TCRAP_Public/181113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 13, 2018, Vol. 21, No. 225

                            Headlines


A U S T R A L I A

ASSOCIATED NOMINEES: First Creditors' Meeting Set for Nov. 20
DUKES CIVIL: Second Creditors' Meeting Set for Nov. 20
EYEWEAR COLLECTIVE: First Creditors' Meeting Set for Nov. 20
CCC EXECUTIVE: Second Creditors' Meeting Set for Nov. 20
CP EAST: Second Creditors' Meeting Set for Nov. 23

GARRETT WALMSLEY: First Creditors' Meeting Set for Nov. 22
HANSEN & LAVIS: First Creditors' Meeting Set for Nov. 21
LORVEK PTY: Second Creditors' Meeting Set for Nov. 19
NUFARM LIMITED: Moody's Affirms Ba3 CFR, Outlook Stable
RESIMAC TRIOMPHE 2018-2: S&P Assigns Prelim B Rating to F Certs

WESTPAC BANKING: S&P Assigns 'BB+' Rating to Capital Notes 6


C H I N A

CHUYING AGRO-PASTORAL: Pays Bond Holders in Ham Instead of Cash
JES INTERNATIONAL: Court Declares Shipbuilding Group Bankrupt
MEI NIAN: Moody's Assigns Ba2 Sr. Unsec. Rating to New Bonds


H O N G  K O N G

NOBLE GROUP: Resolutions to OK English and Bermuda Schemes Passed


I N D I A

ALPEX SOLAR: CRISIL Lowers Rating on INR43.5cr Loan to D
ARSHA SEAFOOD: CRISIL Assigns B+ Rating to INR10cr Loan
ARUNA ENTERPRISE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
BLA PACKAGING: CRISIL Assigns 'B' Rating to INR25.5cr Loans
COCHIN MINERALS: CRISIL Assigns B Rating to INR1.5cr Cash Loan

DR. HOME: CRISIL Assigns 'B-' Rating to INR15cr Term Loan
DURGA AGRONOMY: CRISIL Assigns 'B' Rating to INR7.5cr Loans
EUGEN LABORATORIES: CRISIL Migrates B Rating to Not Cooperating
FIROZABAD CERAMICS: CRISIL Assigns 'B' Rating to INR14.3cr Loans
IL&FS EDUCATION: Ind-Ra Lowers 2014 Debentures Rating to 'BB'

KAMADGIRI EXPORTS: CRISIL Moves C Rating From Not Cooperating
KESHO RAM: CRISIL Withdraws B+ Rating on INR2.61cr Term Loan
KTC AUTOMOBILES: CRISIL Migrates D Rating to Not Cooperating
MANIDHARI OILS: CRISIL Lowers Ratings on INR10cr Loans to D
MEHADIA AND SONS: CARE Migrates C Rating From Not Cooperating

PCC INFRASTRUCTURE: CRISIL Lowers Rating on INR15cr Loans to D
PENIEL CASHEW: CRISIL Assigns B+ Rating to INR13cr Loan
RUSHABH FLOUR: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
S.K. RICE: CARE Lowers Rating on INR10cr LT Loan to 'D'
SAFE & SECURE: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable

SAI BHARATHI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SAI SWADHIN: CRISIL Lowers Rating on INR8.75cr Loan to D
SAVAN GREEN: CRISIL Assigns 'B' Rating to INR9cr Cash Loan
SAVARIYA INDUSTRIES: CRISIL Lowers Rating on INR6cr Loan to D
SHREEHARI ASSOCIATES: CRISIL Withdraws D Rating on INR104cr Loans

SISCO INDUSTRIES: CRISIL Migrates B+ Rating From Not Cooperating
SRI LAKSHMI: CRISIL Withdraws 'D' Rating on INR110cr Loans
V KATHIRESAN: CRISIL Assigns B Rating to INR0.5cr LT Loan
VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR6cr Loan
VIKAS TECHNOPLAST: Ind-Ra Migrates BB- Rating to Non-Cooperating

YASHODA COLD: CARE Lowers Rating on INR6.44cr LT Loan to 'B'


M A L A Y S I A

AMBANK BERHAD: Moody's Rates Sub. Note Component '(P)Ba2'
AMBANK BERHAD: S&P Rates Proposed Tier 2 Notes 'BB+'


M O N G O L I A

MONGOLIA: S&P Raises Sovereign Credit Rating to B, Outlook Stable


N E W  Z E A L A N D

CBL INSURANCE: McGrathNicol Appointed as Liquidators


S I N G A P O R E

CHINA FISHERY: Court OKs Settlement on Silliker Joint Venture
SWISSCO HOLDINGS: Judicial Management Extended Until July 31


X X X X X X X X

* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2018


                            - - - - -


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A U S T R A L I A
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ASSOCIATED NOMINEES: First Creditors' Meeting Set for Nov. 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Associated
Nominees Pty Ltd will be held at the offices of BPS Recovery, at
Level 18, 201 Kent Street, in Sydney, NSW, on Nov. 20, 2018, at
11:00 a.m.

Danel Frisken and Mitchell Ball of BPS Recovery were appointed as
administrators of Associated Nominees on Nov. 8, 2018.


DUKES CIVIL: Second Creditors' Meeting Set for Nov. 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Dukes Civil
Pty Ltd has been set for Nov. 20, 2018, at 10:30 a.m. at the
offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 19, 2018, at 4:00 p.m.

Christopher J. Palmer and Liam Bailey of O'Brien Palmer were
appointed as administrators of Dukes Civil on Oct. 16, 2018.


EYEWEAR COLLECTIVE: First Creditors' Meeting Set for Nov. 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of The Eyewear
Collective Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, at Level 4, 240 Queen Street, in
Brisbane, Queensland, on Nov. 20, 2018, at 11:00 a.m.

Blair Pleash and David Ingram of Hall Chadwick were appointed as
administrators of Eyewear Collective on Nov. 8, 2018.


CCC EXECUTIVE: Second Creditors' Meeting Set for Nov. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of CCC Executive
Services Pty. Ltd. has been set for Nov. 20, 2018, at 12:00 p.m.
at the offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 19, 2018, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrators of CCC Executive on Oct. 26, 2018.


CP EAST: Second Creditors' Meeting Set for Nov. 23
--------------------------------------------------
A second meeting of creditors in the proceedings of CP East Pty
Limited has been set for Nov. 23, 2018, at 10:00 a.m. at the
offices of Level 3, 95 Macquarie Street, in Parramatta, NSW, on
Nov. 23, 2018, at 10:00 a.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 22, 2018, at 4:00 p.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as
administrators of CP East on Aug. 20, 2018.


GARRETT WALMSLEY: First Creditors' Meeting Set for Nov. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Garrett
Walmsley Madgwick Pty Limited, trading as GWM Lawyers, will be
held at the offices of Shaw Gidley, at Suite 1, Level 1, 65 Lord
Street, in Port Macquarie, NSW, on Nov. 22, 2018, at 11:00 a.m.

Benjamin Joshua Ismay and Scott Anthony Newton of Shaw Gidley were
appointed as administrators of Garrett Walmsley on Nov. 12, 2018.


HANSEN & LAVIS: First Creditors' Meeting Set for Nov. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hansen &
Lavis Construction Pty Ltd will be held at the offices of
Chamberlain's SBR, at Suite 103, First Floor, Wollundry Chambers,
63 Johnston Street, in Wagga Wagga, NSW, on Nov. 21, 2018, at
10:00 a.m.

Chris Chamberlain and Steven Priest of Chamberlain's SBR were
appointed as administrators of Hansen & Lavis on Nov. 9, 2018.


LORVEK PTY: Second Creditors' Meeting Set for Nov. 19
-----------------------------------------------------
A second meeting of creditors in the proceedings of Lorvek Pty Ltd
has been set for Nov. 19, 2018, at 2:30 p.m. at the offices of
Worrells Solvency & Forensic Accountants, at Level 15, 114 William
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. 18, 2018, at 5:00 p.m.

Con Kokkinos and Matthew Kucianski of Lorvek Pty were appointed as
administrators of Lorvek Pty on Oct. 14, 2018.


NUFARM LIMITED: Moody's Affirms Ba3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has affirmed Nufarm Limited's corporate
family rating of Ba3 and Nufarm Americas Inc.'s and Nufarm
Australia Limited's backed senior unsecured ratings of B1.

The outlook on the ratings is stable.

RATINGS RATIONALE

Nufarm benefits from its: (1) well-established position in the
off-patent crop protection segment; (2) global scale, with
strategically located downstream plants which are close to major
customers and sales areas; and (3) operational, product and
geographic diversification.

At the same time, Nufarm's rating is constrained by its exposure
to weather-related risks and the threat of competition from low-
cost producers in the off-patent market, as well as material
cashflow volatility.

Nevertheless, this risk is offset by: (1) Nufarm's expertise in
creating custom formulations for specific uses; (2) the company's
good distribution network; (3) the fast growth in the off-patent
segment globally; and (4) the degree of counter-cyclicality in
off-patent products.

Nufarm's financial metrics were outside the tolerance level for
its Ba3 rating as of the fiscal year ended July 31, 2018 (FY2018).
The company's financial leverage - as measured by adjusted
debt/EBITDA - registered 6.1x against the tolerance level of 5.0x.

Moody's points out that Nufarm's FY2018 metrics were impacted by:
(1) the debt related to the acquisition of a portfolio of products
divested by Adama Agricultural Solutions Ltd and Syngenta AG and,
separately, a range of products divested by FMC Corporation during
FY2018, totaling around USD575 million, without a full year of
earnings benefits; and (2) drought conditions in Australia,
resulting in high inventory levels as of July 31, 2018, and a
modest decline in overall adjusted EBITDA.

Moody's expects Nufarm's financial leverage to register around 4x
in FY2019, supported by an AUD303 million equity raising completed
in October 2018 and full-year earnings from the acquired assets.

The rating outlook is stable, underpinned by Nufarm's global scale
and solid distribution network. The outlook could deteriorate if
the company's adjusted debt/EBITDA were to remain at elevated
levels.

The rating could be upgraded if a consistent improvement in
performance is observed across Nufarm's businesses, including (1)
a sustainable improvement in the quality and predictability of
earings, 2) sustained positive cashflow from operations, and (3)
reduced debt-funded working capital swings. Financial metrics that
Moody's would consider for an upgrade include Moody's-adjusted
debt/EBITDA below 3.5x on a consistent basis.

Nufarm's rating or outlook could face downward pressure if the
company's operating conditions deteriorate beyond its current
expectations. This scenario includes a material deterioration in
the company's Australian operations or lower-than-expected growth
from its South American operations. In particular, Nufarm's rating
could be downgraded if its adjusted debt/EBITDA rises above 5.0x
on a sustained basis.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.


RESIMAC TRIOMPHE 2018-2: S&P Assigns Prelim B Rating to F Certs
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2018-2. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2018-2 is a securitization of prime
residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including that this is a closed portfolio, which
    means no further loans will be assigned to the trust after
    the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination for the rated notes and lenders' mortgage
    insurance to 15.3% of the portfolio, which covers 100% of the
    face value of these loans, accrued interest, and reasonable
    costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.75% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$250,000, funded by
    RESIMAC Ltd. before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1 notes to
    be provided by National Australia Bank Ltd.

  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class      Rating       Amount (mil.)
  A1a        AAA (sf)     US$243.750
  A1b        AAA (sf)     US$108.000
  A2         AAA (sf)      AUD172.500
  AB         AAA (sf)       AUD37.750
  B          AA (sf)        AUD14.000
  C          A (sf)         AUD10.875
  D          BBB (sf)        AUD5.625
  E          BB (sf)         AUD3.000
  F          B (sf)          AUD2.175
  G          NR              AUD1.575

  NR--Not rated.


WESTPAC BANKING: S&P Assigns 'BB+' Rating to Capital Notes 6
------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' issue credit
rating to Westpac Banking Corp.'s (Westpac; AA-/Negative/A-1+)
proposed Westpac Capital Notes 6 (WCN6).

S&P sai, "We rate WCN6 four notches below Westpac's stand-alone
credit profile (SACP) of 'a-'. The starting point of the SACP
reflects our view that it is unlikely that the Australian
government's support for Westpac and other Australian banks -- if
needed -- would extend to the hybrid capital instruments issued by
the banks."

To arrive at the rating on WCN6, S&P deducts four notches off
Westpac's SACP reflecting the following factors:

-- S&P deducts one notch for WCN6's subordinated status;

-- Two notches for the risk of partial or untimely payment; and

-- One notch for a nonviability contingent capital feature that
    would require Westpac to convert all or a proportion of WCN6
    into ordinary shares or write them off, if a nonviability
    trigger event occurred.

S&P said, "We have assessed the proposed issue as having
intermediate equity content. In our view, WCN6 capital notes will
be a permanent part of the capital structure of Westpac and would
be able to absorb losses on a going-concern basis through
nonpayment of coupons without causing a default. On issuance, we
understand that WCN6 securities will qualify as fully compliant
Basel III Additional Tier 1 capital under Australian Prudential
Regulation Authority requirements."



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CHUYING AGRO-PASTORAL: Pays Bond Holders in Ham Instead of Cash
---------------------------------------------------------------
Bloomberg News reports that a Chinese ham producer has come up
with an innovative way to pay its creditors. Some holders of its
debt will now receive its pork products instead of interest
payment.

Zhengzhou-based pork producer Chuying Agro-Pastoral Group Co said
it has reached an initial agreement with creditors holding CNY271
million of its debt over such a plan, Bloomberg discloses citing a
filing on the Shenzhen Stock Exchange on Nov. 8. Only the interest
portion will be repaid with ham or pork gift packages, it said.

Bloomberg relates that the announcement came after the company
failed to repay CNY500 million local bonds due Nov. 5 amid a cash
crunch resulting from a drop in demand for pork products thanks to
the spread of African swine fever. As of Sept. 30, the company had
CNY1.3 billion cash, compared with short-term debt of
CNY8.4 billion, according to Bloomberg-compiled data.

"Payment in kind is generally not seen as acceptable for debt
repayment," Bloomberg quotes Judy Kwok-Cheung, director of fixed
income research at Bank of Singapore, as saying. This implies
increasing liquidity concerns for small and medium-sized
enterprises in China, she said.

"Liquidity injection from the government directed at helping SMEs
has eased concerns somewhat, but the market potentially needs
more," Ms. Kwok-Cheung said.

A gift package of Chuying Agro-Pastoral's ham costs CNY8,999 on
the e-commerce website of JD.Com, Bloomberg notes.

Based in Zhengzhou, China, Chuying Agro-Pastoral Group Co., Ltd.,
produces pork and poultry products. The Company provides pig
breeding, slaughtering, frozen pork distribution, feed
manufacturing, chicken egg supply, and cold chain logistics
services. Chuying Agro-Pastoral Group also conducts grain products
purchasing and warehousing businesses.


JES INTERNATIONAL: Court Declares Shipbuilding Group Bankrupt
-------------------------------------------------------------
Splash247.com reports that a local court in Jingjiang, Zhejiang
has officially declared the bankruptcy of defunct Chinese
shipbuilding group JES International Holdings, the Singapore-
listed platform of Jiangsu Easter Heavy Industry and seven of its
affiliate companies, three years after the yard applied for a debt
restructuring.

Once a major private shipyard in China, JES ceased operations in
August 2015 due to a major financial crisis and chaos within the
Jin family, which controls JES, according to the report.

In February, JES announced that it had failed to complete a deal
to sell its shipbuilding business and its former chairman, Jin
Xin, was sentenced by a local court to an imprisonment of 12 years
and six months, Splash247.com recalls.


MEI NIAN: Moody's Assigns Ba2 Sr. Unsec. Rating to New Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed bonds to be issued by Mei Nian Investment
Limited - an indirectly wholly-owned subsidiary of Meinian
Onehealth Healthcare Holdings Co., Ltd. (Ba2 stable) - based on
the irrevocable and unconditional guarantee by Meinian Onehealth.

The rating outlook is stable.

The bond rating reflects Moody's expectation that Meinian
Onehealth will complete the bond issuance upon satisfactory terms
and conditions, including proper registrations with the National
Development and Reform Commission and the State Administration of
Foreign Exchange in China (A1 stable).

The proceeds from the proposed issuance will be used for Meinian
Onehealth's refinancing, equity investments and general corporate
purposes.

RATINGS RATIONALE

"The proposed bond issuance will not impact Meinian Onehealth's
Ba2 corporate family rating or stable rating outlook, because the
majority of the proceeds will be used to refinance existing debt,"
says Gerwin Ho, a Moody's Vice President and Senior Credit
Officer.

The bond proceeds will also help to strengthen Meinian Onehealth's
weak liquidity.

Moody's expects Meinian Onehealth to maintain its leading position
in China's growing private medical examination sector, supported
by the company's long operating history and the strategy of
building its network in less developed tier-three and tier-four
cities in China, in addition to developed tier-one and tier-two
cities in the country.

Supported by the growth in China's preventive healthcare industry,
its leading market position, a rise in service volumes and average
revenue per account, Moody's expects that Meinian Onehealth's
revenue will grow about 40% over the next 12 months versus the
level in the 12 months to June 30, 2018, when its revenue reached
RMB7.5 billion.

Moody's expects Meinian Onehealth's debt leverage -- as measured
by debt/EBITDA -- to decline to about 2.9x over the next 12 months
from 3.9x in the 12 months ended June 30, 2018, as the company
grows its EBITDA mainly through expanding its medical center
network and moderates its debt level. This level of leverage
positions the company at the Ba2 rating level.

Moody's expects that Meinian Onehealth's adjusted EBITA margin
will reach about 18% over the next 12 months, driven by its
favorable cost structure, a result in turn of its leading market
position and operating scale, ongoing utilization improvement at
its newer medical centers, and growth in average revenue per
account.

Meinian Onehealth's Ba2 corporate family rating is constrained by
its exposure to integration and execution risks, which stem from
its strategy of growing through multiple-step investments and
acquisitions, and exposure to regulatory risks.

Meinian Onehealth's liquidity is weak. At June 30, 2018, its cash
of RMB1.5 billion, combined with operating cash flow of around
RMB1.7 billion in the next 12 months was insufficient to cover its
short-term debt of RMB2.9 billion and planned investments in
Adicon Holding Limited and a healthcare investment fund.

However, the company has flexibility in its investment activities
to maintain its liquidity. Moody's expects that Meinian Onehealth
will be able to refinance its short-term funding, given its
profitable operations and strong market position.

Meinian's senior unsecured rating is not affected by subordination
to claims at the operating company level. This is because, despite
its status as a holding company with a majority of claims at the
operating subsidiaries, creditors at Meinian benefit from the
group's highly diversified business profile - with cash flow
generation across a large number of operating subsidiaries - and
which mitigates structural subordination risk.

The stable rating outlook reflects Moody's expectation that
Meinian Onehealth will: (1) maintain a leading position in China's
private medical examination sector; (2) continue to grow its
revenue and maintain its profitability levels; and (3) demonstrate
prudent financial management in its investments and reduce its
reliance on short-term borrowings.

Upward rating pressure could arise, if Meinian Onehealth: (1)
expands its revenue scale and maintains its market position; (2)
improves its profitability and achieves EBITA margins above 20% on
a sustained basis; and (3) adopts a prudent financial policy, as
characterized by low leverage and adequate liquidity, such that
its debt/EBITDA falls below 2x and cash/short-term debt remains
above 100% on a sustained basis.

Downward rating pressure could emerge if: (1) Meinian Onehealth
exhibits a weakening in its sales and market position; (2) its
profitability weakens, with an EBITA margin below 15% on a
sustained basis; or (3) its liquidity fails to improve or credit
profile deteriorates, such that adjusted debt/EBITDA exceeds 3.5x-
4.0x on a sustained basis.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.



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NOBLE GROUP: Resolutions to OK English and Bermuda Schemes Passed
-----------------------------------------------------------------
The Strait Times reports that the board of Noble Group on Nov. 9
said resolutions to approve both its English and Bermuda schemes
have been passed at the Nov. 8 scheme meeting, with the requisite
majority of each class of scheme creditors giving the green light.

The commodities trader will submit the results of the scheme
meetings to the English Court and Bermuda Court to apply for the
sanctioning of the schemes, the report says.

According to the Strait Times, the English sanction hearing is due
to take place on Nov. 12 in the Business and Property Courts,
Royal Courts of Justice, Rolls Building, in London, while the
Bermuda sanction hearing is due to take place on Nov. 14 in the
Commercial Court, Government Administration Building, in Hamilton,
Bermuda.

In August this year, Noble shareholders approved the commodities
firm's controversial restructuring plan, under which the firm will
hand over a bulk or 70 per cent of the equity to senior creditors,
10 per cent to management and the rest to existing shareholders.

In the next step, shareholders will need to decide whether to risk
participate in a portion of Noble's US$625 million new money debt
by 5:00 p.m. London time on Nov. 14, with those who wish to risk
participate having to complete the necessary steps by 5:00 p.m.
London time on Nov. 20, adds the Strait Times.

                        About Noble Group

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

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

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

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

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

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

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



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ALPEX SOLAR: CRISIL Lowers Rating on INR43.5cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Alpex
Solar Private Limited (ASPL, formerly known as Alpex Exports Pvt
Ltd) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'. The downgrade
reflects continuous delay in letter of credit facility payment for
more than 60 days.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        2         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Cash Credit         15          CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

   Letter of Credit    26.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated June 30, 2017,
July 20, 2017 and May 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
ASPL 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 and banker feedback,
CRISIL has downgraded its ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'. The downgrade reflects continuous delay in letter of
credit facility payment for more than 60 days.


ARSHA SEAFOOD: CRISIL Assigns B+ Rating to INR10cr Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arsha Seafood Exports (ASE)

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Foreign Bill
   Discounting           10         CRISIL B+/Stable (Assigned)

   Packing Credit        10         CRISIL A4 (Assigned)

The ratings reflect ASE's susceptibility to fluctuations in raw
material prices and a modest financial risk profile. These
weaknesses are partially offset by the experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to fluctuations in raw material prices: Raw
material suppliers are a mix of seafood traders and individual
fishermen from South India. The raw material price depends on the
catch/availability during a particular period. There are also
trawling ban periods. Thus, ACE remains exposed to fluctuations in
sea food prices.

* Modest financial risk profile: Networth was modest at INR3.64
crore as on March 31, 2018, with gearing of 2.28 times. However,
the partners extended unsecured loans (outstanding at INR1.75
crore as on 31st march 2018) to aid financial flexibility.

Strength

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

Outlook: Stable

CRISIL believes ASE will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue, profitability,
and cash accrual strengthens liquidity. Conversely, the outlook
may be revised to 'Negative' if steep decline in revenue or
stretched working capital cycle weakens financial risk profile.

Set up in 2017, ASE is a partnership firm based out of Chennai.
The firm exports seafood to USA, China, and Vietnam and European
countries. Its operations are managed by Mr.Arif Adeni and Mr.Ravi
Reddy, managing partners of the firm.


ARUNA ENTERPRISE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aruna Enterprise
(AE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR93.7 mil. Term loan July 2020-December 2021 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect AE's small scale of operations, though its
revenue increased to INR77 million in FY18 from INR60.5 million in
FY17, majorly driven by an increase in the sales in the logistics
and pattern manufacturing segment. AE achieved INR38.4 million in
revenue in 1HFY19.

The ratings factor in AE's modest liquidity. Its net working
capital cycle was elongated at 97 days in FY18 (FY17: 29 days).
The deterioration in the cycle was due to a higher rise in debtor
days than that in creditor days. Ind-Ra expects the buffer of free
cash flows against debt repayment obligation to decrease in FY19
on account of increased debt repayment.

However, the ratings are supported by AE's comfortable credit
metrics on account of a healthy EBITDA margin, which was due to a
higher proportion of rental income from warehousing services,
which contributed an average of almost 50% to revenue during FY16-
FY18. Its interest coverage (operating EBITDA/gross interest
expense) was 3.7x in FY18 (FY17: 2.9x) and net leverage (adjusted
net debt/operating EBITDAR) was 2.2x in FY18 (3.0x). The
improvement in the credit metrics was on account of an increase in
absolute EBITDA (due to revenue growth) and the scheduled
repayment of the term loan obligation, which led to a fall in
interest expenses. Its EBITDA margin was 66.9% in FY18 (FY17:
69.8%) and return on capital employed was 18% (11%).

The ratings benefit from the partners' experience of over a decade
in the manufacturing, design and drawing of valve casting.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or operating profitability,
leading to deterioration in the credit metrics, on a sustained
basis, will be negative for the ratings.

Positive: A substantial increase in the revenue, while maintaining
the credit metrics at the current levels, on a sustained basis,
will lead to a positive rating action.

COMPANY PROFILE

Formed in 2014, AE is a partnership firm that manufactures
patterns for industrial valve casting. In addition, it provides
logistics and warehousing services.


BLA PACKAGING: CRISIL Assigns 'B' Rating to INR25.5cr Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of BLA Packaging Industries Private Limited
(BPIPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            19.5       CRISIL B/Stable (Assigned)

   Cash Credit           5.0       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    1.0       CRISIL B/Stable (Assigned)

The rating reflects the risks related to the initial phase of
BPIPL's operations, exposure to intense competition, and a below-
average financial risk profile. These weaknesses are partially
offset by the experience of the promoter in the packaging
business.

Key Rating Drivers & Detailed Description

Weakness

* Initial phase of operations and exposure to intense competition:
The company has just begun its commercial operations and is
susceptible to the risks related to the start-up phase of
operations. Quick stabilisation of operations and adequate ramp-up
in sales remains critical. Furthermore, intense competition may
continue to constrain scalability, pricing power, and
profitability.

* Expected below-average financial risk profile: Networth and
gearing are projected at over INR13 crore and around 2 times,
respectively, as on March 31, 2019, driven by large, debt-funded
project capital expenditure and sizeable working capital
requirement. Gradual rise in networth due to accretion in reserve
and gradual repayment of term debt will help moderate gearing over
the medium term. Efficient working capital management continues to
be a key sensitive factor.

Strength

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

Outlook: Stable

CRISIL believes BPIPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if there
is timely stabilisation of project and better ramp-up in sales
along with better-than-expected cash accrual during the initial
phase of operations. Conversely, the outlook may be revised to
'Negative' if delayed ramp-up, lower-than-expected cash accrual,
or larger-than-expected working capital requirement weakens
liquidity.

BPIPL, incorporated in 2016 at Mumbai by Mr. Narendra Kumar
Agarwal, manufactures flexible printing and packaging of
laminates.


COCHIN MINERALS: CRISIL Assigns B Rating to INR1.5cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Cochin Minerals and Rutile Limited (CMRL).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           1.5        CRISIL B/Stable (Assigned)
   Letter of Credit      8.5        CRISIL A4 (Assigned)

CRISIL's ratings reflect the working capital-intensive nature of
operations, and exposure to volatility in prices of synthetic
rutile, and cyclicality in the end-user industry. The ratings also
factor in the average financial profile, marked by subdued debt
protection metrics. These weaknesses are partially offset by
extensive experience of the promoter in the chemicals industry,
and the established relations with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive nature of operations: Gross current
assets (GCA) were high at 215 days as on March 31, 2018, led by
inventory of 167 days and receivables of 45 days. Against this,
the company received credit of around 147 days from its suppliers.

* Exposure to price volatility and cyclicality in the end-user
industry: The synthetic rutile market is highly competitive, with
prices being governed by the availability and price of the raw
material, ilmenite, in the global market. Thus, volatility in
synthetic rutile prices and cyclicality in the end-user industry
may continue to constrain CMRL's revenue and profitability.

* Average financial risk profile: The financial risk profile is
marked by subdued debt protection metrics, with interest coverage
and net cash accrual to total debt ratios of 1.40 times and 5%,
respectively, for fiscal 2018. However it is supported comfortable
capital structure marked by a gearing of 0.66 times and networth
of INR67.8 crore as on March 31, 2018.

