TCRAP_Public/181120.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 20, 2018, Vol. 21, No. 230

                            Headlines


A U S T R A L I A

CONSTRUCTION & PROPERTY: Second Creditors' Meeting Set Nov. 27
DIAMONDS ON SALE: Second Creditors' Meeting Set for Nov. 28
FRESH FOODMARK: First Creditors' Meeting Set for Nov. 27
GENE PACKAGING: Second Creditors' Meeting Set for Nov. 27
KILCOY 27: Second Creditors' Meeting Set for Nov. 26

LONGROAD PTY: Second Creditors' Meeting Set for Nov. 26
MING PAK: Second Creditors' Meeting Set for Nov. 26
ML AUSTRALIAN: Second Creditors' Meeting Set for Nov. 26
TASMAN BUTCHERS: Mario D'Ambrosio and Frank Porcino Buys Business


H O N G  K O N G

NOBLE GROUP: Seeks Life as Smaller, Asia-Centric Business


I N D I A

ACOUSTICS INDIA: CRISIL Reaffirms B+ Rating on INR5cr Loan
ADITYA HOTELS: CARE Reaffirms 'B' Rating on INR12.27cr LT Loan
AGARWAL GENERAL: CARE Lowers Rating on INR1.50cr Loan to B
AGH ALTECH: CARE Migrates B- Rating to Not Cooperating Category
APHRODITE 4WHEELS: CRISIL Maintains B Rating in Not Cooperating

ARUN SHELTERS: CRISIL Maintains B Rating in Not Cooperating
ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
ATMIYA ENGINEERING: CRISIL Maintains D Rating in Not Cooperating
BAPASHREE INFRA: CRISIL Maintains D Rating in Not Cooperating
BHASKAR SHRACHI: Ind-Ra Maintains D LT Rating in Non-Cooperating

BINA COMMERCIAL: CRISIL Reaffirms B Rating on INR5cr Cash Loan
BINDU FOOD: CRISIL Upgrades Rating on INR6cr Cash Loan to B
CAPITOL HILL: CRISIL Maintains 'D' Rating in Not Cooperating
CRACKERS INDIA: CRISIL Maintains C Rating in Not Cooperating
CREATIVE YARN: CRISIL Maintains B- Rating in Not Cooperating

CREST PROMOTERS: CRISIL Maintains B+ Rating in Not Cooperating
DDE RENEWABLE: CARE Assigns D Rating to INR44.09cr LT Loan
DHANPATI AGRO: CRISIL Maintains D Rating in Not Cooperating
DAWER SONS: CRISIL Maintains B Rating in Not Cooperating
DHARTI COTTON: CRISIL Maintains D Rating in Not Cooperating

ENVIROPOL ENGINEER: Ind-Ra Retains BB+ Rating in Non-Cooperating
ESSAR STEEL: Operational Creditors Move NCLT vs. Resolution Plan
FULZAN PROPERTIES: CRISIL Reaffirms D Rating on INR7.5cr Loan
G. R. MULTIFLEX: CRISIL Maintains D Rating in Not Cooperating
GIE JEWELS: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating

GNRC LIMITED: CRISIL Maintains B Rating in Not Cooperating
GOPAL KRISHNA: CRISIL Maintains B Rating in Not Cooperating
H. N. AGRI: CRISIL Maintains B- Rating in Not Cooperating
HELPAGE YOUTH: CRISIL Withdraws B+ Rating on INR1cr LT Loan
HINDUSTAN DORR-OLIVER: Ind-Ra Withdraws D LongTerm Issuer Rating

INFRASTRUCTURE LEASING: Gail India Mulls Buying Wind Assets
JASBIR SINGH: CARE Lowers Rating on INR8cr LT Bank Loan to B
KTL PVT: Ind-Ra Maintains BB LT Issuer Rating in Non-Cooperating
MANIPUR TEA: CRISIL Reaffirms C Rating on INR4.80cr Cash Loan
MATRIX AGRO: CARE Migrates D Rating to Not Cooperating Category

NAHAR TEXTILES: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
NANDAN PETROCHEM: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
PRAKASH SHELLAC: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
PRIMAFLEX: CARE Lowers Rating on INR8.30cr LT Loan to D
RADHA KRISHNA: CARE Reaffirms B Rating on INR9cr LT Loan

RAHIMAN ENGINEER: CRISIL Lowers Rating on INR12.5cr Loans to D
ROLEX RINGS: CARE Reaffirms 'D' Rating on INR522.14cr Loans
RUTTONPORE PLANTATIONS: CRISIL Reaffirms C Rating on INR7cr Loan
SHANTI ISPAT: CRISIL Maintains B- Rating in Not Cooperating
SHIV AUM: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating

SHIVOM COTSPIN: CRISIL Maintains B Rating in Not Cooperating
SM-JDB ESTATE: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
S S POULTRIES: CARE Raises Rating on INR5.27cr LT Loan to B+
UTTARA FOODS: ICRA Hikes Rating on INR30cr Cash Loan From D


X X X X X X X X

* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2018


                            - - - - -


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A U S T R A L I A
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CONSTRUCTION & PROPERTY: Second Creditors' Meeting Set Nov. 27
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Construction
& Property Services Industry Skills Council Ltd has been set for
Nov. 27, 2018, at 4:30 p.m. at the offices of Worrells Solvency &
Forensic Accountants, at Level 2 AMP Building, 1 Hobart Place, in
Canberra, ACT.

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. 26, 2018, at 5:00 p.m.

Stephen John Hundy of Worrells Solvency was appointed as
administrator of Construction & Property on Oct. 23, 2018.


DIAMONDS ON SALE: Second Creditors' Meeting Set for Nov. 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Diamonds On
Sale Pty. Ltd has been set for Nov. 28, 2018, at 11:00 a.m. at
the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in
Hawthorn East.

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

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

Adrian John Warry and Shane Leslie Deane of Dye & Co. were
appointed as administrators of Diamonds On Sale on Oct. 23, 2018.


FRESH FOODMARK: First Creditors' Meeting Set for Nov. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fresh
Foodmark Pty Ltd, trading as Fresh Foodmark Supermarket, will be
held at the offices of Greengate Advisory, at Suite 4.05, Level
4, 130 Pitt Street, in Sydney, NSW, on Nov. 27, 2018, at 10:00
a.m.

Patrick Loi of Greengate Advisory was appointed as administrator
of Fresh Foodmark on Nov. 16, 2018.


GENE PACKAGING: Second Creditors' Meeting Set for Nov. 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Gene
Packaging Pty Ltd, trading as Premium Packaging, has been set for
Nov. 27, 2018, at 11:00 a.m. at the offices of Amos Insolvency
25/185 Airds Road, in Leumeah, 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. 26, 2018, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Gene Packaging on Oct. 23, 2018.


KILCOY 27: Second Creditors' Meeting Set for Nov. 26
----------------------------------------------------
A second meeting of creditors in the proceedings of Kilcoy 27 Pty
Ltd (formerly Campstone Pty Ltd) ATF Andersson Court Highfields
Unit Trust has been set for Nov. 26, 2018, at 10:30 a.m. at the
offices of Worrells Solvency and Forensic Accountants, at Level
8, 102 Adelaide Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 25, 2018, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Kilcoy 27 on Oct. 22, 2018.


LONGROAD PTY: Second Creditors' Meeting Set for Nov. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Longroad Pty
Ltd has been set for Nov. 26, 2018, at 3:00 p.m. at Level 10, 12
Creek Street, in Brisbane.

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. 26, 2018, at 9:00 a.m.

Helen Newman and Andrew Fielding of BDO were appointed as
administrators of Longroad Pty on Oct. 22, 2018.


MING PAK: Second Creditors' Meeting Set for Nov. 26
---------------------------------------------------
A second meeting of creditors in the proceedings of Ming Pak
(Aust.) Pty Ltd has been set for Nov. 26, 2018, at 11:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, at Level 14,
440 Collins 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. 23, 2018, at 5:00 p.m.

David Allan Ingram and David Ross of Hall Chadwick were appointed
as administrators of Ming Pak on Oct. 22, 2018.


ML AUSTRALIAN: Second Creditors' Meeting Set for Nov. 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of ML Australian
Holdings Pty Ltd has been set for Nov. 26, 2018, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, Level 14, 440
Collins 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. 23, 2018, at 5:00 p.m.

David Allan Ingram and David Ross of Hall Chadwick were appointed
as administrators of ML Australian on Oct. 22, 2018.


TASMAN BUTCHERS: Mario D'Ambrosio and Frank Porcino Buys Business
-----------------------------------------------------------------
Matthew Elmas at SmartCompany reports that Victoria's largest
independent butcher, Tasman Butchers, has been saved from
administration by two of its buyers, Mario D'Ambrosio and Frank
Porcino.

The big-box meat retailer has been for sale since September after
being placed into voluntary administration, SmartCompany relates.

The report says Messrs. D'Ambrosio and Porcino, who are also
directors of meat supplier Farm 88, broke the news to customers
via an email sent out on Nov. 15.

It is understood Messrs. D'Ambrosio and Porcino had a stake in
the old business.

According to the report, the pair appears to be operating the
business with a much smaller network of stores, with nine
appearing on Tasman's updated website on Nov. 16, compared to the
17 the company originally entered administration with.

Administrator David McEvoy of PricewaterhouseCoopers closed two
unprofitable stores while overseeing the business in September
and was negotiating with potential buyers on a possible carve-up
of the business, SmartCompany states.

According to social media posts, former Tasman stores in Belmont,
Bendigo, Berwick, Brooklyn, Newcomb, Rosebud, Shepparton and
Tralgon will not re-open "under the Tasman banner," SmartCompany
relays.

The new network includes stores in Deer Park, Frankston, Melton,
Moorabbin, Mount Waverly, Oakleigh, Pakenham, South Morang and
Werribee.

When Tasman initially appointed administrators, owing $10 million
to creditors, underperforming stores were cited as a key reason
for its downfall, according to SmartCompany.

"There were elements of the network that were just not working,"
Mr. McEvoy told SmartCompany in September.

"Some of the stores were underperforming and the business needed
to restructure in order to move forward on a sustainable footing.

"It didn't have the capital base."

Mr. McEvoy has always been confident he could sell the business
as a going concern, adds SmartCompany.

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

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



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


NOBLE GROUP: Seeks Life as Smaller, Asia-Centric Business
---------------------------------------------------------
Reuters reports that shares in Noble Group Ltd, once Asia's top
commodity trader, were suspended from trading from Nov. 19, as
the company seeks to transform into an Asia-focused coal-trading
business following a $3.5 billion debt restructuring deal.

According to Reuters, Singapore-listed Noble said last week it
had obtained the required approvals, including getting a go-ahead
from courts for its restructuring and payment to creditors,
clearing the final hurdle to completing its controversial debt-
for-equity swap.

Under the lifeline provided by creditors, Noble is halving its
debt, in return giving 70 percent ownership to the creditors,
which are comprised mainly of hedge funds. The deal leaves
existing equity holders with just 20 percent in the restructured
firm, Reuters relays.

Reuters relates that sources familiar with the matter said Noble
is expected to name a new board by end-November, and shares in
the company, which will be called Noble Group Holdings, are
expected to list in December.

"Noble should be getting back to business with the new trade
financing and its cost of financing will also go down," said one
of the sources, adding that the company is expected to start
hiring traders and staff in areas such as risk management,
Reuters relays.

The report says the lifeline from creditors will allow Noble to
get access to $800 million in trade financing and hedging
facilities - crucial in an industry where profit margins are
tiny.

Singapore-based Ian Potter, a former senior banker at Morgan
Stanley who has been working with Noble in an advisory capacity
for the past few months, is to be named its new chairman, the
sources said last week, Reuters adds. The sources did not wish to
be named as Noble had not made any official announcement about
the changes.

There was no immediate response from Noble to a Reuters query on
the matter on Nov. 19.

The company's market value has been all but wiped out from $6
billion in February 2015 after Iceberg Research questioned its
accounts. Noble has shrunk its business by selling billions of
dollars of assets, taking hefty writedowns, and cutting hundreds
of jobs following a slide in investor confidence.

                        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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ACOUSTICS INDIA: CRISIL Reaffirms B+ Rating on INR5cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Acoustics India Private Limited (AIPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        4         CRISIL A4 (Reaffirmed)

   Cash Credit           5         CRISIL B+/Stable (Reaffirmed)

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

The ratings continue to reflect AIPL's weak financial risk
profile and modest scale of operations. These weaknesses are
partially offset by the experience of the promoter in the
engineering industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak Financial Risk profile: The company has a highly leveraged
capital structure. The networth was modest at INR4 crores while
gearing was high at 2.53 times as on March 31, 2018. Moderately
high debt levels and moderate profitability have resulted in sub
dued debt protection metrics as reflected in its interest
coverage and net cash accruals to total debt ratio of 1.8 times
and 0.06 times as respectively for fiscal 2018.

* Modest scale of operations: Scale of operations is modest, with
revenues of around INR28 crores during fiscal 2018, due to
intense competition. The intense competition in the industry may
continue to constrain scalability, pricing power, and
profitability.

Strength

* Experience of the promoter: Benefits from the promoter's
experience of two 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 AIPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and profitability
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if stretch in working capital cycle or
any large, debt-funded capital expenditure weakens capital
structure and liquidity.

AIPL, incorporated in 1991 at Trichy (Tamilnadu) and promoted by
Mr. N. P. Sukumar manufactures noise and pollution control
products used in industries such as power, engineering,
fertilisers, oil and gas, and petrochemicals.


ADITYA HOTELS: CARE Reaffirms 'B' Rating on INR12.27cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Aditya Hotels & Hospitalities Private Limited (AHHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          12.27       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AHHPL is
constrained by project execution risk emanating from initial
stage of project with ~68% of total project cost incurred as on
October 19, 2018, pending financial closure, presence in the
highly fragmented industry with intense competition and
seasonality of business.

The above weaknesses are partially offset by extensive experience
of promoters in diverse sectors for more than two decade,
positive outlook of industry and strategic location of the
resort.

The ability of the company to execute the project in a timely
manner without any cost overruns is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution risk: The company is executing the project for
setting up a resort with a total cost of INR18.06 crore. It faces
risk of timely completion and stabilization of operations as
envisaged in light of pending financial closure for the project.
Further the company is also awaiting approvals from pollution
board, delay in receipt of which may delay the commercial
operation date.

Presence in the highly fragmented industry with intense
competition: The company operates in a highly competitive
hospitality industry of Satara which is a famous tourist
destination with many small players comprising of hotels, resorts
and recreational centers operating in the area. Thus, AHHPL would
face high competition from the established players in the Satara
area.

Seasonality associated with the business: Revenue of the company
is seasonal in nature as tourist inflow tends to increase in
holiday season (March-August) making operations seasonal in
nature.

