TCRAP_Public/181127.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 27, 2018, Vol. 21, No. 235

                            Headlines


A U S T R A L I A

A J BUCHHORN: First Creditors' Meeting Set for Dec. 4
ASPECT SPORTSWEAR: Second Creditors' Meeting Set for Dec. 5
BIG UN: Delays Creditors' Meeting to Consider Potential Deal
GOPHER GRAPHICS: Goes Into Liquidation
HILARY HOLMES: First Creditors' Meeting Set for Dec. 5

MAIDENWELL DIATOMITE: Second Creditors' Meeting Set for Nov. 30
MANBEAD PTY: First Creditors' Meeting Set for Dec. 4
RAPID PLASTER: Second Creditors' Meeting Set for Dec. 5
SMART DUCT: First Creditors' Meeting Set for Dec. 4
TIANMEI BEVERAGE: ASIC Seeks Provisional Liquidators Appointment

YY WINDOWS: First Creditors' Meeting Set for Dec. 5


C H I N A

XINJIANG FINANCIAL: Fitch Assigns BB+ LT IDR, Outlook Stable


H O N G  K O N G

NOBLE GROUP: Extends Restructuring Deadline to Dec. 11


I N D I A

3B FILMS: ICRA Withdraws 'B' Ratings on INR39.50cr Loans
AAKAF STEEL: CARE Moves B+/A4 Ratings to Not Cooperating
ADINATH COLD: CARE Lowers Rating on INR8.50cr LT Loan to D
AKHIL LOGISTICS: Insolvency Resolution Process Case Summary
AKMB PROJECTS: CARE Assigns B+ Rating to INR3cr LT Loan

ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR45.50cr Loan
ALKA FABRICS: Insolvency Resolution Process Case Summary
BABA JATADHARI: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
BAFFIN ENGINEERING: Insolvency Resolution Process Case Summary
BALAJI COAL: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating

BODHRE DHULE: ICRA Withdraws 'B' Ratings on INR408cr Loans
CORPORATE FASHION: CARE Lowers Rating on INR5.96cr Loans to D
GIG MOTORS: CARE Assigns B+ Rating to INR10.31cr LT Loan
HAREKRUSHNA COTTEX: ICRA Moves B+ Rating to Not Cooperating
HI-TECH FROZEN: ICRA Maintains 'B' in Not Cooperating Category

IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'C'
INDIA: Government to Introduce 'Pre-Packaged' Bankruptcy Schemes
JUPITER INTERNATIONAL: CARE Lowers Rating on INR81.59cr Loan to D
JYOTI ENTERPRISES: Ind-Ra Maintains B+ Rating in Non-Cooperating
KAYA KNITS: ICRA Maintains B Rating in Not Cooperating Category

KHEM TRADERS: CARE Assigns B+ Rating to INR3.97cr LT Loan
KRISHNA NATURAL: ICRA Maintains B Ratings in Not Cooperating
KWALITY FOUNDRY: ICRA Maintains B+ Rating in Not Cooperating
MAIHAR ALLOYS: CARE Hikes Rating on INR9cr LT Loan From B+
MICRO PRECISION: ICRA Withdraws B+ Rating on INR7.50cr Loan

MILESTONES ENGINEERING: ICRA Withdraws B+ Rating on INR1.2cr Loan
NARAYANAA ELECTRICAL: Insolvency Resolution Process Case Summary
OSAKA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
PERSANG ALLOY: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
RELIABLE INDUSTRIES: Ind-Ra Moves BB+ Rating to Non-Cooperating

RISSALA PRODUCTS: ICRA Moves 'B' Rating to Not Cooperating
RJP TECHNOLOGIES: CARE Assigns B+ Rating to INR12cr LT Loan
SALTEE BUILDCON: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
SHANTI EDUCATIONAL: ICRA Maintains D Rating in Not Cooperating
SHIRKE RECREATION: Ind-Ra Affirms 'BB' Rating on INR37.2MM Loan

SHREE RAJASTHAN: CARE Reaffirms D Rating on INR134.52cr Loans
SHUKLA AGRITECH: CARE Assigns 'D' Rating to INR10.71cr LT Loan
SUNRISE TIMPLY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
TECHNO INDIA: ICRA Maintains D Ratings in Not Cooperating
ULTRA DENIM: Ind-Ra Maintains 'BB-' LT Ratings in Non-Cooperating

UNIMECH INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
VEEPEE COTEX: CARE Migrates B Rating to Not Cooperating Category


P H I L I P P I N E S

CHINA BANKING: Fitch Affirms BB+ LT IDR; Outlook Stable


S I N G A P O R E

HYFLUX LTD: Debt Moratorium Extended to April 30 Next Year


X X X X X X X X

* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2018


                            - - - - -


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


A J BUCHHORN: First Creditors' Meeting Set for Dec. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A J
Buchhorn Pty Ltd, trading as MPH Contracting, will be held at 105
Macquarie St, in Hobart, on Dec. 4, 2018, at 12:00 p.m.