Strengths

* Longstanding presence of promoters and established relationships
with customers: The company, which was set up in 1989, is one of
the leading players in the synthetic rutile industry. It has
healthy relationships with customers such as the Sumitomo
Corporation, Mitsui & Co., Ishihara, Osaka Titanium Corporation
(OTC) Toho Titanium, and TOR Minerals.

Outlook: Stable

CRISIL believes CMRL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if higher-than-expected growth in revenue and
profitability, and better working capital management, strengthen
the debt protection metrics. The outlook may be revised to
'Negative' if a drop in revenue, further stretch in the working
capital cycle, or any large capital expenditure, weakens financial
risk profile and liquidity.

CMRL was formed as a public limited company in 1989. It is a 100%
export-oriented unit, which manufactures synthetic rutile and its
by-products, at facilities in Alwaye (Kerala).


DR. HOME: CRISIL Assigns 'B-' Rating to INR15cr Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Dr. Home Healthcare Private Limited (DHHPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             15        CRISIL B-/Stable (Assigned)

The rating reflects the company's nascent stage of operations in a
highly fragmented industry, exposure to demand risk, and expected
modest financial risk profile. These weaknesses are partially
offset by the extensive experience of its promoters in the
healthcare industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations in fragmented segment and exposure
to demand risk: Since the hospital started functioning in August
2018, fiscal 2019 will be DHHPL's first year of operations. Hence,
scale is likely to be small due to nascent stage. Also, operations
are localised, as against other corporate hospitals such as Apollo
Hospitals Enterprise Ltd and Fortis Healthcare Ltd, which have
pan-India presence. The company will also be exposed to demand
risk due to start-up phase, but will benefit from promoters'
experience.

* Expected modest financial risk profile: Gearing is likely to be
high at above 1.5 times as on March 31, 2019, while debt
protection metrics are expected to be weak for fiscal 2019 because
of initial stage of operations and debt-funded capital expenditure
(capex).

Strength:

* Promoters' extensive experience: Key promoter, Dr. Rahul Yakhmi,
has longstanding presence in the healthcare segment and is
personally involved in the hospital's functioning.

Outlook: Stable

CRISIL believes DHHPL will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if scale of
operations increases while maintaining operating profitability.
The outlook may be revised to 'Negative' if large, additional
debt-funded capex, decline in revenue and profitability, or
deterioration in working capital cycle further weakens financial
risk profile.

Incorporated in 2012 and promoted by Dr. Rahul Yakhmi and Dr Roma
Sachdeva, Delhi-based DHHPL operates a multi-speciality hospital
in Ghaziabad under the Healing Tree Hospital brand. The hospital
has a 100-bed capacity (50% utilisation) and offers services in
the orthopedics, gynecology and obstetrics, physiotherapy,
radiology segments. Operations began in August 2018.


DURGA AGRONOMY: CRISIL Assigns 'B' Rating to INR7.5cr Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Durga Agronomy Private Limited (DAPL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       0.5      CRISIL B/Stable (Assigned)

   Cash Credit              2.5      CRISIL B/Stable (Assigned)

   Long Term Loan           4.5      CRISIL B/Stable (Assigned)

The ratings reflect the modest scale of operation, below average
financial risk. These rating weaknesses are partially offset by
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition in the
rice milling industry: Intense competition and limited installed
capacity of 4 tons per hour, have kept the scale of operations
moderate, as reflected in estimated operating income of INR15.68
crore for fiscal 2018.

* Below Average Financial risk: Financial risk profile is marked,
with debt protection metrics, net cash accruals to adjusted debt
and gearing of 1.90 times, 0.05 and 4.13 times respectively in
FY18. The net worth has remained modest at INR1.61 Crore as on
March 31, 2018.

Strengths

* Extensive experience of the promoters and stable off take: The
nearly decade-long experience of the promoters in the rice milling
business, along with their keen grasp over local market dynamics,
especially with regard to the demand and supply patterns, and
established relationships with local traders, has enabled the
company to achieve revenue of around INR15.68 crore in fiscal
2018, and will continue to support the business risk profile.

Outlook: Stable

CRISIL believes DAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial and sustained growth in operating income
and cash accrual, and better working capital management or an
equity infusion by the promoters, strengthens the financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' in case of lower-than-expected accrual, stretch in the
working capital cycle, or significant capital expenditure,
weakening the financial risk profile.

Incorporated in 2010, DAPL is engaged in milling of non-basmati
parboiled rice. Its manufacturing facility is located at
Darbhanga, Bihar. The day to day operations of the firm is looked
after by Raj Kumar Mahaseth, Meera Devi and Mani Raj.


EUGEN LABORATORIES: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eugen
Laboratories Private Limited (Eugen) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     39        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Eugen for obtaining
information through letters and emails dated September 28, 2018,
October 5, 2018 and October 9, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Eugen Laboratories Private Limited (Eugen) incorporated in Sept-
2016, is setting up facility with integrated research and
development, to support pre-clinical research involving the use of
NHPs at outskirt of Vizag (Andhra Pradesh). The firm is promoted
by Mr. Abishek Valluru and Maganti Damodara Ravindranath Chowdary.


FIROZABAD CERAMICS: CRISIL Assigns 'B' Rating to INR14.3cr Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to bank
facilities of Firozabad Ceramics Private Limited (FCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Long         1.8      CRISIL B/Stable (Assigned)
   Term Bank Loan
   Facility

   Cash Credit           8.5      CRISIL B/Stable (Assigned)

   Long Term Loan        4.0      CRISIL B/Stable (Assigned)

The rating reflects the modest scale and working capital-intensive
nature of operations, weak financial risk profile and stretch in
liquidity. These weaknesses are partially offset by extensive
experience of the promoters in manufacturing of glassware
products.

Analytical Approach

Unsecured loans of INR4.17 crore as on March 31, 2018, extended by
FCPL's promoters and their family members, have been treated as
neither debt nor equity, as the loans are interest-free, and will
be retained in business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenues for FCPL have remained
modest at INR30.97 crore for fiscal 2018 and have been stable for
the past four fiscals.

* Working capital intensive operations: Operations are highly
working capital intensive, with gross current assets of 390 days,
estimated as on March 31, 2018, led by receivables and inventory
of 77 and 359 days, respectively.

* Weak financial risk profile: Financial risk profile is marked by
a high gearing of 2.47 times as on March 31, 2018, and moderate
networth of INR6.81 crore. Debt protection metrics were moderate,
with interest coverage and net cash accrual to total debt ratios
at 1.8 times and 0.13 time, respectively, in fiscal 2018,
constrained by stretched liquidity and high bank limit
utilisation.

Strengths

* Extensive experience of promoters: The two-decade-long
experience of the promoters, in manufacturing of glassware
products, and their established relationships with customers and
suppliers, will continue to support the business risk profile.

Outlook: Stable

CRISIL believes FCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained growth in revenue and
operating margin lead to healthy cash accrual, and working capital
is managed more efficiently. The outlook may be revised to
'Negative' in case of a steep decline in operating margin, or
stretch in the working capital cycle, weakens liquidity.

FCPL was set up in 1981, by Mr Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic and liquor. The manufacturing unit is at Firozabad.


IL&FS EDUCATION: Ind-Ra Lowers 2014 Debentures Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
IL&FS Education & Technology Services Limited's (IETSL) non-
convertible debentures (NCDs) 2014 and maintained it on Rating
Watch Negative (RWN) as follows:

-- INR1,288 bil. (outstanding on November 2, 2018) Series C NCDs
    issued on November 12, 2014 ISIN INE896F07068 coupon rate 11%
    due on April 10, 2020 downgraded; RWN maintained with IND BB
    (SO)/RWN rating.

The downgrade follows a similar action on IETSL ('IND B+' /
Negative), given that the NCD rating is derived from IETSL's
rating. Ind-Ra downgraded IETSL's rating on October 22, 2018
following significant deterioration in its credit quality, which
raises concerns on the collectability of the outstanding
receivables securing the rated NCDs, in the event IETSL faces a
continuous liquidity stress. However, Ind-Ra rates IETSL's NCDs at
a higher level than its bank loans, in view of its seasoned
information communication technology (ICT) contracts with six
states, staggered payment mechanism supporting liquidity and debt
service reserve account (DSRA). Ind-Ra will continue to monitor
the Long-Term Issuer Rating of IETSL and take a consolidated view
of the company.

KEY RATING DRIVERS

The rating reflects significant deterioration in IETSL's credit
profile. IETSL has provided liquidity support to the rated
outstanding NCDs on several occasions to service the NCD
obligations due to mismatches in the timeliness of expected
collections from government departments and scheduled NCD
repayments on the charged ICT receivables. Therefore, the agency
has continued to link the rating of the NCDs to IETSL's credit
profile, despite the satisfactory performance of the ICT
receivables during the last 12 months with the cumulative
collection efficiency of around 90.2% as of September 30, 2018.

The rating also reflects the moderate liquidity risk from the
Odisha, Maharashtra and Rajasthan ICT project. The current
transaction had 17.3% (INR1,005.1 million) of more than zero days
past due over dues on the scheduled expected collections of the
Odisha ICT Project on September 30, 2018. Over 90% of the total
over dues outstanding is from the Odisha and Maharashtra
contracts. Additionally, the total future collectible amount is
INR4,031.7 million including total over dues of INR1,954.5 million
on September 30, 2018. However, IETSL expects to collect about
INR500 million out of INR750 million worth funds to be allocated
by the Odisha government by December 2018 of the total over dues
of the Odisha ICT project pending on September 30, 2018.

About INR768.6 million (39.3% of total over dues) and INR150.6
million (7.7% of total over dues) of the collections were more
than zero days due from the Maharashtra and Rajasthan contracts,
respectively, as of September 30, 2018. The company expects to
collect part payments by December 2018 and balance amount within
the quarter ending March 2019 from the Maharashtra ICT project.
The company expects to collect full payments by the quarter ending
March 2019 from the Rajasthan ICT project.

The rating factors in the medium-to-high revenue risk related to
the collections (including past over dues) of receivables in the
event IETSL faces a continuous liquidity stress. The revenue risk
is now contingent upon IETSL's ability to provide the remaining
O&M services to realize the remaining revenue. The company expects
to receive services revenue in equal quarterly installments. Any
capex in relation to these contracts is likely to be minimal.

The presence of DSRA provides some comfort to the uplifted rating.
The debt programme has the benefit of a DSRA equivalent to INR360
million as of date. The DSRA cover on the outstanding NCDs of
INR1,288 million is 28.0% which has significantly improved from 9%
of the initially issued NCDs at transaction closing due to the
total amortization of the NCDs by approximately 68% as on date.
The debenture trustee has the first and exclusive charge on the
funded debt service reserve amount lying in this account. The DSRA
to the extent of INR260 million is provided in the form of an
unconditional and irrevocable bank guarantee with Axis Bank Ltd
('IND AAA'/Stable/'IND A1+'), while the remaining INR100 million
is provided in the form of fixed deposits also with Axis Bank. The
maturity date of the fixed deposits and the bank guarantee is in
line with the NCDs maturity date.

The notched-up rating of NCDs further factors in the staggered
debt service and security charge on the identified receivables
with a minimum cumulative debt service coverage ratio (the total
cumulative collection till cut-off date less total cumulative O&M
expenses till cut-off date to total cumulative debt repayment till
cut-off date) of 1.2x maintained in each payment period since
initial closing till September 30, 2018.

RATING SENSITIVITIES

The RWN reflects indicates that the ratings may be downgraded or
affirmed. The RWN may be resolved upon IETSL's ability to maintain
a stable Long-Term Issuer Rating in the medium-to-long term.

Future developments that could, individually and collectively,
result in a negative rating action include:

- a further downgrade of the issuer rating as the NCD ratings
   are linked with IETSL's rating

- utilization of DSRA due to continuous non-collection of Odisha
   ICT's over dues and associated future receivables or from
   significant delay in collections of any other ICT project
   receivables

TRANSACTION STRUCTURE

The transaction had a remaining door-to-door maturity of 1.50
years as of September 30, 2018. The NCDs have one outstanding
series, namely Series C, with sequential payment structure of
scheduled maturity on April 10, 2020. The debentures would be
repaid from IETSL's income arising out of identified receivables
under nine ICT contract agreements with six different states
(Bihar, Gujarat, Maharashtra, Odisha, Rajasthan and West Bengal).

The NCDs are secured by way of the first charge of the debenture
trustee on identified receivables. In the current structure, the
debt programme also has the benefit of the DSRA. The total credit
support available in the form of DSRA is 28.0% of the outstanding
NCDs.

COMPANY PROFILE

IETSL is the education technology and training arm of IL&FS group,
a pioneer in the development of physical and social infrastructure
projects in the public private partnership formats. Started in
1997, IETSL has a well-diversified business model and offers
comprehensive solutions in the fields of pre-primary, elementary,
secondary and higher education using ICT tools.


KAMADGIRI EXPORTS: CRISIL Moves C Rating From Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Kamadgiri Exports Private
Limited (KEPL) to 'CRISIL C/Issuer not cooperating'. CRISIL has
withdrawn its rating on bank facility of KEPL following a request
from the company and on receipt of a 'no dues certificate' from
the banker. Consequently, CRISIL is migrating the ratings on bank
facilities of KEPL from 'CRISIL C/Issuer Not Cooperating to
'CRISIL C'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         0.5       CRISIL C (Migrated from
                                 'CRISIL C ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

   Proposed Long       9.0       CRISIL C (Migrated from
   Term Bank Loan                'CRISIL C ISSUER NOT
   Facility                      COOPERATING'; Rating Withdrawn)

   Term Loan           5.5       CRISIL C (Migrated from
                                 'CRISIL C ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

KEPL was incorporated in 2003, promoted by Mr. Sushil Kumar Jalan.
The company manufactures stainless steel flats and trades in
plastic (high-density and low-density poly ethylene) granules. It
commenced operations in February 2013. Its manufacturing facility
at Sonepat, Haryana, has a processing capacity of 5000 tonnes per
month.


KESHO RAM: CRISIL Withdraws B+ Rating on INR2.61cr Term Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Kesho
Ram Industries (KRI) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Import Letter         3.39      CRISIL A4 (ISSUER NOT
   of Credit Limit                 COOPERATING; Rating Withdrawn)

   Overdraft             4.50      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             2.61      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with KRI for obtaining
information through letters and emails dated November 13, 2017,
January 17, 2018, February 9, 2018, and February 15, 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 they are arrived at without any management
interaction and are 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 KRI. This restricts CRISIL's
ability to take a forward KRI is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of KRI
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

KRI is a Delhi-based partnership firm, set up in 1993 by Mr.
Harvinder Singh and Mr. Paramjit Singh. The firm trades in
stainless steel coils, cutlery and circles in India. The firm
earns monthly revenue from its leased out commercial property.


KTC AUTOMOBILES: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KTC
Automobiles Private Limited (KTC) to 'CRISIL D Issuer not
cooperating'.

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

   Inventory Funding      6        CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

   Long Term Loan         5.85     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KTC for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1998 as a partnership firm, KTC was reconstituted as a
private limited company in 2004. The company, based in Kozhikode,
Kerala, operates service centres for Hyundai vehicles in Kerala.


MANIDHARI OILS: CRISIL Lowers Ratings on INR10cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of
Manidhari Oils Private Limited (MOPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' as account is classified as NPA by banker.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            1        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

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

   Proposed Long Term     5        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

The ratings downgrade reflects overdrawals in the working capital
facilities of the firm due to weak operating performance leading
to stretched liquidity profile.

CRISIL has been consistently following up with MOPL 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 SCMC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
ROPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower. Based on the last available information, CRISIL has
downgraded the rating on the bank facilities of MOPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating' as account is classified as NPA by
banker.

The ratings downgrade reflects overdrawals in the working capital
facilities of the firm due to weak operating performance leading
to stretched liquidity profile.

Incorporated in 2012 by Mr. Ramit Jain is engaged in trading of
edible oils and has the same set of customers and suppliers as of
its group company Ritisha Oils Private Limited (ROPL).


MEHADIA AND SONS: CARE Migrates C Rating From Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Mehadia
and Sons C & F Division (MCF) from Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.80        CARE C; Stable Revised from
   Facilities                      CARE C; Stable, Issuer not
                                   cooperating

   Short term Bank     0.20        CARE A4 Revised from CARE A4;
   Facilities                      Issuer not Cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of MCF
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE C; Stable/CARE
A4, Issuer Not Cooperating*'. However, the company has now
submitted the requisite information to CARE. CARE has carried out
a full review of the rating and the rating stands at 'CARE C;
Stable/ CARE A4'.

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCF continue to
remain constrained on account of delays in servicing of interest
resulting in overdrawals in cash credit facility. Further, the
ratings take in to account the small scale of operations with low
profit margins due to trading nature of business, leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations, its presence in highly
fragmented and competitive industry and constitution of entity as
a partnership firm limiting financial flexibility in times of
stress.

The above constraints outweigh the comfort derived from the
experience of the promoters, long track record of operations of
entity, diversified revenue stream, synergistic association from
group entities and association with established brand name.
The ability of the entity to increase its scale of operations with
improvement in profitability and capital structure along with
efficient management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations with low profitability
margins: The operations of the entity remained small with total
operating income of INR32.67 crore in FY18 (Audited) and total
capital employed of INR11.87 crore as on March 31, 2018 thus
limiting financial flexibility of the entity in times of stress.
Since the entity is into trading business which is inherently a
low value additive and volume driven nature of business its profit
margins remained low.

Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure as
indicated by overall gearing of 2.50x as on March 31, 2018.
Moreover, due to low accruals and high gearing levels, the debt
coverage indicators stood weak. Working capital intensive nature
of operations: Operations of the entity remained working capital
intensive with gross current assets of 107 days during FY18 with
fund majorly blocked in inventory holding and receivables. The
working capital requirements are met by the cash credit facility
availed by the entity, further there are overdrawals in the cash
credit facility for 20-25 days.

Presence in highly fragmented and competitive industry: The Indian
trading industry is highly unorganized & fragmented in nature. Due
to low entry barriers, the trading Industry in the country is
flooded with many unorganized players. This has led to high level
of competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 93-94% of the
sales. Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins. Demand prospects of the trading industry
continue to be further constrained to a large extent by the
influence of the economic cycle.

Partnership nature of constitution: Being a partnership firm, MCF
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Long and established track record of the entity with experienced
partners: MCF has an established track record of around two and
half decades in the trading of pharmaceutical products. The
promoters have an average industrial experience of two and half
decades, through associate concerns Mehadia and Sons, MS
(established in 1997) and R.J Tradelinks, RJT (established in
1999), engaged in similar line of business. The entity is likely
to be benefited due to wide experience of the promoters in the
same field.

Diversified revenue stream along with association with established
brand name: MCF is engaged in trading of pharmaceutical products
and fabrics and act as clearing and forwarding agents for "Peter
England". The diversified revenue stream and association with
established brand helps entity in times of stress and fortifies
its business profile.

Synergistic association from group entities: MCF derives
synergistic advantage from its association with group concern,
RJT and MS, having common suppliers and customers, which aids in
easy procurement of traded goods and further disbursement of same
through established network.

Established in the year 1981, MCF, is a partnership firm promoted
by Mrs. Sharda Ramshankar Mehadia, Mrs. Nisha Pradeep Mehadia,
Mrs. Sunita Kamal Agarwal and Mrs. Sarita Vimal Agarwal. The firm
is engaged in diverse trading business namely trading of
pharmaceuticals medicines and fabrics. The firm also acts as
clearing and forwarding agent for 'Peter England'. The entity
procures fabric (cotton and polyester) and pharmaceutical product
(medicines) from wholesalers based in Maharashtra. The firm
belongs to the Mehadia group which has three entities including
MCF namely Mehadia and Sons, MS (established in 1997) and R.J
Tradelinks, RJT (established in 1999), which are engaged in
trading of Pharmaceuticals medicines, fabrics and are distributors
for Madura Garments.


PCC INFRASTRUCTURE: CRISIL Lowers Rating on INR15cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facility of PCC
Infrastructure Private Limited (PCC) to 'CRISIL D/CRISIL D' from
CRISIL B/Stable/CRISIL A4'. The downgrade is due to the weak
liquidity resulting in invocation in bank guarantee for more than
30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term     7         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operation: PCC infrastructure has registered
modest growth of 6 percent in revenue to INR15.9 crore in fiscal
2016-17. The low realization in revenue is due to stiff
competition in the civil construction industry for small players,
which has become more competitive due to introduction of online
tender bidding resulting in reduced barriers for new entrants.

* Working capital intensive nature of operations: PCCIPL's
operations are working capital intensive, driven by blockage of
funds as retention money and margin money for bank guarantees. The
company avails mobilisation advances against bank guarantees,
leading to blockage of funds as margin money.

Strengths

* Extensive experience of promoters: Promoters of the company have
more than four decades of experience in the construction business
which help company to forge healthy relationship with both
suppliers and the customers i.e various government agencies,
resulting into better execution and implementation of projects.

PCC's promoters, the Wadhawan family, have been engaged in civil
construction since 1979. Initially, the operations were carried
out under a partnership firm. Later, PCC was reconstituted as a
private limited company, under which the business is carried out.

The company specialises in road projects and also undertakes civil
work at various airports. Mr. Gaurav Wadhawan oversees operations.
Its registered office is in Mumbai.


PENIEL CASHEW: CRISIL Assigns B+ Rating to INR13cr Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Peniel Cashew Company (PCC).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Foreign Bill
   Discounting            3         CRISIL A4 (Assigned)

   Packing Credit        13         CRISIL B+/Stable (Assigned)

The ratings reflect the modest scale of operations and
susceptibility of operating profitability to volatility in raw
material prices. This rating strength is partially offset by
extensive experience of the proprietor in the cashew-processing
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Business
risk profile remains constrained on account of modest scale of
operations as reflected in revenues of INR36.56 crores during
fiscal 2018. The industry is marked by limited differentiation in
the technology involved in the processing of cashew nuts. This,
coupled with moderate capital requirements to set up a cashew-
processing unit has resulted in low entry barriers. Consequently,
the domestic processing industry is highly fragmented, with
several small players, leading to intense competition in both the
organized and unorganized segments.

* Volatility in raw material prices: Profitability in Cashew
Industry is highly impacted by the price volatility of the raw
material, which are majorly imported and gets effected by global
economic scenarios as well as seasonal aspects related to
production.

Strength

* Operating Efficiency accounting to mechanized processing
facility and Extensive experience of the proprietor: Advanced
mechanized facilities is used for processing, which results in
better margins at around 6.5 %. Also the two-decade long
experience of the proprietor in the industry has helped the firm
establish a strong customer base both in the domestic and
international markets which is being reflected in repeat orders
and increase in business size. Entire revenues accrue from the
sale of cashew kernels. The long-standing position in the segment
has given the firm a negotiating edge with various intermediaries
leading to moderate margin maintenance.

Outlook: Stable

CRISIL believes PCC will continue to benefit from the industry
experience of its proprietor. The outlook may be revised to
'Positive' in case of a considerable increase in revenue and
profitability margins, resulting in a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-anticipated revenue and profitability, more-than-
expected debt-funded capital expenditure, or significant
withdrawal by the proprietor.

Incorporated in 1996, PCC is a sole proprietorship concern engaged
in import and processing of cashew nuts, which are exported as
well as sold in the domestic market.


RUSHABH FLOUR: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rushabh Flour
Mills Pvt Ltd.'s (RFMPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. (reduced from INR90 mil.) Fund-based working
    capital limit affirmed with IND BB/Stable/IND A4+ rating; and

-- INR30 mil. Proposed fund-based working capital limit*
    assigned with Provisional IND BB/Stable/Provisional IND A4+
    rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan/transaction documents for the above
facilities to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings continue to reflect RFMPL's medium scale of
operations. The revenue of the company declined in FY18 to INR770
million (FY17: INR997 million) because its manufacturing plant was
closed for two to three months. RFMPL's 1HFY19 revenue was INR210
million. RFMPL procures major orders from Gujarat and Maharashtra
whereas raw materials from suppliers in Rajasthan, Madhya Pradesh
and from the government.

The ratings factor in RFMPL's moderate credit metrics due to its
modest operating profitability because of fluctuations in raw
material prices. EBITDA margin rose to 2.2% in FY18 (FY17: 1.9%)
because of a decline in employee expenses, with ROCE at 8% (8%).
Net leverage (adjusted net debt/operating EBITDAR) improved in
FY18 to 3.1x (FY17: 7.5x) whereas interest coverage fell to 1.3x
(1.6x) because from March 2018 the company has reduced the limit
of short-term debt whereas interest was charged on the full year's
debt.

The ratings also factor in the company's moderate liquidity
position, with its use of the fund-based working capital facility
being 87% over the 12 months ended September 2018.

However, the ratings are supported by RFMPL's promoters'
experience of over 10 years in the flour manufacturing industry.

RATING SENSITIVITIES

Positive: A significant increase in revenue and EBITDA margin
leading to an improvement in credit metrics, all on a sustained
basis, could be positive for the ratings.

Negative: Sustained deterioration in EBITDA margin and credit
metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2007, RFMPL manufactures wheat products such as
flour, semolina and tandoori flour. The company undertakes
purchases and sales through brokers. It sells finished products
under the Royal Classics brand. It caters to customers across
Gujarat and Maharashtra. RFMPL utilizes 70% of its installed
capacity of 300 tons per day.


S.K. RICE: CARE Lowers Rating on INR10cr LT Loan to 'D'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S. K. Rice Industries (SKRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.00      CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SKRI on account of overdrawals in the working capital facility.

Detailed description of the key rating drivers

Key Rating Weakness

Overdrawals in the working capital facility: There are ongoing
overdrawals in the working capital facility due to stressed
liquidity position.

Key Rating Strengths

Reasonable track record of the firm and experience of Partners for
more than two decades in rice milling industry: SKRI was
established in the year 2008 by Mr. Syed Altaf Ahamed (Managing
Partner), Mr. Syed Israr Ahamed (Partner) and Mrs. Syeda Rehana
(Partner). Mr. K. Syed Altaf Ahmed has over 20 years of experience
in rice milling industry as he was in the same business with his
father, prior to establishing SKRI. Through their experience in
the rice processing, the partners have established healthy
relationship with key suppliers, customers, local farmers, dealers
and also with the brokers facilitating the rice business within
the state and other neighboring states.

S.K. Rice Industries (SKRI) was established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy and
processing of rice. SKRI is promoted by Mr. Syed Altaf Ahmed
(Managing Partner), Mr. Syed Israr Ahamed and Mrs. Syeda Rehana.
Mr. K. Syed Altaf Ahmed has over 20 years of experience in rice
milling industry as he was in the same business with his father,
prior to establishing SKRI. The rice mill is located at Davangere
district, Karnataka. Currently, SKRI has an installed capacity of
4 TPH (tons per hour)


SAFE & SECURE: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Safe & Secure
Logistics Pvt Ltd (SSLPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limit assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR5 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

For arriving at the ratings, Ind-Ra has taken a consolidated view
of SSLPL and its group company M/s Hariyana Freight Carriers
(HFC). The consolidated approach is based on a common promoter
family along with strong operational ties between the two
companies. HFC has given a corporate guarantee towards SSLPL's
bank loans.

KEY RATING DRIVERS

The ratings reflect the moderate consolidated liquidity. The
combined peak use of the working capital limit was 96.3% on
average during the 12 months ended September 2018.

The ratings are constrained by the moderate consolidated credit
metrics due to modest EBITDA margins. This is because of the
companies' inability to pass on increases in expenses to customers
on account of their presence in a highly competitive and
fragmented industry. Net leverage (adjusted net debt/operating
EBITDAR) was 3.5x in FY18 (FY17: 4.1x) and interest coverage
(operating EBITDAR/gross interest expense) was 2.2x (2.1x). On a
standalone basis, SSLPL's net leverage was higher at 5.0x in FY18
(FY17: 5.6x) and coverage ratio lower but comfortable at 1.6x
(1.4x). The consolidated EBITDA margins were around 4% during
FY16-FY18. Its return on capital employed was 10.8% in FY18 (FY17:
9.3%).