Key Rating Strengths

Experienced promoters: AHHPL is promoted by Mr. Shriram Krishan
Surve, Mr.Akshay Shriram Surve and Mrs.Rutuja Shriram Surve. The
promoters have an experience of around one and a half decade in
diverse businesses viz. Turnkey electrical contractor, trading of
farm equipments and managing hotel through their association with
group entities. The wide experience of promoters will aid in
smooth operations of the company.

Favorable location of the resort: AHHPL is situated in Satara
District which lies in western part of Maharashtra and is also
on National Highway (NH-4), between Karad and Khandala and offers
opportunities to the tourists to visit the beautiful natural
places and also reveal its importance as a center of cultural
significance.

Several temples, Forts, Lakes, Dams, Museums as well as
Sanctuaries make Satara a wonderful place to visit. The district
has world famous hot beds of Ecotourism namely Mahabaleshwar and
Panchgani as listed destinations of "A" type category. Hence, the
resort will benefit from the tourist attractions located in the
vicinity.

Positive outlook for hospitality industry: The prospects of the
hospitality industry in India in the long term are bright. The
Indian hospitality industry especially the Mid-market/Budget
category is expected to witness a strong growth with the
expected improvement in investment cycle and with revival in the
global as well as Indian economy and subsequently the increase in
disposable income of the individuals, people are expected to
spend on events like marriages, parties, hangouts etc, which
augurs well for the hospitality industry.

Satara (Maharashtra) based, AHHPL was incorporated in December
26, 2016. AHHPL is in process of setting up a resort cum hotel in
Satara. The facility is expected to commence its operations by
November 2018.


AGARWAL GENERAL: CARE Lowers Rating on INR1.50cr Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agarwal General Engineering Works Private Limited (AGEPL), as:

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long-term Bank    1.50      CARE B; Stable; Issuer not
   Facilities                  cooperating; Revised from CARE B+;
                                Stable on the basis of best
                               Available information

   Short-term Bank   6.00      CARE A4; Issuer not Cooperating;
   Facilities                  Based on best available
                               information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from AGEPL to monitor the
rating(s) vide e-mail dated May 10, 2018, June 7, 2018, July 10,
2018, August 1, 2018, September 3, 2018 and October 16, 2018 and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, AGPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on AGPL's bank facilities will now
be denoted as CARE B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Agarwal General
Engineering Works Private Limited (AGPL) are primarily
constrained on account of its presence in the fragmented and
competitive nature of the industry and its financial risk profile
marked by fluctuating and thin profitability, moderate solvency
position and moderately stressed liquidity position. The ratings
are further constrained on account of susceptibility of margins
to volatile raw material prices. The ratings, however, derive
strength from the experienced management with established track
record of operations and strong clientele base with moderate
order book position.

Detailed description of the key rating drivers

At the time of last rating on June 28, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Fluctuating and thin profitability margins, moderate solvency
position and moderately stressed liquidity position: The
profitability of AGPL stood thin marked by the PBILDT and PAT
margins of 4.75% and 0.98%, respectively, in FY17 (refers to the
period April 1 to March 31). The PBILDT margin of the company has
witnessed fluctuating trend in last three financial years ended
FY17 owing to volatile raw material prices and its presence in a
highly competitive industry where orders are tender driven. The
overall gearing including L/C backed creditors stood at 1.62
times as on March 31, 2017, improved from 3.43 times as on March
31, 2016, owing to lower unsecured loans from promoters &
relatives.

Furthermore, out of total unsecured loans from promoters &
relatives, INR1.25 crore considered as quasi equity which are
subordinated to bank borrowings. The debt service coverage
indicators stood weak with total debt to GCA stood at 14.55 times
as on March 31, 2017, improved from 84.03 times as on March 31,
2016, mainly due to lower total debt level coupled with marginal
increase in GCA level. Furthermore, the interest coverage ratio
stood moderate at 1.39 times in FY17, improved from 1.08 times in
FY16 due to lower interest expense offset to an extent with lower
PBILDT margin. The business of the company is working capital
intensive nature marked by almost full utilization of its working
capital bank borrowings during last 12 months ended May 2017.
However, the cash flow from operating activities has improved
from negative cash flow of INR0.15 crore in FY16 to INR1.34 crore
in FY17.

Susceptibility of profitability margins to volatile raw material
prices coupled with presence in a highly fragmented and
competitive industry: The major raw materials required for
manufacturing of conductors are electrolytic copper and
aluminium, prices of which are highly fluctuating in nature and
move in tandem with global demand-supply factors. Adverse changes
in prices of the same would have an impact on the profitability
margins of the firm. To mitigate its risk, AGPL stocks up raw
material as and when it gets a favourable rate. AGPL operates in
a highly fragmented market with the presence of a large number of
organized and unorganized players due to low entry barriers.
Also, the presence of large players with an established marketing
& distribution network leads to intense competition in the
industry. Additionally, on account of rapidly changing dynamics
of the end user industries (power distribution & transmission and
electrical products) as well as competition from cheap Chinese
imports, conductor manufacturers are required to upgrade their
facilities at regular intervals resulting in regular capital
commitment.

Key Rating Strengths

Experienced management with established track record of
operations: AGPL was incorporated in 1979 and hence, has a track
record of more than three decades in the industry. The overall
activities of AGPL are managed by Mr. Nand Lal Bansal, Director,
who is Chartered Accountant by qualification and has more than
four decades of experience in the industry. He is assisted by his
son, Mr. Saurabh Bansal, who is MBA by qualification and has more
than 7 years of experience in the industry. Furthermore, due to
long-standing presence in the industry, the company has
established relations with its customers and suppliers. Further,
the top management is assisted by second-tier management who has
relevant experience in the industry.

Strong clientele base and moderate order book position: Being
present in the industry since long period of time, it has
established relationship with State Electricity Boards (SEBs).
Due to established relationship with its customer, it gets
repeated orders from its clients and same is reflected through
continuous growth in scale of operations. The company has
witnessed continuous growth in the total operating income
(TOI) and grew at a compounded annual growth rate (CAGR) of
around 15.33% during last three financial years ended FY17. As
per provisional result of FY17, TOI of the company has increased
by 5.02% over FY16 and registered TOI of INR13.20 crore. As on
May 31, 2017, AGPL has an order book position of INR14 crore with
two projects in hand reflecting moderate order book position. The
on-going projects of the company are expected to be completed by
10-12 months providing medium term revenue visibility.

Jaipur-based (Rajasthan) Agarwal General Engineering Works
Private Limited (AGPL) was incorporated in 1979 by Mr Nand Lal
Bansal along with his family members as a private limited
company. AGPL is engaged in the business of manufacturing of All
Aluminum Conductors (AAC) and Aluminum Conductor Steel Reinforced
(ACSR). The manufacturing unit of the company is located in
Vishwakarma Industrial Area, Jaipur with combined total installed
capacity of 1062 Metric Tonnes Per Annum (MTPA) as on March 31,
2017. The company participates in the tenders for supply of
conductors and has longstanding association with Madhya Pradesh
State Electricity Board (MPSEB), Power Grid Corporation of India
Limited (PGCIL), Punjab State Electricity Board (PSEB) and
Rajasthan State Electricity Board (RSEB).


AGH ALTECH: CARE Migrates B- Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of AGH
Altech Private Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     10.00      CARE B-; ISSUER NOT COOPERATING;
   Facilities                    Reaffirmed

Detailed Rationale and key rating drivers

CARE has been seeking information from AGH Altech Private Limited
to monitor the rating(s) vide e-mail communications/letters dated
October 29, 2018, October 24, 2018, October 1, 2018 etc. and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating AGH Altech Private Limited bank facilities will now
be denoted as
CARE B-; ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 2, 2017, the following were
the rating strengths and weaknesses:

Small and fluctuating scale of operations: The scale of
operations has exhibited fluctuating trend in the past three
financial years i.e. FY14-FY16 as the company is engaged in
manufacturing of aluminium volt tubes whose prices are volatile
in nature. Further during FY16 the total operating income ofthe
company improved and stood at INR14.61 crores. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Net loss, leveraged capital structure and weak coverage
indicators: In FY16, the company had operational losses at
INR0.33 crores. Further, the company continues to incur net loss
of INR8.71 crore in FY16 as against INR0.46 crore in FY15 due to
high interest expense and depreciation. The capital structure of
the company stood leveraged for the past three years (FY14-FY16).
Overall gearing ratio stood at 65.43x as on March 31, 2016 on
account of high debt in the form of unsecured borrowings and
working capital borrowings. The debt service coverage indicators
company continued to remain stressed marked by interest coverage
and total debt to GCA which stood negative at 0.13x and 6.59x
respectively for FY16.

Working capital intensive nature of operations: The operation of
the company is working capital intensive nature marked by
operating cycle of 178 days in FY16. The company maintains raw
material inventory upto 90 days for smooth production process.
Furthermore, the collection period stood elongated at 178 days in
FY16 because of adverse market condition resulting in delayed
realization from debtors.

Susceptibility of margins to fluctuation in raw material prices:
The prices of raw materials i.e. aluminum required for the
manufacture of multi void tubes are volatile in nature. With the
cost of raw materials accounting for almost 75% of the total
production cost coupled with the absence of any long term supply
contract; an upward movement in the raw material prices may
adversely affect the profitability of the company. Furthermore,
the time lag between the procurement of raw material and bagging
up of order exposes AGH to volatility associated with raw
material prices. AGH is also not able to pass on the rise in raw
material prices to its end consumer due to stiff competition both
domestically and internationally.

Foreign exchange fluctuation risk: The company is mainly
importing material from China, Korea and Malaysia and its import
procurement to raw material cost stood at 69% for FY16. With
initial cash outlay for procurement in foreign currency and
significant chunk of sales realization in domestic currency, the
company is exposed to the fluctuation in exchange rates which the
company does not hedge. So, any adverse fluctuations in the
currency markets may put pressure on the profitability of the
company which already has quite low PAT margins. The risk is more
evident now that the rupee has registered considerable volatility
and could leave the company carrying costly inventory in case of
sudden appreciation.

Key Rating Strengths

Experienced promoters: AGHL is currently managed by Mr. Gurvinder
Pal Singh and Mr. Amarjeet Kaur Seghal who has an experience of
around two and a half decades and around two decades in the same
line of business through his association with "Microsoft Azure"
and AGHL respectively.

Delhi based AGH Altech Private Limited (AGH), is a private
limited company, incorporated in December 28, 2007 is promoted by
Mr. Gurvinder Pal Singh. The company is engaged in the
manufacturing of multi-channel tubes of aluminium, which finds
its application in automobiles and split air conditioner. The
company procures the key raw materials i.e. aluminium rod
directly from manufactures while other raw material such as
header pipe, zinc wire, tube roll etc from dealers and
wholesalers in Delhi. The company also imports (67% of purchases
in FY15) aluminium rod from China, Korea and Malaysia. The
company sells its product directly to OEM such as Lloyd's
Electric & Engineering Ltd, Samsung India Electronics Private
Limited, Blue Star Limited, Zamil Air Conditioners India Pvt. Ltd
etc. The company derives 8 % of its revenue through its export to
Thailand.


APHRODITE 4WHEELS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Aphrodite 4Wheels
Private Limited (A4PL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Electronic Dealer     8         CRISIL B/Stable (ISSUER NOT
   Financing Scheme                COOPERATING)
  (e-DFS)

   Proposed Fund-        6.91      CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING)

   Term Loan             3.09      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with A4PL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 A4PL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on A4PL, 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, the rating on bank
facilities of A4PL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

A4PL was set up in 2013-14 (refers to financial year, April 1 to
March 31) by Mr. Vaibhav Ahuja. It is a dealer for Renault India
Pvt Ltd in Jamshedpur. It commenced operations in September 2013.


ARUN SHELTERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Arun Shelters
Private Limited (ASPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        20        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL, 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, the rating on bank
facilities of ASPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'

Arun Shelters Private Limited (ASPL) was incorporated in the year
2005 is engaged in execution residential projects primarily in
Bangalore, Karnataka. The company is being promoted by Mr Arun
Kumar .M and his family.


ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Asia-Pacific
Institute of Management (A Unit of All India Asian Educational
Foundation) (AIAEF) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           18       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AIAEF for
obtaining information through letters and emails dated April 30,
2018 and October 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 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 AIAEF, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on AIAEF,
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, the rating on bank
facilities of AIAEF, continues to be 'CRISIL D Issuer not
cooperating'.

AIAEF was set up in 1996 by Mr. A K Shrivastav and his family
members. The society operates APIM, which provides postgraduate
courses in business administration.


ATMIYA ENGINEERING: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Atmiya Engineering
and Plastics (AEP) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           0.4       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Long Term Loan       3.43       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital
   Term Loan            5.17       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AEP for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 AEP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEP, 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, the rating on bank
facilities of AEP, continues to be 'CRISIL D Issuer not
cooperating'

AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for air-
coolers.


BAPASHREE INFRA: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Bapashree
Infrastructure Private Limited (BIPL) continue to be 'CRISIL D
Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        20        CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 BIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BIPL, 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, the rating on bank
facilities of BIPL, continues to be 'CRISIL D Issuer not
cooperating'

BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is
engaged in residential real estate development in Ahmedabad. It
has two ongoing projects.


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

The instrument-wise rating actions are:

-- INR290 mil. Fund-based limits (long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR192 mil. Term loan (long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR150 mil. Non-fund-based limits (short-term) maintained in
     Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 30, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhaskar Shrachi Alloys was incorporated in 1995 by Sri Shrawan
Kumar Todi of Shrachi Group and Sri Krishna Kumar Rungta of
Bhaskar Group. The company manufactures ferro alloys, spheroidal
graphite cast iron inserts and billets.


BINA COMMERCIAL: CRISIL Reaffirms B Rating on INR5cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Bina Commercial Corporation (BCC).

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

   Letter of credit
   & Bank Guarantee       4       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's below-average
financial risk profile because of small networth, low total
outside liabilities to tangible networth (TOLTNW) ratio, and weak
debt protection metrics, and modest scale of operations. These
weaknesses are partially offset by the management's extensive
experience in the iron and steel trading business.

Analytical Approach

CRISIL has considered unsecured loans of INR9.75 crores as
neither debt nor equity (NDNE) as the same are from promoters and
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile is
constrained by small networth of INR1.30 crore as on March 31,
2018. Moreover, the firm has large working capital requirement
reflected in gross current assets of 163 days as on March 31,
2018, against 152 days a year earlier. The TOLTNW ratio was 0.81
time as on March 31, 2018. Interest coverage ratio was low at 1.3
times in fiscal 2018. However, return on capital employed was
moderate at 15.0 times in fiscal 2018.

* Modest scale of operations and exposure to competition: Scale
remains modest due to intense competition in the steel trading
segment, which is dominated by many unorganised players catering
to regional demand. For fiscal 2018, revenue was INR41.09 crore,
against INR32.54 crore in the previous fiscal. Limited order-
backed procurement and no long-term price contracts with
customers render profitability susceptible to volatility in steel
prices. Scale is also susceptible to cyclicality inherent in the
steel industry.