Paul John Cook of Paul Cook & Associates was appointed as
administrator of A J Buchhorn on Nov. 22, 2018.


ASPECT SPORTSWEAR: Second Creditors' Meeting Set for Dec. 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Aspect
Sportswear Pty Ltd, trading as Aspect Sportswear, has been set for
Dec. 5, 2018, at 10:00 a.m. at the offices of AS Advisory, at
Level 7, 114 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 4, 2018, at 3:00 p.m.

Andrew Schwarz and Jon Howarth of AS Advisory were appointed as
administrators of Aspect Sportswear on Nov. 1, 2018.


BIG UN: Delays Creditors' Meeting to Consider Potential Deal
------------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that Big Un
Limited's administrators have delayed a meeting of creditors next
week while they consider a deed of company arrangement prepared by
people associated with the failed group, but liquidation is still
expected to be the best option for creditors.

SMH relates that the administrators, led by Deloittes' Neil
Cussen, said they received a deed of company arrangement last week
from a consortium that included directors of Big Un and foundation
shareholders. The group did not include Big Un founders Richard
and Brandon Evertz, according to Mr Cussen.

According to SMH, the administrators said the DOCA may provide
certainty, "but only a minimal return to creditors against the
potential higher recovery option under liquidation".

"It is complex and required further clarification around numerous
points, including but not limited to, licence transfer and
ownership and shareholding dilution," a spokesman said of the
DOCA.

Mr. Cussen told The Sydney Morning Herald/Age that "there are a
variety of legal actions that the administrators are reviewing and
some of them are substantive".

"At the moment, we think the return might be minimal," the report
quotes Mr. Cussen as saying. He said the administrators are
continuing to look at third party claims that might be open to the
company if creditors vote to put it into liquidation.

The court granted the administrators an extension of the time of
the second creditors' meeting to December 20, the report notes.

The administrators are expected to have a report ready for
creditors by December 13, SMH discloses.

                         About Big Un Ltd

Big Un Ltd is the parent company of Big Review TV Ltd. Big Review
TV was innovative disruptors in the online video space delivering
subscription based video technology products and services. The
Company has operations across Australia and in New Zealand, the
United Kingdom and the United States, Hong Kong, Singapore and
Vancouver.

Neil Robert Cussen and Matthew James Donnelly of Deloitte
Financial were appointed as administrators of Big Un on Aug. 24,
2018.


GOPHER GRAPHICS: Goes Into Liquidation
--------------------------------------
Sheree Young at ProPrint reports that Sydney graphic design outfit
Gopher Graphics has gone into liquidation with all staff except
two given new employment contracts at a new company, a former
employee said.

The employee, who wished not to be named, told ProPrint staff that
the Condell Park small business had been suspicious that something
was wrong in the last few weeks and when administrators from Cor
Cordis arrived, their suspicions were confirmed.

Australian Securities and Investment Commission (ASIC) records
show a company named ACN 062 895 774 Pty Ltd, trading as Gopher
Graphics Pty Ltd, went into liquidation in 2014, ProPrint says.

According to ProPrint, current administrator Andre Lakomy of Cor
Cordis said the company had been having cash flow problems but
said all equipment had been left on site and would be sold to pay
creditors and cover staff entitlements.

"It is publicly known that the company has gone into liquidation
so in terms of the reasons for the liquidation we will investigate
to form a view of what has gone wrong," Mr. Lakomy told ProPrint.

When asked if he had any information on the two new employment
contracts handed out, Mr. Lakomy said the owner Ed Jones may have
been considering starting again, but has since decided not go down
that path.

The liquidators may also host an asset sale and Andre Lakomy at
Cor Cordis can be contacted, the report notes.

A creditors meeting will be held within 10 days of Mr. Lakomy
being appointed as administrator.

A notice of resolution to wind up Gopher Graphics Communications
Pty Ltd has been posted on the Australian Securities and
Investment Commission (ASIC) website.

Gopher Graphics Communications Pty Ltd provided services including
design, printing and personalised mailouts.