The ratings factor in the medium scale of operations at the
consolidated level. Revenue fell to INR1,458.9 million in FY18
(FY17: INR1,553.6 million) on account of a fall in HFC's revenue
due to a cut down in the size of the fleet. On a standalone basis,
SSLPL's revenue increased at a CAGR of 5.6% during FY15-FY18.

However, the ratings are supported by SSLPL's strong relationships
with a diversified and reputed customer base, due to its seven
decades of experience in providing logistics services, which
ensures repeat business. The company's customer base includes Tata
Motors Ltd and Mondelez India Foods Private Ltd. SSLPL and HFC own
a total fleet of 207 vehicles, which is almost 35% of SSLPL's
requirement and the remaining 65% will be catered to by the other
vendors in the market. This allows for better capacity utilization
of the existing fleet, which provides the company with the
flexibility to cut down its fleet requirements during an economic
downturn.

RATING SENSITIVITIES

Positive: A significant and sustained improvement in the top line
along with the EBITDA margins would be positive for the ratings.

Negative: A decline in the revenue and/or operating profitability
resulting in deterioration in the credit metrics, all on a
sustained basis, will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1994, SSLPL is a Mumbai-based third party
logistics provider, promoted by Mr. Rambilas Agarwal.


SAI BHARATHI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Bharathi
Homes' 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 B+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR130 mil. Fund-based limit migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Sai Bharathi Homes was set up in 2014. It is engaged in real
estate development involving construction and sale of multi-unit
residential apartments and commercial complexes in Guntur City
(Andhra Pradesh).


SAI SWADHIN: CRISIL Lowers Rating on INR8.75cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sai Swadhin Commercials Private Limited (SSCPL) to 'CRISIL D
Issuer not cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'. The downgrade reflects the company's account being
classified as NPA by the bank since September 2018.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

   Term Loan             3.75      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

CRISIL has been consistently following up with SSCPL through
letters and emails dated March 6, 2017, and March 22, 2017, among
others, apart from telephonic communication, for obtaining
information. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of SSCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on the company is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL B' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse banker feedback,
CRISIL has downgraded its rating on the long-term bank facilities
of SSCPL to 'CRISIL D Issuer not cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.

The downgrade reflects the company's account being classified as
NPA by the bank since September 2018.

Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr.
Jami Ramesh and Mrs. Jami Kavita who also looks after the
operations.


SAVAN GREEN: CRISIL Assigns 'B' Rating to INR9cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Savan Green Energy Solutions Limited (SGESL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        2        CRISIL B/Stable (Assigned)
   Bank Guarantee        1        CRISIL A4 (Assigned)
   Cash Credit           9        CRISIL B/Stable (Assigned)

The ratings factor in modest financial risk profile and working
capital-intensive operations. These weaknesses are partially
offset by moderate revenue.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) was high at 15.7 times as on March 31,
2018, driven by high dependence on working capital debt of INR9.2
crore, unsecured loan of INR2 crore, creditors of INR21.3 crore,
and term loan of INR1.2 crore. Networth was modest at INR2.2 crore
as on March 31, 2018, though interest coverage ratio was
comfortable at 2.1 times for fiscal 2018.

* Working capital-intensive operations: Operations are working
capital intensive, as reflected in gross current assets (GCAs) of
229 days as on March 31, 2018, driven by debtors at 146 days.

Strength

* Experience of the promoter with strong customer base: Benefits
from promoters' experience of more than 7 years in the industry
and their established relationships with companies, such as New
and Renewable Energy Development Corporation of Andhra Pradesh
(NREDCAP), Jharkhand Renewable Energy Development Agency (JREDA),
etc. CRISIL believes that it will benefit business risk profile of
company over the medium term.

Outlook: Stable

CRISIL believes that SGESL will continue to benefit from the
experience of its promoters. The outlook may be revised to
'Positive' if significant growth in operating income and
profitability, and stable working capital management strengthen
key credit metrics. The outlook may be revised to 'Negative' if
decline in operating margin, stretch in working capital cycle, or
large debt-funded capital expenditure weakens financial risk
profile.

SGESL, incorporated in 2011 as Savan Electronics, is experienced
in state of the art designing and development of products in the
fields of electronics and communications. The company has
experience and expertise in executing electronic projects,
software designs, printed circuit board (PCB) design, equipment
design, manufacturing of solar photovoltaic modules, and solar
water pumps. It is registered with Ministry of New and Renewable
Energy (MNRE), New and Renewable Energy Development Corporation of
Andhra Pradesh (NREDCAP), Telangana State Renewable Energy
Development Corporation (TSREDCO), National Bank for Agricultural
and Rural Development (NABARD), National Small Industries
Corporation (NSIC). It executes projects, such as fixing of LED
street lights, installation of solar roof-tops, solar water
pumping systems, solar street lights, and solar home lighting
systems.


SAVARIYA INDUSTRIES: CRISIL Lowers Rating on INR6cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of
Savariya Industries (SI) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating', due to overdrawals in
utilisation of fund based limit for more than 30 days.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018 and May 16, 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 SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information and banker feedback,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating', due to
overdrawals in utilisation of fund based limit for more than 30
days.

Formed in 1996 as a proprietorship firm by Mr Rajkumar Kakraniya,
SI is engaged in cotton seed oil extraction and trading of pulses.
The firm is based in Amravati, Maharashtra.


SHREEHARI ASSOCIATES: CRISIL Withdraws D Rating on INR104cr Loans
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Shreehari Associates Private Limited (SAPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           28       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Letter of             20       CRISIL D (ISSUER NOT
   Guarantee                      COOPERATING; Rating Withdrawn)

   Letter of Credit       5       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long Term    25.05    CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Withdrawn)

   Term Loan             25.95    CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SAPL for obtaining
information through letters and emails dated August 28, 2018,
September 11, 2018 and September 17, 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 they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAPL. This restricts CRISIL's
ability to take a forward SAPL is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower. Based on the
last available information, the rating on bank facilities of SAPL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SAPL, incorporated in 2000, is promoted by Mr Sacheen Madhukar
Mulay and Mr Madhukar Haribhau Mulay. The company was formed to
take over the business of a partnership firm, Shreehari
Associates, which was set up in 1997.


SISCO INDUSTRIES: CRISIL Migrates B+ Rating From Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sisco Industries Limited
(SIL) to 'CRISIL B+/Stable/CRISIL A4/Issuer not cooperating'.
CRISIL has withdrawn its rating on bank facility of SIL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL is migrating
the ratings on bank facilities of SIL from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

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

   Cash Credit           9.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

SIL, incorporated in March 2003 and based in Uttar Pradesh (UP),
is promoted by Mr Sanjeev Agarwal and his wife Ms Seema Agarwal.
SIL initially traded in iron and steel products. In November 2007,
it acquired a running rolling mill from an associate concern,
Sangam Structurals Ltd. SIL manages a semiautomatic rolling mill
in Allahabad, UP, which has installed capacity of 25,000 tonne per
annum.


SRI LAKSHMI: CRISIL Withdraws 'D' Rating on INR110cr Loans
----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Sri
Lakshmi Godavari Spinning Mills Limited (SLGSML) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       .18       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit        45.00       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Foreign              8.21      CRISIL D (ISSUER NOT
   Documentary                    COOPERATING; Rating Withdrawn)
   Bills Purchase

   Proposed Long        7.61      CRISIL D (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Withdrawn)
   Facility

   Term Loan           49.00      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SLGSML for
obtaining information through letters and emails dated May 31,
2018 and June 30, 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 they are arrived at without any management
interaction and are 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 SLGSML. This restricts CRISIL's
ability to take a forward SLGSML is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of
SLGSML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SLGSML was set up in 2005 by Mr V Siva Nageswara Rao along with
family and friends. The company manufactures cotton yarn at its
unit in Guntur, Andhra Pradesh. It commenced operations in 2007.


V KATHIRESAN: CRISIL Assigns B Rating to INR0.5cr LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of V Kathiresan (VK).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       0.5      CRISIL B/Stable (Assigned)

   Bank Guarantee           1        CRISIL A4 (Assigned)

   Overdraft                5        CRISIL A4 (Assigned)

The ratings reflect VK's exposure to risks related to geographic
concentration and to tender-based operations along with an average
financial risk profile. These weaknesses are partially offset by
the experience of the proprietor in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to geographic concentration and to
tender-based operations: As VK operates in only three districts of
southern Tamil Nadu -- Sivagangai, Madurai and Ramnathapuram --
revenue is dependent on availability of tenders in these regions.
Also, intense competition and the tender-based nature of
operations may continue to constrain scalability, pricing power,
and profitability. Thus, revenue and operating margin were modest
at INR6-19 crore and around 3%, respectively, for the past four
fiscals (barring fiscal 2018 when operating margin was 5.7%).

* Average financial risk profile: Networth was modest at INR2.31
crore as on March 31, 2018, with gearing above 3 times. However,
operations are partly supported by loans and advances extended by
family and related parties.

Strength

* Experience of the proprietor: Benefits from the proprietor's
experience of over three decades, his strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes VK will continue to benefit from the experience of
the proprietor. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue, profitability and
cash accrual strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if steep decline in
profitability due to aggressive bidding for tenders, or a stretch
in working capital cycle weakens liquidity.

VK is a proprietorship firm of Mr V Kathiresan. The firm executes
civil contract works, building roads for various government
contracts in Tamil Nadu. The firm operates a 28-room lodge in
Ramnathapuram and mainly operates in Sivagangai, Madurai and
Ramnathapuram districts. The proprietor and his son, Mr V K
Pradeev, manage the operations.


VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR6cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vijayalakshmi Drier Industries (VDI), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VDI continue to be
tempered by weak debt coverage indicators and highly fragmented
and competitive advertising industry. The ratings also factor in
increase in total operating income and profit margins, and
deterioration of capital structure and debt coverage indicators
marginally during FY18 (Prov) (refers to the period April 01 to
March 31). The ratings, however, continue to derive strength from
experienced partners with established track record, growing
operating income, location advantage and healthy demand outlook
for rice.

The ability of the company to improve its profitability margins,
capital structure and debt coverage indicators with efficient
working capital management would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and thin profitability margins during
review period: With increase in scale of operations, the profit
margins of the firm improved in FY 18 (Prov). In FY18 (Prov) the
PBILDT margin and PAT margin stood at 1.95% and 0.20% respectively
as compared to 1.86% and 0.19% respectively in FY17. However, they
continue to remain thin.

Weak debt coverage indicators and deterioration in capital
structure and operating cycle: With increase in scale of
operations, the working capital utilisations of the firm have
increased as on March 31, 2018 (Prov). As a result, the overall
gearing ratio of the firm deteriorated and stood at 1.90x as on
March 31, 2018(Prov) as compared to 1.54x as on March 31, 2017.
With the accretion of profits, the net worth of the firm increased
and stood at INR2.94 crore as on March 31, 2018(Prov). The average
raw material inventory period increased during FY18 (Prov) in
order maintain stock to meet the increased demand from the
customers. Thus, the operating cycle of the firm increased and
stood at 76 days in FY18 (Prov) as compared to 66 days in FY17.
The debt coverage indicators marked by TD/GCA and interest
coverage ratios, remained weak during FY18 (Prov) due increase in
working capital utilisations and marginal decline in gross cash
accruals. They stood at 39.33x and 1.40x respectively during
FY18(Prov) as compared to 26.79x and 1.46x respectively in FY17.

Constitution of the entity as a partnership firm: VDI, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations: Paddy in India is
harvested mainly at the end of two major agricultural seasons
Kharif (June to September) and Rabi (November to April). The
millers have to stock enough paddy by the end of the each season
as the price and quality of paddy is better during the harvesting
season. During this time, the working capital requirements of the
rice millers are generally on the higher side. Majority of the
firm's funds of the firm are blocked in inventory and with
customers. Moreover, the paddy is procured from the farmers
generally against cash payments or with a minimal credit period of
10-15 days while the millers have to extend credit to the
wholesalers and distributors around 20-30 days resulting in high
working capital utilization reflecting working capital intensity
of business. The average utilization of fund based working capital
limits of the firm was utilized (90%) during the last 10 months
period ended August 31, 2017.

Key Rating Strengths

Experience of promoter for two decades in rice business:
Vijayalakshmi Driyer Industries (VDI) was established in 2008 as
a partnership firm. VDI is engaged in milling and processing of
rice and the active partner Mr. K Murali Krishna has an experience
of over 17 years in the business of rice milling and processing.
Through his and other partners' experience in the rice processing,
they have established healthy relationship with key suppliers,
customers, local farmers, dealers and also with the brokers
facilitating the rice business within the state.

Growth in total operating income during review period: The total
operating income of the firm has been increasing year on year
standing at INR30.52 crore in FY18 (Prov) as compared to INR29.18
crore in FY17 on back of increase in demand from existing
customers and addition of new customers along with increase in
sales realization in goods traded.

Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VDI is located at
Koppal district which is the top district for producing rice in
Karnataka. The manufacturing unit is located near the rice
producing region, which ensures easy raw material access and
smooth supply of raw materials at competitive prices and
lower logistic expenditure.

Healthy demand outlook of rice: Rice is consumed in large quantity
in India which provides favorable opportunity for the rice millers
and thus the demand is expected to remain healthy over medium to
long term. India is the second largest producer of rice in the
world after China and the largest producer and exporter of basmati
rice in the world. The rice industry in India is broadly divided
into two segments - basmati (drier and long grained) and non-
basmati (sticky and short grained). Demand of Indian basmati rice
has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy
acreage and better monsoon conditions will be the key factors
which will boost the supply of rice to the rice processing units.
Rice being the staple food for almost 65% of the population in
India has a stable domestic demand outlook. On the export front,
global demand and supply of rice, government regulations on export
and buffer stock to be maintained by government will determine the
outlook for rice exports.

Vijayalakshmi Driyer Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of
rice. The rice milling unit of the firm is located at Navanagar
Po: Marlanahalli, Gangavathi, Koppal, Karnataka. Apart from rice
processing, the firm is also engaged in selling off by-products
such as broken rice, husk and bran. The main raw material, paddy,
is directly procured from local farmers located in and around
Koppal District and the firm sells rice and other by-products in
the open markets of Karnataka. Present Installation capacity of
the firm is 4 tons per hour.


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

The instrument-wise rating actions are:

-- INR55 mil. Fund-based limits migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR25.2 mil. Term loan due on September 2021 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

COMPANY PROFILE

Incorporated in 2013, Vikas Technoplast manufactures plastic
bottles, pet jars, preform, molds and other plastic products used
for packaging and storage purpose.


YASHODA COLD: CARE Lowers Rating on INR6.44cr LT Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yashoda Cold storage Private Limited (YCSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.44       CARE B; Stable Revised from
   Facilities                      CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
YCSPL factors in deterioration in net profitability margins,
capital structure and coverage indicators. Further, the rating is
constrained by relatively small scale of operations. The rating,
however, continues to take comfort from the experienced promoters.
Going forward, the ability of YCSPL to increase its scale of
operations with improvement in profitability margins and
capital structure coupled with effective working capital
management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations: The scale of operations of the company
continues to remain small as marked by total operating income of
INR2.30 crores and gross cash accruals of INR0.24crores in FY18
(refers to the period April 1 to March 31). Further, the net worth
base also remains relatively small at INR0.57crores as on
March 31, 2018. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Further, the company has achieved INR1.40crores during
6MFY19 (refers to the period April 01 to September 30; based on
provisional results).

Deterioration in financial risk profile during FY18: The company's
profitability margins continue to remain moderate as marked by
PBILDT margin which remained around 40% for the past two financial
years i.e. FY17-FY18.  However high interest cost and depreciation
charges resulted in net losses of INR0.25 crores in FY18. YCSPL's
capital structure also deteriorated due to high reliance on
external borrowings to meet working capital requirement and debt
funded capital expansion undertaken resulting in an overall
gearing of 14.57 times as on March 31, 2018 as against about 5.16
times as on march 31, 2017. Further, company has weak debt
protection metrics evident from interest coverage and total debt
to gross cash accruals (TD/GCA) of 1.32 times and 35.32 years,
respectively in FY18, which has deteriorated from 1.96 times and
12.20 years, respectively in FY17.

Key Rating Strengths

Long track record of operations with experienced promoters:
YCSPL was incorporated in 2010 by Katiyar family for rendering
warehousing services of perishable agro commodity to
farmers/traders. Company's business risk profile is supported by
experienced promoter's Mr. Mahender Singh Katiyar, Mr. Kuldeep
Katiyar, and Mr. Akhilesh Kumar Katiyar, who have experience of
more than one and half decades in warehousing indutsry as well as
trading of agro commodities. Mr. Mahender Singh Katiyar along with
his son Mr. Kuldeep Katiyar manages routine operations of the
company.

Farrukhabad-Uttar Pradesh based Yasoda Cold Storage Private
Limited (YCSPL) is incorporated in 2010 by Katiyar family
for providing warehousing storage facility of perishable product
mainly potatoes to nearby farmers and other players.
Company's routine operations are managed by Mr. Kuldeep Katiyar.



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


AMBANK BERHAD: Moody's Rates Sub. Note Component '(P)Ba2'
---------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
foreign currency rating to the subordinated note component of
AmBank (M) Berhad's (Baa1/Baa1 stable, baa3) USD2 billion Euro
Medium Term Note (MTN) Programme.

On November 8, 2018, AmBank updated its existing Euro MTN
programme to allow the issuance of foreign currency-denominated
subordinated notes.

The terms and conditions of the subordinated notes issued out of
the programme incorporate non-viability language that is compliant
with Basel III rules, as well as rules set by the Bank Negara
Malaysia. Consequently, the securities will qualify as Tier 2
capital of AmBank and AMMB Group under BNM's Capital Adequacy
Framework.

RATINGS RATIONALE

The (P)Ba2 rating is positioned two notches below AmBank's baa3
adjusted baseline credit assessment, in line with Moody's standard
notching guidance for subordinated debt, with loss triggered at
the point of non-viability on a contractual basis.

The subordinated debt will rank pari passu with AmBank's
subordinated debt that qualifies as Tier 2 capital securities in
terms of priority of claim in the event of a winding-up of AmBank.

The rating is positioned one notch below that of "plain vanilla"
subordinated debt with normal loss severity. A second notch is
added for the potential uncertainty associated with the timing of
the loss absorption of the contractual non-viability subordinated
debt, given that BNM -- the country's banking regulator -- has not
defined the point at which it would deem the bank to be non-
viable.

Under the program's terms, the principal on these notes would be
written down, partially or in full, in the event that the
Malaysian regulatory authorities -- BNM and the Malaysian Deposit
Insurance Corporation -- notify AmBank that without such write-
off, the bank and/or AMMB Group would become non-viable, or if
they decide to make a public sector injection of capital without
which the bank and/or AMMB Group would become non-viable. The
authorities maintain the discretion to determine the point of non-
viability for banking institutions in Malaysia.

As the point of the non-viability trigger event of the
subordinated notes is linked to both AmBank and AMMB Group,
Moody's considered both the BCA of AmBank and the consolidated
financial strength or notional BCA of AMMB Group, in determining
the preliminary rating assessment from which to apply the
notching.

Moody's assessed the notional BCA of AMMB Group to be underpinned
by and at the same level as the baa3 BCA of AmBank, the group's
largest operating subsidiary by assets.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The rating of the subordinated component is notched down from
AmBank's baa3 adjusted BCA, as well as AMMB Group's baa3 notional
BCA. As such, the rating of these securities will be upgraded or
downgraded if AmBank's adjusted BCA and/or AMMB Group's notional
BCA are/is revised upwards or downwards.

AmBank's baa3 BCA could be upgraded if the bank further improves
its capital adequacy and funding, while maintaining stable asset
quality metrics.

AmBank's BCA and subsequently its ratings could be downgraded if:
(1) the bank engages in aggressive organic expansion or
acquisitions that significantly weaken its risk profile; (2) price
competition among banks intensifies, resulting in a material
decline in net income; and/or (3) the bank's operating environment
weakens significantly or it adopts less stringent underwriting
practices, resulting in a deterioration in its asset quality and
capitalization profile.

AMMB Group's baa3 notional BCA could be revised upwards if
AmBank's BCA is upgraded, and if the group further improves its
capital adequacy and funding profile, while maintaining stable
asset-quality metrics.

AMMB Group's baa3 notional BCA could be downgraded if AmBank's BCA
is downgraded, and if the financial metrics of Group deteriorates
significantly and/or if the financial leverage of AMMB increases
significantly.

The principal methodology used in this rating was Banks published
in August 2018.


AMBANK BERHAD: S&P Rates Proposed Tier 2 Notes 'BB+'
----------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
the proposed Tier 2 notes added to the US$2 billion euro medium-
term notes (EMTN) program by AmBank (M) Berhad. (BBB+/Stable/A-2).

The rating on the Tier 2 notes is two notches lower than AmBank's
stand-alone credit profile (SACP) of 'bbb' and reflects:

-- One notch for subordination risk; and

-- One notch because the notes contain a contractual write-down
    clause, where a write-down can occur at the point of non-
    viability of the issuer or its holding company AMMB Holdings
    Bhd. (AMMB Group).

AmBank is the main operating subsidiary of AMMB Group, and both
entities are closely integrated with broadly similar financial
profiles and capital positions. They are also subject to
consolidated supervision on a group wide basis. S&P believes the
inclusion of AMMB Group into the non-viability clause does not
materially increase the risk of write-down.

Tier 2 notes do not allow nonpayment of coupon, therefore S&P does
not assess them as having equity content.



===============
M O N G O L I A
===============


MONGOLIA: S&P Raises Sovereign Credit Rating to B, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings, on Nov. 9, 2018, raised its long-term
sovereign credit rating on Mongolia to 'B' from 'B-'. The outlook
on the long-term rating is stable. At the same time, S&P affirmed
its 'B' short-term credit rating on Mongolia and revised upward
its transfer and convertibility (T&C) assessment to 'B+' from 'B'.

OUTLOOK

S&P said, "The stable outlook balances our expectation that
Mongolia's strong macroeconomic outlook fuels continued, yet
gradual, improvement in its external and debt settings over the
next 12 months while the government continues to pursue prudent
economic and fiscal policies.

"Upside pressure on the rating could build if the economy
outperforms our current projections over the next 12 months such
that fiscal and debt metrics improve more rapidly than we
expected.

"Downward pressure could emerge if Mongolia's macroeconomic
settings weaken, potentially owing to an unexpected acute downturn
in commodities markets, such that we assess external and debt
pressures to have materially deteriorated. Likewise, a backslide
in the government's fiscal consolidation program could also lead
to downward pressure on the rating."

RATIONALE

S&P said, "We raised the rating to reflect continued improvement
in Mongolia's fiscal metrics and a considerable acceleration in
economic growth. We believe a strong recovery in Mongolia's
economy, along with effective fiscal consolidation measures
adopted by the government under the auspices of its extended
funding facility with the IMF, will contribute to sustainably
modest fiscal deficits over the next three years." The
improvements in Mongolia's economic and fiscal settings are
weighed against still-significant vulnerabilities stemming from
elevated external and public indebtedness.

Institutional and Economic Profile: Powerful economic recovery
lifting overall credit profile Mongolia's economy has recovered
rapidly after the acute downturn in 2015-2016, and this has
improved other key credit metrics.

S&P expects this trend to continue over the next three years.
Nevertheless, the Mongolian economy remains highly vulnerable to
inherently unpredictable shifts in commodity prices. Mongolia's
economic recovery has accelerated, with real GDP growth at 6.3%
year on year in the first half of 2018 following a solid 5.2%
performance in 2017. S&P expects real GDP growth to average 5.6%
annually through 2021 as favorable commodity prices and investment
in and production from the Tavan Tolgoi and Oyu Tolgoi (phase II)
mining projects continue to fuel the economy's expansion.

S&P said, "In view of Mongolia's 10-year weighted average real GDP
per capita growth of 5.4% per year, we assess its economic
performance to be significantly higher than that of other
countries with similar GDP per capita. That said, the economy
remains highly vulnerable to acute shifts in commodity prices.
This vulnerability contributes to heightened volatility in
economic and fiscal outcomes.

"We expect the supportive mining policies under the Mongolian
People's Party (MPP) government to continue, given the important
role played by the mining sector in Mongolia's economic
development." The country's two megaprojects are making progress.
The first is the second phase of the Oyu Tolgoi gold and copper
mine located in the South Gobi region of Mongolia. The US$5.4
billion project will be one of the world's largest new copper-gold
mines. The government of Mongolia owns approximately one-third of
the project, which is operated by Rio Tinto PLC.

The second project is Tavan Tolgoi, which the Mongolia government
proposes to be a US$4 billion coal mine located in the same region
and will be operated by the Mongolian Mining Corp., China Shenhua
Energy Co. Ltd., and Sumitomo Corp. Although these two projects
could significantly boost Mongolia's income level, S&P's ratings
also reflect the risks associated with these projects while they
are still in the development phase. Such risks include periodic
disruptions in supply of Mongolia's minerals to key trade partners
owing to infrastructural bottlenecks.

Mongolia's fiscal accounts continue to improve in 2018, reflecting
buoyancy in collections owing to favorable commodity prices, as
well as expenditure discipline. Over the first nine months of
2018, general government revenue surged by 28.6% versus the same
period in 2017, while expenditure grew by just 5.4%. Although S&P
expects the government to pursue a slightly more expansionary
expenditure program in 2019, the overall consolidation path is
unlikely to be jeopardized.

Pressing infrastructure needs represent significant future fiscal
obligations, and S&P believes Mongolia's revenue base will remain
volatile owing to the government's high dependence on commodity
revenues. That said, Mongolia's rapid nominal GDP growth and
dramatically lower fiscal deficits have contributed to a faster-
than-anticipated stabilization of net government indebtedness.

Mongolia continues to benefit from substantial financial and
technical support under the IMF-led reform program; in combination
with other creditors, total funding amounts to approximately
US$5.5 billion. Mongolia has performed particularly well to meet
the program's quantitative targets, and this progress has
mitigated acute external and budgetary pressures. These
developments have strengthened investor confidence in the country
following a period of acute macroeconomic and financial stress in
2015-2016, as evident from Mongolia's retention of market access
in large funding exercises conducted in 2017.

Nevertheless, key rating weaknesses will take time to address,
from both a structural reform and credit metrics perspective.
Likewise, S&P does not expect the economy's high level of
dependence on commodity production and trade to decline in the
near future.

The MPP, which convincingly won the June 2016 general elections,
lost a key presidential election in 2017. In October 2017, the
prime minister and key ministers of his cabinet were removed
following a no-confidence motion. No Mongolian prime minister has
completed a four-year term since 2004. This track record presents
risks to policy continuity and predictability.

Despite these challenges, the MPP government has followed in the
footsteps of the previous regime in maintaining reform momentum.
In particular, the re-orientation of the Development Bank of
Mongolia (DBM) toward a fully commercial mandate under the DBM
Law, as well as the consolidation of spending by the Bank of
Mongolia into the budget, have marked important steps toward more
sustainable public finances.

Flexibility and Performance Profile: Key external, debt
vulnerabilities remain despite fiscal, economic turnaround
Mongolia's creditworthiness remains hampered by elevated public
and external indebtedness.

However, these metrics should continue to improve gradually as
long as the economy performs as expected. Continued fiscal
prudence should also contribute to lower future indebtedness.

Despite significant improvements in Mongolia's macroeconomic
settings and fiscal balances, indebtedness remains elevated. S&P
forecasts Mongolia's net general government indebtedness to total
approximately 81% of GDP by the end of 2018. Although this has
fallen from a peak of more than 94% in 2016, it remains high. The
big share of foreign currency debt, along with risks from the
quality of banking sector assets, represents additional risks to
the government's debt position. Nevertheless, S&P forecasts a
meaningful decline in the ratio of net general government
indebtedness to GDP over the coming years, fueled by continued
robust nominal GDP growth and contained fiscal deficits. By 2021,
we expect net general government debt to fall to approximately 65%
of GDP.

Mongolia's external position remains weak, despite signs of
improvement. S&P forecasts that Mongolia will continue to
experience sizable current account deficits averaging 8.3% of GDP
through 2021. The high import content of Mongolia's mining
projects, combined with rising income payments to foreign
investors, will continue to offset rapid growth in current account
receipts over the forecast period, although deficits should begin
to fall in the later years.