* Susceptibility to volatility in raw material prices: Movement
in prices of iron and steel industry is a key concern for this
industry. CRISIL believes susceptibility to volatility in prices
of iron and steel will persist.

Strengths

* Extensive experience of the promoter: The promoter has
experience of more than two decades in the iron and steel
industry, and has developed healthy and longstanding
relationships with clients and supplier, Steel Authority of India
Ltd, of more than two decades.

Outlook: Stable

CRISIL believes BCC will continue to benefit from its
management's extensive experience. The outlook may be revised to
'Positive' if significant increase in revenue and profitability
or sizeable equity infusion leads to sustained improvement in the
financial risk profile. The outlook may be revised to 'Negative'
if the firm contracts sizeable debt because of a stretch in
working capital cycle, or if a sharp decline in revenue and
profitability adversely affects financial risk profile.

BCC is a Kolkata-based proprietorship firm established in 1989 by
Mr Vinod Kumar Agarwal. The firm trades in mild steel pipes,
thermo-mechanically treated steel bars, mild steel rounds/flats,
channels, and angles.


BINDU FOOD: CRISIL Upgrades Rating on INR6cr Cash Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Bindu Food Processors Private Limited (BFPPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    2.23      CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Working Capital
   Loan                  0.99      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects sustained improvement in business risk
profile, driven by increase in operating revenue mainly on
account of better occupancy and upward revision in rent.
Operating revenue increased to estimated INR3.8 crore during
fiscal 2018 from INR2.8 crore in fiscal 2017 and will likely
remain at a similar level over the medium term other than modest
improvement due to periodic upward revision of rent. Any upward
revision in rental for cold storage space will support revenue
and profitability. Also term loans have been repaid in full and
there are no repayment obligation. Liquidity should remain
adequate with nil debt obligation and large, debt-funded capital
expenditure for the medium term.

The ratings reflect below average financial risk profile because
of modest networth and weak debt coverage indicators. The ratings
also factor in susceptibility to regulatory changes and
vulnerability to delay in payments by farmers because of adverse
market conditions and intense competition. These weaknesses are
mitigated by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Vulnerability to delay in payments by farmers because of
adverse market conditions: As part of Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold
storages, against pledge of cold-storage receipts. Cold storages
obtain loans from banks on behalf of farmers and traders.
However, primary responsibility to repay bank loan lies with cold
storages. In case of adverse market trends and a decline in
potato prices, farmers do not find it profitable to pay rental
and interest charges along with loan repayment and hence do not
retrieve potatoes from cold storages. Hence, operating margin is
impacted by defaults by farmers.

* Susceptibility to regulatory changes and intense competition:
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association. Furthermore, the
segment is competitive with 400 cold storages in the state, which
constrain the bargaining power of players, who also have to offer
discounts to ensure healthy utilisation of capacities.

* Weak liquidity: Working capital intensive operations ensure
high bank limit utilisation of around 93%. Net cash accrual also
remained very low which are estimated around INR32 lakh for
fiscal 2018 against nil repayment obligation.

Strengths

* Extensive experience of the promoters: Benefits from the
extensive experience of the promoters and healthy relations with
traders and farmers should support business.

Outlook: Stable

CRISIL believes BFPPL will continue to benefit from the long
standing experience of its promoters.  The outlook may be revised
to 'Positive' in case of efficient management of farmers'
financing, ramp up in scale of operations and improvement in cash
accrual, capital infusion and profitability. The outlook may be
revised to 'Negative' if delays in repayments by farmers, low
cash accrual or any debt-funded capex weakens liquidity.

Incorporated in 1997, BFPPL was promoted by Mr Inder Raj Agrawal
and his cousins, Mr Hanuman Sahay Agrawal and Mr Anil Agrawal.
The company operates a 21,300 MT cold storage unit (primarily for
storing potatoes) in Paschim Medinipur. It also provides funding
to farmers against the potatoes stored. Post-acquisition in 2015,
operations are managed by Mr Supreme Lodha and Mr Rajendra Kumar
Agrawal.


CAPITOL HILL: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Capitol Hill Hotels
Private Limited (CHHPL) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           45       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with CHHPL for
obtaining information through letters and emails dated April 30,
2018 and October 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 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 CHHPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on CHHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2012, CHHPL is developing a four-star deluxe
hotel in Bistupur, Jamshedpur (Jharkhand). The company is
promoted by Mr. Ashwani Bhatia and Mr. Sanjay Bhatia.


CRACKERS INDIA: CRISIL Maintains C Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Crackers India
Infrastructure Limited (CIIL) continue to be 'CRISIL C Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      65       CRISIL C (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with CIIL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 CIIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CIIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of CIIL continue to be 'CRISIL C Issuer not
cooperating'.

CIIL, incorporated in 2007, started operations in the retail and
the hotel segments. However, over time, it transferred its retail
operations to group entity The World Retail Pvt Ltd, and now has
two hotels: The World Business Hotel at Barbil in Odisha, and The
World Backwaters at Allepey in Kerala. CIIL is constructing an
11-storied hotel in Bhubaneswar, which is expected to commence
operations in June 2016.


CREATIVE YARN: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Creative Yarn
Private Limited (CYPL) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.

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

   Proposed Long Term    1.89      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             1.11      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with CYPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 CYPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CYPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

CYPL, incorporated in 2002, is a Ludhiana-based company that
primarily trades in hosiery and RMG. It also manufactures yarn.
Operations are managed by Mr. Anil Kapoor.


CREST PROMOTERS: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Crest Promoters
Private Limited (CPPL) continue to be 'CRISIL B+/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Term Loan    5         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan            95         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with CPPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 CPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

CPPL was incorporated by Mr. Ajay Kumar, Mr. Jagdeep Singh Gill,
Mr. Pratap Singh Rathi and Mr. Dushyant Malik. The company
develops residential real estate and currently is developing a
residential project, Ace City, in Greater Noida West (Uttar
Pradesh).


DDE RENEWABLE: CARE Assigns D Rating to INR44.09cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of DDE
Renewable Energy Private Limited (DREPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          44.09       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DREPL takes into
account the instance of delay in debt service by the company.
Going forward, the ability of the company to timely service the
debt shall remain key sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instance of delays in servicing of debt obligations: As
communicated by the company and confirmed with DDE lenders, there
have been few instances of delay in debt servicing by the company
during past 3 years with the last delay in September 2018.

Below average financial risk profile: The company has below
average financial risk profile characterized by leveraged capital
structure, low debt coverage indicators and exposure towards
other group companies. The capital structure as exhibited by
overall gearing of 10.76x as on March 31, 2018 (PY: 8.85x) was
leveraged largely attributable to negative net worth given the
accumulated losses over the years. Further, the company has been
continuously reporting net losses since incorporation (INR1.27
crore during FY18 and INR1.26 crore during FY17). The debt
coverage ratios viz interest coverage ratio and TD/GCA of the
company though improved from FY17 levels but remained low at
1.45x and 18.43x during FY18 (PY: 1.42x and 19.22x respectively).

Climatic conditions and technological risks: The operations of
the company are exposed to climatic conditions as well as
technological risks pertaining to adequate availability of
sunlight and any redundancy associated with the operational
efficiency of PV modules. Accordingly, the achievement of desired
CUF is subject to changes in climatic conditions, amount of
degradation of modules as well as other technological risks.

Key Rating Strengths

Long term power off take arrangement: DREPL has signed a Power
Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited
(NVVNL) to supply power generated from the 5 MW solar projects
for a period of 25 years from COD which was on January 10, 2012.
According to the PPA, the power is to be sold at a fixed tariff
rate of INR11.55 per KWH. In the event that the payments are
delayed beyond the due date, NVVNL would be liable to pay late
payment surcharge for the delayed amount at 1.25% per month for
the actual period of delay.

Stable operational track record: The 5 MW grid connected solar
photovoltaic (SPV) power plant constructed by DREPL at Askandra
Village, Jaisalmer district, Rajasthan was commissioned on
January 10, 2012 and FY13 was the first full year of operations
for the plant. The operational performance has been satisfactory
with average CUF (Capacity utilization factor) of 18.94% during
past 3 years.

DDE Renewable Energy Private Limited (DREPL) was incorporated on
November 17, 2009 and is a joint venture between Nice Infracon
Private Limited (NIPL) and Lanco Solar Energy Private Limited
(LSEPL) in the ratio of 51:49. NIPL, an infrastructure
development company, was incorporated on September 10, 2010. Mr.
Dilip Kumar Kodali & Ms. Chanchal Sharma are current directors of
NIPL. Lanco Solar Energy Private Limited (LSEPL), a 100%
subsidiary of Lanco Infratech Limited, was established in June
2009 and is engaged in providing design & engineering,
procurement of equipment and complete construction of solar power
projects.

DREPL set up a 5 MW solar energy project in Askandra Village,
Jaisalmer district, Rajasthan under the Phase I of Jawaharlal
Nehru National Solar Mission (JNNSM) of Government of India. The
project was funded in debt equity ratio of 66:34; the project
achieved Commercial Operations Date (COD) on January 10, 2012.
The company has signed a 25 years long term Power Purchase
Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited (NVVNL) at
a fixed tariff rate of INR11.55/kWh in January 2011.


DHANPATI AGRO: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanpati Agro Udyog
Private Limited (Dhanpati) continue to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       6.5        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan         2.07       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Dhanpati for
obtaining information through letters and emails dated April 30,
2018 and October 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 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 Dhanpati, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Dhanpati
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and non-
basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.


DAWER SONS: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Dawer Sons Private
Limited (DSPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Cash         3         CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING)

CRISIL has been consistently following up with DSPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 DSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

DSPL, incorporated in 1993, manufactures coated textile products.
Its manufacturing facility is located at Mayapuri, New Delhi.


DHARTI COTTON: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dharti Cotton
Industries (DCI) continue to be 'CRISIL D Issuer not
cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit        5.5      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DCI for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 DCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.


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

The instrument-wise rating actions are:

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

-- INR65 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Enviropol Engineers is engaged in the designing, engineering and
manufacturing of pollution control equipment (mainly air
pollution) such as electrostatic precipitators, bag filters, wet
scrubbing, pre-dust collectors and related spare parts.


ESSAR STEEL: Operational Creditors Move NCLT vs. Resolution Plan
----------------------------------------------------------------
BloombergQuint reports that ArcelorMittal may not get their hands
on Essar Steel so easily.

BloombergQuint relates that operational creditors of the
insolvent firm have moved the National Company Law Tribunal
saying that resolution plan accepted by the Committee of
Creditors doesn't take their dues into consideration. In two
separate petitions filed at the Ahmedabad bench of the NCLT, a
total of 28 operational creditors have asked the tribunal for
staying further resolution proceedings till their grievances are
addressed.

According to the report, the first petition, moved by 27
operational creditors, has asked the tribunal to direct the
committee of creditors to ensure full payment to them and take
necessary steps to modify ArcelorMittal's resolution plan for
that. Alternatively, it has asked the tribunal to direct the
lenders to also consider the Ruia family's last-minute offer that
promises to repay all creditors fully, the report says.

The second petition, filed by Orissa Stevedores Ltd. that is owed
INR20.46 crore, has also made a similar demand while also asking
the committee of creditors to provide a copy of ArcelorMittal's
resolution plan, BloombergQuint relays.

BloombergQuint relates that the 27 operational creditors have
submitted that ArcelorMittal's resolution plan "provides no
payment to operational creditors with outstanding dues of an
amount more than Rs1 crore". They said that under the Insolvency
and Bankruptcy Code, operational creditors "can't be treated
differentially, inequitably and unfairly as compared to the other
financial creditors".

The petition added that operational creditors are only recovering
Rs196 crore under ArcelorMittal's plan when their total admitted
claims go up to as much as Rs 4,976 crore, BloombergQuint
reports.

It is submitted that merely because the members of the CoC are
financial creditors, that cannot mean that financial creditors
overlook the interest of the operational creditors who have
substantial amounts.

Both petitions have backed the Ruias offer to pay Rs54,389 crore
-- through Essar Steel Asia Holdings Ltd. -- as it offers 100
percent recovery to the creditors. "It is curious that the
financial creditors, who are also receiving a higher financial
recovery, are not even considering the settlement proposal (by
the Ruias)," the first petition, as cited by BloombergQuint,
said.

On Oct. 26, the committee of creditors of Essar Steel had
accepted the joint offer made by ArcelorMittal and Japan's Nippon
Steel even as the Ruias made a last-ditch effort to retain the
steelmaker, according to BloombergQuint.

ArcelorMittal's resolution plan includes an upfront payment of Rs
42,000 crore to the lenders and a Rs 8,000-crore capital
injection in Essar Steel to support operational improvement. Top
lawyers had told BloombergQuint earlier that despite better
recovery, the Ruias' offer was unlikely to be accepted as it was
mala fide and sought to mislead the lenders.

                        About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


FULZAN PROPERTIES: CRISIL Reaffirms D Rating on INR7.5cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facilities of Fulzan Properties (FP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan       7.5        CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by FP in
servicing its scheduled term debt obligation. The delays are
driven by weak liquidity arising from delay in project
completion.

The firm also has exposure to implementation and demand risk. The
firm, however benefits from the extensive experience of promoters
in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing term debt due to weak liquidity: The firm
has been delaying in servicing of its term debt obligation
because of weak liquidity. The project has got delayed due to
delay in approvals which led to cost overrun and resulted in
stretch in liquidity.

* Exposure to project implementation and demand risk: The project
has estimated cost at INR15 crore and about 75% of the cost has
been incurred as on October 2018. The hotel's is exposed to risks
related to stabilisation and ramp up of operations post
commencement.

Strength

* Extensive entrepreneurial experience of partners: The partners
of the firm have entrepreneurial experience and have varied
business interest viz. Real estate development and Auto
Dealership of Hyundai, Yamaha and Chevrolet.

FP, established in 2013, is a partnership firm of Mr. Sandesh
Subhash Zambad & Mr. Seema Subhash Zambad. It is developing a
hotel property- Hotel White Tulip at Waluj, on the Aurangabad-
Pune road.


G. R. MULTIFLEX: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of G. R. Multiflex
Packaging Private Limited (GMPL) continue to be 'CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    0.32      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             1.68      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 GMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.


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

The instrument-wise rating actions are:

-- INR25.23 mil. Term loan maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 10, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2011, Gie Jewels is a partnership concern that
manufactures ornaments and jewelry from gold, silver and
semiprecious stones.


GNRC LIMITED: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of G N R C Limited
(GNRC) continue to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term
   Bank Loan Facility     0.45     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             60.76     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GNRC for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 GNRC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GNRC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1986, GNRC operates a chain of multi-speciality
hospitals in Guwahati, Assam. The company established its first
hospital in Dispur, Guwahati, in 1986; in 2008, it commercially
opened its second multi-speciality hospital at Six Mile,
Guwahati. GNRC commenced commercial operations of its third
multi-speciality in North Guwahati in January 2014. The newly
started North Guwahati hospital is eligible for central subsidy,
which represents 30 percent of the total project cost. The
hospital has also received a grant from World Bank.