HILARY HOLMES: First Creditors' Meeting Set for Dec. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hilary
Holmes Makeup Pty Ltd will be held at Level 1/5, Everage Street,
in Moonee Ponds, Victoria, on Dec. 5, 2018, at 10:30 a.m.

Altan Djenab of Wild Apricot Corporate Insolvency & Advisory
Service was appointed as administrator of Hilary Holmes on
Nov. 23, 2018.


MAIDENWELL DIATOMITE: Second Creditors' Meeting Set for Nov. 30
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Maidenwell
Diatomite Pty Ltd has been set for Nov. 30, 2018, at 3:30 p.m. at
the offices of SV Partners, at Level 7, 151 Castlereagh Street, in
Sydney, NSW, on Nov. 30, 2018, at 3:30 p.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2018, at 4:00 p.m.

Ian Purchas of SV Partner was appointed as administrators of
Maidenwell Diatomite on Oct. 29, 2018.


MANBEAD PTY: First Creditors' Meeting Set for Dec. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Manbead Pty
Ltd will be held at Level 1, 76 Market Street, in Wollongong, New
South Wales, on Dec. 4, 2018, at 11:00 a.m.

Danny Vrkic of DV Recovery Management was appointed as
administrator of Manbead Pty on Oct. 31, 2018.


RAPID PLASTER: Second Creditors' Meeting Set for Dec. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Rapid Plaster
QLD Pty Ltd has been set for Dec. 5, 2018, at 10:00 a.m. at the
offices of McLeod & Partners, at Level 9, 300 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 Dec. 4, 2018, at 5:00 p.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Rapid Plaster on Oct. 31, 2018.


SMART DUCT: First Creditors' Meeting Set for Dec. 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Smart Duct
Pty. Ltd. will be held at the offices of Mackay Goodwin, at
Level 2, 10 Bridge Street, in Sydney, NSW, on Dec. 4, 2018, at
10:30 a.m.

Thyge Trafford-Jones and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Smart Duct on Nov. 22,
2018.


TIANMEI BEVERAGE: ASIC Seeks Provisional Liquidators Appointment
----------------------------------------------------------------
Australian Securities and Investments Commission has applied to
the Federal Court of Australia for the appointment of provisional
liquidators to Tianmei Beverage Group Corporation Limited.

The application arises from ASIC's concerns that Tianmei:

-- has failed to lodge its 2017 Annual Report;

-- has not had a company secretary since Aug. 10, 2018;

-- does not currently have at least two directors ordinarily
    residing in Australia;

-- failed to address certain significant concerns raised by two
    separate auditors in relation to Tianmei's financial records
    and transactions the company has entered into;

-- failed to provide adequte explanations in relation to
    irregularities identified with bank account confirmations;
    and

-- fails to hold regular board meetings.

ASIC seeks that the Federal Court make orders:

  -- for the appointment of Adam Nikitins and Marcus Ayres of
     EY as provisional liquidators of Tianmei; and

  -- requiring the provisional liquidators to provide a detailed
     report to the Court that sets out the financial position of
     Tianmei, an opinion as to solvency and identification of any
     suspected breaches of the Corporations Act so the Court can
     consider at a later date whether it ought to make orders to
     wind up the company.

ASIC's application has been listed for hearing in the Federal
Court of Australia in Melbourne on Dec. 3, 2018 at 12:00 p.m.

Tianmei, which has its registered office in Barangaroo, New South
Wales and conducts business operations in China through Tianmei's
wholly-owed subsidiary, Guangdong Tianmei Selenium-Rich Beverage
Chain Company Limited (Tianmei China), a Chinese registered
company. Tianmei China's business consists of:

  -- a product promotion business for the introduction of food,
     beverage and general grocery suppliers to convenience stores
     in Guangdong province; and

  -- a water products business for the development, distribution
     and sale of bottled water in China.

In late 2016, Tianmei issued a prospectus for the offer of shares
to raise up to AUD10 million. On Feb. 28, 2017, Tianmei was
admitted to the official list of the Australian Securities
Exchange (ASX).

Since March 1, 2018, Tianmei's shares have been suspended from
trading.


YY WINDOWS: First Creditors' Meeting Set for Dec. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of YY Windows
and Doors Pty Limited will be held at the offices of Bernardi
Martin, at Ground Floor, 195 Victoria Square, in Adelaide, SA, on
Dec. 5, 2018, at 10:00 a.m.

Hugh Sutcliffe Martin and Michael Dirk Hawker van Dissel of
Bernardi Martin were appointed as administrators of YY Windows on
Nov. 23, 2018.