After Mongolia's net external indebtedness peaked at 252% of
current account receipts (CARs) in 2016, S&P forecasts net
external debt will fall to approximately 191% of CARs in 2018,
before receding further to 159% in 2021 on the back of continued
strong export growth. Given the heavily commodity-dependent nature
of Mongolia's export basket, the sovereign also faces elevated
risks to its external position stemming from its volatile terms of
trade.

Meanwhile, S&P projects the ratio of gross external financing
needs to CARs plus usable reserves at 123% this year. This marks a
continued improvement from a peak of 149% in 2017; however,
liquidity pressures remain elevated. S&P forecasts liquidity needs
to gradually decline to approximately 101% by 2021 as liquidity
pressures ease with stability in commodity prices and big projects
near completion.

Mongolia's foreign exchange reserves position has improved
significantly over the past two years, owing to the country's
improving terms of trade, as well as funding from multilateral and
bilateral program partners. S&P believes the central bank, the
Bank of Mongolia (BoM), will continue to focus on boosting its
reserves over the coming years, in accordance with the IMF
program.

Although the risks to Mongolia's external position are partly
attenuated by a floating currency regime, the tugrik is not an
actively traded currency, and the central bank occasionally
intervenes in the market to reduce volatility. Well over half of
government debt and a third of banking system loans are in foreign
currency, suggesting balance sheet vulnerabilities.

Mongolia's central bank has previously executed quasi-fiscal
spending programs on behalf of the government, and therefore its
independence is deemed to be limited. Although central bank
governance has been strengthened by ongoing reforms adopted from
2016 onward, the BoM's track record of operational independence
remains limited.

S&P Global Ratings considers the DBM as part of the general
government, given its past quasi-fiscal activity and the
government's provision of extraordinary support to meet the DBM's
debt repayments in 2017. The adoption and ongoing implementation
of more robust laws for DBM and the Deposit Insurance Corp. of
Mongolia should curtail fiscal risks in the future. S&P expects
the revised DBM law to have successfully addressed the quasi-
fiscal nature of the bank's future operations.

S&P views the rest of the financial and public enterprise sectors
as posing moderate contingent liabilities to the government,
largely due to the size of Mongolia's financial sector. The
country's banks remain exposed to vulnerabilities associated with
the undeveloped, primarily commodity-based, low-income economy.
S&P said, "The recently completed Asset Quality Review has helped
to quantify the banking sector's capital needs, and we view this
as a positive development. Nevertheless, we also observe continued
weaknesses in Mongolia's regulatory framework, transparency, and
disclosures. Our Bank Industry Credit Risk Assessment for Mongolia
is '10' (with '1' being the highest assessment and '10' being the
lowest)."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Upgraded; Ratings Affirmed
                                         To           From
  Mongolia
  Sovereign Credit Rating                B/Stable/B   B-/Stable/B

  Transfer & Convertibility Assessment
  Local Currency                         B+           B

  Senior Unsecured                       B            B-



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


CBL INSURANCE: McGrathNicol Appointed as Liquidators
----------------------------------------------------
Stuff.co.nz reports that CBL Insurance has been put into
liquidation at the High Court in Auckland after directors' attempt
to cut a deal with creditors to salvage the company failed.

Stuff says the company was the main asset of CBL Corporation,
which is listed on the NZX sharemarket. CBL Corporation was once
worth NZ$750 million, and its shares were held in many KiwiSaver
schemes.  But following troubles in its insurance business, its
shares have been suspended, and KiwiSavers whose funds were
invested in the company have lost money.

The Reserve Bank welcomed the appointment of liquidators Kare
Johnstone and Andrew Grenfell from McGrathNicol on Nov. 12, Stuff
states.

According to the report, the liquidation was not opposed by the
directors of CBL Insurance, who had developed a plan they hoped
creditors would back to save the company, which did most of its
insurance business outside the country.

Stuff relates that Deputy Governor and head of financial stability
Geoff Bascand said the Reserve Bank's application for liquidation
was taken in the public interest.

CBL Directors Peter Harris and Alistair Hutchison claimed in a
statement to the media that the Reserve Bank had persuaded two
large European creditors of CBL Insurance to back the liquidation,
Stuff says.

Stuff says the directors believed their plan would pay all
creditors back their money. "RBNZ have scuttled that and is
fixated on liquidation instead," the two directors said.

The Reserve Bank is defending its decision to seek the liquidation
of CBL Insurance.  According to the report, Mr. Bascand said the
decision to seek liquidation was based on CBL Insurance's "failure
to meet solvency conditions, breaches of direction and ongoing
mis-reporting to the Reserve Bank."

"The Reserve Bank followed a careful and rigorous process leading
up to the interim liquidation, appointing independent experts as
investigators. This took time because of the need for fairness to
the company, as well as the complexity of CBL Insurance's overseas
business. This was compounded by CBL Insurance's poor quality
data," Stuff quotes Mr. Bascand as saying. "Opposition from CBL
Insurance's directors and from the shareholder caused significant
delay to the full liquidation hearing. He said the Reserve Bank
had commissioned "a thorough independent review of the CBL
Insurance case to identify lessons for itself and the insurance
regulatory regime".

The review was being conducted by lawyers John Trowbridge and Mary
Scholtens, and would cover the period from CBL Insurance's
licensing in 2013 through to the interim liquidation, Stuff adds.

                       About CBL Insurance

CBL Insurance Limited provides building and construction related
credit and financial surety insurance, bonding, and reinsurance
products.  CBL Insurance is a subsidiary of NZX-listed CBL
Corporation.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The New Zealand Herald said the High Court has
ordered CBL Insurance be placed into interim liquidation on an
application by the Reserve Bank as the insurer's prudential
supervisor.

In the High Court in Auckland on Feb. 23, Justice Patricia
Courtney ordered the appointment of McGrathNicol's Kare Johnstone
and Andrew Grenfell as interim liquidators of CBL Insurance, the
Herald discloses. The application was made without notice and
determined on Feb. 23, the judgment said.



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


CHINA FISHERY: Court OKs Settlement on Silliker Joint Venture
-------------------------------------------------------------
BankruptcyData.com reported that the Court hearing the China
Fishery Group case granted authority for a settlement agreement
between its affiliate Debtor Pacific Andes International Holdings
(BVI) Limited ("PAIH BVI"), non-Debtor Pacific Andes Food Limited
(BVI) ("PA Food") and Merieux Nutrisciences Corporation ("MXNS")
in respect to the Silliker Joint Venture.

BankruptcyData related that the Motion noted, "After extensive
arms'-length negotiations, PAIH BVI, PA Food, and MXNS have
resolved disputes relating to the MXNS Claim, and the related
Shareholders Agreement and Cash Deposit Agreement by agreement
that the parties will walk away from their respective claims
against one another and resume their productive ordinary course
relationship that has been in place since 2010. This resolution is
memorialized in the Settlement Agreement and PAIH BVI has
determined, in the exercise of its sound business judgment, that
entry into and performance under the Settlement Agreement is in
the best interests of PAIH BVI, its estate, and its creditors, as
it provides a mechanism for PAIH BVI to maintain its ownership in
the Silliker JV while extinguishing the MXNS Claim against PAIH
BVI without requiring any cash payment by the Debtors. Under the
Settlement Agreement, the parties have agreed to a settlement with
the following key terms: MXNS agrees to withdraw the MXNS Claim on
the effective date of the Settlement Agreement. PAIH BVI shall be
relieved of its obligations under the Cash Deposit Agreement. PAIH
BVI shall also be entitled to retain in full the Cash Deposits. In
exchange, PA Food and PAIH BVI shall forgive the PA Food Loan and
PAIH BVI Loan respectively. On the effective date of the
Settlement Agreement, MXNS agrees to waive any Call Right based on
the filing of the Chapter 11 Cases and PAIH BVI shall retain its
20% interest in Silliker JV."

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors. Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells
US LLP serves as special counsel; and Quinn Emanuel Urquhart &
Sullivan, LLP, serves as special litigation counsel.


SWISSCO HOLDINGS: Judicial Management Extended Until July 31
------------------------------------------------------------
The Strait Times reports that Singapore's High Court has granted
an extension to the judicial management order for financially
distressed offshore support vessel (OSV) group, Swissco Holdings.

According to the report, Swissco will remain under judicial
management until July 31, 2019, its court-appointed judicial
managers (JMs) said in a disclosure released on Nov. 12.

With this extension, the JMs are now required to table a statement
of proposals before the creditors by April 14, 2019, the report
relates.

It is believed that Swissco had gone to court to seek the
extension in light of two deals in the works for the listed
holdings company and its OSV business, the Strait Times says.

The Strait Times says the JMs had disclosed on Oct. 12, a proposed
transfer of the holding company's listing status to Plus
Renewables Technologies in exchange for shares valued at
$6 million to be issued by the latter.

The report relates that the shares to be issued for this transfer
listing will go to creditors of the holdings company, which will
include holders of its Singapore-dollar denominated $100 million
medium term notes.

The JMs are also said to be pursuing the sale of Swissco's OSV
business after an earlier deal with Hassan Basma-led Asian
Strategic Turnaround Ventures fell through, the report adds.

                      About Swissco Holdings

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd (SOPL) and Seawell Drilling Pte Ltd.

Swissco and SOPL entered into judicial management in
November 2016 after the listed holding company slipped into a
US$296 million quarterly loss on booking massive impairments.

A Singapore court in April 2017 approved the application made by
Swissco to be placed under judicial management.

In November 2017, the High Court granted Swissco an extension of
its judicial management order to Sept. 18 this year, the Strait
Times said.



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


* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2018
---------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19    USD     0.36
ARTSONIG PTY LTD            11.50     04/01/19    USD     0.36
BOART LONGYEAR MANAGEMENT    1.50     12/31/22    USD    35.00
CLIME CAPITAL LTD            6.25     11/30/21    AUD     1.01
KEYBRIDGE CAPITAL LTD        7.00     07/31/20    AUD     0.95
MIDWEST VANADIUM PTY LTD    11.50     02/15/18    USD     0.39
MIDWEST VANADIUM PTY LTD    11.50     02/15/18    USD     0.39
QUINTIS LTD                  8.75     08/01/23    USD    72.02
QUINTIS LTD                  8.75     08/01/23    USD    72.02
QUINTIS LTD                  8.75     08/01/23    USD    72.02
TREASURY CORP OF VICTORIA    0.50     11/12/30    AUD    74.36