GOPAL KRISHNA: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Gopal Krishna Oil-
Tech Industries Private Limited (GKPL) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with GKPL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 GKPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GKPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

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

Incorporated in 2001, GKPL manufactures and trades in edible oil
and coconut oil. The company, based in Mumbai, sells edible oil
and coconut oil under its Ruchira and Cococlear brand,
respectively. The operations are managed by Mr. Dilip Pol.


H. N. AGRI: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of H. N. Agri Serve
Private Limited (HNAS) continues to be CRISIL B-/Stable Issuer
not cooperating'.

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

   Term Loan             10       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with HNAS for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 HNAS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HNAS, 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, the rating on bank
facilities of HNAS, continues to be CRISIL B-/Stable Issuer not
cooperating'

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HNAS and Harshna Natural (HN). This is
because the two entities, together referred to as the Harshna
group, are in the same line of business and under the same
management.

The Harshna group is based in Jammu & Kashmir and promoted by Mr.
Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad
Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was
established in 2007, while HNAS was incorporated in 2011 and
started operations in October 2013. Both entities have a
controlled-atmosphere cold storage facility in Kashmir with
capacity of 5000 tonne each, and packing and grading lines for
apples.


HELPAGE YOUTH: CRISIL Withdraws B+ Rating on INR1cr LT Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Helpage Youth Foundation (HYF) on the request of the company and
receipt of a no objection 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
   ----------        -----------   -------
   Proposed Long Term      1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating withdrawn)

CRISIL has been consistently following up with HYF for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 HYF. This restricts CRISIL's
ability to take a forward HYF 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 HYF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

HYF is a not-for-profit society, set up in 2005. Mr. Himanshu
Porwal, Mrs. Neelam Gupta and Mr. P K Gupta are the society's
director, president and treasurer, respectively. HYF, based in
Lucknow, Uttar Pradesh, runs schemes such as Payjal Scheme,
National Child Labour Project (NCLP), National Digital Literacy
Mission (NDLM), and Hot Cooked Food Scheme for the state and
central governments in Lucknow and its vicinity.


HINDUSTAN DORR-OLIVER: Ind-Ra Withdraws D LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hindustan
Dorr-Oliver Limited's Long-Term Issuer Rating of 'IND D (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND D rating on the INR2.070 bil. Fund-based limits
    (Long-term) are withdrawn;

-- The IND D rating on the INR8.0 bil. Non-fund-based limits
     (Short-term) are withdrawn;

-- The IND D rating on the INR1.20 bil. Long-term loan (Long-
     term) are withdrawn;

-- The IND D rating on the INR1,816.2 bil. Working capital term
     loan (Long-term) are withdrawn; and

-- The IND D rating on the INR84.1 mil. Funded interest term
    loan (Long-term) are withdrawn.

KEY RATING DRIVERS

The ratings have been withdrawn following National Company Law
Tribunal's decision to liquidate Hindustan Dorr-Oliver.

COMPANY PROFILE

Hindustan Dorr-Oliver is an engineering procurement and
commissioning company.


INFRASTRUCTURE LEASING: Gail India Mulls Buying Wind Assets
-----------------------------------------------------------
Rajesh Kumar Singh and Debjit Chakraborty at Bloomberg News
report that India's biggest gas utility is considering acquiring
all of the wind energy assets held by a subsidiary of a troubled
shadow bank, according to people familiar with the matter.

Bloomberg relates that GAIL India Ltd. is looking to buy 775
megawatts of wind energy assets from IL&FS Energy Development
Co., a unit of Infrastructure Leasing & Financial Services Ltd.,
and has approached investment bankers to advise on a possible
deal, the people said, asking not to be named as the talks are
private. The discussions are at a preliminary stage and a
decision to bid hasn't been made, they said.

A deal will give the state-run company an opportunity to add to
its existing renewable energy portfolio of 129 megawatts and help
offset emissions, Bloomberg says. For IL&FS, the asset sales are
key to revive the beleaguered shadow lender whose payment
defaults have sparked fears of a contagion across the financial
system in India.

GAIL had INR32.4 billion (US$451 million) of cash, cash
equivalents and short-term investments as of March 31, according
to data compiled by Bloomberg. The wind energy assets held by the
IL&FS unit are about 2 percent of India's installed capacity in
the segment, Bloomberg states.

According to Bloomberg, IL&FS's newly formed board said at the
end of last month that resolution options could broadly involve
significant capital infusion, asset sales and debt restructuring
at group, business vertical or asset level. The government last
month took control of the troubled shadow bank, promising to end
the group's string of defaults.

                           About IL&FS

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments over the last one month. This was
said to be an attempt to restore the confidence of financial
markets in the credibility and solvency of the infrastructure
financing and development group.


JASBIR SINGH: CARE Lowers Rating on INR8cr LT Bank Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jasbir Singh & Company, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.00      CARE B; ISSUER NOT COOPERATING
   Facilities                     Revised from CARE B+;
                                  Issuer not cooperating

Detailed Rationale and key rating drivers

CARE has been seeking information from Jasbir Singh & Company to
monitor the rating(s) vide e-mail communications/letters dated
October 29, 2018 October 24, 2018, October 1, 2018 etc. and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating
Jasbir Singh & Company bank facilities will now be denoted as
CARE B; ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 2, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Low profitability margins coupled with leveraged capital
structure: The profitability margins of the firm remained low in
11MFY16(refers to the period April 2015 to February 2016) as
reflected by PBILDT margin of 1.87% and PAT margin of 0.30%
respectively on account of low value addition. During initial
period of operations, the solvency position of the firm stood
leveraged marked by overall gearing ratio of 1.89x as on February
29, 2016 on account of high dependence on working capital
requirement to support its operations.

Working capital intensive nature of operations: Being in retail
business, the firm has to maintain inventory levels of 10-15 days
at its outlets throughout the year. Furthermore, sales done by
the firm at its outlets is on cash basis and to vendors (hotel
and bar owners), the firm provides credit period ranging from 15
days to 1 month. The firm procures the liquor from various
distilleries and beer manufacturing companies on cash and advance
basis. The working capital limits of the firm remained fully
utilized during the past 12 months ended March 31, 2016.

High and inconsistent duty structure and susceptibility to
regularity risk: The liquor industry is highly regulated as
reflected by high tax structure, restriction on movement of raw
material and final products between the states, prohibitions,
restrictions on advertising through mass-media, strong government
control on distribution and retailing of the products.

Furthermore, the strict government regulations pertaining to new
licenses & approvals also act as an entry barrier for new
entrants in the industry. High tax burden and lack of consistency
across states has resulted in anomalies and has hampered the
growth of the industry. Besides, the requirement of import
permit-cum-pass for every purchase outside the state results in
operational inefficiencies because of bureaucratic delays.
Government regulations can have a significant impact on the
profitability, particularly in states where the government
controls the pricing. In the retail segment, JSC is an L1 and L2
license holder is awarded through the draw of lots. Hence,
any reduction in number of outlets awarded directly affects the
revenue and consequently its profitability in absolute terms.
Accordingly, the business of JSC remains sensitive to any
additional duty imposition by the Government or ban on
consumption of alcohol.

Geographical concentration risk: JSC deals in IMFL, country
liquor, wine and beer in Gurgaon (Haryana). Thus, the firm is
exposed to geographical concentration risk and is vulnerable to
demand-supply dynamics of liquor in these cities and competition
from other players in the vicinity.

Constitution of the entity being a partnership firm: JSC's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experienced Partners: The operations of JSC are primarily managed
by Mr. Rajendra Singh, Mr Deepak Sharma and Mr Dhiraj Sehrawat.
Mr. Rajendra Singh has an experience of around three and a half
decade in trading of liquor through family run business. While Mr
Deepak Sharma and Mr. Dhiraj Sehrawat has experience of more than
a decade in managing liquor business through family run liquor
business. Furthermore, they all are supported by other partners
in managing the overall operations of the firm.

Stabilization of operations: The operations of the JSC have been
stabilized. The firm started its operation from April 2015 and
has completed eleven months of operation. During the 11MFY16
(provisional)(refers to the period April 2015 to February 2016)
the firm has achieved Total Operating Income of INR60 crore.

Gurgaon (Haryana) based, Jasbir Singh & Company (JSC) established
in April 2015 as partnership concern by six partners namely Mr.
Deepak Chaudhary, Mrs. Jasbir Singh, Mr. Rajender Singh, Mr.
Dhiraj Sehrawat, Pankaj Chaudhary and Mr. Jai Prakash. They
collectively look after the overall operations of the firm. The
firm is engaged in retail sales of Indian made foreign liquor
(IMFL), Country liquor and all kinds of wine and beer. Apart from
retail sales the firm also sells the traded product to various
hotels and bars in Gurgaon. The firm holds L1 and L2 license, the
former license is for wholesale and latter for retail sales of
liquor. It also holds L13 and L14 license for sales of country
liquor. All these above mentioned license are awarded through
bidding every year. Currently it has 15 retail outlets in Gurgaon
(Haryana).The firm sells liquor of various brands which it
procures directly from companies like United Spirit, United
Breweries and Pernod Ricard India Limited etc.


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

The instrument-wise rating actions are:

-- INR590 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1987, Kanpur-based KTL is a Maruti Suzuki dealer
operating nine Maruti Suzuki showrooms including six in Kanpur,
one in Agra and two in Lucknow.


MANIPUR TEA: CRISIL Reaffirms C Rating on INR4.80cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Manipur Tea Co. Private Limited (MTCPL: Part of Mantri Group)
at 'CRISIL C'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.8       CRISIL C (Reaffirmed)
   Proposed Cash
   Credit Limit         1.54      CRISIL C (Reaffirmed)

The rating continues to reflect the group's Exposure to
seasonality of tea production and high operating leverage and
weak financial risk profile. These rating strength get partially
offset by extensive experience of promoters in the tea industry.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Derby Plantation Pvt Ltd
(DPPL), Ruttonpore Plantations Pvt Ltd (RPPL) and Mantri Tea
Company Private Limited (Mantri Tea) collectively referred to as
the Mantri group. This is because these entities have a common
management, and are in the same line of business, with
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to seasonality of tea production and high operating
leverage: Being a seasonal product, production of tea depends on
monsoon and remains susceptible to adverse weather conditions.
Tea plantations also incur fixed cost, with labour alone
accounting for nearly 40% of total cost. If tea production is
lower-than-expected, the group could incur operating losses, as
seen in the past. Limited pricing power further constrains the
operating margin of small players like the Mantri group.

* Weak financial risk profile: The weak financial risk profile is
marked by below-average debt protection metrics, interest
coverage and net cash accrual to total debt (NCATD) ratios at
(0.04) time and (0.05) time, respectively, for fiscal 2018.
Gearing and networth were moderate at 2 times and INR20 Cr,
respectively, as on March 31, 2018.

Strength

* Extensive experience of promoters in the tea industry: The
five-decade long experience of promoters in the tea plantation
business has helped the group sustain its position, despite
regular volatility in prices, and report stable revenue growth
over the four years through March 2018.

The Mantri group was formed in 1948 by Mr Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was its first
acquisition in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005,and Pathini Tea Estate in 2006. Daily operations
are now overseen by the second and third-generation members of
the promoter's family, along with a professional management team.


MATRIX AGRO: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Matrix
Agro Private Limited (Matrix) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      31.87      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 1, 2017, placed the
rating of Matrix under the 'issuer non-cooperating' category as
Matrix had failed to provide information for monitoring of the
rating. Matrix continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone
calls and a letter/email dated May 31, 2018, October 29, 2018 and
October 30, 2018. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 1, 2017 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Ongoing delays: Ongoing delays in servicing of debt obligations
owing to the stretched liquidity position of the company.

Delay in COD and cost overrun: The Company has achieved COD on
December 9, 2015 (against earlier envisaged December 2014). The
delay in achievement of COD is initially on account of delay in
achievement of financial closure and later on due to issues
pertaining to evacuation which were resolved during November
2015. The aforementioned situation has led to cost overrun
combined with increase in interest burden.

Key Rating Strengths

Strong Promoter: MAPL is promoted by Mrs Shobana Kamineni and Mr
K Sri Harsha. Mrs Shobana Kamineni has more than two decades of
experience in the sphere of project management wherein she
established most of the Apollo hospital group's large projects.
Ms Shobana Kamineni also holds the directorship of various
companies in the health care and other industrial segment.

Project successfully achieved COD: The 6 MW Bio-mass power
project was concluded with the total cost of INR58.29 crore
(against earlier envisaged project cost of INR50.05 crore) funded
through debt-equity mix of 3.21x and has achieved COD on December
09, 2015 (against earlier envisaged December 2014).

Favorable location of the plant with abundant supply of fuel and
water: The fuel required for operating the power plant are
biomass fuels such as red gram stalks and Bengal gram stalks,
which are sourced from the farmers and are available in
sufficient quantity required for running the power plant. Water
for the plant is sourced from Mullamari river and approval for
the same are in place from the Irrigation department.

Fixed PPA with group companies: MAPL has entered into fixed PPA
contract with Apollo Hospitals, Apollo Speciality Hospitals and
Apollo BGS Hospital on November 28, 2012 for supply of power at
fixed rate of INR6 per unit for FY15 (refers to the period April
1 to March 31) with an escalation clause of revising it by 2.50%
y-o-y. Apart from the above, the company has long term agreement
for supply of power with educational institutions and trusts.

Matrix Agro Private Limited (MAPL) has been promoted by Mrs
ShobanaKamineni and Mr K. Sri Harsha to set up a biomass-based
power plant of 6-MW capacity in Polakpalli village, Gulbarga
district, Karnataka. The power generated from the power plant is
being sold to the Apollo group of hospitals (Apollo Hospitals,
Apollo Speciality, and Apollo BGS), Distant Learning Internet
India Limited, Vydehi Institute of Medical Sciences & Research
Centre, and Srinivasa trust through Karnataka Power Transmission
Corporation's (KPTCL) and respective Bangalore Electricity supply
company Limited (BESCOM).

The company has achieved COD on December 9, 2015 (against earlier
envisaged December 2014).


NAHAR TEXTILES: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nahar Textiles
Pvt Ltd.'s Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB rating on the INR115 mil. Fund-based limits are
    withdrawn; and

-- The IND BB rating on the INR50 mil. Non-fund-based limits are
    withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the rated
facilities' lenders. This is consistent with the Securities and
Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies.

COMPANY PROFILE

Incorporated in 1982, Nahar Textiles manufactures and exports
fabrics.