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C H I N A
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XINJIANG FINANCIAL: Fitch Assigns BB+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Xinjiang Financial Investment Co., Ltd.
Long-Term Foreign- and Local-Currency Issuer Default Ratings of
'BB+'. The Outlook is Stable.

The company was established in 2008 by Xinjiang State-owned Assets
Supervision and Administration Commission as a wholly state-owned
company. Xinjiang Financial is the only local financial holding
platform in the Xinjiang Uygur Autonomous Region. The group plays
an important role in maintaining the stability of the local
financial system as a government financing tool that invests in 83
rural credit co-operatives and is engaged in asset management and
small-loan refinancing operations. The company has also invested
in real-estate development, green agriculture, mining, wool
textiles, coalbed methane and other industries.

Fitch believes Xinjiang Financial is strategically important to
the region and therefore the local government has incentive to
support the company because a default would have social and
financial implications for the province.

Xinjiang Financial's ratings are assessed under Fitch's
Government-Related Entities Rating Criteria, reflecting Xinjiang's
ownership, direct control and strong support track record of
Xinjiang Financial. Fitch has also factored in the socio-political
and financial implications for the local government if Xinjiang
Financial were to default.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: Xinjiang Financial is
wholly owned and controlled by Xinjiang SASAC and the local
government has oversight of the company. Xinjiang Financial's
board members and senior management are mainly appointed or
nominated by the Xinjiang government and any changes in the board
of supervisors or directors need to be approved by the government.
Its major decisions also need the government's approval.

'Moderate' Support Track Record: Government subsidies made up
around 5% of net profit between 2015 and 2017. The government also
provided various tax incentives to the company. The lack of other
forms of support such as substantial capital injections and
controlling stakes in important state-owned enterprises constrains
its assessment of the attribute strength.

'Moderate' Socio-Political Implications: Xinjiang Financial is the
only local platform engaged in investments with the aim of
maintaining regional financial stability. However, Fitch believes
the company is easily substituted even though there are no other
GREs within the area performing similar functions as the company
is still new to the financial-investment business.

'Moderate' Financial Implications: Fitch believes a failure by the
government to provide timely support could have reputational risk
for Xinjiang and to some extent the availability of financing for
the province's other GREs. Nevertheless, Xinjiang Financial's
operations by asset size are relatively small. The company's
financial impact in the case of a default was therefore assessed
as moderate.

Standalone Credit Profile: The company's financial profile is
relatively weak in light of its large debt-funded capital
expenditure, negative free cash flow and high leverage. Its
strategic importance to the Xinjiang government implies a fair
level of extraordinary government support, if needed.

RATING SENSITIVITIES

A revision in Fitch's perception of Xinjiang's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations would lead to a change in
ratings.

Positive rating action may be triggered by a revised assessment of
socio-political implications of a default, enhancing Xinjiang's
incentive to provide legitimate support.

A downgrade may result from a significant weakening of the
assessment of the socio-political and/or financial implications of
a Xinjiang Financial default, or the assessment of the province's
support record, or a dilution of the government's shareholding.



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


NOBLE GROUP: Extends Restructuring Deadline to Dec. 11
------------------------------------------------------
Bloomberg News reports that Noble Group Ltd. extended the deadline
for its marathon restructuring until Dec. 11 to address
regulators' concerns, a week after Singaporean authorities began
an investigation into the embattled commodity trader's finances.

According to Bloomberg, the company on Nov. 25 moved the deadline
for the $3.5 billion debt restructuring back by two weeks. Noble
said that Singapore's Securities Industry Council extended a key
waiver to allow the deadline to be pushed back. That'll be taken
as a positive sign by investors, suggesting that the Singaporean
authorities aren't intent on preventing the restructuring from
taking place, the report relays.

Bloomberg relates that the waiver is necessary for the deal to go
ahead without creditors, who will control the company, being
forced to make a buyout offer for its shares.

Bloomberg says the restructuring was thrown into crisis after
Singaporean authorities announced a wide-ranging investigation of
the company's accounting the week before the debt revamp was due
to be completed. Noble has been dogged for years by claims that
its accounts have been unreliable, especially in relation to the
valuation of gains on some long-term contracts. Those accusations
have routinely been denied by the trader.

Authorities said Nov. 20 that they're investigating suspected
false and misleading statements and breaches of disclosure
requirements, as well as potential non-compliance with accounting
standards by Noble Resources International Pte Ltd, according to
the report.

The delay was necessary "due to the additional time required to
fully address all concerns of the regulators and to ensure that
the interests of all stakeholders continue to be protected," the
company said in a statement on Nov. 25, Bloomberg relays. Noble
"is continuing to fully and constructively cooperate with the
authorities in their investigation."