  CHINA
  -----

AKESU XINCHENG ASSET INVE    7.50     10/10/18    CNY    25.01
ALAER XINXIN STATE-OWNED     6.80     06/16/22    CNY    71.13
ALXA ZUOQI URBAN CONSTRUC    8.60     04/28/21    CNY    62.51
ALXA ZUOQI URBAN CONSTRUC    8.60     04/28/21    CNY    62.52
ANHUI CHIZHOU CITY TIANPI    7.40     10/23/20    CNY    60.18
ANHUI PROVINCE TONGLING I    7.30     05/13/21    CNY    60.19
ANHUI PROVINCE TONGLING I    7.30     05/13/21    CNY    61.80
ANHUI SHENGYUN ENVIRONMEN    6.98     03/23/20    CNY    45.00
ANJI COUNTY ASSET OPERATI    8.30     04/24/21    CNY    61.40
ANJI COUNTY ASSET OPERATI    8.30     04/24/21    CNY    61.69
ANKANG DEVELOPMENT & INVE    6.35     03/06/20    CNY    40.89
ANQING ECONOMIC&TECHNOLOG    6.00     06/18/20    CNY    40.95
ANQING ECONOMIC&TECHNOLOG    6.00     06/18/20    CNY    40.95
ANQING URBAN CONSTRUCTION    6.76     12/31/19    CNY    40.80
ANQING URBAN CONSTRUCTION    6.76     12/31/19    CNY    40.91
ANSHUN STATE-RUN ASSETS M    6.98     01/10/20    CNY    40.04
ANYANG INVESTMENT GROUP C    8.00     04/17/19    CNY    20.37
BAIYIN CITY DEVELOPMENT I    6.78     07/19/20    CNY    39.01
BAIYIN CITY DEVELOPMENT I    6.78     07/19/20    CNY    39.62
BAODING NATIONAL HI-TECH     7.33     12/24/19    CNY    40.19
BAOJI INVESTMENT GROUP CO    7.14     12/26/18    CNY    25.22
BAOJI NEW HI TECH INDUSTR    8.25     04/21/21    CNY    62.50
BAOJI NEW HI TECH INDUSTR    8.25     04/21/21    CNY    62.50
BAOSHAN STATE-OWNED ASSET    7.30     12/10/19    CNY    40.70
BAOSHAN STATE-OWNED ASSET    7.30     12/10/19    CNY    40.76
BAOTOU STATE OWNED ASSET     7.03     09/17/19    CNY    40.32
BAYAN ZHUOER HETAO WATER     8.54     03/31/22    CNY    62.87
BAYANNUR LINHE DISTRICT U    7.90     11/13/20    CNY    60.58
BAZHONG STATE-OWNED ASSET    8.50     04/25/21    CNY    60.00
BAZHONG STATE-OWNED ASSET    8.50     04/25/21    CNY    61.36
BEIJING BIOMEDICINE INDUS    6.35     07/23/20    CNY    40.34
BEIJING CAPITAL DEVELOPME    5.95     05/29/19    CNY    20.27
BEIJING CAPITAL DEVELOPME    6.50     02/27/21    CNY    61.51
BEIJING CAPITAL DEVELOPME    6.50     02/27/21    CNY    61.53
BEIJING CAPITAL DEVELOPME    7.19     01/15/21    CNY    61.77
BEIJING CAPITAL DEVELOPME    7.19     01/15/21    CNY    61.93
BEIJING CHANGXIN CONSTRUC    6.74     04/22/21    CNY    62.26
BEIJING CHAOYANG STATE-OW    5.25     03/27/20    CNY    40.16
BEIJING CHAOYANG STATE-OW    5.25     03/27/20    CNY    40.26
BEIJING CONSTRUCTION ENGI    5.95     07/05/19    CNY    20.17
BEIJING CONSTRUCTION ENGI    5.95     07/05/19    CNY    20.25
BEIJING FUTURE SCIENCE PA    6.28     09/22/19    CNY    50.35
BEIJING FUTURE SCIENCE PA    6.28     09/22/19    CNY    50.64
BEIJING GUCAI GROUP CO LT    8.28     12/15/18    CNY    40.28
BEIJING GUCAI GROUP CO LT    6.60     09/06/20    CNY    60.16
BEIJING GUCAI GROUP CO LT    6.60     09/06/20    CNY    60.17
BEIJING HAIDIAN STATE-OWN    5.50     08/07/20    CNY    40.25
BEIJING HAIDIAN STATE-OWN    5.50     08/07/20    CNY    40.67
BEIJING JINGMEI GROUP CO     6.14     09/09/20    CNY    60.75
BEIJING JINLIYUAN STATE-O    7.00     10/28/20    CNY    60.70
BEIJING JINLIYUAN STATE-O    7.00     10/28/20    CNY    61.82
BEIJING SHIJINGSHAN STATE    6.08     08/18/21    CNY    61.69
BEIJING XINCHENG INFRASTR    7.50     04/21/21    CNY    60.90
BEIJING XINCHENG INFRASTR    7.50     04/21/21    CNY    61.25
BEIJING XINGZHAN INVESTME    6.48     08/31/19    CNY    40.05
BEIJING XINGZHAN INVESTME    6.48     08/31/19    CNY    40.44
BEIJING XINGZHAN INVESTME    6.66     04/24/21    CNY    61.99
BENGBU URBAN INVESTMENT H    6.30     09/11/20    CNY    60.94
BENGBU URBAN INVESTMENT H    6.30     09/11/20    CNY    60.98
BENGHU HI NEW TECH INVEST    8.70     04/17/21    CNY    61.99
BENGHU HI NEW TECH INVEST    8.70     04/17/21    CNY    63.05
BIJIE KAIYUAN CONSTRUCTIO    7.78     02/25/21    CNY    53.14
BIJIE KAIYUAN CONSTRUCTIO    7.78     02/25/21    CNY    61.67
BIJIE XINTAI INVESTMENT C    7.15     08/20/19    CNY    40.60
BIJIE XINTAI INVESTMENT C    7.15     08/20/19    CNY    40.61
BINZHOU HI-TECH DEVELOPME    8.60     01/10/21    CNY    61.37
BINZHOU HI-TECH DEVELOPME    8.60     01/10/21    CNY    61.39
BORALA MONGOL AUTONOMOUS     7.18     08/09/20    CNY    40.08
C&D REAL ESTATE CORP LTD     6.15     04/03/20    CNY    40.65
CANGZHOU CONSTRUCTION & I    6.72     01/23/20    CNY    40.41
CHANGCHUN MODERN AGRICULT    7.00     07/25/21    CNY    59.70
CHANGDE ECONOMIC DEVELOPM    7.19     09/12/19    CNY    40.36
CHANGDE ECONOMIC DEVELOPM    7.19     09/12/19    CNY    40.54
CHANGDE ECONOMIC DEVELOPM    7.00     03/24/21    CNY    62.21
CHANGDE ECONOMIC DEVELOPM    7.00     03/24/21    CNY    62.25
CHANGDE URBAN CONSTRUCTIO    6.50     02/25/20    CNY    40.50
CHANGDE URBAN CONSTRUCTIO    6.50     02/25/20    CNY    40.52
CHANGJIZHOU STATE OWNED A    6.00     06/03/19    CNY    25.00
CHANGJIZHOU STATE OWNED A    6.00     06/03/19    CNY    25.36
CHANGRUN INVESTMENT & GRO    6.88     09/16/20    CNY    60.25
CHANGRUN INVESTMENT & GRO    6.88     09/16/20    CNY    60.42
CHANGSHA CITY CONSTRUCTIO    6.95     04/24/19    CNY    20.38
CHANGSHA CITY CONSTRUCTIO    6.95     04/24/19    CNY    20.41
CHANGSHA COUNTY XINGCHENG    8.35     04/06/19    CNY    20.47
CHANGSHA COUNTY XINGCHENG    7.90     03/25/22    CNY    74.16
CHANGSHA COUNTY XINGCHENG    7.90     03/25/22    CNY    74.43
CHANGSHA ECONOMIC & TECHN    8.45     04/13/22    CNY    62.82
CHANGSHA METRO GROUP CO L    6.20     04/23/23    CNY    72.69
CHANGSHA METRO GROUP CO L    6.20     04/23/23    CNY    72.73
CHANGSHA PILOT INVESTMENT    6.70     12/10/19    CNY    40.59
CHANGSHA YUHUA URBAN CONS    7.17     04/18/21    CNY    61.01
CHANGSHA YUHUA URBAN CONS    7.17     04/18/21    CNY    62.02
CHANGSHU BINJIANG URBAN C    6.85     04/27/19    CNY    20.15
CHANGSHU BINJIANG URBAN C    6.85     04/27/19    CNY    20.16
CHANGSHU CITY OPERATION I    8.00     01/16/19    CNY    20.17
CHANGSHU DEVELOPMENT INVE    5.80     04/19/20    CNY    40.00
CHANGSHU DEVELOPMENT INVE    5.80     04/19/20    CNY    40.36
CHANGSHU TRANSPORTATION S    7.00     04/29/21    CNY    61.57
CHANGSHU TRANSPORTATION S    7.00     04/29/21    CNY    62.58
CHANGXING COUNTY TRANSPOR    6.75     06/16/21    CNY    60.51
CHANGXING COUNTY TRANSPOR    7.88     04/30/21    CNY    61.66
CHANGXING COUNTY TRANSPOR    7.88     04/30/21    CNY    61.88
CHANGXING COUNTY TRANSPOR    6.75     06/16/21    CNY    75.00
CHANGXING URBAN CONSTRUCT    6.80     11/30/19    CNY    40.00
CHANGXING URBAN CONSTRUCT    6.80     11/30/19    CNY    40.71
CHANGYI ECONOMIC AND DEVE    7.35     10/30/20    CNY    55.09
CHANGYI ECONOMIC AND DEVE    7.35     10/30/20    CNY    55.26
CHANGZHI CITY CONSTRUCTIO    6.46     02/26/20    CNY    40.44
CHANGZHI CITY CONSTRUCTIO    6.46     02/26/20    CNY    40.45
CHANGZHOU BINHU CONSTRUCT    8.04     12/12/20    CNY    62.21
CHANGZHOU BINHU CONSTRUCT    8.04     12/12/20    CNY    62.53
CHANGZHOU HI-TECH GROUP C    6.18     03/21/20    CNY    40.50
CHANGZHOU HI-TECH GROUP C    6.18     03/21/20    CNY    40.59
CHANGZHOU JINTAN DISTRICT    8.30     03/14/19    CNY    20.16
CHANGZHOU JINTAN DISTRICT    6.38     04/26/20    CNY    40.09
CHANGZHOU JINTAN DISTRICT    6.38     04/26/20    CNY    40.09
CHANGZHOU PUBLIC HOUSING     6.64     07/02/21    CNY    61.60
CHANGZHOU PUBLIC HOUSING     6.64     07/02/21    CNY    81.45
CHAOHU URBAN TOWN CONSTRU    7.00     12/24/19    CNY    40.16
CHAOHU URBAN TOWN CONSTRU    7.00     12/24/19    CNY    40.44
CHEN ZHOU GAO KE ASSET IN    7.25     10/21/20    CNY    60.00
CHEN ZHOU GAO KE ASSET IN    7.25     10/21/20    CNY    61.92
CHENGDU CITY DEVELOPMENT     6.18     01/14/20    CNY    40.58
CHENGDU CITY DEVELOPMENT     6.18     01/14/20    CNY    40.59
CHENGDU ECONOMIC&TECHNOLO    6.55     07/17/19    CNY    20.27
CHENGDU HI-TECH INVESTMEN    6.28     11/20/19    CNY    40.31
CHENGDU HI-TECH INVESTMEN    6.28     11/20/19    CNY    40.46
CHENGDU LONGBO INVESTMENT    8.10     04/24/21    CNY    51.57
CHENGDU LONGBO INVESTMENT    8.10     04/24/21    CNY    55.00
CHENGDU LONGQUANYI STATE     6.90     05/30/21    CNY    60.67
CHENGDU LONGQUANYI STATE     6.90     05/30/21    CNY    61.56
CHENGDU PIDU DISTRICT STA    7.25     10/15/20    CNY    60.44
CHENGDU XINCHENG XICHENG     8.35     03/19/19    CNY    20.23
CHENGDU XINDU XIANGCHENG     8.60     12/13/18    CNY    40.32
CHENGDU XINGCHENG INVESTM    6.17     01/28/20    CNY    40.45
CHENGDU XINGCHENG INVESTM    6.17     01/28/20    CNY    40.48
CHENGDU XINGJIN URBAN CON    7.30     11/27/19    CNY    40.64
CHENGDU XINGJIN URBAN CON    7.30     11/27/19    CNY    40.72
CHENGDU XINKAIYUAN URBAN     7.43     08/12/21    CNY    61.88
CHENGDU XINKAIYUAN URBAN     7.43     08/12/21    CNY    62.30
CHENGFA INVESTMENT GROUP     6.87     04/30/21    CNY    61.31
CHENGFA INVESTMENT GROUP     6.87     04/30/21    CNY    62.46
CHENZHOU XINTIAN INVESTME    6.30     07/17/20    CNY    39.85
CHENZHOU XINTIAN INVESTME    6.30     07/17/20    CNY    40.77
CHIFENG CITY HONGSHAN INF    7.20     07/25/19    CNY    20.08
CHINA ENERGY RESERVE AND     6.25     12/21/18    USD    28.57
CHINA GOVERNMENT BOND        1.64     12/15/33    CNY    74.37
CHINA YIXING ENVIRONMENT     7.10     10/18/20    CNY    60.49
CHINA YIXING ENVIRONMENT     7.10     10/18/20    CNY    60.75
CHIZHOU JINQIAO INVESTMEN    7.70     06/16/21    CNY    60.62
CHIZHOU JINQIAO INVESTMEN    7.70     06/16/21    CNY    60.79
CHONGQING BANAN ECONOMIC     7.00     08/20/21    CNY    61.18
CHONGQING BEICHENG CONSTR    7.30     10/16/20    CNY    61.03
CHONGQING BEIFEI INDUSTRY    7.13     12/25/19    CNY    40.59
CHONGQING CHANGSHOU DEVEL    7.45     09/25/19    CNY    40.14
CHONGQING CHANGSHOU DEVEL    7.45     09/25/19    CNY    40.17
CHONGQING CHANGSHOU ECO&T    7.20     07/15/21    CNY    60.65
CHONGQING CHANGSHOU ECO&T    7.20     07/15/21    CNY    61.75
CHONGQING CHANGSHOU ECO-T    7.10     06/19/21    CNY    60.49
CHONGQING CHANGSHOU ECO-T    7.10     06/19/21    CNY    61.20
CHONGQING CITY CONSTRUCTI    5.12     05/21/20    CNY    40.00
CHONGQING CITY CONSTRUCTI    5.12     05/21/20    CNY    40.26
CHONGQING DASUN ASSET DEA    6.98     09/10/20    CNY    60.94
CHONGQING DAZU DISTRICT S    6.75     04/26/20    CNY    40.15
CHONGQING DAZU DISTRICT S    6.75     04/26/20    CNY    40.33
CHONGQING FULING DISTRICT    8.40     03/23/19    CNY    40.53
CHONGQING FULING DISTRICT    8.40     03/23/19    CNY    40.54
CHONGQING FULING DISTRICT    7.89     03/20/21    CNY    61.21
CHONGQING FULING DISTRICT    7.89     03/20/21    CNY    62.14
CHONGQING FULING STATE-OW    6.39     01/21/20    CNY    40.20
CHONGQING FULING STATE-OW    6.39     01/21/20    CNY    40.42
CHONGQING GAOXIN ZONE DEV    7.80     04/25/21    CNY    62.07
CHONGQING GAOXIN ZONE DEV    7.80     04/25/21    CNY    62.21
CHONGQING GARDENING INDUS    8.45     06/03/21    CNY    61.94
CHONGQING GARDENING INDUS    8.45     06/03/21    CNY    61.94
CHONGQING HAOJIANG CONSTR    7.99     11/22/20    CNY    61.10
CHONGQING HAOJIANG CONSTR    7.99     11/22/20    CNY    61.12
CHONGQING HAOJIANG CONSTR    8.05     03/06/21    CNY    61.29
CHONGQING HAOJIANG CONSTR    8.05     03/06/21    CNY    61.30
CHONGQING HECHUAN INDUSTR    6.19     06/17/20    CNY    40.43
CHONGQING HECHUAN INDUSTR    6.19     06/17/20    CNY    40.44
CHONGQING HECHUAN URBAN C    7.30     07/07/21    CNY    61.68
CHONGQING HECHUAN URBAN C    7.30     07/07/21    CNY    62.01
CHONGQING HONGRONG CAPITA    7.20     10/16/19    CNY    39.70
CHONGQING HONGRONG CAPITA    7.20     10/16/19    CNY    40.50
CHONGQING HONGYE INDUSTRI    6.30     06/03/20    CNY    40.25
CHONGQING HONGYE INDUSTRI    6.30     06/03/20    CNY    40.41
CHONGQING JIANGBEIZUI CEN    6.50     07/21/21    CNY    61.45
CHONGQING JIANGJIN HUAXIN    7.46     09/21/19    CNY    40.32
CHONGQING JIANGJIN HUAXIN    7.46     09/21/19    CNY    40.34
CHONGQING JINYUN ASSET MA    6.75     06/18/19    CNY    20.19
CHONGQING JINYUN ASSET MA    6.75     06/18/19    CNY    39.70
CHONGQING JIULONG HI-TECH    6.60     08/19/21    CNY    60.03
CHONGQING LAND PROPERTIES    7.35     04/25/19    CNY    20.31
CHONGQING LAND PROPERTIES    7.35     04/25/19    CNY    20.35
CHONGQING LAND PROPERTIES    6.30     08/22/20    CNY    60.97
CHONGQING LAND PROPERTIES    6.30     08/22/20    CNY    60.99
CHONGQING LIANGJIANG NEW     6.70     04/25/21    CNY    62.33
CHONGQING MAIRUI CITY INV    6.82     08/17/19    CNY    20.28
CHONGQING NAN'AN URBAN CO    8.20     04/09/19    CNY    20.38
CHONGQING NANCHUAN DISTRI    7.35     09/06/19    CNY    40.08
CHONGQING NANCHUAN DISTRI    7.35     09/06/19    CNY    40.26
CHONGQING NANFA URBAN CON    6.43     04/27/20    CNY    40.01
CHONGQING NANFA URBAN CON    6.43     04/27/20    CNY    40.53
CHONGQING QIANJIANG CITY     8.40     03/23/19    CNY    40.61
CHONGQING QIANJIANG CITY     8.40     03/23/19    CNY    40.62
CHONGQING QIANJIANG CITY     8.00     03/21/21    CNY    62.02
CHONGQING QIANJIANG CITY     8.00     03/21/21    CNY    62.40
CHONGQING QIJIANG EAST NE    6.75     01/29/20    CNY    39.58
CHONGQING QIJIANG EAST NE    6.75     01/29/20    CNY    39.80
CHONGQING SHUANGFU CONSTR    7.49     10/23/20    CNY    60.30
CHONGQING SHUANGFU CONSTR    7.49     10/23/20    CNY    60.56
CHONGQING SHUANGQIAO ECON    6.75     04/26/20    CNY    40.00
CHONGQING SHUANGQIAO ECON    6.75     04/26/20    CNY    40.59
CHONGQING TAX FREE PORT A    7.50     04/24/21    CNY    61.47
CHONGQING TEA GARDEN INDU    7.70     05/20/21    CNY    60.21
CHONGQING THREE GORGES IN    6.40     01/23/19    CNY    25.01
CHONGQING THREE GORGES IN    6.40     01/23/19    CNY    25.12
CHONGQING WANSHENG ECO TE    6.39     04/17/20    CNY    39.92
CHONGQING WANSHENG ECO TE    6.39     04/17/20    CNY    40.25
CHONGQING WANSHENG ECO TE    8.19     04/08/21    CNY    61.29
CHONGQING WANSHENG ECO TE    8.19     04/08/21    CNY    61.95
CHONGQING WESTERN MODERN     7.08     10/18/20    CNY    61.00
CHONGQING WESTERN MODERN     7.08     10/18/20    CNY    61.32
CHONGQING XINGRONG HOLDIN    8.35     04/19/19    CNY    20.00
CHONGQING XINGRONG HOLDIN    8.35     04/19/19    CNY    20.42
CHONGQING XIYONG MICRO-EL    6.76     07/25/19    CNY    20.32
CHONGQING XIYONG MICRO-EL    6.58     07/25/21    CNY    61.54
CHONGQING YONGCHUAN HUITO    7.33     10/16/19    CNY    40.62
CHONGQING YONGCHUAN HUITO    7.28     05/30/21    CNY    61.51
CHONGQING YONGCHUAN HUITO    7.28     05/30/21    CNY    61.53
CHONGQING YUFU HOLDING GR    6.50     09/04/19    CNY    40.30
CHONGQING YUFU HOLDING GR    6.50     09/04/19    CNY    40.38
CHONGQING YULONG ASSET MA    6.87     05/31/19    CNY    20.23
CHONGQING YUNAN ASSET MAN    7.05     06/17/21    CNY    60.35
CHONGQING YUNAN ASSET MAN    7.05     06/17/21    CNY    60.47
CHONGQING YUXING CONSTRUC    7.30     12/10/19    CNY    39.52
CHONGQING YUXING CONSTRUC    7.30     12/10/19    CNY    40.72
CHONGQING YUZHONG STATE-O    7.25     02/26/21    CNY    60.30
CHONGQING YUZHONG STATE-O    7.25     02/26/21    CNY    61.52
CHUXIONG AUTONOMOUS DEVEL    6.60     03/29/20    CNY    38.21
CHUXIONG AUTONOMOUS DEVEL    6.60     03/29/20    CNY    40.21
CHUZHOU CITY CONSTRUCTION    6.81     11/23/19    CNY    40.06
CHUZHOU CITY CONSTRUCTION    6.81     11/23/19    CNY    40.48
CHUZHOU TONGCHUANG CONSTR    7.05     01/09/20    CNY    40.50
CHUZHOU TONGCHUANG CONSTR    7.05     01/09/20    CNY    40.69
CIXI CITY CONSTRUCTION IN    6.18     08/18/21    CNY    61.50
CIXI STATE OWNED ASSET IN    6.60     09/20/19    CNY    40.48
CIXI STATE OWNED ASSET IN    6.60     09/20/19    CNY    40.51
DALI ECONOMIC DEVELOPMENT    8.80     04/24/19    CNY    20.40
DALI ECONOMIC DEVELOPMENT    7.90     03/04/21    CNY    61.51
DALI ECONOMIC DEVELOPMENT    7.90     03/04/21    CNY    61.54
DALI ECONOMIC DEVELOPMENT    8.30     12/11/20    CNY    61.60
DALI ECONOMIC DEVELOPMENT    8.30     12/11/20    CNY    61.66
DALIAN DETA INVESTMENT CO    6.50     11/15/19    CNY    40.51
DALIAN LVTAI INVESTMENT C    7.00     08/08/21    CNY    60.17
DALIAN LVTAI INVESTMENT C    7.00     08/08/21    CNY    60.70
DALIAN PULANDIAN CONSTRUC    8.48     12/12/18    CNY    55.40
DALIAN PUWAN ENGINEERING     7.09     02/20/21    CNY    59.80
DALIAN PUWAN ENGINEERING     7.09     02/20/21    CNY    60.07
DALIAN RONGQIANG INVESTME    8.60     03/30/19    CNY    40.85
DALIAN RONGQIANG INVESTME    7.92     04/14/21    CNY    61.02
DALIAN RONGQIANG INVESTME    7.92     04/14/21    CNY    61.03
DALIAN RONGQIANG INVESTME    8.60     01/20/21    CNY    61.40
DALIAN RONGQIANG INVESTME    8.60     01/20/21    CNY    61.41
DALIAN SHUNXING INVESTMEN    6.97     10/18/20    CNY    61.10
DALIAN SHUNXING INVESTMEN    6.97     10/18/20    CNY    61.70
DANGYANG XINYUAN INVESTME    7.99     05/23/21    CNY    61.40
DANGYANG XINYUAN INVESTME    7.99     05/23/21    CNY    61.75
DANYANG INVESTMENT GROUP     8.10     03/06/19    CNY    20.26
DANYANG INVESTMENT GROUP     8.10     03/06/19    CNY    20.33
DANYANG INVESTMENT GROUP     6.81     10/23/19    CNY    50.57
DANYANG INVESTMENT GROUP     6.90     10/23/20    CNY    60.82
DAQING GAOXIN STATE-OWNED    6.88     12/05/19    CNY    39.80
DAQING URBAN CONSTRUCTION    6.55     10/23/19    CNY    40.02
DAQING URBAN CONSTRUCTION    6.55     10/23/19    CNY    40.20
DAQING URBAN CONSTRUCTION    7.10     03/05/21    CNY    57.15
DAQING URBAN CONSTRUCTION    7.10     03/05/21    CNY    60.85
DASHIQIAO URBAN CONSTRUCT    6.58     02/21/20    CNY    39.97
DASHIQIAO URBAN CONSTRUCT    6.58     02/21/20    CNY    40.76
DASHIQIAO URBAN CONSTRUCT    7.40     06/23/21    CNY    60.84
DASHIQIAO URBAN CONSTRUCT    7.40     06/23/21    CNY    62.45
DAYE CITY CONSTRUCTION IN    7.30     03/03/21    CNY    60.74
DAYE CITY CONSTRUCTION IN    7.30     03/03/21    CNY    61.05
DAYE CITY CONSTRUCTION IN    7.95     11/27/20    CNY    61.34
DAZHOU INVESTMENT CO LTD     6.99     12/25/19    CNY    39.90
DAZHOU INVESTMENT CO LTD     6.99     12/25/19    CNY    40.32
DEYANG ECONOMIC DEVELOPME    7.90     04/28/21    CNY    60.61
DEYANG ECONOMIC DEVELOPME    7.90     04/28/21    CNY    61.24
DONGTAI UBAN CONSTRUCTION    7.10     12/26/19    CNY    40.00
DONGTAI UBAN CONSTRUCTION    7.10     12/26/19    CNY    40.32
DONGTAI UBAN CONSTRUCTION    7.58     04/23/21    CNY    61.44
DONGTAI UBAN CONSTRUCTION    7.58     04/23/21    CNY    61.58
DONGTAI UBAN CONSTRUCTION    8.65     01/13/21    CNY    61.99
DONGXU OPTOELECTRONIC TEC    5.00     12/02/21    CNY    75.04
DUNAN HOLDING GROUP CO LT    7.30     12/21/18    CNY    75.19
ELION CLEAN ENERGY CO LTD    6.42     07/19/20    CNY    74.00
ENSHI URBAN CONSTRUCTION     7.55     10/22/19    CNY    40.47
ENSHI URBAN CONSTRUCTION     7.50     06/03/21    CNY    60.21
ENSHI URBAN CONSTRUCTION     7.50     06/03/21    CNY    61.31
EZHOU CITY CONSTRUCTION I    7.08     06/19/19    CNY    20.01
EZHOU CITY CONSTRUCTION I    7.76     05/15/21    CNY    60.86
EZHOU CITY CONSTRUCTION I    7.76     05/15/21    CNY    61.61
FANGCHENGGANG CITY GANGGO    8.09     04/16/21    CNY    60.95
FANGCHENGGANG CITY GANGGO    8.09     04/16/21    CNY    61.10
FENGCHENG CITY CONSTRUCTI    7.50     02/28/21    CNY    62.51
FENGCHENG CITY CONSTRUCTI    7.50     02/28/21    CNY    62.51
FENGCHENG CITY CONSTRUCTI    8.65     01/14/21    CNY    62.88
FENGCHENG CITY CONSTRUCTI    8.65     01/14/21    CNY    62.88
FUGU COUNTY STATE-OWNED A    8.69     12/16/20    CNY    61.31
FUGU COUNTY STATE-OWNED A    8.69     12/16/20    CNY    68.00
FUJIAN JINJIANG INDUSTRIA    7.08     06/27/21    CNY    59.85
FUJIAN JINJIANG INDUSTRIA    7.08     06/27/21    CNY    60.26
FUJIAN JINJIANG URBAN CON    6.35     04/26/20    CNY    40.82
FUJIAN LONGYAN CITY CONST    7.45     08/14/19    CNY    20.31
FUJIAN NANPING HIGHWAY CO    6.69     01/28/20    CNY    39.90
FUJIAN NANPING HIGHWAY CO    7.90     10/26/18    CNY    40.23
FUJIAN NANPING HIGHWAY CO    6.69     01/28/20    CNY    40.47
FUNING URBAN INVESTMENT D    7.19     08/15/21    CNY    60.14
FUQING CITY STATE-OWNED A    6.66     03/01/21    CNY    55.10
FUZHOU INVESTMENT DEVELOP    6.78     01/16/20    CNY    40.20
FUZHOU INVESTMENT DEVELOP    6.78     01/16/20    CNY    40.45
FUZHOU JIANGONG GROUP CO     6.80     12/10/19    CNY    70.50
FUZHOU JIANGONG GROUP CO     6.80     12/10/19    CNY    71.17
FUZHOU URBAN AND RURAL CO    6.35     09/25/18    CNY    25.03
GANSU PROVINCIAL HIGHWAY     6.75     11/16/18    CNY    20.15
GANSU PROVINCIAL HIGHWAY     7.20     09/19/18    CNY    40.13
GANSU PROVINCIAL STATE-OW    5.40     03/06/20    CNY    70.20
GANSU PROVINCIAL STATE-OW    5.40     03/06/20    CNY    70.73
GANZHOU DEVELOPMENT ZONE     6.70     12/26/18    CNY    25.04
GANZHOU DEVELOPMENT ZONE     6.70     12/26/18    CNY    25.17
GANZHOU DEVELOPMENT ZONE     7.40     02/19/20    CNY    50.91
GANZHOU DEVELOPMENT ZONE     7.40     02/19/20    CNY    50.92
GANZHOU DEVELOPMENT ZONE     8.15     12/31/19    CNY    51.17
GANZHOU DEVELOPMENT ZONE     8.15     12/31/19    CNY    52.01
GANZHOU DEVELOPMENT ZONE     7.43     02/19/21    CNY    61.20
GANZHOU DEVELOPMENT ZONE     7.43     02/19/21    CNY    61.39
GAOMI STATE-OWNED ASSETS     6.75     11/15/18    CNY    24.98
GAOMI STATE-OWNED ASSETS     6.75     11/15/18    CNY    25.06
GAOMI STATE-OWNED ASSETS     6.70     11/15/19    CNY    40.29
GAOMI STATE-OWNED ASSETS     6.70     11/15/19    CNY    40.42
GOLMUD INVESTMENT HOLDING    8.70     12/30/20    CNY    59.90
GOLMUD INVESTMENT HOLDING    8.70     12/30/20    CNY    60.04
GREENLAND HOLDING GROUP C    6.24     05/23/20    CNY    49.90
GUANG ZHOU PANYU COMMUNIC    6.30     04/12/19    CNY    25.10
GUANG ZHOU PANYU COMMUNIC    6.30     04/12/19    CNY    25.18
GUANGAN DEVELOPMENT AND C    8.18     04/25/19    CNY    20.23
GUANGAN DEVELOPMENT AND C    8.18     04/25/19    CNY    20.36
GUANGXI BAISE DEVELOPMENT    6.50     07/04/19    CNY    20.09
GUANGXI BAISE DEVELOPMENT    6.50     07/04/19    CNY    20.12
GUANGXI BAISE DEVELOPMENT    7.27     06/20/21    CNY    60.88
GUANGXI LAIBIN URBAN CONS    8.36     03/14/19    CNY    40.61
GUANGXI QINZHOU LINHAI IN    7.68     02/20/21    CNY    61.69
GUANGXI QINZHOU LINHAI IN    7.68     02/20/21    CNY    61.70
GUANGXI URBAN CONSTRUCTIO    7.59     04/14/21    CNY    62.17
GUANGXI URBAN CONSTRUCTIO    7.59     04/14/21    CNY    62.50
GUANGYUAN INVESTMENT HOLD    7.25     11/26/19    CNY    40.54
GUANGYUAN INVESTMENT HOLD    7.30     04/22/21    CNY    60.63
GUANGYUAN INVESTMENT HOLD    7.30     04/22/21    CNY    61.01
GUILIN CITY INVESTMENT AN    6.90     06/13/21    CNY    59.76
GUILIN CITY INVESTMENT AN    6.90     06/13/21    CNY    60.30
GUIYANG HI-TECH HOLDING C    6.01     12/01/19    CNY    49.66
GUIYANG URBAN DEVELOPMENT    6.20     02/28/20    CNY    38.99
GUIZHOU KAILI CITY CONSTR    8.30     12/12/20    CNY    62.20
GUIZHOU KAILI CITY CONSTR    7.80     02/21/21    CNY    62.50
GUIZHOU KAILI CITY CONSTR    8.30     12/12/20    CNY    62.97
GUOAO INVESTMENT & DEVELO    6.89     10/29/18    CNY    25.09
GUOAO INVESTMENT & DEVELO    6.89     10/29/18    CNY    25.09
HAICHENG URBAN INVESTMENT    8.39     11/07/18    CNY    40.26
HAICHENG URBAN JINCAI LAN    8.56     12/19/20    CNY    60.59
HAICHENG URBAN JINCAI LAN    8.17     04/16/21    CNY    61.34
HAINAN HARBOR & SHIPPING     6.80     10/18/19    CNY    70.64
HAINAN HARBOR & SHIPPING     6.80     10/18/19    CNY    70.86
HAINAN JINHAI PULP & PAPE    6.10     04/15/20    CNY    70.26
HAINAN JINHAI PULP & PAPE    6.10     04/15/20    CNY    70.29
HAINING CITY JIANSHAN DIS    6.90     11/04/20    CNY    61.13
HAINING CITY JIANSHAN DIS    6.90     11/04/20    CNY    61.55
HAINING STATE-OWNED ASSET    7.80     09/20/18    CNY    40.11
HAINING STATE-OWNED ASSET    7.80     09/20/18    CNY    40.14
HAINING STATE-OWNED ASSET    6.08     03/06/20    CNY    40.57
HAIXI STATE DEVELOPMENT I    8.60     01/02/21    CNY    61.05
HAIXI STATE DEVELOPMENT I    8.60     01/02/21    CNY    61.61
HAIYAN COUNTY STATE-OWNED    7.00     09/04/20    CNY    61.23
HANDAN CITY DEVELOPMENT &    7.05     12/24/19    CNY    40.28
HANDAN CITY DEVELOPMENT &    7.05     12/24/19    CNY    40.89
HANDAN CITY DEVELOPMENT &    7.60     11/25/20    CNY    62.12
HANGZHOU CANAL COMPREHENS    6.00     04/02/20    CNY    40.05
HANGZHOU CANAL COMPREHENS    6.00     04/02/20    CNY    40.50
HANGZHOU FUYANG CITY CONS    7.20     03/19/21    CNY    62.03
HANGZHOU FUYANG CITY CONS    7.20     03/19/21    CNY    62.08
HANGZHOU GONGSHU DISTRICT    6.90     07/21/21    CNY    62.14
HANGZHOU GONGSHU DISTRICT    6.90     07/21/21    CNY    80.40
HANGZHOU HIGH-TECH INDUST    6.45     01/28/20    CNY    40.55
HANGZHOU HIGH-TECH INDUST    6.45     01/28/20    CNY    40.67
HANGZHOU XIAOSHAN ECO&TEC    6.70     12/26/18    CNY    25.03
HANGZHOU XIAOSHAN ECO&TEC    6.70     12/26/18    CNY    25.10
HANGZHOU XIAOSHAN ECO&TEC    6.90     05/13/21    CNY    61.00
HANGZHOU XIAOSHAN ECO&TEC    6.90     05/13/21    CNY    61.95
HANGZHOU YUHANG CITY CONS    7.55     03/29/19    CNY    20.45
HANGZHOU YUHANG CITY CONS    7.00     03/03/21    CNY    61.85
HANGZHOU YUHANG CITY CONS    7.00     03/03/21    CNY    62.20
HANGZHOU YUHANG ECONOMIC     7.45     03/03/21    CNY    62.05
HANGZHOU YUHANG INNOVATIO    6.50     03/18/20    CNY    40.25
HANGZHOU YUHANG INNOVATIO    6.50     03/18/20    CNY    40.26
HANGZHOU YUHANG TRANSPORT    7.19     04/18/21    CNY    61.81
HANGZHOU YUHANG TRANSPORT    7.19     04/18/21    CNY    61.98
HANJIANG STATE-OWNED-ASSE    8.12     01/12/19    CNY    18.93
HANJIANG STATE-OWNED-ASSE    8.12     01/12/19    CNY    20.27
HANJIANG STATE-OWNED-ASSE    7.30     11/11/20    CNY    61.70
HANJIANG STATE-OWNED-ASSE    7.30     11/11/20    CNY    62.08
HARBIN HELI INVESTMENT HO    7.48     09/26/18    CNY    40.05
HARBIN HELI INVESTMENT HO    7.48     09/26/18    CNY    40.07
HARBIN HELI INVESTMENT HO    6.87     05/27/21    CNY    62.92
HARBIN HELI INVESTMENT HO    6.87     05/27/21    CNY    62.92
HARBIN HELI INVESTMENT HO    7.10     05/27/21    CNY    63.12
HARBIN HELI INVESTMENT HO    7.10     05/27/21    CNY    63.12
HARBIN HIGH-TECH INDUSTRY    7.00     09/16/20    CNY    61.73
HARBIN HIGH-TECH INDUSTRY    7.00     09/16/20    CNY    61.74
HEBEI BOHAI INVESTMENT GR    6.90     06/30/20    CNY    49.86
HEBEI BOHAI INVESTMENT GR    6.90     06/30/20    CNY    74.00
HEBI ECONOMIC CONSTRUCTIO    7.88     08/01/21    CNY    60.74
HEBI ECONOMIC CONSTRUCTIO    7.88     08/01/21    CNY    61.20
HEFEI BINHU NEW ZONE CONS    6.35     06/13/19    CNY    40.30
HEFEI BINHU NEW ZONE CONS    6.35     06/13/19    CNY    40.61
HEFEI GAOXIN DEVELOPMENT     7.98     03/22/19    CNY    40.65
HEFEI GAOXIN DEVELOPMENT     7.98     03/22/19    CNY    40.67
HEFEI GAOXIN DEVELOPMENT     6.90     03/12/20    CNY    71.96
HEFEI HAIHENG INVESTMENT     7.30     06/12/19    CNY    20.36
HEFEI INDUSTRIAL INVESTME    6.30     03/20/20    CNY    40.29
HEFEI INDUSTRIAL INVESTME    6.30     03/20/20    CNY    40.61
HEFEI TAOHUA INDUSTRIAL P    8.79     03/27/19    CNY    20.30
HEFEI TAOHUA INDUSTRIAL P    8.79     03/27/19    CNY    20.50
HEFEI TAOHUA INDUSTRIAL P    7.80     04/09/21    CNY    61.16
HEFEI TAOHUA INDUSTRIAL P    7.80     04/09/21    CNY    61.17
HEFEI XINCHENG STATE-OWNE    7.88     04/23/19    CNY    20.11
HEFEI XINCHENG STATE-OWNE    7.88     04/23/19    CNY    20.37
HEGANG KAIYUAN CITY INVES    6.50     07/19/19    CNY    20.30
HEIHE CITY CONSTRUCTION I    8.48     03/23/19    CNY    40.61
HEILONGJIANG HECHENG CONS    7.05     06/21/22    CNY    59.79
HEILONGJIANG HECHENG CONS    7.05     06/21/22    CNY    59.83
HEILONGJIANG POST-DISASTE    7.06     11/20/20    CNY    74.11
HENAN JIYUAN CITY CONSTRU    7.50     09/25/19    CNY    40.46
HENGYANG CITY CONSTRUCTIO    7.06     08/13/19    CNY    20.40