NANDAN PETROCHEM: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nandan
Petrochem Ltd.'s Long-Term Issuer rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR50 mil. Term loan due on March
    2018 are withdrawn;

-- The IND BB+ rating on the INR360 mil. Fund-based limits are
    withdrawn; and

-- The IND BB+ rating on the INR20 mil. Non-fund-based limits
    are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies

COMPANY PROFILE

Nandan Petrochem manufactures automotive and industrial
lubricating oils, greases, specialty products at its plants in
Taloja and Silvassa each.


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

The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit maintained
    in non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed   on
November 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Prakash Shellac Factory was established in 1988 as a partnership
firm. The firm manufactures different grades of machine made and
handmade shellac.


PRIMAFLEX: CARE Lowers Rating on INR8.30cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Primaflex (PFX), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank       8.30      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+: Stable
                                  on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PFX to monitor the ratings
vide e-mail communications/letters dated August 20, 2018,
September 19, 2018, October 17, 2018, October 29, 2018 and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Further, PFX has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
ratings on PFX's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The revision in the ratings of PFX takes into account ongoing
delays in servicing of debt obligations.

Detail description of the key rating drivers

Key rating weaknesses

Irregularity in debt servicing: There are ongoing delays in debt
servicing as the firm has not paid the instalment and interest
due of September and October 2018.

Primaflex (PFX) was formed in 2015 as a partnership concern by
Mr. RishipalBhatiya and Mr. MishipalBhatiya in Indore (Madhya
Pradesh) with an objective to set up a greenfield project for
manufacturing of printed and laminated flexible packaging. PFX
envisaged total project cost of INR8.96 crore towards the project
envisaged to be funded through term loan of INR6.30 crore and
promoter's contribution of INR2.66 crore in form of partner's
capital and unsecured loan from partners. Till, June 2, 2017, the
company has incurred total cost of INR4.21 crore towards the
project funded through term loan of INR3.06 crore and promoter's
contribution of INR1.15 crore. PFX has envisaged that project
will be completed by last week of July, 2017 and is expected to
commence its operations from last week of July, 2017. The plant
of the company will have processing capacity of 200 Metric Tonnes
Per Month (MTPM) of flexible packaging. The raw material of the
company will be plastic granules which it will procure from Del
Cadre agent of Reliance Industries Private Limited, Haldia
Petrochemicals Limited, Exxonmobil Chemical Asia Pacific and
Overseas Polymers.


RADHA KRISHNA: CARE Reaffirms B Rating on INR9cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Radha Krishna Alloys Private Limited (SRKAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating of bank facilities of SRKAPL continues to be
constrained by its limited and modest scale of its operations
coupled albeit improvement during FY18, weak solvency and debt
coverage indicators, exposure of margins to the volatility in raw
material prices, highly fragmented and competitive nature of
industry and inherent cyclicality associated with the steel
industry. The rating however derive strength from the experience
and resourcefulness of its promoters and geographical advantage
of manufacturing facility being located in close proximity to raw
material sources and its customer base. The rating also takes
note of auditor's report mentioning default in debt servicing of
term loan which is not rated by CARE however no delays are
reported in recent months. The company has identified a purchaser
to sell its Unit-3 which is currently non-operational and
accordingly is expected to close the loan out of the sale
proceeds. Going forward, the ability of the company to scale up
its operations profitably would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations: The scale of operations continues to
remain modest, however, during FY18, the company has achieved
Total operating income (TOI) of INR103.8 crore compared to
INR81.7 crore in FY17. Company has a low networth base of INR8.7
crore as on March 31, 2018. The small scale limits the firm's
financial flexibility in times of stress.

Weak solvency position and debt coverage indicators: With
significant burden of interest on working capital borrowings,
interest coverage ratios was moderate 1.74x in FY18 (1.51x in
FY17). As against present cash accruals of INR1.27 crore in
FY18 (FY17: INR0.83 crore), company has loan repayments of
INR0.88 crore p.a. Therefore sustenance of GCA at present levels
will be critical for timely debt repayment.

Low profitability margins owing to low value addition and remain
susceptible to raw material price fluctuations: The PBILDT margin
and PAT margin of the company stood low at 2.79% and 0.08%
respectively in FY18. The value addition in the steel
construction materials like TMT bars, MS angles and channels,
etc. is low, resulting into low product differentiation in the
market. Profitability margin of the company has been historically
on the lower side owing to low value addition. This apart,
interest burden on working capital borrowing also restricts the
net profitability of the company.

Highly fragmented and competitive industry: The spectrum of the
steel industry in which the firm operates is highly fragmented
and competitive marked by the presence of numerous regional
players in the region. Given the fact that the entry barriers to
the industry are low, the players in the industry do not have
pricing power and are exposed to competition induced pressures on
profitability. Also, threat from imports also remains high.

Susceptible to cyclicality of the steel industry and raw material
price fluctuations: The steel industry is sensitive to the
shifting business cycles, including changes in the general
economy, interest rates and seasonal changes in the demand
and supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel
projects along-with the inordinate delays in the completion
hinders the responsiveness of supply side to demand movements.
Furthermore, the firm has no long-term contract with any raw
material suppliers and the firm sources the material on need
basis as per the price prevailing in the market. This exposes the
firm's margins to fluctuations in the prices of raw materials.

Key Rating Strengths

Experienced & resourceful promoters: The day to day activities of
the company is taken care by the promoters Mr. Vinod Kumar
Agarwal and Mr. Sanjay Kumar Agarwal. The promoters of SRKAPL
have considerable experience of more than twenty five years in
the steel industry.

Manufacturing facility located in close proximity to raw material
sources and its customer base: SRKAPL's manufacturing facility is
located in Hindupur, strategically located in one of the major
steel producing regions of South India with many players located
in the same region and SRKAPL acquires raw materials from its
suppliers located in close proximity resulting in benefits
derived from lower logistic cost, easy and timely availability
and procurement of raw materials. With close to 60% of the sales
of SRKAPL coming from Karnataka and with Hindupur being less than
150 km away from Bengaluru, company enjoys easy access to its
customer base.

Incorporated on March 13, 2003, Shree Radha Krishna Alloys
Private Ltd (SRKAPL) was established by the promotee directors
Mr. Vinod Kumar Agarwal, Mr. Sanjay Kumar Agarwal. About five
Acres of land developed by APIIC, Andhra Pradesh was acquired in
Hindupur and company owns and manages 4 units and is engaged in
the manufacture of ingots, angles, girders and TMT bars.

Company's day to day operations are managed by its directors.
SRKAPL has an installed capacity of 12000 MT for ingots,
48000 MT for TMT bars and 26500 MT for angles, girders.


RAHIMAN ENGINEER: CRISIL Lowers Rating on INR12.5cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Rahiman
Engineer & Contractor - Udupi (AREC) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been delay in repayment of debt.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Secured Overdraft      7.5      CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with AREC for obtaining
information through mails dated April 10, 2017, May 8, 2017,
April 30, 2018 and Oct 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 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 AREC. 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
AREC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.

Based on the last available information and banker feedback,
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been delay in repayment of debt.

AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is
based out of Udupi (Karnataka).


ROLEX RINGS: CARE Reaffirms 'D' Rating on INR522.14cr Loans
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rolex Rings Private Limited (RRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          231.40      CARE D Reaffirmed

   Short Term Bank
   Facilities          290.74      CARE D Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of RRPL continue to
remain constrained due to ongoing delays in servicing of its debt
obligations as a result of its stressed liquidity arising from
elongated working capital cycle.

Detailed description of the key rating drivers

Key Rating Weakness

On-going delays in debt servicing: Debt servicing of RRPL is
irregular as reflected by delays in servicing of its term loan
installment on the back of stressed liquidity position due to
elongated working capital cycle.

Other factors considered by CARE for assessment of operational
and financial performance

Experienced promoters with established track record of
operations: RRPL's promoters, the Madeka family have a wide
experience in the bearing industry. The members of the promoter
family are also engaged in managing RRPL's daily operations. RRPL
manufactures bearing rings/cages used for various types of
bearings including ball bearings, tapered, cylindrical, spherical
and railway bearings. It also manufactures various other
components like gear blanks and chassis parts. The utilization of
RRPL's manufacturing facilities also remained moderate at around
90% during FY18.

Reputed clientele comprising of leading auto component
manufacturers: RRPL has established relationship with leading
bearing and auto component manufacturers including Timken Group,
Schaeffler Group (FAG Bearings), SKF, General Motors, NTN SNR
Roulements, Getrag and Carraro Group. RRPL has an established
relationship with them.

Improvement in networth base: The net worth of the company had
turned negative in FY13 owing to accumulation of heavy losses
however it turned positive during FY17. Networth of the company
has improved from negative INR0.39 crore as on March 31, 2016 to
INR149.63 crore as on March 31, 2018 backed by accretion of
profits to reserve followed by increase in scale of operation and
profitability which has remained around 20% at PBIDLT level over
past three years ended FY18.

Profitability vulnerable to volatility in steel prices: The key
raw material required for manufacturing of bearing races and auto
components is round alloy steel bars, the prices of which is
volatile in nature. Raw material consumption is the single
largest cost component constituting around 60% of total cost of
production hence any adverse movement in its prices can affect
its profitability. The contracts with most of its clients are
revised on a quarterly basis which mitigates its exposure to any
adverse fluctuations in steel prices to a large extent, albeit
the company remains exposed to risk associated with raw material
price fluctuation.

Exposure to volatility in forex rates: RRPL is exposed to forex
risk as exports contribute around 65-70% of the company's net
sales. However, this risk is partly mitigated by use of forward
contracts and by way of natural hedging as RRPL imports steel of
specific grade and from overseas based approved suppliers.

RRPL was initially established as a partnership firm by Mr.
Rupesh D. Madeka in 1980 and was later on reconstituted into a
private limited company in 2003. The company is currently managed
by Mr. Manesh Madeka, his brothers and their sons. The primary
business of the company is manufacturing of bearing rings/races
and automotive components through forging and turning processes.
It caters to the requirement of automobile sector and has a
reputed clientele comprising global bearing and auto
manufacturers. The company has two manufacturing units, both
located in Rajkot district of Gujarat, with a combined installed
capacity of 85,000 MTPA for manufacturing forging rings, machined
rings and automobile part, as on March 31, 2018.


RUTTONPORE PLANTATIONS: CRISIL Reaffirms C Rating on INR7cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank facilities of
Ruttonpore Plantations Private Limited (RPPL: Part of Mantri
Group) at 'CRISIL C'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL C (Reaffirmed)

   Proposed Cash
   Credit Limit           0.37     CRISIL C (Reaffirmed)

The rating continues to reflect the group's Exposure to
seasonality of tea production and high operating leverage and
weak financial risk profile. These rating strength get partially
offset by extensive experience of promoters in the tea industry.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mantri Tea Company Pvt Ltd (Mantri
Tea), Derby Plantation Pvt Ltd (DPPL), RPPL and Manipur Tea Co.
Pvt Ltd (MTCPL), collectively referred to as the Mantri group.
This is because these entities have a common management, and are
in the same line of business, with operational and financial
linkages.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to seasonality of tea production and high operating
leverage: Being a seasonal product, production of tea depends on
monsoon and remains susceptible to adverse weather conditions.
Tea plantations also incur fixed cost, with labour alone
accounting for nearly 40% of total cost. If tea production is
lower-than-expected, the group could incur operating losses, as
seen in the past. Limited pricing power further constrains the
operating margin of small players like the Mantri group.

* Weak financial risk profile: The weak financial risk profile is
marked by below-average debt protection metrics, interest
coverage and net cash accrual to total debt (NCATD) ratios at
(0.04) time and (0.05) time, respectively, for fiscal 2018.
Gearing and networth were moderate at 2 times and INR20 Cr,
respectively, as on March 31, 2018.

Strength

* Extensive experience of promoters in the tea industry: The
five-decade long experience of promoters in the tea plantation
business has helped the group sustain its position, despite
regular volatility in prices, and report stable revenue growth
over the four years through March 2018.

The Mantri group was formed in 1948 by Mr Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was its first
acquisition in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate  in 2006. Daily operations
are now overseen by the second and third-generation members of
the promoter's family, along with a professional management team.


SHANTI ISPAT: CRISIL Maintains B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Shanti Ispat Limited
(SIL) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            11.45      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SIL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 SIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SIL was incorporated by Mr. Rakesh Batra and his brother Mr.
Pawan Batra in 1988. However, operations were stated in June
1990. It is engaged in the fabrication of sheet metal components
for two wheelers and four wheeler vehicles. The company has its
manufacturing facility located in Gurgaon.


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

The instrument-wise rating actions are:

-- INR500 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Non-fund-based limits maintained in Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, Shiv Aum Steels primarily trades long and
flat products such as structural steel products (channel beam,
angles), thermo-mechanically treated bars and plates.


SHIVOM COTSPIN: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivom Cotspin
Limited (SCL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term    6.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING)

   Term Loan            12.0      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with SCL for obtaining
information through letters and emails dated April 30, 2018 and
October 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 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 SCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2007 and promoted by Mr. Satish Bansal, SCL
manufactures yarn. Its plant in Himachal Pradesh receives tax
exemption and is equipped with 18,000 spindles, with processing
capacity of 9 tonne per day (tpd). In 2010-11 (refers to
financial year, April 1 to March 31), the company installed an
open-ended yarn machine with a capacity of 4 tpd, which
subsequently increased to around 8 tpd in 2011-12. In 2013-14,
SCL converted all its openended yarn manufacturing capacities to
ring-frame yarn of similar capacity by adding new machinery or
replacing the old machineries.


SM-JDB ESTATE: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SM-JDB Estate
Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The IND BB- rating on the INR800 mil. Term loan due on
     September 2030 are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no objection certificate from the rated
term loan lender. This is consistent with the Securities and
Exchange Board of India's circular dated 31 March 2017 for credit
rating agencies.

COMPANY PROFILE

SM-JDB Estate is setting up a four star hotel of 129 rooms with a
commercial retail space of 1,629sqm at G.S Road, Guwahati to
cater to the city's business and corporate sector and leisure/
health tourists.


S S POULTRIES: CARE Raises Rating on INR5.27cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S S Poultries (SSP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.27       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable;

Detailed Rationale and key rating drivers

The revision in rating assigned to the bank facilities of SSP
takes into consideration the commencement of operations of the
firm. The rating, however, continues to be constrained by small
scale of operations, losses at PAT level, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by working capital intensive nature of
operations, susceptibility of margins to fluctuation in raw
material prices, inherent risk associated with the poultry
industry coupled with high competition from local players and
firm's partnership nature of constitution. However, the rating
derives strength from experienced partners and positive demand
outlook for poultry sector.

Going forward, the ability of the firm to scale-up its operations
while improving its profitability margins and overall solvency
position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with net loss in FY18: The scale of
operations of the firm remained small marked by Total operating
income of INR1.57 crore in FY18 and net worth base of INR1.06
crore as on March 31, 2018. The small scale limits the financial
flexibility of the firm in times of stress and deprives it of
scale benefits. The PBILDT margin of the firm remained moderate
at 9.88% for FY18. However, the firm incurred losses at PAT level
due to high interest and depreciation costs in FY18. However, the
gross cash accruals stood at INR0.04 crore in FY18 Leveraged
capital structure.  The capital structure of the firm remained
leveraged marked by overall gearing ratio of 4.16x as on March
31, 2018 mainly on account of high dependence upon external debt
to fund the CAPEX.

Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak marked by interest coverage ratio of 1.41x
in F718 and total debt to GCA ratio of 32.66x for FY18. Interest
coverage ratio remained subdued owing to high interest cost
incurred by the firm. Further, high dependence upon external
borrowings led to high total debt to GCA ratio for FY18.

Working capital intensive nature of operations: The operating
cycle of the firm remained at 59 days for FY18. The firm has to
generally maintain high level of inventory owing to long breeding
period of 26 weeks before chicken start laying eggs coupled with
maintenance of large stocks of poultry feed. However, the
inventory period stood moderate as on March 31, 2018 as the firm
commenced operations in December 2017 only. Furthermore, the firm
generally sells on cash basis. On the supplier side, the firm
receives a credit period of two weeks which resulted in average
creditor period of 8 days for FY18.

Susceptibility to fluctuation in raw material prices: The major
raw material for entities engaged in poultry business is the
poultry feed, which is made from soyabean and maize. SSP's
profitability is vulnerable to the volatility associated with
feed prices. Maize is the primary source of energy whereas
soybean is the primary source of protein for chicks. In case of
soybean, although there is adequate availability, its prices
remain volatile in relation to movement in global prices and
production. As the poultry industry is virtually a buyers'
market, producers may not be able to pass on any sharp increase
in raw material prices to the end users.

Inherent risk associated with the poultry industry coupled with
high competition from local players: The Poultry industry is
driven by regional demand and supply because of transportation
constraints and perishable nature of the products. Low capital
intensity and low entry barriers facilitate easy entry of players
leading to a large unorganized sector. Poultry industry is also
vulnerable to outbreaks of diseases, like bird flu, extreme
weather conditions and contamination by pathogens. The outbreak
of bird flu leads to a fall in demand and consequent sharp crash
in the egg/meat prices. Furthermore, the poultry industry is
highly fragmented and competitive marked by the presence of
numerous players in India.

Partnership nature of constitution: SSP's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key Rating Strengths

Experienced partners: Mr. Suresh Kumar Jain and Mr. Amit Jain
have an industry experience of 11 years each in poultry farming
gained through their association with Ajay Poultry Farm (APF) and
SSP's group concerns. Mrs. Sarika Aggarwal has an industry
experience of 8 years gained through her association with the
group concerns, SRP and APF only. The partners have adequate
acumen about various aspects of business, which is likely to
benefit the firm in the long run.

Positive demand outlook for the poultry sector: Poultry is one of
the fastest growing segments of the agricultural sector in India.
Currently, India is the world's fifth largest egg producer and
the eighteenth largest producer of broilers. The potential in the
poultry sector is increasing due to a combination of factors -
growth in per capita income, growing urban population and falling
poultry prices.

S S Poultries (SSP) was established in April, 2016 as a
partnership firm and is being promoted and managed by Mr. Suresh
Kumar Jain, Mr. Amit Jain, Mrs. Sarika Aggarwal and Mrs. Shalini
Jain, sharing profit and losses in the ratio of 1:1:1:3
respectively. SSP has up a poultry farm spread over 5.5 acres,
having a breeding capacity of 35,000 layer birds per batch at
Ludhiana, Punjab. The phase-1 with capacity of 2 batches got
operational from December 2017 while the Phase- II with capacity
of 2 batches got operational from August 2018 (time overrun from
April 2018). The firm has two group concerns- Anand Poultry Farm
and S R Poultries, which are also engaged in the similar line of
business, since 2009 and 2014, respectively.


UTTARA FOODS: ICRA Hikes Rating on INR30cr Cash Loan From D
-----------------------------------------------------------
ICRA has reassigned long-term rating of [ICRA]BBB+(SO) to he
INR30.00 crore (revised from INR50.62 crore) fund-based bank
facilities of Uttara Foods and Feeds Private Limited. The outlook
on the long-term rating is 'Stable'. The rating has also been
removed from Issuer Not-cooperating category. The letters SO in
the parenthesis suffixed to a rating symbol stands for Structured
Obligation. A SO rating is specific to the rated issue, its terms
and structure. 'SO' ratings do not represent ICRA's opinion on
the general credit quality of the issuers concerned.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          30.00     Ratings reassigned from
   Fund Based (SO)                [ICRA]D to
                                  [ICRA]BBB+(SO)(Stable)
                                  and removed from Issuer
                                  Not-cooperating category

Rationale

The rating is based on an unconditional and irrevocable guarantee
provided by M/s. Venkateshwara Hatcheries Private Limited (VHPL,
the guarantor rated at [ICRA]BBB+(Stable) and [ICRA]A2) for the
INR30.00 crore bank facilities of UFFPL and an undertaking from
the guarantor to ensure that the debt obligations are serviced on
or prior to the due date, irrespective of the invocation of the
guarantee by the beneficiary.

Outlook: Stable

The outlook may be revised if there is a change in the outlook of
VHPL, the guarantor.

Key rating drivers

Corporate Guarantee from VHPL: VHPL, the parent company, has
extended corporate guarantee for due payment of obligations under
the captioned facilities of UFFPL to the bank.

Uttara Foods and Feeds Private Limited (UFFPL) is a part of the
Venkateshwara Hatcheries Group (VH) group which is the largest
and most integrated poultry player in India. UFFPL, commenced
operations in 1996 to expand the groups involvement in the
poultry feeds industry, later on diversifying into other segments
such as cattle feed and hatchery. With four hatcheries located at
various locations across the country, the hatcheries division
accounts for 7% of the company's revenues. However, to date,
poultry feed continues to remain the company's main line of
business; accounting for ~70% of the company's operating income.
Presently, the company has seven feed manufacturing plants in the
country which have been located strategically in order to cater
to poultry farmers located across the country. UFFPL also forayed
into parent breeding with breeder farms at Julekal, Hosur,
Chitoor and Pullur.




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


* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2018
-----------------------------------------------------


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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19    USD       0.30
ARTSONIG PTY LTD           11.50     04/01/19    USD       0.30
CLIME CAPITAL LTD           6.25     11/30/21    AUD       0.80
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD       0.96
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.10
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.10
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
TREASURY CORP OF VICTOR     0.50     11/12/30    AUD      73.14


