalization.

These strengths are partly offset by the company's exposure to
the high credit risk inherent in Vietnam's rapidly growing
unsecured consumer finance market, as well as the company's
reliance on wholesale funding sources and little excess liquidity
on its balance sheet.

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

WHAT COULD CHANGE THE RATINGS -- UP

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

WHAT COULD CHANGE THE RATINGS -- DOWN

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

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

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



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


* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2018
----------------------------------------------------


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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25    USD      12.50
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      48.89
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      49.04
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       9.71
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       9.96
CORE EDUCATION & TECHNO     7.00     05/07/49    USD       0.29
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
EDELWEISS ASSET RECONST     2.00     11/20/27    INR      55.52
EDELWEISS ASSET RECONST     2.00     08/28/27    INR      56.22
EDELWEISS ASSET RECONST     2.00     08/27/27    INR      56.23
EDELWEISS ASSET RECONST     2.00     03/28/27    INR      57.13
EDELWEISS ASSET RECONST     2.00     04/27/27    INR      57.28
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      49.71
JAIPRAKASH ASSOCIATES L     5.75     09/08/17    USD      55.00
JAIPRAKASH POWER VENTUR     7.00     02/13/49    USD       5.00
JCT LTD                     2.50     04/08/11    USD      25.53
PAN INDIA INFRAPROJECTS     0.10     01/25/24    INR      56.42
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD      22.63
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD       1.00
REI AGRO LTD                5.50     11/13/14    USD       1.38
REI AGRO LTD                5.50     11/13/14    USD       1.38
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD      51.83
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD      29.43


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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


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

BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.75
BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.75
PHILIPPINE GOVERNMENT B     3.63     03/21/33    PHP      69.40
PHILIPPINE GOVERNMENT B     4.63     09/09/40    PHP      73.02


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      51.48
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.02
AUSGROUP LTD                8.45     10/20/18    SGD      51.35
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.89
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.93
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD       5.00
BLUE OCEAN RESOURCES PT     6.00     12/31/20    USD      25.00
ENERCOAL RESOURCES PTE      9.25     08/05/14    USD      38.13
EZION HOLDINGS LTD          0.25     11/20/24    SGD      74.99
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       4.84
HYFLUX LTD                  4.20     08/29/19    SGD      50.00
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD      67.50
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD      30.04
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD      40.19
OSA GOLIATH PTE LTD        12.00     10/09/18    USD      62.63
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD      11.13
RICKMERS MARITIME           8.45     05/15/17    SGD       5.00
SWIBER CAPITAL PTE LTD      6.50     08/02/18    SGD       4.20
SWIBER CAPITAL PTE LTD      6.25     10/30/17    SGD       4.20
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       7.75
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       7.75
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD      12.25
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD      16.00
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD      16.00


THAILAND
--------

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


VIETNAM
-------

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




                             *********

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

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

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


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

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

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

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

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



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