HENGYANG CITY CONSTRUCTIO    7.06     08/13/19    CNY    20.40
HENGYANG HONGXIANG STATE-    6.20     06/19/20    CNY    40.47
HENGYANG HONGXIANG STATE-    6.20     06/19/20    CNY    40.50
HENGYANG XIANGJIANG WATER    7.40     04/23/21    CNY    61.10
HENGYANG XIANGJIANG WATER    7.40     04/23/21    CNY    61.10
HEYUAN CITY URBAN DEVELOP    6.55     03/19/20    CNY    40.47
HEYUAN CITY URBAN DEVELOP    6.55     03/19/20    CNY    40.66
HEZE INVESTMENT DEVELOPME    7.14     03/24/21    CNY    62.04
HEZE INVESTMENT DEVELOPME    7.14     03/24/21    CNY    62.12
HEZHOU URBAN CONSTRUCTION    8.16     05/16/21    CNY    61.42
HONGHEZHOU ROAD DEVELOPME    6.27     05/06/20    CNY    40.48
HUACHEN ENERGY CO LTD        6.63     05/18/20    USD    54.96
HUAIAN CITY URBAN ASSET O    6.87     12/26/19    CNY    41.32
HUAIAN CITY WATER HOLDING    8.25     03/08/19    CNY    20.31
HUAIAN CITY WATER HOLDING    8.25     03/08/19    CNY    20.40
HUAI'AN DEVELOPMENT HOLDI    7.20     09/06/19    CNY    40.25
HUAI'AN DEVELOPMENT HOLDI    7.20     09/06/19    CNY    40.52
HUAI'AN DEVELOPMENT HOLDI    7.30     03/10/21    CNY    61.83
HUAI'AN DEVELOPMENT HOLDI    7.30     03/10/21    CNY    61.84
HUAIAN NEW CITY INVESTMEN    6.95     07/28/21    CNY    61.23
HUAIAN NEW CITY INVESTMEN    7.45     03/04/21    CNY    61.31
HUAIAN NEW CITY INVESTMEN    7.45     03/04/21    CNY    61.42
HUAIAN NEW CITY INVESTMEN    6.95     07/28/21    CNY    61.46
HUAIAN QINGHE NEW AREA IN    6.68     01/24/20    CNY    40.20
HUAIBEI CITY CONSTRUCTION    6.68     12/17/18    CNY    25.13
HUAIHUA CITY INDUSTRIAL P    7.70     10/29/20    CNY    60.37
HUAINAN URBAN CONSTRUCTIO    6.79     07/09/21    CNY    59.74
HUAINAN URBAN CONSTRUCTIO    6.79     07/09/21    CNY    59.98
HUANGGANG CITY CONSTRUCTI    7.10     10/19/19    CNY    40.50
HUANGGANG CITY CONSTRUCTI    7.10     10/19/19    CNY    40.73
HUANGGANG CITY CONSTRUCTI    7.45     03/04/21    CNY    61.37
HUANGGANG CITY CONSTRUCTI    8.60     12/25/20    CNY    62.35
HUANGGANG CITY CONSTRUCTI    7.45     03/04/21    CNY    62.39
HUANGSHI CIHU HIGH-TECH D    8.70     12/05/20    CNY    61.61
HUANGSHI CIHU HIGH-TECH D    9.30     01/21/21    CNY    62.06
HUANGSHI URBAN CONSTRUCTI    6.96     10/25/19    CNY    40.46
HUAXIA LIFE INSURANCE CO     6.00     09/22/25    CNY    96.09
HUBEI QUANZHOU YANGTZE CO    6.50     04/02/20    CNY    70.17
HUBEI QUANZHOU YANGTZE CO    6.50     04/02/20    CNY    70.56
HUIAN STATE ASSETS INVEST    7.50     10/15/19    CNY    40.18
HUIAN STATE ASSETS INVEST    7.50     10/15/19    CNY    40.31
HULUDAO INVESTMENT GROUP     7.05     10/18/20    CNY    60.67
HULUDAO INVESTMENT GROUP     7.05     10/18/20    CNY    60.71
HUNAN CHANGDE DEYUAN INVE    7.18     10/18/18    CNY    24.30
HUNAN CHANGDE DEYUAN INVE    7.18     10/18/18    CNY    25.01
HUNAN CHANGDE DEYUAN INVE    6.50     06/16/21    CNY    60.49
HUNAN CHANGDE DEYUAN INVE    6.50     06/16/21    CNY    61.30
HUNAN CHENGLINGJI HARBOR     7.70     10/15/18    CNY    25.03
HUNAN CHENGLINGJI HARBOR     7.70     10/15/18    CNY    25.03
HUNAN TIER GROUP CO LTD      7.10     03/03/21    CNY    61.65
HUNAN TIER GROUP CO LTD      8.00     12/23/20    CNY    62.15
HUNAN TIER GROUP CO LTD      8.00     12/23/20    CNY    65.00
HUNAN XIANGJIANG NEW AREA    7.36     03/17/21    CNY    62.10
HUNAN XIANGJIANG NEW AREA    7.36     03/17/21    CNY    62.12
HUNAN ZHAOSHAN ECONOMIC C    7.00     12/12/18    CNY    25.05
HUZHOU CITY INVESTMENT DE    6.70     12/14/19    CNY    40.48
HUZHOU NANXUN STATE-OWNED    8.15     03/31/19    CNY    20.24
HUZHOU WUXING NANTAIHU CO    8.79     01/16/21    CNY    60.10
HUZHOU WUXING NANTAIHU CO    8.79     01/16/21    CNY    61.48
HUZHOU XISAISHAN DEVELOPM    7.80     04/29/21    CNY    61.18
HUZHOU XISAISHAN DEVELOPM    7.80     04/29/21    CNY    61.39
INNER MONGLIA SHENGMU HIG    4.75     06/01/21    CNY    73.00
INNER MONGOLIA KE'ERQIN U    7.75     09/24/19    CNY    40.20
JIAMUSI NEW ERA INFRASTRU    8.25     03/22/19    CNY    20.17
JIAMUSI NEW ERA INFRASTRU    7.90     02/26/21    CNY    61.01
JIAMUSI NEW ERA INFRASTRU    7.90     02/26/21    CNY    61.02
JIAN CITY CONSTRUCTION IN    7.80     04/20/19    CNY    20.15
JIAN CITY CONSTRUCTION IN    7.80     04/20/19    CNY    20.34
JIAN CITY JINGANGSHAN DEV    7.99     06/03/21    CNY    61.85
JIAN CITY JINGANGSHAN DEV    7.99     06/03/21    CNY    62.85
JIANAN INVESTMENT HOLDING    7.68     09/04/19    CNY    40.44
JIANAN INVESTMENT HOLDING    6.85     05/23/21    CNY    62.02
JIANAN INVESTMENT HOLDING    6.85     05/23/21    CNY    62.08
JIANGDONG HOLDING GROUP C    6.90     03/27/19    CNY    20.26
JIANGDONG HOLDING GROUP C    7.14     04/24/21    CNY    61.04
JIANGDONG HOLDING GROUP C    7.14     04/24/21    CNY    61.59
JIANGMEN BINJIANG CONSTRU    6.60     02/28/20    CNY    37.99
JIANGMEN BINJIANG CONSTRU    6.60     02/28/20    CNY    40.21
JIANGMEN NEW HI-TECH INDU    7.39     11/04/20    CNY    60.90
JIANGSU FURUDONGHAI DEVEL    7.09     09/13/20    CNY    60.91
JIANGSU HANRUI INVESTMENT    8.16     03/01/19    CNY    19.93
JIANGSU HUAJING ASSETS MA    6.00     05/16/20    CNY    39.70
JIANGSU HUAJING ASSETS MA    6.00     05/16/20    CNY    39.99
JIANGSU HUIFENG BIO AGRIC    1.00     04/21/22    CNY    73.00
JIANGSU JINGUAN INVESTMEN    6.40     01/28/19    CNY    25.12
JIANGSU JINGUAN INVESTMEN    7.90     04/08/21    CNY    60.63
JIANGSU JINTAN GUOFA INTE    6.85     05/30/21    CNY    60.80
JIANGSU JINTAN GUOFA INTE    6.85     05/30/21    CNY    61.87
JIANGSU JURONG FUDI BIO-T    8.70     04/26/19    CNY    40.68
JIANGSU LIANYUN DEVELOPME    6.10     06/19/19    CNY    20.13
JIANGSU NANTONG NO2 CONST    8.10     07/10/21    CNY    59.50
JIANGSU NEWHEADLINE DEVEL    7.00     08/27/20    CNY    55.50
JIANGSU NEWHEADLINE DEVEL    7.00     08/27/20    CNY    55.50
JIANGSU SUHAI INVESTMENT     7.20     11/07/19    CNY    40.41
JIANGSU SUHAI INVESTMENT     7.28     05/29/21    CNY    60.70
JIANGSU SUHAI INVESTMENT     7.28     05/29/21    CNY    61.13
JIANGSU TAICANG PORT DEVE    7.66     05/16/19    CNY    20.28
JIANGSU TAICANG PORT DEVE    7.40     04/28/21    CNY    60.75
JIANGSU TAICANG PORT DEVE    7.40     04/28/21    CNY    61.30
JIANGSU WUZHONG ECONOMIC     8.05     12/16/18    CNY    40.34
JIANGSU WUZHONG ECONOMIC     8.05     12/16/18    CNY    40.41
JIANGSU XISHAN ECONOMIC D    6.99     11/01/19    CNY    40.25
JIANGSU XISHAN ECONOMIC D    6.99     11/01/19    CNY    40.40
JIANGSU YIXING ECONOMIC D    7.69     04/18/21    CNY    60.13
JIANGSU YIXING ECONOMIC D    7.69     04/18/21    CNY    60.54
JIANGSU ZHANGJIAGANG ECON    6.98     11/16/19    CNY    40.30
JIANGSU ZHANGJIAGANG ECON    6.98     11/16/19    CNY    40.58
JIANGXI HEJI INVESTMENT C    8.00     09/04/19    CNY    40.31
JIANGXI HEJI INVESTMENT C    8.00     09/04/19    CNY    40.34
JIANGXI PINGXIANG CHANGSH    8.18     05/22/21    CNY    60.44
JIANGXI PINGXIANG CHANGSH    8.18     05/22/21    CNY    61.64
JIANGXI PROVINCE SITONG R    8.20     04/18/21    CNY    58.20
JIANGXI PROVINCE SITONG R    8.20     04/18/21    CNY    62.51
JIANGYIN CITY CONSTRUCTIO    7.20     06/11/19    CNY    20.35
JIANGYIN CITY CONSTRUCTIO    7.20     06/11/19    CNY    20.44
JIANGYIN GAOXIN DISTRICT     6.60     02/27/20    CNY    40.28
JIANGYIN LINGANG NEW CITY    7.10     11/07/20    CNY    60.48
JIANGYIN LINGANG NEW CITY    7.10     11/07/20    CNY    61.42
JIANHU URBAN CONSTRUCTION    6.50     02/22/20    CNY    40.28
JIASHAN ECONOMIC DEVELOPM    7.05     12/03/19    CNY    40.22
JIASHAN ECONOMIC DEVELOPM    7.05     12/03/19    CNY    40.66
JIASHAN STATE-OWNED ASSET    6.80     06/06/19    CNY    20.10
JIAXING CITY CULTURE MING    8.16     03/08/19    CNY    20.36
JIAXING ECONOMIC&TECHNOLO    6.78     06/14/19    CNY    20.17
JIAXING ECONOMIC&TECHNOLO    6.78     06/14/19    CNY    20.29
JIAXING ECONOMIC&TECHNOLO    7.89     03/05/21    CNY    61.19
JIAXING ECONOMIC&TECHNOLO    7.89     03/05/21    CNY    61.94
JIAXING NANHU INVESTMENT     7.45     02/26/21    CNY    60.01
JIAXING NANHU INVESTMENT     7.45     02/26/21    CNY    62.03
JILIN CITY CONSTRUCTION H    6.34     02/26/20    CNY    39.95
JILIN CITY CONSTRUCTION H    6.34     02/26/20    CNY    40.08
JILIN RAILWAY INVESTMENT     6.63     06/26/19    CNY    39.95
JILIN RAILWAY INVESTMENT     7.18     03/04/21    CNY    60.79
JINAN CITY CONSTRUCTION I    6.80     03/20/21    CNY    62.05
JINAN CITY CONSTRUCTION I    6.80     03/20/21    CNY    62.39
JINAN HI-TECH HOLDING GRO    6.38     06/19/21    CNY    61.26
JINAN HI-TECH HOLDING GRO    6.38     06/19/21    CNY    62.21
JINAN XIAOQINGHE DEVELOPM    7.15     09/05/19    CNY    40.01
JINAN XIAOQINGHE DEVELOPM    7.15     09/05/19    CNY    40.46
JINGDEZHEN STATE-OWNED AS    6.59     06/25/20    CNY    40.01
JINGDEZHEN STATE-OWNED AS    6.59     06/25/20    CNY    40.25
JINGHONG STATE-OWNED ASSE    8.08     05/23/21    CNY    59.65
JINGJIANG BINJIANG XINCHE    6.80     10/23/18    CNY    25.08
JINGJIANG HARBOUR GROUP C    7.30     08/05/21    CNY    60.68
JINGJIANG HARBOUR GROUP C    7.30     08/05/21    CNY    61.41
JINGMEN CITY CONSTRUCTION    7.00     10/17/20    CNY    60.95
JINGMEN CITY CONSTRUCTION    7.00     10/17/20    CNY    61.11
JINGMEN CITY CONSTRUCTION    6.85     07/09/22    CNY    61.45
JINGZHOU ECONOMIC TECHNOL    8.20     12/09/20    CNY    61.25
JINGZHOU ECONOMIC TECHNOL    8.20     12/09/20    CNY    61.26
JINGZHOU URBAN CONSTRUCTI    7.98     04/24/19    CNY    20.31
JINHONG HOLDING GROUP CO     5.00     01/15/19    CNY    70.00
JINING CITY CONSTRUCTION     8.30     12/31/18    CNY    20.20
JINSHAN STATE-OWNED ASSET    6.65     11/27/19    CNY    40.64
JINZHONG CITY PUBLIC INFR    6.50     03/18/20    CNY    40.27
JINZHOU CITY INVESTMENT C    7.08     06/13/19    CNY    20.12
JINZHOU CITY INVESTMENT C    7.08     06/13/19    CNY    20.27
JINZHOU CITY INVESTMENT C    6.44     08/18/21    CNY    59.87
JINZHOU CITY INVESTMENT C    8.50     12/27/20    CNY    61.42
JINZHOU CITY INVESTMENT C    8.50     12/27/20    CNY    62.18
JINZHOU HUAXING INVESTMEN    9.10     01/21/21    CNY    61.02
JINZHOU HUAXING INVESTMEN    8.38     02/25/21    CNY    61.40
JINZHOU HUAXING INVESTMEN    9.10     01/21/21    CNY    61.88
JINZHOU HUAXING INVESTMEN    8.38     02/25/21    CNY    61.89
JIUJIANG CITY CONSTRUCTIO    8.49     02/23/19    CNY    20.36
JIUJIANG STATE-OWNED ASSE    6.68     03/07/20    CNY    40.87
JIUQUAN ECONOMIC DEVELOPM    7.40     02/26/21    CNY    61.36
JIXI STATE OWN ASSET MANA    7.18     11/08/19    CNY    40.43
JIXI STATE OWN ASSET MANA    7.18     11/08/19    CNY    40.45
KAIFENG DEVELOPMENT INVES    6.47     07/11/19    CNY    20.09
KASHGAR SHENKA INVESTMENT    7.08     07/07/20    CNY    50.43
KASHGAR SHENKA INVESTMENT    7.08     07/07/20    CNY    75.18
KASHI URBAN CONSTRUCTION     7.18     11/27/19    CNY    40.15
KASHI URBAN CONSTRUCTION     7.18     11/27/19    CNY    40.40
KUERLE CITY CONSTRUCTION     7.48     09/10/18    CNY    25.05
KUERLE CITY CONSTRUCTION     6.99     05/20/20    CNY    50.41
KUERLE CITY CONSTRUCTION     6.99     05/20/20    CNY    50.42
KUNMING DIANCHI INVESTMEN    6.50     02/01/20    CNY    39.88
KUNMING DIANCHI INVESTMEN    6.50     02/01/20    CNY    40.09
KUNMING INDUSTRIAL DEVELO    6.46     10/23/19    CNY    40.25
KUNMING INDUSTRIAL DEVELO    6.46     10/23/19    CNY    40.26
KUNSHAN COMMUNICATION DEV    6.95     05/22/21    CNY    62.11
KUNSHAN COMMUNICATION DEV    6.95     05/22/21    CNY    62.13
KUNSHAN ENTREPRENEUR HOLD    6.28     11/07/19    CNY    40.43
KUNSHAN HITECH INDUSTRIAL    7.10     03/26/21    CNY    61.80
KUNSHAN HITECH INDUSTRIAL    7.10     03/26/21    CNY    62.13
KUNSHAN HUAQIAO INTERNATI    7.98     12/30/18    CNY    20.20
LAIWU CITY ECONOMIC DEVEL    7.08     02/28/21    CNY    61.41
LAIWU CITY ECONOMIC DEVEL    7.08     02/28/21    CNY    61.49
LANZHOU CITY DEVELOPMENT     8.20     12/15/18    CNY    40.40
LANZHOU CITY DEVELOPMENT     8.20     12/15/18    CNY    40.47
LANZHOU NEW AREA INVESTME    8.30     04/29/21    CNY    60.77
LEQING CITY STATE OWNED I    6.50     06/29/19    CNY    20.24
LIAONING COASTAL ECONOMIC    8.90     04/01/21    CNY    11.42
LIAONING COASTAL ECONOMIC    8.90     04/01/21    CNY    11.66
LIAOYUAN STATE-OWNED ASSE    8.17     03/13/19    CNY    19.99
LILING LUJIANG INVESTMENT    8.10     05/22/21    CNY    61.15
LINCANG STATE-OWNED ASSET    6.58     04/11/20    CNY    40.44
LINFEN CITY INVESTMENT GR    6.20     05/23/20    CNY    40.34
LINFEN CITY INVESTMENT GR    6.20     05/23/20    CNY    40.46
LINFEN CITY INVESTMENT GR    7.23     02/22/19    CNY    50.30
LINFEN CITY INVESTMENT GR    7.23     02/22/19    CNY    50.56
LINFEN YAODU DISTRICT INV    6.99     09/27/20    CNY    59.12
LINHAI CITY INFRASTRUCTUR    6.30     03/21/20    CNY    40.17
LINHAI CITY INFRASTRUCTUR    6.30     03/21/20    CNY    40.33
LINYI ECONOMIC DEVELOPMEN    8.26     09/24/19    CNY    41.41
LINYI ECONOMIC DEVELOPMEN    7.70     04/16/21    CNY    61.06
LINYI ECONOMIC DEVELOPMEN    7.70     04/16/21    CNY    61.90
LINYI FUTURE TECHNOLOGY C    7.49     07/14/21    CNY    62.99
LINYI FUTURE TECHNOLOGY C    7.49     07/14/21    CNY    82.60
LINZHOU ECONOMIC & TECHNO    8.30     04/25/20    CNY    50.72
LINZHOU ECONOMIC & TECHNO    8.30     04/25/20    CNY    51.11
LISHUI CITY CONSTRUCTION     6.00     05/23/20    CNY    39.01
LISHUI CITY CONSTRUCTION     6.00     05/23/20    CNY    40.49
LIUZHOU CITY INVESTMENT C    7.18     12/31/22    CNY    66.00
LIUZHOU CITY INVESTMENT C    7.18     12/31/22    CNY    71.54
LIUZHOU DONGCHENG INVESTM    8.30     02/15/19    CNY    20.15
LIUZHOU DONGCHENG INVESTM    7.40     10/29/20    CNY    60.84
LIUZHOU DONGCHENG INVESTM    7.40     10/29/20    CNY    61.08
LIUZHOU INVESTMENT HOLDIN    6.98     08/15/19    CNY    20.28
LIYANG CITY CONSTRUCTION     8.20     11/08/18    CNY    33.56
LIYANG CITY CONSTRUCTION     6.20     03/08/20    CNY    40.05
LIYANG CITY CONSTRUCTION     6.20     03/08/20    CNY    40.09
LONGHAI STATE-OWNED ASSET    6.58     08/15/21    CNY    61.00
LONGYAN ECONOMIC&TECHNOLO    8.35     07/30/21    CNY    61.84
LONGYAN ECONOMIC&TECHNOLO    8.35     07/30/21    CNY    63.24
LOUDI CITY CONSTRUCTION I    7.28     10/19/18    CNY    25.05
LOUDI CITY CONSTRUCTION I    7.28     10/19/18    CNY    25.14
LOUDI CITY CONSTRUCTION I    7.95     04/15/21    CNY    61.30
LOUDI CITY CONSTRUCTION I    7.95     04/15/21    CNY    62.12
LU'AN CITY CONSTRUCTION I    7.50     04/17/21    CNY    60.86
LU'AN CITY CONSTRUCTION I    8.00     12/02/20    CNY    61.43
LU'AN CITY CONSTRUCTION I    8.00     12/02/20    CNY    61.92
LU'AN CITY CONSTRUCTION I    7.50     04/17/21    CNY    61.98
LUOHE CITY CONSTRUCTION I    6.99     10/30/19    CNY    40.11
LUOHE CITY CONSTRUCTION I    6.99     10/30/19    CNY    40.20
MAANSHAN ECONOMIC TECHNOL    7.10     12/20/19    CNY    40.39
MAOMIN TRANSPORTATION CON    6.90     05/28/21    CNY    61.72
MAOMIN TRANSPORTATION CON    6.90     05/28/21    CNY    61.86
MEISHAN CITY ASSET OPERAT    7.84     02/26/21    CNY    58.00
MEISHAN CITY ASSET OPERAT    7.84     02/26/21    CNY    62.06
MEISHAN HONGDA CONSTRUCTI    6.56     06/19/20    CNY    40.58
MEIZHOU KANGDA HIGHWAY CO    6.95     09/10/20    CNY    60.36
MEIZHOU KANGDA HIGHWAY CO    6.95     09/10/20    CNY    60.37
MIANYANG INVESTMENT HOLDI    7.70     03/26/19    CNY    40.50
MIANYANG INVESTMENT HOLDI    7.70     03/26/19    CNY    40.50
MIANYANG SCIENCE TECHNOLO    7.16     05/15/19    CNY    20.11
MUDANJIANG STATE-OWNED AS    7.08     08/30/19    CNY    40.10
MUDANJIANG STATE-OWNED AS    7.08     08/30/19    CNY    40.10
MUDANJIANG STATE-OWNED AS    7.70     04/14/21    CNY    60.44
MUDANJIANG STATE-OWNED AS    7.70     04/14/21    CNY    60.50
NANCHANG CITY CONSTRUCTIO    6.19     02/20/20    CNY    40.71
NANCHANG COUNTY URBAN CON    6.50     07/17/19    CNY    25.11
NANCHANG COUNTY URBAN CON    6.50     07/17/19    CNY    25.21
NANCHANG ECONOMY TECHNOLO    6.88     01/09/20    CNY    40.41
NANCHANG MUNICIPAL PUBLIC    5.88     02/25/20    CNY    40.39
NANCHANG MUNICIPAL PUBLIC    5.88     02/25/20    CNY    40.60
NANCHANG WATER CONSERVANC    6.28     06/21/20    CNY    40.20
NANCHANG WATER CONSERVANC    6.28     06/21/20    CNY    40.21
NANCHONG ECONOMIC DEVELOP    8.16     04/26/19    CNY    20.25
NANCHONG ECONOMIC DEVELOP    8.28     04/21/21    CNY    60.88
NANCHONG ECONOMIC DEVELOP    8.28     04/21/21    CNY    61.58
NANJING JIANGBEI NEW AREA    6.94     09/07/19    CNY    40.37
NANJING JIANGBEI NEW AREA    6.94     09/07/19    CNY    40.38
NANJING JIANGNING SCIENCE    7.29     04/28/19    CNY    20.28
NANJING LISHUI URBAN CONS    5.80     05/29/20    CNY    40.36
NANJING PUKOU ECONOMIC DE    7.10     10/08/19    CNY    40.00
NANJING PUKOU ECONOMIC DE    7.10     10/08/19    CNY    40.39
NANJING STATE OWNED ASSET    5.40     03/06/20    CNY    40.46
NANJING STATE OWNED ASSET    5.60     03/06/23    CNY    71.81
NANJING STATE OWNED ASSET    5.60     03/06/23    CNY    71.82
NANJING TANGSHAN CONSTRUC    6.80     06/30/21    CNY    61.04
NANJING TANGSHAN CONSTRUC    6.80     06/30/21    CNY    61.29
NANJING URBAN CONSTRUCTIO    5.68     11/26/18    CNY    25.08
NANJING URBAN CONSTRUCTIO    5.68     11/26/18    CNY    25.11
NANJING XINGANG DEVELOPME    6.80     01/08/20    CNY    40.30
NANJING XINGANG DEVELOPME    6.80     01/08/20    CNY    40.82
NANNING LVGANG CONSTRUCTI    7.30     06/27/21    CNY    60.49
NANNING LVGANG CONSTRUCTI    7.30     06/27/21    CNY    61.03
NANPING CITY WUYI NEW DIS    6.70     08/06/20    CNY    40.67
NANTONG CHONGCHUAN URBAN     7.15     04/18/21    CNY    60.77
NANTONG CHONGCHUAN URBAN     7.15     04/18/21    CNY    61.36
NANTONG CITY GANGZHA DIST    7.15     01/09/20    CNY    40.56
NANTONG CITY GANGZHA DIST    7.15     01/09/20    CNY    40.57
NANTONG CITY TONGZHOU DIS    6.80     05/28/19    CNY    20.14
NANTONG ECONOMIC & TECHNO    5.80     05/17/20    CNY    39.10
NANTONG ECONOMIC & TECHNO    5.80     05/17/20    CNY    40.39
NANYANG INVESTMENT GROUP     7.05     10/24/20    CNY    60.58
NANYANG INVESTMENT GROUP     7.05     10/24/20    CNY    61.76
NEIJIANG INVESTMENT HOLDI    7.99     04/24/21    CNY    61.64
NEIJIANG INVESTMENT HOLDI    7.99     04/24/21    CNY    61.75
NINGBO CITY HAISHU GUANGJ    7.75     03/06/21    CNY    61.04
NINGBO CITY HAISHU GUANGJ    7.75     03/06/21    CNY    62.35
NINGBO CITY YINZHOU CITY     6.50     03/18/20    CNY    40.12
NINGBO EASTERN NEW TOWN D    6.45     01/21/20    CNY    40.23
NINGBO ECONOMIC & TECHNIC    7.09     04/21/21    CNY    61.07
NINGBO ECONOMIC & TECHNIC    7.09     04/21/21    CNY    61.08
NINGBO ZHENHAI HAIJIANG I    6.65     11/28/18    CNY    25.11
NINGGUO CITY STATE OWNED     8.70     04/28/21    CNY    59.87
NINGHAI COUNTY URBAN INVE    8.00     01/02/21    CNY    61.22
NINGHAI COUNTY URBAN INVE    7.99     04/16/21    CNY    61.86
NINGHAI COUNTY URBAN INVE    8.00     01/02/21    CNY    61.96
NINGXIANG ECONOMIC TECHNO    8.20     04/16/21    CNY    62.35
NINGXIANG ECONOMIC TECHNO    8.20     04/16/21    CNY    62.70
PANZHIHUA STATE OWNED ASS    7.60     03/05/21    CNY    61.10
PANZHIHUA STATE OWNED ASS    7.60     03/05/21    CNY    61.75
PEIXIAN STATE-OWNED ASSET    7.20     12/06/19    CNY    40.15
PEIXIAN STATE-OWNED ASSET    7.20     12/06/19    CNY    40.15
PINGDINGSHAN CITY DEVELOP    7.86     05/08/19    CNY    20.20
PINGDINGSHAN CITY DEVELOP    7.86     05/08/19    CNY    20.30
PINGDU CITY STATE OWNED A    7.25     11/05/20    CNY    61.54
PINGDU CITY STATE OWNED A    7.25     11/05/20    CNY    61.55
PINGHU CITY INVESTMENT DE    7.20     09/18/19    CNY    40.00
PINGHU CITY INVESTMENT DE    7.20     09/18/19    CNY    40.36
PINGHU ECONOMIC DEVELOPME    7.99     04/17/21    CNY    61.06
PINGHU ECONOMIC DEVELOPME    7.99     04/17/21    CNY    63.00
PINGLIANG CHENGXIANG CONS    7.10     09/17/20    CNY    60.95
PINGTAN COMPOSITE EXPERIM    6.58     03/15/20    CNY    40.12
PINGTAN COMPOSITE EXPERIM    6.58     03/15/20    CNY    40.66
PINGXIANG URBAN CONSTRUCT    6.89     12/10/19    CNY    39.93
PINGXIANG URBAN CONSTRUCT    6.89     12/10/19    CNY    40.19
PIZHOU RUNCHENG ASSET OPE    7.55     09/25/19    CNY    40.41
PIZHOU RUNCHENG ASSET OPE    7.88     04/16/21    CNY    61.96
PIZHOU RUNCHENG ASSET OPE    7.88     04/16/21    CNY    61.97
PUER CITY STATE OWNED ASS    7.38     06/20/19    CNY    20.17
PUYANG INVESTMENT GROUP C    8.00     12/11/20    CNY    61.88
PUYANG INVESTMENT GROUP C    8.00     12/11/20    CNY    62.37
QIANAN URBAN CONSTRUCTION    7.19     08/11/21    CNY    61.13
QIANAN URBAN CONSTRUCTION    7.19     08/11/21    CNY    61.56
QIANAN URBAN CONSTRUCTION    8.88     01/23/21    CNY    61.91
QIANAN URBAN CONSTRUCTION    8.88     01/23/21    CNY    62.06
QIANDONG NANZHOU DEVELOPM    8.80     04/27/19    CNY    20.14
QIANDONGNANZHOU KAIHONG A    7.80     10/30/19    CNY    39.54
QIANJIANG URBAN CONSTRUCT    8.38     04/22/21    CNY    61.36
QIANXI NANZHOU HONGSHENG     6.99     11/22/19    CNY    39.82
QIDONG STATE-OWNED ASSET     7.30     11/20/22    CNY    71.73
QIDONG URBAN CONSTRUCTION    8.20     04/04/21    CNY    58.00
QIDONG URBAN CONSTRUCTION    7.90     04/28/21    CNY    61.75
QIDONG URBAN CONSTRUCTION    8.20     04/04/21    CNY    62.37
QINGDAO CHENGYANG DEVELOP    7.09     03/10/21    CNY    61.01
QINGDAO CHINA PROSPERITY     7.30     04/18/19    CNY    20.30
QINGDAO CHINA PROSPERITY     7.30     04/18/19    CNY    20.39
QINGDAO CITY CONSTRUCTION    6.89     02/16/19    CNY    20.22
QINGDAO CITY CONSTRUCTION    6.89     02/16/19    CNY    20.23
QINGDAO CONSON DEVELOPMEN    6.40     12/12/22    CNY    72.73
QINGDAO CONSON DEVELOPMEN    6.40     12/12/22    CNY    73.05
QINGDAO HICREAT DEVELOPME    6.88     04/25/21    CNY    61.34
QINGDAO HICREAT DEVELOPME    6.88     04/25/21    CNY    61.40
QINGDAO JIAOZHOU CITY DEV    6.59     01/25/20    CNY    40.85
QINGDAO JIMO CITY URBAN D    8.10     12/17/19    CNY    50.92
QINGDAO JIMO CITY URBAN D    8.10     12/17/19    CNY    51.05
QINGDAO LAIXI CITY ASSET     7.50     03/06/21    CNY    60.31
QINGDAO LAIXI CITY ASSET     7.50     03/06/21    CNY    60.33
QINGHAI PROVINCIAL INVEST    6.40     07/10/21    USD    74.27
QINGYANG CITY ECONOMIC DE    7.98     04/16/21    CNY    60.00
QINGYANG CITY ECONOMIC DE    7.98     04/16/21    CNY    60.93
QINGYUAN TRANSPORTATION D    8.20     12/19/20    CNY    61.03
QINGYUAN TRANSPORTATION D    8.20     12/19/20    CNY    62.04
QINGZHOU HONGYUAN PUBLIC     6.50     05/22/19    CNY    10.04
QINGZHOU HONGYUAN PUBLIC     7.25     10/19/18    CNY    25.05
QINGZHOU HONGYUAN PUBLIC     7.25     10/19/18    CNY    25.07
QINGZHOU HONGYUAN PUBLIC     7.35     10/19/19    CNY    40.38
QINGZHOU HONGYUAN PUBLIC     7.35     10/19/19    CNY    40.42
QINGZHOU HONGYUAN PUBLIC     7.59     05/29/21    CNY    61.71
QINHUANGDAO DEVELOPMENT Z    8.00     12/17/20    CNY    61.15
QINHUANGDAO DEVELOPMENT Z    8.00     12/17/20    CNY    61.21
QINHUANGDAO DEVELOPMENT Z    8.45     04/18/21    CNY    61.44
QINHUANGDAO DEVELOPMENT Z    8.45     04/18/21    CNY    61.67
QINZHOU BINHAI NEW CITY A    7.00     08/27/20    CNY    60.93
QINZHOU BINHAI NEW CITY A    7.00     08/27/20    CNY    60.98
QINZHOU BINHAI NEW CITY Z    6.99     07/07/21    CNY    61.15
QINZHOU BINHAI NEW CITY Z    6.99     07/07/21    CNY    61.37
QINZHOU CITY DEVELOPMENT     7.10     10/16/19    CNY    70.80
QITAIHE CITY CONSTRUCTION    7.30     10/18/19    CNY    39.54
QUJING DEVELOPMENT INVEST    7.25     09/06/19    CNY    40.22
QUJING DEVELOPMENT INVEST    7.25     09/06/19    CNY    40.44
QUJING DEVELOPMENT INVEST    7.48     04/28/21    CNY    62.14
QUJING DEVELOPMENT INVEST    7.48     04/28/21    CNY    62.56
QUJING ECO TECH DEVELOPME    7.48     07/21/21    CNY    59.00
QUJING ECO TECH DEVELOPME    7.48     07/21/21    CNY    59.65
QUZHOU STATE OWNED ASSET     7.20     04/21/21    CNY    61.86
QUZHOU STATE OWNED ASSET     7.20     04/21/21    CNY    62.25
RENHUAI CITY DEVELOPMENT     8.09     05/16/21    CNY    62.31
RENHUAI CITY DEVELOPMENT     8.09     05/16/21    CNY    62.32
RIZHAO CITY CONSTRUCTION     5.80     06/06/20    CNY    39.92
RONGCHENG ECONOMIC DEVELO    6.45     03/18/20    CNY    41.28
RONGCHENG ECONOMIC DEVELO    6.45     03/18/20    CNY    41.29
RONGCHENG ECONOMIC DEVELO    6.75     05/29/21    CNY    62.65
RONGCHENG ECONOMIC DEVELO    6.75     05/29/21    CNY    62.66
RUCHENG COUNTY HYDROPOWER    6.65     04/25/20    CNY    70.71
RUCHENG COUNTY URBAN CONS    6.00     06/28/23    CNY    70.32
RUDONG COUNTY DONGTAI SOC    7.45     09/24/19    CNY    39.30
RUDONG COUNTY DONGTAI SOC    7.45     09/24/19    CNY    40.57
RUDONG COUNTY DONGTAI SOC    6.99     06/20/21    CNY    61.38
RUDONG COUNTY DONGTAI SOC    6.99     06/20/21    CNY    62.09
RUDONG COUNTY JINXIN TRAF    8.08     03/03/21    CNY    61.07
RUDONG COUNTY JINXIN TRAF    8.08     03/03/21    CNY    61.29
RUGAO CITY ECONOMIC TRADE    8.30     01/22/21    CNY    62.75
RUGAO CITY ECONOMIC TRADE    8.30     01/22/21    CNY    67.40
RUGAO COMMUNICATIONS CONS    8.51     01/26/19    CNY    25.38
RUGAO COMMUNICATIONS CONS    6.70     02/01/20    CNY    40.34
RUGAO COMMUNICATIONS CONS    6.70     02/01/20    CNY    40.53
RUGAO YANJIANG DEVELOPMEN    8.60     01/24/21    CNY    62.82
RUGAO YANJIANG DEVELOPMEN    8.60     01/24/21    CNY    65.00
RUIAN STATE OWNED ASSET I    6.93     11/26/19    CNY    40.25
RUIAN STATE OWNED ASSET I    6.93     11/26/19    CNY    40.31
SANMING CITY CONSTRUCTION    6.40     03/05/20    CNY    40.47
SANMING CITY CONSTRUCTION    6.40     03/05/20    CNY    40.80
SHAANXI XIXIAN NEW AREA F    6.85     08/15/21    CNY    79.53
SHANDONG CENTURY SUNSHINE    8.19     07/21/21    CNY    60.39
SHANDONG CENTURY SUNSHINE    8.19     07/21/21    CNY    62.00
SHANDONG FUYU CHEMICAL CO    7.70     09/18/22    CNY    70.00
SHANDONG HONGHE HOLDINGS     8.50     06/23/21    CNY    61.19
SHANDONG HONGHE HOLDINGS     8.50     06/23/21    CNY    62.04
SHANDONG PUBLIC HOLDINGS     7.18     01/22/20    CNY    40.49
SHANDONG RENCHENG RONGXIN    7.30     10/18/20    CNY    60.61
SHANDONG RENCHENG RONGXIN    7.30     10/18/20    CNY    60.99
SHANDONG TAIFENG HOLDING     5.80     03/12/20    CNY    36.52
SHANDONG TAIFENG HOLDING     5.80     03/12/20    CNY    39.87
SHANDONG WEISHANHU MINING    6.15     03/13/20    CNY    66.22
SHANGHAI BUND GROUP DEVEL    6.35     04/24/20    CNY    40.36
SHANGHAI BUND GROUP DEVEL    6.35     04/24/20    CNY    40.39
SHANGHAI CAOHEJING HI-TEC    7.24     04/09/21    CNY    62.33
SHANGHAI CHENJIAZHEN CONS    7.18     11/06/19    CNY    49.90
SHANGHAI CHENJIAZHEN CONS    7.18     11/06/19    CNY    50.89
SHANGHAI CHONGMING CONSTR    6.40     06/13/20    CNY    50.34
SHANGHAI CHONGMING CONSTR    6.40     06/13/20    CNY    50.64
SHANGHAI FENGXIAN NANQIAO    6.25     03/05/20    CNY    40.18
SHANGHAI FENGXIAN NANQIAO    6.25     03/05/20    CNY    40.58
SHANGHAI JIADING INDUSTRI    6.71     10/10/18    CNY    25.09
SHANGHAI JIADING ROAD CON    6.80     04/23/21    CNY    61.88
SHANGHAI JIADING ROAD CON    6.80     04/23/21    CNY    61.98
SHANGHAI JINSHAN URBAN CO    6.60     12/21/19    CNY    40.58
SHANGHAI LUJIAZUI DEVELOP    5.98     03/11/19    CNY    40.07
SHANGHAI LUJIAZUI DEVELOP    5.98     03/11/19    CNY    40.27
SHANGHAI LUJIAZUI DEVELOP    5.79     02/25/19    CNY    40.36
SHANGHAI LUJIAZUI DEVELOP    5.79     02/25/19    CNY    40.47
SHANGHAI MINHANG URBAN CO    6.48     10/23/19    CNY    40.62
SHANGHAI MUNICIPAL INVEST    4.63     07/30/19    CNY    20.15
SHANGHAI NANFANG GROUP CO    6.70     09/09/19    CNY    50.07
SHANGHAI NANFANG GROUP CO    6.70     09/09/19    CNY    50.16
SHANGHAI URBAN CONSTRUCTI    5.25     11/30/19    CNY    40.27
SHANGHAI YONGYE ENTERPRIS    6.84     05/21/20    CNY    51.41
SHANGLUO CITY CONSTRUCTIO    6.75     09/09/19    CNY    50.30