  CHINA
  -----

AKESU XINCHENG ASSET IN     7.50     10/10/18    CNY      25.00
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY      70.18
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.29
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.30
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY      60.18
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      60.97
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      61.08
ANHUI SHENGYUN ENVIRONM     6.98     03/23/20    CNY      46.00
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.12
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.28
ANKANG DEVELOPMENT & IN     6.35     03/06/20    CNY      40.81
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      39.83
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      41.07
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.40
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.46
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY      39.85
ANYANG INVESTMENT GROUP     8.00     04/17/19    CNY      20.12
BAISHAN URBAN CONSTRUCT     7.00     07/31/19    CNY      40.50
BAIYIN CITY DEVELOPMENT     6.78     07/19/20    CNY      39.53
BAODING NATIONAL HI-TEC     7.33     12/24/19    CNY      40.12
BAOJI INVESTMENT GROUP      7.14     12/26/18    CNY      25.12
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.34
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.35
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.70
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.83
BAOTOU STATE OWNED ASSE     7.03     09/17/19    CNY      40.38
BAYAN ZHUOER HETAO WATE     8.54     03/31/22    CNY      62.70
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      53.30
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      60.10
BAZHONG STATE-OWNED ASS     8.50     04/25/21    CNY      61.90
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY      39.95
BEIJING CAPITAL DEVELOP     5.95     05/29/19    CNY      20.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.26
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.56
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.73
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.40
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.83
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.00
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.12
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      19.91
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      40.14
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY      50.53
BEIJING GUCAI GROUP CO      8.28     12/15/18    CNY      40.44
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.60
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.61
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY      59.90
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY      60.40
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      59.00
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      61.22
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.54
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.72
BEIJING XINGZHAN STATE      6.48     08/31/19    CNY      40.35
BEIJING XINGZHAN STATE      6.66     04/24/21    CNY      61.74
BENGBU URBAN INVESTMENT     6.30     09/11/20    CNY      60.97
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.68
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.69
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      52.14
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      61.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.60
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.39
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.41
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY      60.10
C&D REAL ESTATE CORP LT     6.15     04/03/20    CNY      40.49
CANGZHOU CONSTRUCTION &     6.72     01/23/20    CNY      40.22
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.25
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.39
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY      61.97
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.32
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.63
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.00
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.02
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.11
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.23
CHANGSHA CITY CONSTRUCT     6.95     04/24/19    CNY      20.27
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.43
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.44
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      72.47
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      73.36
CHANGSHA ECONOMIC & TEC     8.45     04/13/22    CNY      62.52
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.75
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.89
CHANGSHA PILOT INVESTME     6.70     12/10/19    CNY      40.51
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      60.85
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      61.45
CHANGSHU BINJIANG URBAN     6.85     04/27/19    CNY      20.11
CHANGSHU CITY OPERATION     8.00     01/16/19    CNY      20.16
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY      40.15
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      60.85
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      61.70
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      60.00
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      60.92
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      61.37
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      75.00
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY      40.25
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.02
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.20
CHANGZHI CITY CONSTRUCT     6.46     02/26/20    CNY      40.18
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      61.87
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      62.22
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.31
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.34
CHANGZHOU JINTAN DISTRI     8.30     03/14/19    CNY      20.12
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      61.08
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      81.45
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.14
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.46
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      60.00
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      61.03
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.48
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.49
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY      20.14
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.31
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.36
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      50.70
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      54.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.11
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.27
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.41
CHENGDU XINCHENG XICHEN     8.35     03/19/19    CNY      20.26
CHENGDU XINDU XIANGCHEN     8.60     12/13/18    CNY      40.27
CHENGDU XINGCHENG INVES     6.17     01/28/20    CNY      40.37
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.51
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.56
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      60.61
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      61.78
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      39.98
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      40.21
CHIFENG CITY HONGSHAN I     7.20     07/25/19    CNY      40.11
CHINA ENERGY RESERVE AN     6.25     12/21/18    USD      30.38
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      59.99
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      60.21
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.31
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.60
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      60.05
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      81.00
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY      60.60
CHONGQING BEIFEI INDUST     7.13     12/25/19    CNY      40.32
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.12
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.17
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.27
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.78
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      59.91
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      60.11
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.70
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.74
CHONGQING DASUN ASSET D     6.98     09/10/20    CNY      60.36
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.16
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.29
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.44
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.45
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.88
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.89
CHONGQING FULING STATE-     6.39     01/21/20    CNY      40.31
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.35
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.54
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.41
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.44
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.66
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.99
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      39.94
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      40.30
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      60.91
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      61.14
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      39.60
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      40.43
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      39.91
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      40.06
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY      60.77
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.33
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.35
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      20.03
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      39.70
CHONGQING LAND PROPERTI     7.35     04/25/19    CNY      20.30
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY      60.87
CHONGQING LIANGJIANG NE     6.70     04/25/21    CNY      62.28
CHONGQING MAIRUI CITY I     6.82     08/17/19    CNY      40.21
CHONGQING NAN'AN URBAN      8.20     04/09/19    CNY      20.38
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.01
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.20
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      39.79
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      40.33
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.60
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.61
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      61.82
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      62.40
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY      39.54
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY      58.69
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.87
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.94
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      61.22
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      82.30
CHONGQING TEA GARDEN IN     7.70     05/20/21    CNY      60.07
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.00
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.03
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.90
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.91
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.29
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.99
CHONGQING WESTERN MODER     7.08     10/18/20    CNY      61.09
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.00
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.15
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.00
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.33
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.34
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.43
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.71
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.88
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.46
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.50
CHONGQING YULONG ASSET      6.87     05/31/19    CNY      20.11
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.94
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.95
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      39.52
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      40.42
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY      60.91
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      38.93
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      39.91
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.06
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.25
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.23
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.44
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
DALI ECONOMIC DEVELOPME     8.80     04/24/19    CNY      20.31
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      60.37
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      60.71
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      61.07
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      61.27
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.00
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.41
DALIAN DETA INVESTMENT      6.50     11/15/19    CNY      40.30
DALIAN HUANGHAI PORT CO     7.17     07/07/21    CNY      61.82
DALIAN PULANDIAN CONSTR     8.48     12/12/18    CNY      55.48
DALIAN PUWAN ENGINEERIN     7.09     02/20/21    CNY      59.97
DALIAN RONGQIANG INVEST     8.60     03/30/19    CNY      40.60
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.01
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.09
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.26
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.49
DALIAN SHUNXING INVESTM     6.97     10/18/20    CNY      61.35
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.33
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.55
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.26
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.27
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY      50.32
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY      60.35
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY      39.74
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      39.96
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      40.00
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      57.15
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      60.34
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      39.90
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      40.50
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      60.47
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      62.33
DAYE CITY CONSTRUCTION      7.95     11/27/20    CNY      59.20
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.26
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.57
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY      40.13
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.91
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.92
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      39.90
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      40.31
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.03
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.40
DONGTAI UBAN CONSTRUCTI     8.65     01/13/21    CNY      61.54
DUNAN HOLDING GROUP CO      7.30     12/21/18    CNY      69.92
ENSHI URBAN CONSTRUCTIO     7.55     10/22/19    CNY      40.55
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.14
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.52
EZHOU CITY CONSTRUCTION     7.08     06/19/19    CNY      19.99
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      60.84
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      61.36
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      61.24
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      84.50
FEICHENG CITY ASSETS MA     7.10     08/14/18    CNY      25.00
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.12
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.14
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      61.63
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      62.70
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.20
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.47
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      60.88
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      61.25
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY      61.07
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY      60.21
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY      40.44
FUJIAN LONGYAN CITY CON     7.45     08/14/19    CNY      40.73
FUJIAN NANPING HIGHWAY      6.69     01/28/20    CNY      40.00
FUJIAN NANPING HIGHWAY      7.90     10/26/18    CNY      40.26
FUQING CITY STATE-OWNED     6.66     03/01/21    CNY      55.06
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      38.80
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      40.28
FUZHOU JIANGONG GROUP C     6.80     12/10/19    CNY      70.81
FUZHOU URBAN AND RURAL      6.35     09/25/18    CNY      25.03
GANSU PROVINCIAL HIGHWA     6.75     11/16/18    CNY      20.08
GANSU PROVINCIAL HIGHWA     7.20     09/19/18    CNY      40.16
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.20
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.42
GANZHOU DEVELOPMENT ZON     6.70     12/26/18    CNY      25.04
GANZHOU DEVELOPMENT ZON     6.70     12/26/18    CNY      25.07
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY      50.59
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY      50.64
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      50.89
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      51.83
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.07
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.17
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      24.97
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      25.03
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GOLMUD INVESTMENT HOLDI     8.70     12/30/20    CNY      60.35
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY      50.05
GUANG ZHOU PANYU COMMUN     6.30     04/12/19    CNY      25.14
GUANGAN DEVELOPMENT AND     8.18     04/25/19    CNY      20.24
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.00
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.01
GUANGXI BAISE DEVELOPME     7.27     06/20/21    CNY      60.93
GUANGXI FINANCIAL INVES     5.75     01/23/21    USD      83.72
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.43
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.55
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.37
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.38
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      61.91
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      62.01
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.00
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.39
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.30
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.52
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      59.59
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      60.26
GUIYANG HI-TECH HOLDING     6.01     12/01/19    CNY      49.87
GUIYANG URBAN DEVELOPME     6.20     02/28/20    CNY      38.98
GUIZHOU KAILI CITY CONS     7.80     02/21/21    CNY      60.65
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      61.53
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      62.20
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
HAICHENG URBAN INVESTME     8.39     11/07/18    CNY      40.24
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY      60.18
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY      61.14
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.39
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.64
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.01
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.08
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      60.93
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      61.00
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.12
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.16
HAINING STATE-OWNED ASS     6.08     03/06/20    CNY      40.43
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.28
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.69
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.02
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.12
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.64
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.86
HANDAN CITY DEVELOPMENT     7.60     11/25/20    CNY      61.70
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY      40.39
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.80
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.85
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY      60.97
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.42
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.46
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.02
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.15
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY      61.33
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.38
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.40
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.55
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.81
HANGZHOU YUHANG ECONOMI     7.45     03/03/21    CNY      61.68
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.31
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.58
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.35
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.49
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.19
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.27
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.25
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.44
HARBIN GLORIA PHARMACEU     5.30     02/28/22    CNY      50.01
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.06
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.19
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.16
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.17
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.62
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.63
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.66
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.68
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      50.04
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      74.00
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.28
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.30
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.41
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.61
HEFEI GAOXIN DEVELOPMEN     6.90     03/12/20    CNY      72.21
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.10
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.22
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY      40.12
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.35
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.50
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.37
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.38
HEFEI XINCHENG STATE-OW     7.88     04/23/19    CNY      20.23
HEGANG KAIYUAN CITY INV     6.50     07/19/19    CNY      20.13
HEIHE CITY CONSTRUCTION     8.48     03/23/19    CNY      40.59
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      58.98
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      59.72
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY      74.79
HENAN JIYUAN CITY CONST     7.50     09/25/19    CNY      40.38
HENAN SHENGRUN HOLDING      7.39     01/10/19    CNY      76.00
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY      40.40
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY      40.39
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY      60.94
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.14
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.25
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      61.74
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      62.04
HEZHOU URBAN CONSTRUCTI     8.16     05/16/21    CNY      61.32
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY      39.94
HUACHEN ENERGY CO LTD       6.63     05/18/20    USD      53.52
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY      40.54
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.38
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.58
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.15
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.52
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.39
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.63
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.09
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.35
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY      40.05
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      24.96
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      25.04
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      51.95
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      60.11
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.67
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.93
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      61.02
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      62.17
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY      62.41
HUANGSHI CIHU HIGH-TECH     8.70     12/05/20    CNY      61.35
HUANGSHI CIHU HIGH-TECH     9.30     01/21/21    CNY      61.99
HUANGSHI URBAN CONSTRUC     6.96     10/25/19    CNY      40.33
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      69.80
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      70.28
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.17
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.31
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.19
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.32
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY      68.89
HUNAN CHANGDE DEYUAN IN     7.18     10/18/18    CNY      25.02
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      59.95
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      60.98
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.03
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.07
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.20
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.21
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      61.79
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      65.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      61.43
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      62.00
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      24.99
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      25.15
HUZHOU CITY INVESTMENT      6.70     12/14/19    CNY      40.42
HUZHOU NANXUN STATE-OWN     8.15     03/31/19    CNY      20.25
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY      61.49
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      60.84
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      61.07
INNER MONGLIA SHENGMU H     4.48     12/28/20    CNY      72.20
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY      40.19
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.00
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.14
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.68
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.75
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.15
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.28
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      60.83
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      61.91
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      60.19
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      61.59
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.35
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.70
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      60.89
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      61.00
JIANGDONG HOLDING GROUP     6.90     03/27/19    CNY      20.17
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.38
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.90
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.10
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.31
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY      60.65
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.18
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.56
JIANGSU HANRUI INVESTME     8.16     03/01/19    CNY      20.10
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY      39.82
JIANGSU JINGUAN INVESTM     6.40     01/28/19    CNY      25.06
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY      60.24
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      60.50
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      61.83
JIANGSU JURONG FUDI BIO     8.70     04/26/19    CNY      40.61
JIANGSU LIANYUN DEVELOP     6.10     06/19/19    CNY      20.00
JIANGSU NANTONG NO2 CON     8.10     07/10/21    CNY      59.38
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.13
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.42
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.25
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.34
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      60.42
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      61.19
JIANGSU TAICANG PORT DE     7.66     05/16/19    CNY      20.28
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      60.76
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      61.02
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.33
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.38
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.10
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.25
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.14
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.49
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY      40.45
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.18
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.22
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.11
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.91
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY      61.84
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.35
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.37
JIANGYIN GAOXIN DISTRIC     6.60     02/27/20    CNY      40.50
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.16
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.79
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      39.95
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      40.09
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.07
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.28
JIASHAN STATE-OWNED ASS     6.80     06/06/19    CNY      20.45
JIAXING CITY CULTURE MI     8.16     03/08/19    CNY      20.38
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.12
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.13
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      60.86
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      61.53
JIAXING NANHU INVESTMEN     7.45     02/26/21    CNY      61.77
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.81
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.83
JILIN RAILWAY INVESTMEN     6.63     06/26/19    CNY      40.00
JILIN RAILWAY INVESTMEN     7.18     03/04/21    CNY      60.36
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY      60.56
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.02
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.69
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.01
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.45
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY      71.66
JINGDEZHEN STATE-OWNED      6.59     06/25/20    CNY      39.95
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      60.46
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      61.80
JINGJIANG BINJIANG XINC     6.80     10/23/18    CNY      25.03
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.36
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      60.40
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.53
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      67.88
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY      60.98
JINGZHOU URBAN CONSTRUC     7.98     04/24/19    CNY      20.40
JINING CITY CONSTRUCTIO     8.30     12/31/18    CNY      20.28
JINING WATER SUPPLY GRO     7.18     01/22/20    CNY      40.30
JINSHAN STATE-OWNED ASS     6.65     11/27/19    CNY      40.41
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY      40.10
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.01
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.04
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.44
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.57
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      60.66
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.08
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.62
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      61.74
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.50
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.90
JIUJIANG CITY CONSTRUCT     8.49     02/23/19    CNY      20.28
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     7.04     09/01/20    CNY      74.46
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY      40.18
JIUQUAN ECONOMIC DEVELO     7.40     02/26/21    CNY      60.79
JIXI STATE OWN ASSET MA     7.18     11/08/19    CNY      40.16
KAIFENG DEVELOPMENT INV     6.47     07/11/19    CNY      20.05
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY      50.53
KASHI URBAN CONSTRUCTIO     7.18     11/27/19    CNY      40.35
KUERLE CITY CONSTRUCTIO     7.48     09/10/18    CNY      25.02
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.21
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.35
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      39.88
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      40.18
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.03
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.10
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN ENTREPRENEUR HO     6.28     11/07/19    CNY      40.44
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.72
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.76
KUNSHAN HUAQIAO INTERNA     7.98     12/30/18    CNY      20.20
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      58.34
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      60.87
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.35
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.50
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY      75.00
LANZHOU NEW AREA INVEST     8.30     04/29/21    CNY      60.56
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.08
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.16
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.33
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.58
LIAOYUAN STATE-OWNED AS     8.17     03/13/19    CNY      19.96
LILING LUJIANG INVESTME     8.10     05/22/21    CNY      60.87
LINCANG STATE-OWNED ASS     6.58     04/11/20    CNY      40.07
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      39.85
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      40.09
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.00
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.30
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      58.85
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      59.95
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.00
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.05
LINYI CITY ASSET MANAGE     6.68     12/12/19    CNY      40.52
LINYI ECONOMIC DEVELOPM     8.26     09/24/19    CNY      40.88
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      60.72
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      61.49
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      62.33
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      82.60
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      50.77
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      51.25
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      38.20
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      40.22
LISHUI URBAN CONSTRUCTI     5.80     05/29/20    CNY      39.62
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      66.50
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      70.65
LIUZHOU DONGCHENG INVES     8.30     02/15/19    CNY      20.20
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.73
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.75
LIUZHOU INVESTMENT HOLD     6.98     08/15/19    CNY      40.22
LIUZHOU LONGJIAN INVEST     8.28     04/30/24    CNY      70.01
LIYANG CITY CONSTRUCTIO     8.20     11/08/18    CNY      33.60
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.91
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.93
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.04
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.05
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      60.97
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      61.55
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      60.52
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      61.28
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.31
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.41
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY      40.23
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY      40.47
MAOMIN TRANSPORTATION C     6.90     05/28/21    CNY      61.50
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.30
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.47
MEISHAN HONGDA CONSTRUC     6.56     06/19/20    CNY      40.42
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.43
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.53
MIANYANG INVESTMENT HOL     7.70     03/26/19    CNY      40.80
MIANYANG SCIENCE TECHNO     7.16     05/15/19    CNY      20.06
MIANYANG SCIENCE TECHNO     6.30     07/22/18    CNY      27.50
MINXIXINGHANG STATE-OWN     6.20     03/26/19    CNY      25.22
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      39.84
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      40.12
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.38
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.72
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.40
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.51
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY      25.03
NANCHANG ECONOMY TECHNO     6.88     01/09/20    CNY      40.23
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY      40.51