SHANGLUO CITY CONSTRUCTIO    6.75     09/09/19    CNY    50.43
SHANGLUO CITY CONSTRUCTIO    7.05     09/09/20    CNY    60.19
SHANGLUO CITY CONSTRUCTIO    7.05     09/09/20    CNY    60.87
SHANGQIU DEVELOPMENT INVE    6.60     01/15/20    CNY    40.33
SHANTOU CITY CONSTRUCTION    8.57     03/23/22    CNY    62.51
SHANTOU CITY CONSTRUCTION    8.57     03/23/22    CNY    63.51
SHAOGUAN JINYE DEVELOPMEN    7.30     10/18/19    CNY    40.64
SHAOXING CHENGZHONGCUN RE    6.50     01/24/20    CNY    40.41
SHAOXING CHENGZHONGCUN RE    6.50     01/24/20    CNY    40.57
SHAOXING CITY INVESTMENT     6.40     11/09/19    CNY    40.62
SHAOXING COUNTY COMMUNICA    6.40     08/20/21    CNY    60.46
SHAOXING HI-TECH INDUSTRI    6.75     12/05/18    CNY    24.98
SHAOXING KEQIAO DISTRICT     6.30     02/26/19    CNY    24.98
SHAOXING PAOJIANG INDUSTR    6.90     10/31/19    CNY    40.35
SHAOXING PAOJIANG INDUSTR    6.98     05/29/21    CNY    61.02
SHAOXING PAOJIANG INDUSTR    6.98     05/29/21    CNY    63.90
SHAOXING SHANGYU COMMUNIC    6.70     09/11/19    CNY    40.29
SHAOXING SHANGYU HANGZHOU    6.95     10/11/20    CNY    61.03
SHAOXING SHANGYU URBAN CO    6.80     08/07/21    CNY    60.99
SHAOXING SHANGYU URBAN CO    6.80     08/07/21    CNY    65.00
SHAOYANG CITY CONSTRUCTIO    7.40     09/11/18    CNY    24.90
SHAOYANG CITY CONSTRUCTIO    7.40     09/11/18    CNY    25.02
SHAOYANG CITY CONSTRUCTIO    8.58     01/17/21    CNY    61.42
SHENGZHOU INVESTMENT HOLD    7.60     07/17/21    CNY    63.02
SHENGZHOU INVESTMENT HOLD    7.60     07/17/21    CNY    82.32
SHENMU COUNTY STATE-OWNED    7.28     06/23/21    CNY    60.20
SHENMU COUNTY STATE-OWNED    7.28     06/23/21    CNY    60.51
SHENYANG MACHINE TOOL CO     6.50     04/09/20    CNY    69.88
SHENYANG SUJIATUN DISTRIC    6.40     06/20/20    CNY    40.04
SHENYANG SUJIATUN DISTRIC    6.40     06/20/20    CNY    40.48
SHENZHEN METRO GROUP CO L    5.40     03/25/23    CNY    70.69
SHENZHEN METRO GROUP CO L    5.40     03/25/23    CNY    72.07
SHIJIAZHUANG REAL ESTATE     5.65     05/15/20    CNY    40.36
SHIYAN CITY INFRASTRUCTUR    7.98     04/20/19    CNY    20.26
SHIYAN CITY INFRASTRUCTUR    6.88     10/11/20    CNY    60.68
SHIYAN CITY INFRASTRUCTUR    6.58     08/20/21    CNY    60.92
SHIYAN CITY INFRASTRUCTUR    6.88     10/11/20    CNY    61.14
SHOUGUANG CITY CONSTRUCTI    7.10     10/18/20    CNY    60.47
SHOUGUANG CITY CONSTRUCTI    7.10     10/18/20    CNY    61.01
SHUANGLIU COUNTY WATER CO    7.40     02/26/20    CNY    50.72
SHUANGLIU COUNTY WATER CO    6.92     07/30/20    CNY    50.82
SHUANGLIU SHINE CHINE CON    8.48     03/16/19    CNY    40.78
SHUANGLIU SHINE CHINE CON    8.40     03/16/19    CNY    40.86
SHUANGYASHAN DADI CITY CO    6.55     12/25/19    CNY    40.12
SHUANGYASHAN DADI CITY CO    6.55     12/25/19    CNY    40.49
SHUYANG JINGYUAN ASSET OP    6.50     12/03/19    CNY    40.01
SHUYANG JINGYUAN ASSET OP    6.50     12/03/19    CNY    40.07
SHUYANG JINGYUAN ASSET OP    7.39     04/14/21    CNY    60.71
SHUYANG JINGYUAN ASSET OP    7.39     04/14/21    CNY    61.13
SICHUAN CHENGDU ABA DEVEL    7.18     09/12/20    CNY    59.81
SICHUAN COAL INDUSTRY GRO    7.70     01/09/18    CNY    45.00
SIPING SITONG CITY INFRAS    8.10     04/25/21    CNY    62.70
SIPING SITONG CITY INFRAS    8.10     04/25/21    CNY    62.70
SIPING SITONG CITY INFRAS    7.25     04/29/19    CNY    70.57
SLENDER WEST LAKE TOURISM    6.80     06/25/21    CNY    61.37
SLENDER WEST LAKE TOURISM    6.80     06/25/21    CNY    61.70
SONGYUAN URBAN DEVELOPMEN    7.30     08/29/19    CNY    39.80
SONGYUAN URBAN DEVELOPMEN    7.30     08/29/19    CNY    40.18
SUIFENHE HAIRONG URBAN CO    6.60     04/28/20    CNY    39.87
SUINING CITY HEDONG DEVEL    8.36     04/17/21    CNY    60.27
SUINING CITY HEDONG DEVEL    8.36     04/17/21    CNY    61.14
SUINING COUNTY RUNQI INVE    7.10     06/25/21    CNY    59.00
SUINING COUNTY RUNQI INVE    7.10     06/25/21    CNY    59.76
SUINING DEVELOPMENT INVES    6.62     04/25/20    CNY    39.99
SUINING DEVELOPMENT INVES    6.62     04/25/20    CNY    40.00
SUINING KAIDA INVESTMENT     8.69     04/21/21    CNY    61.50
SUINING KAIDA INVESTMENT     8.69     04/21/21    CNY    62.50
SUIZHOU DEVELOPMENT INVES    7.50     08/22/19    CNY    40.49
SUIZHOU DEVELOPMENT INVES    8.50     12/20/20    CNY    61.61
SUIZHOU DEVELOPMENT INVES    8.40     04/30/21    CNY    61.99
SUIZHOU DEVELOPMENT INVES    8.50     12/20/20    CNY    62.09
SUIZHOU DEVELOPMENT INVES    8.40     04/30/21    CNY    62.60
SUQIAN CITY CONSTRUCTION     6.88     10/29/20    CNY    61.16
SUQIAN ECONOMIC DEVELOPME    7.50     03/26/19    CNY    20.33
SUQIAN WATER GROUP CO        6.55     12/04/19    CNY    39.80
SUQIAN WATER GROUP CO        6.55     12/04/19    CNY    40.27
SUZHOU CITY CONSTRUCTION     7.45     03/12/19    CNY    20.22
SUZHOU CITY CONSTRUCTION     6.40     04/17/20    CNY    40.41
SUZHOU CITY CONSTRUCTION     6.40     04/17/20    CNY    40.52
SUZHOU FENHU INVESTMENT G    7.49     02/28/21    CNY    60.80
SUZHOU FENHU INVESTMENT G    7.49     02/28/21    CNY    60.80
SUZHOU INDUSTRIAL PARK TR    5.79     05/30/19    CNY    19.78
SUZHOU INDUSTRIAL PARK TR    5.79     05/30/19    CNY    20.19
SUZHOU NEW DISTRICT ECONO    6.20     07/22/21    CNY    61.74
SUZHOU NEW DISTRICT ECONO    6.20     07/22/21    CNY    61.90
SUZHOU TECH CITY DEVELOPM    7.32     11/01/18    CNY    25.10
SUZHOU URBAN CONSTRUCTION    5.79     10/25/19    CNY    40.44
SUZHOU WUJIANG COMMUNICAT    6.80     10/31/20    CNY    56.01
SUZHOU WUJIANG EASTERN ST    8.05     12/05/18    CNY    40.33
SUZHOU WUJIANG EASTERN ST    8.05     12/05/18    CNY    40.36
SUZHOU XIANGCHENG URBAN C    6.95     09/03/19    CNY    40.25
SUZHOU XIANGCHENG URBAN C    6.95     09/03/19    CNY    40.41
SUZHOU XIANGCHENG URBAN C    6.95     03/19/21    CNY    61.54
SUZHOU XIANGCHENG URBAN C    6.95     03/19/21    CNY    61.55
TACHENG DISTRICT STATE-OW    7.49     10/16/19    CNY    50.36
TAIAN TAISHAN INVESTMENT     6.76     01/25/20    CNY    40.56
TAICANG ASSET MANAGEMENT     8.25     12/31/18    CNY    40.31
TAICANG ASSET MANAGEMENT     8.25     12/31/18    CNY    40.37
TAICANG ASSET MANAGEMENT     7.00     02/27/21    CNY    60.63
TAICANG HENGTONG INVESTME    7.45     10/30/19    CNY    40.46
TAICANG URBAN CONSTRUCTIO    6.75     01/11/20    CNY    40.63
TAIXING CITY CHENGXING ST    8.30     12/12/20    CNY    61.13
TAIXING CITY CHENGXING ST    8.30     12/12/20    CNY    61.72
TAIYUAN ECONOMIC TECHNOLO    7.43     04/24/21    CNY    61.44
TAIYUAN ECONOMIC TECHNOLO    7.43     04/24/21    CNY    61.82
TAIYUAN HIGH-SPEED RAILWA    6.50     10/30/20    CNY    56.38
TAIYUAN LONGCHENG DEVELOP    6.50     09/25/19    CNY    40.27
TAIYUAN STATE-OWNED INVES    7.20     03/19/21    CNY    62.23
TAIYUAN STATE-OWNED INVES    7.20     03/19/21    CNY    62.29
TAIZHOU CITY HUANGYAN DIS    6.85     12/17/18    CNY    25.09
TAIZHOU CITY HUANGYAN DIS    6.85     12/17/18    CNY    25.10
TAIZHOU CITY JIANGYAN DIS    8.50     04/23/20    CNY    50.72
TAIZHOU CITY JIANGYAN DIS    8.50     04/23/20    CNY    51.18
TAIZHOU CITY JIANGYAN URB    7.10     09/03/20    CNY    60.87
TAIZHOU CITY JIANGYAN URB    7.10     09/03/20    CNY    60.88
TAIZHOU CITY NEW BINJIANG    7.60     03/05/21    CNY    61.82
TAIZHOU CONSTRUCTION INVE    6.53     07/11/21    CNY    61.00
TAIZHOU CONSTRUCTION INVE    6.53     07/11/21    CNY    62.28
TAIZHOU HAILING ASSETS MA    8.52     03/21/19    CNY    20.31
TAIZHOU JIANGYAN STATE OW    6.85     12/03/19    CNY    39.90
TAIZHOU JIANGYAN STATE OW    6.85     12/03/19    CNY    40.18
TAIZHOU JIAOJIANG STATE O    7.46     09/13/20    CNY    55.78
TAIZHOU JIAOJIANG STATE O    7.46     09/13/20    CNY    56.40
TAIZHOU TRAFFIC INDUSTRY     6.15     03/11/20    CNY    40.03
TAIZHOU TRAFFIC INDUSTRY     6.15     03/11/20    CNY    40.46
TANGSHAN CAOFEIDIAN DEVEL    7.50     10/15/20    CNY    59.60
TIANJIN BAOXING INDUSTRY     7.10     10/17/20    CNY    60.88
TIANJIN BAOXING INDUSTRY     7.10     10/17/20    CNY    60.89
TIANJIN BEICHEN DISTRICT     7.00     04/21/21    CNY    61.87
TIANJIN BEICHEN DISTRICT     7.00     04/21/21    CNY    61.88
TIANJIN BEICHEN TECHNOLOG    6.87     08/20/21    CNY    61.02
TIANJIN BINHAI NEW AREA C    5.19     03/13/20    CNY    40.18
TIANJIN CITY JINGHAI URBA    7.90     11/26/20    CNY    61.30
TIANJIN CITY JINGHAI URBA    7.90     11/26/20    CNY    61.97
TIANJIN DONGFANG CAIXIN I    7.99     11/23/18    CNY    40.30
TIANJIN DONGLI CITY INFRA    6.05     06/19/20    CNY    38.92
TIANJIN ECO-CITY INVESTME    6.76     08/14/19    CNY    19.98
TIANJIN ECO-CITY INVESTME    6.76     08/14/19    CNY    20.21
TIANJIN ECONOMIC TECHNOLO    6.20     12/03/19    CNY    40.46
TIANJIN ECONOMIC TECHNOLO    6.20     12/03/19    CNY    40.52
TIANJIN ECONOMIC TECHNOLO    6.50     12/03/22    CNY    71.26
TIANJIN ECONOMIC TECHNOLO    6.50     12/03/22    CNY    71.95
TIANJIN GUANGCHENG INVEST    7.45     07/24/21    CNY    59.12
TIANJIN GUANGCHENG INVEST    7.45     07/24/21    CNY    59.20
TIANJIN GUANGCHENG INVEST    6.97     02/22/23    CNY    68.54
TIANJIN HI-TECH INDUSTRY     7.80     03/27/19    CNY    20.05
TIANJIN HI-TECH INDUSTRY     7.80     03/27/19    CNY    20.13
TIANJIN HUANCHENG URBAN I    7.20     03/21/21    CNY    61.89
TIANJIN INFRASTRUCTURE CO    5.70     02/26/23    CNY    70.50
TIANJIN INFRASTRUCTURE CO    5.70     02/26/23    CNY    71.63
TIANJIN JINNAN CITY CONST    6.95     06/18/19    CNY    20.10
TIANJIN JINNAN CITY CONST    6.95     06/18/19    CNY    20.23
TIANJIN JINNAN CITY CONST    6.50     06/03/21    CNY    61.15
TIANJIN LINGANG INVESTMEN    7.75     02/26/21    CNY    61.43
TIANJIN LINGANG INVESTMEN    7.75     02/26/21    CNY    61.63
TIANJIN NINGHE DISTRICT X    7.00     05/30/21    CNY    60.40
TIANJIN NINGHE DISTRICT X    7.00     05/30/21    CNY    61.32
TIANJIN REAL ESTATE TRUST    8.59     03/13/21    CNY    59.94
TIANJIN REAL ESTATE TRUST    8.59     03/13/21    CNY    60.24
TIANJIN RESIDENTIAL CONST    8.00     12/19/20    CNY    60.54
TIANJIN TEDA CONSTRUCTION    6.89     04/27/20    CNY    40.87
TIANJIN WATER INVESTMENT     6.60     07/28/21    CNY    56.48
TIANJIN WATER INVESTMENT     6.60     07/28/21    CNY    59.26
TIANJIN WUQING STATE-OWNE    7.18     03/19/21    CNY    62.00
TIANJIN WUQING STATE-OWNE    7.18     03/19/21    CNY    62.02
TIANJIN WUQING STATE-OWNE    8.00     12/17/20    CNY    62.11
TIANJIN WUQING STATE-OWNE    8.00     12/17/20    CNY    62.30
TONGLING CONSTRUCTION INV    6.98     08/26/20    CNY    60.74
TONGLING CONSTRUCTION INV    8.20     04/28/22    CNY    63.10
TONGLING CONSTRUCTION INV    8.20     04/28/22    CNY    63.15
TONGLU STATE-OWNED ASSET     8.09     04/18/21    CNY    61.37
TONGLU STATE-OWNED ASSET     8.09     04/18/21    CNY    63.30
TONGXIANG CITY CONSTRUCTI    6.10     05/16/20    CNY    40.43
TONGXIANG CITY CONSTRUCTI    6.10     05/16/20    CNY    40.53
TULUFAN DISTRICT STATE-OW    7.20     08/09/19    CNY    25.35
TULUFAN DISTRICT STATE-OW    7.20     08/09/19    CNY    25.50
URUMQI CITY CONSTRUCTION     6.35     07/09/19    CNY    20.18
URUMQI CITY CONSTRUCTION     7.20     11/06/18    CNY    50.40
URUMQI ECO&TECH DEVELOPME    8.58     01/10/19    CNY    25.68
URUMQI GAOXIN INVESTMENT     6.18     03/05/20    CNY    40.13
URUMQI REAL ESTATE DEVELO    7.27     04/25/21    CNY    60.43
URUMQI REAL ESTATE DEVELO    7.27     04/25/21    CNY    60.70
VANZIP INVESTMENT GROUP C    7.92     02/04/19    CNY    22.94
WAFANGDIAN STATE-OWNED AS    8.55     04/19/19    CNY    20.46
WEIFANG BINCHENG INVESTME    8.59     02/14/21    CNY    61.35
WEIFANG BINCHENG INVESTME    8.59     02/14/21    CNY    61.65
WEIFANG BINHAI INVESTMENT    6.16     04/16/21    CNY    54.61
WEIFANG DONGXIN CONSTRUCT    6.88     11/20/19    CNY    40.53
WEIFANG DONGXIN CONSTRUCT    6.88     11/20/19    CNY    40.58
WENLING CITY STATE OWNED     7.18     09/18/19    CNY    40.41
WENLING CITY STATE OWNED     7.18     09/18/19    CNY    40.41
WENZHOU ANJUFANG CITY DEV    7.65     04/24/19    CNY    20.30
WENZHOU ECONOMIC-TECHNOLO    6.49     01/15/20    CNY    40.33
WENZHOU ECONOMIC-TECHNOLO    6.49     01/15/20    CNY    40.42
WENZHOU HIGH-TECH INDUSTR    7.30     05/30/21    CNY    59.80
WENZHOU HIGH-TECH INDUSTR    7.30     05/30/21    CNY    61.21
WENZHOU HIGH-TECH INDUSTR    7.95     03/21/21    CNY    61.40
WUHAI CITY CONSTRUCTION I    8.20     03/31/19    CNY    20.34
WUHAI CITY CONSTRUCTION I    8.19     04/21/21    CNY    58.10
WUHAI CITY CONSTRUCTION I    8.19     04/21/21    CNY    62.48
WUHAN CHEDU CORP LTD         7.18     02/27/21    CNY    61.99
WUHAN CHEDU CORP LTD         7.18     02/27/21    CNY    62.03
WUHAN JIANGXIA URBAN CONS    8.99     01/20/21    CNY    62.80
WUHAN METRO GROUP CO LTD     5.70     02/04/20    CNY    38.00
WUHAN METRO GROUP CO LTD     5.70     02/04/20    CNY    40.73
WUHAN REAL ESTATE DEVELOP    5.90     03/22/19    CNY    25.20
WUHAN URBAN CONSTRUCTION     5.60     03/08/20    CNY    40.38
WUHU JINGHU CONSTRUCTION     6.68     05/16/20    CNY    40.65
WUHU JIUJIANG CONSTRUCTIO    8.49     04/14/21    CNY    62.23
WUHU JIUJIANG CONSTRUCTIO    8.49     04/14/21    CNY    62.58
WUHU YIJU INVESTMENT GROU    6.45     08/11/21    CNY    61.01
WUHU YIJU INVESTMENT GROU    6.45     08/11/21    CNY    61.15
WUJIANG ECONOMIC TECHNOLO    6.88     12/27/19    CNY    40.30
WUJIANG ECONOMIC TECHNOLO    6.88     12/27/19    CNY    40.64
WUWEI CITY ECONOMY DEVELO    8.20     12/09/20    CNY    60.98
WUWEI CITY ECONOMY DEVELO    8.20     04/24/21    CNY    61.01
WUWEI CITY ECONOMY DEVELO    8.20     12/09/20    CNY    61.26
WUWEI CITY ECONOMY DEVELO    8.20     04/24/21    CNY    61.53
WUXI CONSTRUCTION AND DEV    6.60     09/17/19    CNY    40.38
WUXI CONSTRUCTION AND DEV    6.60     09/17/19    CNY    40.50
WUXI EAST SCIENCE & TECHN    5.98     10/26/18    CNY    40.10
WUXI HUISHAN ECONOMIC DEV    6.03     04/22/19    CNY    25.19
WUXI MUNICIPAL DEVELOPMEN    6.10     10/11/20    CNY    61.00
WUXI MUNICIPAL DEVELOPMEN    6.10     10/11/20    CNY    61.21
WUXI TAIHU INTERNATIONAL     7.60     09/17/19    CNY    40.32
WUXI TAIHU INTERNATIONAL     7.60     09/17/19    CNY    40.50
WUXI XIDONG NEW TOWN CONS    6.65     01/28/20    CNY    40.38
WUXI XIDONG NEW TOWN CONS    6.65     01/28/20    CNY    40.40
WUZHONG URBAN RURAL CONST    7.18     10/12/20    CNY    60.81
WUZHONG URBAN RURAL CONST    7.18     10/12/20    CNY    60.91
WUZHOU DONGTAI STATE-OWNE    7.40     09/03/19    CNY    40.46
XIAMEN TORCH GROUP CO LTD    7.49     04/21/21    CNY    61.68
XIAMEN TORCH GROUP CO LTD    7.49     04/21/21    CNY    61.85
XIAMEN XINGLIN CONSTRUCTI    6.60     02/22/20    CNY    40.08
XIAMEN XINGLIN CONSTRUCTI    6.60     02/22/20    CNY    40.38
XI'AN AEROSPACE CITY INVE    6.96     11/08/19    CNY    40.15
XIAN CHANBAHE DEVELOPMENT    6.89     08/03/19    CNY    20.34
XI'AN HI-TECH HOLDING CO     5.70     02/26/19    CNY    25.14
XI'AN HI-TECH HOLDING CO     5.70     02/26/19    CNY    25.20
XI'AN URBAN INDEMNIFICATO    7.31     03/18/19    CNY    40.47
XI'AN URBAN INDEMNIFICATO    7.31     03/18/19    CNY    40.62
XI'AN URBAN INDEMNIFICATO    7.31     04/18/19    CNY    40.70
XI'AN URBAN INDEMNIFICATO    7.31     04/18/19    CNY    40.70
XIANGSHAN COUNTRY STATE O    7.95     04/25/21    CNY    62.39
XIANGTAN CITY CONSTRUCTIV    8.00     03/16/19    CNY    20.11
XIANGTAN CITY CONSTRUCTIV    8.00     03/16/19    CNY    20.32
XIANGTAN HI-TECH GROUP CO    6.90     01/15/20    CNY    39.97
XIANGTAN HI-TECH GROUP CO    6.90     01/15/20    CNY    40.27
XIANGTAN HI-TECH GROUP CO    8.16     02/25/21    CNY    61.11
XIANGTAN HI-TECH GROUP CO    8.16     02/25/21    CNY    61.28
XIANGTAN JIUHUA ECONOMIC     7.43     08/29/19    CNY    40.00
XIANGTAN JIUHUA ECONOMIC     7.43     08/29/19    CNY    42.97
XIANGTAN JIUHUA ECONOMIC     5.00     07/25/26    CNY    58.67
XIANGTAN JIUHUA ECONOMIC     7.15     10/15/20    CNY    59.02
XIANGTAN LIANGXING SOCIET    7.89     04/23/21    CNY    62.00
XIANGTAN ZHENXIANG STATE-    6.60     08/07/20    CNY    39.78
XIANGYANG HIGH TECH INVES    7.00     05/29/21    CNY    60.61
XIANGYANG HIGH TECH INVES    7.00     05/29/21    CNY    61.35
XIANNING CITY CONSTRUCTIO    7.50     08/31/18    CNY    25.01
XIANNING HIGH-TECH INVEST    5.80     06/05/20    CNY    39.94
XIANNING HIGH-TECH INVEST    5.80     06/05/20    CNY    59.70
XIANTAO CITY CONSTRUCTION    8.15     02/24/21    CNY    61.78
XIANTAO CITY CONSTRUCTION    8.15     02/24/21    CNY    62.11
XIAOGAN GAOCHUANG INVESTM    7.43     06/23/21    CNY    61.27
XIAOGAN GAOCHUANG INVESTM    7.43     06/23/21    CNY    61.33
XIAOGAN URBAN CONSTRUCTIO    8.12     03/26/19    CNY    20.32
XIAOGAN URBAN CONSTRUCTIO    6.89     05/29/21    CNY    61.22
XINGHUA URBAN CONSTRUCTIO    7.25     10/23/18    CNY    25.01
XINGHUA URBAN CONSTRUCTIO    7.36     07/15/20    CNY    50.22
XINGHUA URBAN CONSTRUCTIO    7.36     07/15/20    CNY    51.69
XINING CITY INVESTMENT &     7.70     04/27/19    CNY    20.44
XINING ECONOMIC DEVELOPME    5.90     06/04/20    CNY    40.19
XINJIANG KAIDI INVESTMENT    7.80     04/22/21    CNY    62.13
XINJIANG RUNSHENG INVESTM    7.15     07/10/20    CNY    50.19
XINJIANG RUNSHENG INVESTM    7.15     07/10/20    CNY    50.91
XINJIANG SHIHEZI DEVELOPM    7.50     08/29/18    CNY    25.01
XINJIANG WUJIAQU CAIJIAHU    7.50     05/21/21    CNY    61.60
XINJIANG WUJIAQU CAIJIAHU    7.50     05/21/21    CNY    64.00
XINJIANG WUJIAQU URBAN CO    6.10     05/23/20    CNY    40.47
XINJIANG WUJIAQU URBAN CO    6.10     05/23/20    CNY    40.71
XINXIANG INVESTMENT GROUP    5.85     04/15/20    CNY    40.36
XINYANG HUAXIN INVESTMENT    6.95     06/14/19    CNY    20.21
XINYANG HUAXIN INVESTMENT    6.95     06/14/19    CNY    20.26
XINYANG HUAXIN INVESTMENT    7.55     04/15/21    CNY    61.78
XINYANG HUAXIN INVESTMENT    7.55     04/15/21    CNY    62.21
XINYI CITY INVESTMENT & D    7.39     10/15/20    CNY    61.15
XINYI CITY INVESTMENT & D    7.39     10/15/20    CNY    61.29
XINYU CHENGDONG CONSTRUCT    8.48     05/27/21    CNY    60.90
XINYU CHENGDONG CONSTRUCT    8.48     05/27/21    CNY    67.00
XINYU URBAN CONSTRUCTION     7.08     12/13/19    CNY    40.54
XINZHENG NEW DISTRICT DEV    6.52     06/28/19    CNY    25.28
XINZHENG NEW DISTRICT DEV    6.52     06/28/19    CNY    25.29
XINZHOU ASSET MANAGEMENT     8.50     12/18/20    CNY    60.00
XINZHOU ASSET MANAGEMENT     7.90     02/21/21    CNY    61.20
XINZHOU ASSET MANAGEMENT     7.90     02/21/21    CNY    61.85
XINZHOU ASSET MANAGEMENT     8.50     12/18/20    CNY    61.91
XUANCHENG STATE-OWNED ASS    7.95     03/27/21    CNY    62.17
XUANCHENG STATE-OWNED ASS    7.95     03/27/21    CNY    62.27
XUZHOU CITY TONGSHAN DIST    6.60     08/08/20    CNY    40.69
XUZHOU CITY TONGSHAN DIST    6.60     08/08/20    CNY    40.90
XUZHOU ECONOMIC TECHNOLOG    8.20     03/07/19    CNY    20.22
XUZHOU ECONOMIC TECHNOLOG    8.20     03/07/19    CNY    20.23
XUZHOU ECONOMIC TECHNOLOG    7.35     04/21/21    CNY    61.04
XUZHOU HIGH SPEED RAILWAY    7.09     05/15/21    CNY    62.25
XUZHOU HIGH SPEED RAILWAY    7.09     05/15/21    CNY    62.28
XUZHOU HI-TECH INDUSTRIAL    7.86     04/22/21    CNY    61.80
XUZHOU HI-TECH INDUSTRIAL    7.86     04/22/21    CNY    62.07
YA'AN DEVELOPMENT INVESTM    7.00     09/13/20    CNY    60.67
YA'AN DEVELOPMENT INVESTM    7.00     09/13/20    CNY    60.82
YAAN STATE-OWNED ASSET OP    7.39     07/04/19    CNY    20.11
YANCHENG CITY DAFENG DIST    7.08     12/13/19    CNY    40.58
YANCHENG CITY DAFENG DIST    8.50     12/30/20    CNY    62.55
YANCHENG CITY DAFENG DIST    8.50     12/30/20    CNY    62.56
YANCHENG CITY DAFENG DIST    8.70     01/24/21    CNY    62.85
YANCHENG CITY DAFENG DIST    8.70     01/24/21    CNY    63.30
YANCHENG CITY TINGHU DIST    7.95     11/15/20    CNY    53.00
YANCHENG CITY TINGHU DIST    7.95     11/15/20    CNY    60.75
YANCHENG ORIENTAL INVESTM    6.99     10/26/19    CNY    40.14
YANCHENG SOUTH DISTRICT D    6.93     10/26/19    CNY    40.66
YANCHENG SOUTH DISTRICT D    6.70     07/30/21    CNY    60.30
YANCHENG SOUTH DISTRICT D    6.70     07/30/21    CNY    61.84
YANGJIANG HENGCAI CITY IN    6.85     09/09/20    CNY    60.81
YANGZHOU CHEMICAL INDUSTR    8.58     01/24/21    CNY    61.11
YANGZHOU CHEMICAL INDUSTR    8.58     01/24/21    CNY    61.12
YANGZHOU HANJIANG URBAN C    6.20     03/12/20    CNY    40.09
YANGZHOU HANJIANG URBAN C    6.20     03/12/20    CNY    40.27
YANGZHOU JIANGDU YANJIANG    7.48     07/29/20    CNY    50.66
YANGZHOU JIANGDU YANJIANG    7.48     07/29/20    CNY    51.37
YANGZHOU LONGCHUAN HOLDIN    8.10     03/23/19    CNY    19.98
YANGZHOU LONGCHUAN HOLDIN    8.10     03/23/19    CNY    20.27
YANGZHOU URBAN CONSTRUCTI    6.30     07/26/19    CNY    20.20
YICHANG MUNICIPAL FINANCE    7.12     10/16/19    CNY    40.20
YICHANG MUNICIPAL FINANCE    7.12     10/16/19    CNY    40.40
YICHANG URBAN CONSTRUCTIO    6.85     11/08/19    CNY    40.69
YICHANG URBAN CONSTRUCTIO    6.85     11/08/19    CNY    40.69
YICHANG URBAN CONSTRUCTIO    8.13     11/17/19    CNY    53.11
YICHUN CITY CONSTRUCTION     7.35     07/24/19    CNY    20.20
YICHUN CITY CONSTRUCTION     7.35     07/24/19    CNY    20.30
YICHUN URBAN CONSTRUCTION    7.09     05/15/21    CNY    61.31
YICHUN URBAN CONSTRUCTION    7.09     05/15/21    CNY    61.78
YILI KAZAKH AUTONOMOUS PR    7.68     02/28/21    CNY    61.58
YILI KAZAKH AUTONOMOUS PR    7.68     02/28/21    CNY    62.15
YILI STATE-OWNED ASSET IN    6.70     11/19/18    CNY    25.10
YILI STATE-OWNED ASSET IN    6.70     11/19/18    CNY    25.10
YINCHUAN URBAN CONSTRUCTI    6.88     05/12/21    CNY    60.55
YINCHUAN URBAN CONSTRUCTI    6.88     05/12/21    CNY    61.56
YINGKOU PORT GROUP CO LTD    6.10     04/27/22    CNY    71.69
YINGTAN INVESTMENT CO        7.50     12/12/22    CNY    71.36
YINGTAN INVESTMENT CO        7.50     12/12/22    CNY    74.30
YINING CITY STATE OWNED A    8.90     01/23/21    CNY    62.78
YIXING CITY DEVELOPMENT I    6.90     10/10/19    CNY    40.28
YIXING CITY DEVELOPMENT I    6.90     10/10/19    CNY    40.44
YIXING TUOYE INDUSTRIAL C    7.60     05/28/21    CNY    61.25
YIXING TUOYE INDUSTRIAL C    7.60     05/28/21    CNY    61.46
YIYANG CITY CONSTRUCTION     7.36     08/24/19    CNY    40.47
YIYANG CITY CONSTRUCTION     7.36     08/24/19    CNY    40.88
YIYANG CITY TRANSPORTATIO    7.77     04/21/21    CNY    61.14
YIYANG CITY TRANSPORTATIO    7.77     04/21/21    CNY    61.15
YIZHENG CITY CONSTRUCTION    7.78     06/14/19    CNY    20.30
YIZHENG CITY CONSTRUCTION    7.78     06/14/19    CNY    20.30
YIZHENG CITY CONSTRUCTION    8.60     01/09/21    CNY    61.66
YIZHENG CITY CONSTRUCTION    8.60     01/09/21    CNY    61.88
YONGZHOU CITY CONSTRUCTIO    7.30     10/23/20    CNY    61.03
YUEYANG URBAN CONSTRUCTIO    6.05     07/12/20    CNY    39.80
YUEYANG URBAN CONSTRUCTIO    6.05     07/12/20    CNY    40.61
YUHUAN CITY COMMUNICATION    7.15     10/12/19    CNY    40.14
YUHUAN CITY COMMUNICATION    7.15     10/12/19    CNY    40.45
YULIN CITY INVESTMENT OPE    6.81     12/04/18    CNY    25.10
YULIN URBAN CONSTRUCTION     6.88     11/26/19    CNY    39.05
YULIN URBAN CONSTRUCTION     6.88     11/26/19    CNY    40.47
YUNCHENG URBAN CONSTRUCTI    7.48     10/15/19    CNY    39.75
YUNNAN METROPOLITAN CONST    6.77     05/23/21    CNY    61.36
YUSHEN ENERGY DEVELOPMENT    8.50     02/21/21    CNY    60.87
YUYAO CITY CONSTRUCTION I    7.09     05/19/21    CNY    61.12
YUYAO CITY CONSTRUCTION I    7.09     05/19/21    CNY    62.42
YUYAO ECONOMIC DEVELOPMEN    6.75     03/04/20    CNY    40.16
YUYAO WATER RESOURCE INVE    7.20     10/16/19    CNY    40.58
ZHANGJIAGANG FREE TRADE Z    7.10     08/23/20    CNY    60.71
ZHANGJIAGANG FREE TRADE Z    7.10     08/23/20    CNY    60.89
ZHANGJIAGANG JINCHENG INV    6.88     04/28/21    CNY    61.00
ZHANGJIAGANG JINCHENG INV    6.88     04/28/21    CNY    61.63
ZHANGJIAGANG MUNICIPAL PU    6.43     11/27/19    CNY    40.10
ZHANGJIAGANG MUNICIPAL PU    6.43     11/27/19    CNY    40.58
ZHANGJIAJIE ECONOMIC DEVE    7.40     10/18/19    CNY    40.47
ZHANGJIAJIE ECONOMIC DEVE    7.80     04/17/21    CNY    61.51
ZHANGZHOU CITY CONSTRUCTI    6.60     03/26/20    CNY    40.63
ZHANGZHOU JIULONGJIANG GR    6.48     06/20/21    CNY    61.88
ZHANJIANG INFRASTRUCTURE     6.93     10/21/20    CNY    60.28
ZHANJIANG INFRASTRUCTURE     6.93     10/21/20    CNY    61.15
ZHAOYUAN STATE-OWNED ASSE    6.64     12/31/19    CNY    39.99
ZHEJIANG CHANGXING VIA OP    7.99     03/03/21    CNY    61.01
ZHEJIANG CHANGXING VIA OP    7.99     03/03/21    CNY    61.20
ZHEJIANG FUCHUN SHANJU GR    7.70     04/28/21    CNY    61.70
ZHEJIANG FUCHUN SHANJU GR    7.70     04/28/21    CNY    61.80
ZHEJIANG GUOXING INVESTME    6.94     08/01/21    CNY    61.32
ZHEJIANG GUOXING INVESTME    6.94     08/01/21    CNY    61.51
ZHEJIANG HUZHOU HUANTAIHU    6.70     11/28/19    CNY    40.44
ZHEJIANG LIN'AN ECONOMIC     7.90     04/23/21    CNY    60.97
ZHEJIANG LIN'AN ECONOMIC     7.90     04/23/21    CNY    62.22
ZHEJIANG PROVINCE DEQING     6.40     02/22/20    CNY    39.86
ZHEJIANG PROVINCE DEQING     6.40     02/22/20    CNY    39.96
ZHEJIANG PROVINCE XINCHAN    6.60     04/24/20    CNY    40.23
ZHEJIANG PROVINCE XINCHAN    6.60     04/24/20    CNY    40.34
ZHENGZHOU PUBLIC HOUSING     5.98     07/17/20    CNY    39.51
ZHENGZHOU PUBLIC HOUSING     5.98     07/17/20    CNY    40.62
ZHENJIANG CITY CONSTRUCTI    7.90     12/18/20    CNY    61.52
ZHENJIANG CITY CONSTRUCTI    8.20     01/13/21    CNY    61.57
ZHENJIANG CITY CONSTRUCTI    8.20     01/13/21    CNY    61.94
ZHENJIANG CITY CONSTRUCTI    7.90     12/18/20    CNY    72.27
ZHENJIANG CULTURE AND TOU    6.60     01/30/20    CNY    40.17
ZHENJIANG NEW AREA URBAN     8.35     02/26/21    CNY    60.26
ZHENJIANG NEW AREA URBAN     8.99     01/16/21    CNY    61.37
ZHENJIANG TRANSPORTATION     7.29     05/08/19    CNY    19.80
ZHENJIANG TRANSPORTATION     7.29     05/08/19    CNY    19.88
ZHONGRONG XINDA GROUP CO     7.40     07/18/22    CNY    67.81
ZHONGSHAN TRANSPORTATION     6.65     08/28/18    CNY    24.97
ZHONGSHAN TRANSPORTATION     6.65     08/28/18    CNY    24.97
ZHOUKOU INVESTMENT GROUP     7.49     04/21/21    CNY    61.81
ZHOUSHAN DINGHAI STATE-OW    7.25     08/31/20    CNY    55.68
ZHOUSHAN DINGHAI STATE-OW    7.25     08/31/20    CNY    56.03
ZHOUSHAN DINGHAI STATE-OW    7.13     08/04/21    CNY    60.37
ZHOUSHAN DINGHAI STATE-OW    7.13     08/04/21    CNY    61.91
ZHOUSHAN PUTUO DISTRICT S    7.18     06/20/22    CNY    70.93
ZHOUSHAN PUTUO DISTRICT S    7.18     06/20/22    CNY    71.76
ZHUCHENG ECONOMIC DEVELOP    7.50     08/25/18    CNY    21.25
ZHUHAI HUAFA GROUP CO LTD    5.50     06/05/19    CNY    25.00
ZHUHAI HUAFA GROUP CO LTD    5.50     06/05/19    CNY    50.00
ZHUHAI HUIHUA INFRASTRUCT    7.15     09/17/20    CNY    61.00
ZHUJI CITY CONSTRUCTION I    6.92     12/19/19    CNY    40.56
ZHUJI CITY YUEDU INVESTME    8.20     12/12/20    CNY    61.55
ZHUJI CITY YUEDU INVESTME    8.20     12/12/20    CNY    61.95
ZHUZHOU CITY CONSTRUCTION    6.95     10/16/20    CNY    61.30
ZHUZHOU GECKOR GROUP CO L    7.50     09/10/19    CNY    40.26
ZHUZHOU GECKOR GROUP CO L    7.50     09/10/19    CNY    40.42
ZHUZHOU GECKOR GROUP CO L    6.95     08/11/21    CNY    60.98
ZHUZHOU GECKOR GROUP CO L    6.95     08/11/21    CNY    61.09
ZHUZHOU YUNLONG DEVELOPME    6.78     11/19/19    CNY    40.37
ZHUZHOU YUNLONG DEVELOPME    6.78     11/19/19    CNY    40.50
ZIBO CITY PROPERTY CO LTD    5.45     04/27/19    CNY    12.12
ZIYANG CITY CONSTRUCTION     7.58     01/09/19    CNY    25.12
ZIYANG WATER INVESTMENT C    7.40     10/21/20    CNY    60.95
ZUNYI CITY HUICHUAN DISTR    6.75     04/24/19    CNY    25.35
ZUNYI CITY HUICHUAN DISTR    7.85     06/25/21    CNY    61.27
ZUNYI CITY HUICHUAN DISTR    7.85     06/25/21    CNY    61.60