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.06
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.50
NANCHONG ECONOMIC DEVEL     8.16     04/26/19    CNY      20.14
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      60.02
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      61.73
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGNING SCIEN     7.29     04/28/19    CNY      20.12
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.00
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.21
NANJING STATE OWNED ASS     5.40     03/06/20    CNY      40.35
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.45
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.46
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.90
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.95
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.03
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.10
NANJING XINGANG DEVELOP     6.80     01/08/20    CNY      40.59
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      60.01
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      61.05
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      59.00
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      60.28
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.87
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.92
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.30
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.42
NANTONG CITY TONGZHOU D     6.80     05/28/19    CNY      20.17
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.10
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.96
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      60.52
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      61.08
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.02
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.17
NEOGLORY HOLDING GROUP      8.10     11/23/18    CNY      55.82
NEOGLORY HOLDING GROUP      6.50     09/25/20    CNY      63.50
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      60.71
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      61.62
NINGBO CITY YINZHOU CIT     6.50     03/18/20    CNY      40.00
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY      40.01
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.81
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.82
NINGBO ZHENHAI HAIJIANG     6.65     11/28/18    CNY      25.05
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY      60.77
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      59.50
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      60.35
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      60.92
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      61.54
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      61.64
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      62.70
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.00
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.15
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.09
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.13
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.12
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.22
PINGDU CITY STATE OWNED     7.25     11/05/20    CNY      61.48
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY      40.02
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      61.09
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      63.00
PINGLIANG CHENGXIANG CO     7.10     09/17/20    CNY      60.52
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.17
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.92
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY      39.82
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.40
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.51
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.27
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.46
PUER CITY STATE OWNED A     7.38     06/20/19    CNY      20.10
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.36
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.89
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.62
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.86
QIANDONG NANZHOU DEVELO     8.80     04/27/19    CNY      20.17
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY      39.93
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY      61.25
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.00
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.08
QIDONG STATE-OWNED ASSE     7.30     11/20/22    CNY      70.99
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      60.00
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.50
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.54
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      61.91
QINGDAO CHENGYANG DEVEL     7.09     03/10/21    CNY      61.13
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.29
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.30
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.20
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.21
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.93
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.94
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY      61.11
QINGDAO JIAOZHOU CITY D     6.59     01/25/20    CNY      40.73
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY      50.86
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.51
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.84
QINGHAI PROVINCIAL INVE     6.40     07/10/21    USD      68.65
QINGYANG CITY ECONOMIC      7.98     04/16/21    CNY      61.13
QINGYUAN TRANSPORTATION     8.20     12/19/20    CNY      61.59
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      10.04
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      19.95
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.04
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.05
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.36
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.43
QINGZHOU HONGYUAN PUBLI     7.59     05/29/21    CNY      61.50
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.19
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.30
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      60.85
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      61.08
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.10
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.38
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY      60.80
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.48
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.80
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY      69.86
QITAIHE CITY CONSTRUCTI     7.30     10/18/19    CNY      39.46
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.64
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.79
QUJING ECO TECH DEVELOP     7.48     07/21/21    CNY      79.13
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      60.84
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      61.93
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.96
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.97
REWARD SCIENCE AND TECH     5.95     06/22/19    CNY      74.89
RIZHAO CITY CONSTRUCTIO     5.80     06/06/20    CNY      39.70
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.00
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.13
RONGCHENG ECONOMIC DEVE     6.45     03/18/20    CNY      40.60
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      60.70
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      61.49
RUCHENG COUNTY HYDROPOW     6.65     04/25/20    CNY      70.48
RUCHENG COUNTY URBAN CO     6.00     06/28/23    CNY      55.88
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      39.30
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      40.20
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      60.59
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      61.11
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      60.97
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      61.27
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY      62.49
RUGAO COMMUNICATIONS CO     8.51     01/26/19    CNY      25.30
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.19
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.27
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY      62.64
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.24
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.31
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      39.50
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      40.37
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      61.60
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      62.00
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY      61.49
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      61.72
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      62.79
SHANDONG JINMAO TEXTILE     9.00     02/21/19    CNY      97.37
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.30
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.31
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      36.00
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      39.74
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      61.00
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      65.70
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.01
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.25
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      60.90
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      62.17
SHANGHAI CHENJIAZHEN CO     7.18     11/06/19    CNY      50.52
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.34
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.74
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY      40.34
SHANGHAI JIADING INDUST     6.71     10/10/18    CNY      25.04
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      60.81
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      61.42
SHANGHAI JINSHAN URBAN      6.60     12/21/19    CNY      40.47
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.14
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.16
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.25
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.25
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.38
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.59
SHANGHAI MUNICIPAL INVE     4.63     07/30/19    CNY      39.95
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      49.97
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      50.02
SHANGHAI SONGJIANG TOWN     6.28     08/15/18    CNY      24.99
SHANGHAI URBAN CONSTRUC     5.25     11/30/19    CNY      40.19
SHANGHAI YONGYE ENTERPR     6.84     05/21/20    CNY      50.49
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.07
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.25
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      60.15
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      61.01
SHANGQIU DEVELOPMENT IN     6.60     01/15/20    CNY      40.17
SHANGRAO CITY CONSTRUCT     7.30     09/10/19    CNY      40.49
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      62.30
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      63.27
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY      40.37
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY      40.12
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      24.97
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      25.08
SHAOXING KEQIAO DISTRIC     6.30     02/26/19    CNY      25.03
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY      40.18
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY      60.57
SHAOXING SHANGYU COMMUN     6.70     09/11/19    CNY      40.25
SHAOXING SHANGYU HANGZH     6.95     10/11/20    CNY      60.29
SHAOXING URBAN CONSTRUC     6.40     11/09/19    CNY      40.50
SHAOYANG CITY CONSTRUCT     7.40     09/11/18    CNY      25.02
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      58.00
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      61.34
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      62.85
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      82.32
SHENMU COUNTY STATE-OWN     7.28     06/23/21    CNY      59.98
SHENYANG MACHINE TOOL C     6.50     04/09/20    CNY      69.87
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY      40.05
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.00
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.08
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY      40.26
SHIYAN CITY INFRASTRUCT     7.98     04/20/19    CNY      20.30
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY      60.51
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.17
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.78
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      48.80
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      50.53
SHUANGLIU SHINE CHINE C     8.48     03/16/19    CNY      40.66
SHUANGLIU SHINE CHINE C     8.40     03/16/19    CNY      40.87
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      39.82
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      40.30
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.10
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.23
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.45
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.59
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY      59.74
SICHUAN COAL INDUSTRY G     7.70     01/09/18    CNY      45.00
SIPING SITONG CITY INFR     8.10     04/25/21    CNY      60.91
SIPING SITONG CITY INFR     7.25     04/29/19    CNY      70.06
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.07
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.41
SONGYUAN URBAN DEVELOPM     7.30     08/29/19    CNY      40.27
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      37.50
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      39.88
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      60.78
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      61.78
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY      59.99
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      39.90
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      40.21
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      59.95
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      62.50
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY      40.28
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.65
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.81
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY      62.25
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      60.51
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      61.04
SUQIAN ECONOMIC DEVELOP     7.50     03/26/19    CNY      20.19
SUQIAN WATER GROUP CO       6.55     12/04/19    CNY      40.38
SUZHOU CITY CONSTRUCTIO     7.45     03/12/19    CNY      20.15
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.06
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.20
SUZHOU FENHU INVESTMENT     7.49     02/28/21    CNY      60.26
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.14
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.16
SUZHOU NEW DISTRICT ECO     6.20     07/22/21    CNY      61.53
SUZHOU TECH CITY DEVELO     7.32     11/01/18    CNY      25.12
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.36
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.37
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      55.50
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      56.10
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.28
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.32
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.15
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.35
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.09
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.10
TACHENG DISTRICT STATE-     7.49     10/16/19    CNY      50.18
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY      40.62
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.36
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.46
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      60.63
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      61.50
TAICANG HENGTONG INVEST     7.45     10/30/19    CNY      40.57
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.20
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.50
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.14
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.59
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.14
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.21
TAIYUAN HIGH-SPEED RAIL     6.50     10/30/20    CNY      55.56
TAIYUAN LONGCHENG DEVEL     6.50     09/25/19    CNY      40.22
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.10
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.78
TAIZHOU CITY HUANGYAN D     6.85     12/17/18    CNY      25.03
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      50.73
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      51.03
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY      60.60
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      60.25
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      61.15
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      60.10
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      61.50
TAIZHOU HAILING ASSETS      8.52     03/21/19    CNY      20.20
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY      40.08
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      55.75
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      56.40
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      39.83
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      40.26
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.00
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.03
TANGSHAN CAOFEIDIAN DEV     7.50     10/15/20    CNY      59.25
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.45
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.47
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.42
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.80
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY      40.08
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.25
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.30
TIANJIN DONGFANG CAIXIN     7.99     11/23/18    CNY      40.27
TIANJIN DONGLI CITY INF     6.05     06/19/20    CNY      39.44
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      39.96
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      40.06
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.17
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.37
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.11
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.51
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY      67.32
TIANJIN HI-TECH INDUSTR     7.80     03/27/19    CNY      20.12
TIANJIN HI-TECH INDUSTR     6.65     09/12/21    CNY      73.00
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY      61.49
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      70.50
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      71.02
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.10
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.25
TIANJIN JINNAN CITY CON     6.50     06/03/21    CNY      60.52
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.09
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.24
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.34
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.50
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      60.19
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      62.19
TIANJIN RESIDENTIAL CON     8.00     12/19/20    CNY      60.31
TIANJIN TEDA CONSTRUCTI     6.89     04/27/20    CNY      40.78
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.39
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY      61.44
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.87
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.20
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.40
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      63.76
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      81.00
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      60.87
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      63.30
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.60
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.96
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.31
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.44
ULANQAB CITY JI NING DI     6.88     03/19/20    CNY      39.41
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.29
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.31
URUMQI CITY CONSTRUCTIO     7.20     11/06/18    CNY      50.30
URUMQI ECO&TECH DEVELOP     8.58     01/10/19    CNY      25.35
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY      40.01
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.39
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.68
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.25
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.51
VANZIP INVESTMENT GROUP     7.92     02/04/19    CNY      22.86
WAFANGDIAN STATE-OWNED      8.55     04/19/19    CNY      20.38
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.15
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.48
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.10
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.68
WEIFANG BINHAI INVESTME     6.16     04/16/21    CNY      54.56
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.38
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.52
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.57
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.61
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.19
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.40
WENZHOU ANJUFANG CITY D     7.65     04/24/19    CNY      20.23
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY      40.38
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY      60.90
WENZHOU HIGH-TECH INDUS     7.95     03/21/21    CNY      61.09
WINTIME ENERGY CO LTD       7.50     12/06/20    CNY      35.36
WINTIME ENERGY CO LTD       7.00     01/22/19    CNY      36.57
WINTIME ENERGY CO LTD       7.50     12/18/19    CNY      74.80
WUHAI CITY CONSTRUCTION     8.20     03/31/19    CNY      20.26
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      57.00
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      61.82
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.53
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.66
WUHAN JIANGXIA URBAN CO     8.99     01/20/21    CNY      62.65
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY      40.09
WUHAN REAL ESTATE DEVEL     5.90     03/22/19    CNY      25.15
WUHAN URBAN CONSTRUCTIO     5.60     03/08/20    CNY      40.29
WUHU JINGHU CONSTRUCTIO     6.68     05/16/20    CNY      40.71
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.26
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.34
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.33
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.87
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY      40.61
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.65
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.98
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.20
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.38
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.25
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.41
WUXI EAST SCIENCE & TEC     5.98     10/26/18    CNY      40.08
WUXI HUISHAN ECONOMIC D     6.03     04/22/19    CNY      25.14
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.84
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.95
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.06
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.40
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.83
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.94
WUZHOU DONGTAI STATE-OW     7.40     09/03/19    CNY      40.26
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.42
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.45
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      39.89
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      40.29
XI'AN AEROSPACE CITY IN     6.96     11/08/19    CNY      40.27
XIAN CHANBAHE DEVELOPME     6.89     08/03/19    CNY      40.29
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.11
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.19
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.41
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.60
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      40.66
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      70.50
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      60.30
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      62.01
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.11
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.26
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      39.90
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      40.17
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      60.89
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      61.46
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     5.00     07/25/26    CNY      55.12
XIANGTAN JIUHUA ECONOMI     6.59     01/21/22    CNY      56.00
XIANGTAN JIUHUA ECONOMI     7.15     10/15/20    CNY      59.63
XIANGTAN LIANGXING SOCI     7.89     04/23/21    CNY      61.23
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.52
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.78
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.25
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.77
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.00
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.09
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      39.69
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      59.70
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.58
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.59
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.44
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.85
XIAOGAN URBAN CONSTRUCT     8.12     03/26/19    CNY      20.31
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      58.94
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      60.73
XIN JIANG GUANG HUI IND     7.88     03/30/20    USD      61.19
XINGHUA URBAN CONSTRUCT     7.25     10/23/18    CNY      25.02
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.09
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.29
XINING CITY INVESTMENT      7.70     04/27/19    CNY      20.22
XINING ECONOMIC DEVELOP     5.90     06/04/20    CNY      40.22
XINJIANG KAIDI INVESTME     7.80     04/22/21    CNY      61.73
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      49.93
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      50.54
XINJIANG SHIHEZI DEVELO     7.50     08/29/18    CNY      24.84
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      59.92
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      60.14
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.15
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.44
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      60.62
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      82.38
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      39.67
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      40.36
XINXIANG INVESTMENT GRO     5.85     04/15/20    CNY      40.14
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.05
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.19
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      60.82
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      61.30
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.70
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.91
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      61.50
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      67.00
XINYU URBAN CONSTRUCTIO     7.08     12/13/19    CNY      40.38
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.05
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.13
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY      74.96
XINZHOU ASSET MANAGEMEN     7.39     08/08/18    CNY      25.02
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      60.89
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.23
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      61.34
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.68
XUANCHENG STATE-OWNED A     7.99     03/20/19    CNY      30.46
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.36
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.37
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.41
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.64
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.24
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.25
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY      61.00
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.53
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.74
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      60.87
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      61.11
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.29
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.35
YAAN STATE-OWNED ASSET      7.39     07/04/19    CNY      19.85
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY      40.31
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.20
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.21
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      62.49
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      63.30
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      53.00
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      60.55
YANCHENG ORIENTAL INVES     6.99     10/26/19    CNY      40.14
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      39.50
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      40.46
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.00
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.78
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      60.96
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      61.10
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU LONGCHUAN HOLD     8.10     03/23/19    CNY      20.26
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.10
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.23
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.19
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.42
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.22
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.69
YICHANG URBAN CONSTRUCT     8.13     11/17/19    CNY      53.11
YICHUN CITY CONSTRUCTIO     7.35     07/24/19    CNY      19.65
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.38
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.59
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.33
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.73
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.07
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.10
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      71.22
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      72.76
YINCHUAN URBAN CONSTRUC     6.88     05/12/21    CNY      61.36
YINGKOU PORT GROUP CO L     6.10     04/27/22    CNY      70.00
YINGKOU PORT GROUP CO L     5.78     03/23/19    CNY      71.34
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY      72.16
YINING CITY STATE OWNED     8.90     01/23/21    CNY      62.79
YINING CITY STATE OWNED     8.90     01/23/21    CNY      69.95
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.22
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.35
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      60.64
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      61.30
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      40.88
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      41.17
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.80
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.81
YIZHENG CITY CONSTRUCTI     7.78     06/14/19    CNY      20.21
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.38
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.62
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      51.77
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      52.32
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.78
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.90
YONGZHOU CITY LINGLING      7.80     04/02/21    CNY      62.83
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      39.80
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      40.11
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      39.98
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      40.33
YULIN CITY INVESTMENT O     6.81     12/04/18    CNY      25.06
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      39.00
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      40.11
YUNCHENG URBAN CONSTRUC     7.48     10/15/19    CNY      40.33
YUNNAN HIGHWAY & BRIDGE     7.58     02/21/20    CNY      26.10
YUNNAN METROPOLITAN CON     6.77     05/23/21    CNY      60.65
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.20
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.52
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      60.84
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      61.77
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.05
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.13
YUYAO WATER RESOURCE IN     7.20     10/16/19    CNY      40.30
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      60.56
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      61.29
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.10
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.48
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY      40.45
ZHANGJIAJIE ECONOMIC DE     7.40     10/18/19    CNY      40.37
ZHANGJIAJIE ECONOMIC DE     7.80     04/17/21    CNY      60.81
ZHANGZHOU CITY CONSTRUC     6.60     03/26/20    CNY      40.49
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      59.75
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      61.55
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      59.50
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      60.60
ZHAOYUAN STATE-OWNED AS     6.64     12/31/19    CNY      40.16
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.87
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.99
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.34
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.93
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY      40.26
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      60.97
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      61.92
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.69
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.74
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.10
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.22
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.20
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.60
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY      61.27
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      61.70
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      71.00
ZHENJIANG CULTURE AND T     6.60     01/30/20    CNY      40.00
ZHENJIANG NEW AREA URBA     8.35     02/26/21    CNY      61.19
ZHENJIANG NEW AREA URBA     8.99     01/16/21    CNY      61.98
ZHENJIANG TRANSPORTATIO     7.29     05/08/19    CNY      19.76
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      24.99
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      25.01
ZHOUKOU INVESTMENT GROU     7.49     04/21/21    CNY      60.61
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.47
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.71
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.24
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.83
ZHUCHENG ECONOMIC DEVEL     7.50     08/25/18    CNY      21.25
ZHUCHENG ECONOMIC DEVEL     6.80     11/29/19    CNY      40.94
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      24.89
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      50.00
ZHUHAI HUIHUA INFRASTRU     7.15     09/17/20    CNY      60.67
ZHUJI CITY CONSTRUCTION     6.92     12/19/19    CNY      40.23
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.04
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.30
ZHUZHOU CITY CONSTRUCTI     6.95     10/16/20    CNY      61.39
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18    CNY      40.05
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.11
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.22
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY      40.21
ZIBO CITY PROPERTY CO L     5.45     04/27/19    CNY      11.98
ZIYANG CITY CONSTRUCTIO     7.58     01/09/19    CNY      24.93
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.64
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.72
ZUNYI CITY HUICHUAN DIS     6.75     04/24/19    CNY      24.97
ZUNYI CITY HUICHUAN DIS     7.85     06/25/21    CNY      60.67


HONG KONG
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


NEW ZEALAND
------------
PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD       1.00


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      52.01
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.00
AUSGROUP LTD                8.45     10/20/18    SGD      51.35
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.89
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.93
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD       5.00
BLUE OCEAN RESOURCES PT     6.00     12/31/20    USD      25.00
ENERCOAL RESOURCES PTE      9.25     08/05/14    USD      38.13
EZION HOLDINGS LTD          0.25     11/20/24    SGD      74.99
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       4.84
HYFLUX LTD                  4.20     08/29/19    SGD      50.00
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD      67.50
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD      30.04
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD      40.19
OSA GOLIATH PTE LTD        12.00     10/09/18    USD      62.63
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD      11.13
RICKMERS MARITIME           8.45     05/15/17    SGD       5.00
SWIBER CAPITAL PTE LTD      6.50     08/02/18    SGD       4.20
SWIBER CAPITAL PTE LTD      6.25     10/30/17    SGD       4.20
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       7.75
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       7.75
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD      12.25
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD      16.00
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD      16.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD       0.55
MDX PCL                     4.75     09/17/03    USD      31.00


VIETNAM
-------

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





                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***