HONG KONG
---------

CHINA SOUTH CITY HOLDINGS    7.25     11/20/22    USD    74.65


INDONESIA
---------

BERAU COAL ENERGY TBK PT     7.25     03/13/17    USD    49.04
BERAU COAL ENERGY TBK PT     7.25     03/13/17    USD    49.35
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11    USD     0.28


INDIA
-----

3I INFOTECH LTD              2.50     03/31/25    USD    12.50
BLUE DART EXPRESS LTD        9.50     11/20/19    INR    10.18
CORE EDUCATION & TECHNOLO    7.00     05/07/49    USD     0.29
EDELWEISS ASSET RECONSTRU    2.00     11/20/27    INR    55.57
EDELWEISS ASSET RECONSTRU    2.00     08/27/27    INR    56.25
EDELWEISS ASSET RECONSTRU    2.00     03/28/27    INR    57.12
EDELWEISS ASSET RECONSTRU    2.00     04/27/27    INR    63.18
GTL INFRASTRUCTURE LTD       6.73     10/26/22    USD    50.17
JAIPRAKASH ASSOCIATES LTD    5.75     09/08/17    USD    55.26
JAIPRAKASH POWER VENTURES    7.00     02/13/49    USD     5.00
JCT LTD                      2.50     04/08/11    USD    25.55
PAN INDIA INFRAPROJECTS P    0.10     01/25/24    INR    55.54
PRAKASH INDUSTRIES LTD       5.25     04/30/15    USD    22.63
PYRAMID SAIMIRA THEATRE L    1.75     07/04/12    USD     1.00
REI AGRO LTD                 5.50     11/13/14    USD     1.23
REI AGRO LTD                 5.50     11/13/14    USD     1.23
RELIANCE COMMUNICATIONS L    6.50     11/06/20    USD    39.85
SVOGL OIL GAS & ENERGY LT    5.00     08/17/15    USD     1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20    USD    29.28


JAPAN
-----

TAKATA CORP                  1.02     12/15/17    JPY     0.50
TAKATA CORP                  0.58     03/26/21    JPY     2.36
TAKATA CORP                  0.85     03/06/19    JPY     2.36


KOREA
-----

2016 KIBO 1ST SECURITIZAT    5.00     09/13/18    KRW    75.73
DOOSAN CAPITAL SECURITIZA   20.00     04/22/19    KRW    65.93
HEUNGKUK FIRE & MARINE IN    5.70     12/29/46    KRW    49.57
KIBO ABS SPECIALTY CO LTD    5.00     12/25/19    KRW    71.50
KIBO ABS SPECIALTY CO LTD    5.00     08/29/19    KRW    72.41
KIBO ABS SPECIALTY CO LTD    5.00     02/26/19    KRW    73.51
KIBO ABS SPECIALTY CO LTD    5.00     02/25/19    KRW    73.79
SAMPYO CEMENT CO LTD         7.50     04/20/14    KRW    70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15    KRW    70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15    KRW    70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14    KRW    70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14    KRW    70.00
SINBO SECURITIZATION SPEC    5.00     09/27/21    KRW    69.63
SINBO SECURITIZATION SPEC    5.00     08/25/21    KRW    69.87
SINBO SECURITIZATION SPEC    5.00     07/27/21    KRW    70.07
SINBO SECURITIZATION SPEC    5.00     06/23/20    KRW    70.09
SINBO SECURITIZATION SPEC    5.00     03/15/20    KRW    70.87
SINBO SECURITIZATION SPEC    5.00     02/28/21    KRW    71.26
SINBO SECURITIZATION SPEC    5.00     01/27/21    KRW    71.52
SINBO SECURITIZATION SPEC    5.00     12/22/20    KRW    71.79
SINBO SECURITIZATION SPEC    5.00     09/23/20    KRW    72.50
SINBO SECURITIZATION SPEC    5.00     08/26/20    KRW    72.73
SINBO SECURITIZATION SPEC    5.00     06/24/19    KRW    72.89
SINBO SECURITIZATION SPEC    5.00     07/28/20    KRW    72.94
SINBO SECURITIZATION SPEC    5.00     03/13/19    KRW    73.65
SINBO SECURITIZATION SPEC    5.00     02/25/20    KRW    74.22
SINBO SECURITIZATION SPEC    5.00     01/28/20    KRW    74.45
SINBO SECURITIZATION SPEC    5.00     12/30/19    KRW    74.67
WISE MOBILE SECURITIZATIO   20.00     09/17/18    KRW    75.22


MALAYSIA
--------

AEON CREDIT SERVICE M BHD    3.50     09/15/20    MYR     1.35
ASIAN PAC HOLDINGS BHD       3.00     05/25/22    MYR     0.71
BARAKAH OFFSHORE PETROLEU    3.50     10/24/18    MYR     0.15
BERJAYA CORP BHD             2.00     05/29/26    MYR     0.27
BERJAYA CORP BHD             5.00     04/22/22    MYR     0.38
BRIGHT FOCUS BHD             2.50     01/22/31    MYR    73.70
ELK-DESA RESOURCES BHD       3.25     04/14/22    MYR     0.96
HIAP TECK VENTURE BHD        5.00     06/23/21    MYR     0.43
I-BHD                        3.00     10/09/19    MYR     0.38
IRE-TEX CORP BHD             1.00     06/10/19    MYR     0.02
LAND & GENERAL BHD           1.00     09/24/18    MYR     0.13
PERODUA GLOBAL MANUFACTUR    0.50     12/17/25    MYR    69.36
PMB TECHNOLOGY BHD           3.00     07/12/23    MYR     3.30
PUC BHD                      4.00     02/15/19    MYR     0.11
REDTONE INTERNATIONAL BHD    2.75     03/04/20    MYR     0.11
SENAI-DESARU EXPRESSWAY B    1.35     06/30/31    MYR    58.15
SENAI-DESARU EXPRESSWAY B    1.35     12/31/30    MYR    59.39
SENAI-DESARU EXPRESSWAY B    1.35     06/28/30    MYR    60.65
SENAI-DESARU EXPRESSWAY B    1.35     12/31/29    MYR    61.88
SENAI-DESARU EXPRESSWAY B    1.35     12/29/28    MYR    64.41
SENAI-DESARU EXPRESSWAY B    1.35     06/30/28    MYR    65.75
SENAI-DESARU EXPRESSWAY B    1.35     12/31/27    MYR    67.18
SENAI-DESARU EXPRESSWAY B    1.35     06/30/27    MYR    68.61
SENAI-DESARU EXPRESSWAY B    1.35     06/30/26    MYR    71.49
SENAI-DESARU EXPRESSWAY B    1.15     06/30/25    MYR    73.35
SENAI-DESARU EXPRESSWAY B    1.15     12/31/24    MYR    74.91
THONG GUAN INDUSTRIES BHD    5.00     10/10/19    MYR     2.88
UNIMECH GROUP BHD            5.00     09/18/18    MYR     1.01
VIZIONE HOLDINGS BHD         3.00     08/08/21    MYR     0.06
YTL LAND & DEVELOPMENT BH    3.00     10/31/21    MYR     0.42


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

BAYAN TELECOMMUNICATIONS    13.50     07/15/06    USD    22.75
BAYAN TELECOMMUNICATIONS    13.50     07/15/06    USD    22.75
PHILIPPINE GOVERNMENT BON    3.63     03/21/33    PHP    68.42
PHILIPPINE GOVERNMENT BON    4.63     09/09/40    PHP    72.02
PRECINCT PROPERTIES NEW Z    4.80     09/27/21    NZD     1.03


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      6.35     10/01/21    SGD    45.01
ASL MARINE HOLDINGS LTD      6.00     03/28/20    SGD    51.47
AUSGROUP LTD                 8.45     10/20/18    SGD    51.38
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 P   12.50     07/08/15    USD    48.89
BERAU CAPITAL RESOURCES P   12.50     07/08/15    USD    49.25
BLD INVESTMENTS PTE LTD      8.63     03/23/15    USD     4.82
ENERCOAL RESOURCES PTE LT    9.25     08/05/14    USD    38.13
EZRA HOLDINGS LTD            4.88     04/24/18    SGD     4.84
HYFLUX LTD                   4.20     08/29/19    SGD    55.16
INDO INFRASTRUCTURE GROUP    2.00     07/30/10    USD     1.00
INNOVATE CAPITAL PTE LTD     6.00     12/11/24    USD    70.00
ITNL OFFSHORE PTE LTD        7.50     01/18/21    CNY    70.28
MICLYN EXPRESS OFFSHORE P    8.75     11/25/18    USD    30.02
ORO NEGRO DRILLING PTE LT    7.50     01/24/19    USD    43.75
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
THETA CAPITAL PTE LTD        6.75     10/31/26    USD    73.64
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 CO    1.00     10/10/25    USD    68.69
DEBT AND ASSET TRADING CO    1.00     10/10/25    USD    69.75





                             *********

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

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

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


                            *********


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

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

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

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

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



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