It said it is also appointing experts to assist in responding to
the technical accounting issues raised by the Accounting and
Corporate Regulatory Authority, Bloomberg adds.

In a separate statement, authorities said they'd been working
since 2015 to gather and review information to establish a basis
to probe deeper into the case, Bloomberg reports. It was the
review of information relating to writedowns announced in late
2017 and 2018 as well as other information that provided the basis
for authorities to commence overt investigations into potential
breaches of law.

The probe is being conducted by the Commercial Affairs Department
of the Singapore Police Force; the Monetary Authority of
Singapore, the country's de facto central bank; and the ACRA,
Bloomberg discloses.

                        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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I N D I A
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3B FILMS: ICRA Withdraws 'B' Ratings on INR39.50cr Loans
--------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B ISSUER NOT
COOPERATING, outstanding on the INR39.50 crore fund-based
facilities of 3B Films Pvt. Ltd. The outlook on the long-term
rating is stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          8.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Withdrawn

   Fund based-         31.50      [ICRA]B (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Withdrawn

Rationale

The long-term rating assigned to 3B Films Pvt. Ltd. has been
withdrawn, based on the no-objection certificate provided by its
bankers.

3B Films Pvt. Ltd. (3B Films), incorporated in September 2014, has
set up a Greenfield project at Vadodara (Gujarat) to manufacture
cast polypropylene films (CPP films), which are used as flexi
packaging. The unit has an estimated production capacity of 7,200
metric tonnes per annum. Its commercial operations were
commissioned in March 2017. 3B Films is promoted by Mr. Ashok
Babariya and his family. The company has appointed Mr. Malay
Bhowmick, who has two decades of experience in the flexi packaging
industry, as the Chief Executive Officer.


AAKAF STEEL: CARE Moves B+/A4 Ratings to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aakaf
Steel Private Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/           18         CARE B+; Stable/CARE A4;
   Short-term                      Issuer not co operating;
   Bank Facilities                 Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

Aakaf Steel Private Limited has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE's rating on Aakaf Steel
Private Limited.'s bank facilities and/or instruments 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 ratings.

The ratings take into account moderate scale of operations, thin
profit margins, leveraged capital structure, weak debt coverage
indicators, moderate liquidity position. The ratings further take
into account risk associated with volatility in steel industry and
presence in highly fragmented and cyclical nature of steel
industry.

The ratings, however, continue to derive comfort from the
experienced promoter in the steel industry.

Detailed description of the key rating drivers

At the time of last rating in August 21, 2017 the following were
the rating strengths and weaknesses (updated for information
available from client).

Key Rating Weaknesses

Moderate scale of operations and thin profit margins: During
FY18(Prov.), TOI increased and stood moderate at INR 105.69 crore
from INR 83.15 crore in FY17. Further profitability remained thin
marked by PBILDT margin and PAT margin of 2.20% and 0.51%
respectively in FY18(Prov.) as against 2.99% and 0.43%
respectively in FY17.

Leveraged capital structure, weak debt coverage indicators and
moderate liquidity: As on March 31, 2018 (Prov.), capital
structure continued to remain leveraged marked by an overall
gearing of 2.38 times as against 2.58 times as on March 31, 2017
while debt coverage indicators of ASPL remained weak marked by
total debt to GCA of 32.98 times as on March 31, 2018 as against
total debt to GCA of 48 times as on March 31, 2017. Overall
liquidity of ASPL remained moderate marked by current ratio stood
at 1.82 times in FY18(Prov.) as against 1.49 times in FY17 and a
long operating cycle of 85 days in FY18(Prov.) (105 days in FY17).
Cash flow from operating activity (CFO) improved and stood at
INR1.91crore in FY18 (Prov.) as against CFO of INR0.27 crore in
FY17. Cash and Bank balance as on March 31, 2018 stood at
INR0.56crore.

Risk associated with volatility in steel prices: ASPL trades in
iron and steel products, whose prices are linked to prices of iron
ore and coal. Iron ore and coal are globally traded commodities
and their prices depend on a number of factors including demand
and supply scenario, macroeconomic parameters as well as govt.
policies. The prices of these commodities have exhibited
volatility. Any fluctuation in prices of iron ore and coal
normally results in fluctuation in prices of steel products.

Highly fragmented and cyclical nature of steel industry: The steel
industry is cyclical in nature and its prospects are correlated to
economic cycles. Moreover, steel industry is highly fragmented and
competitive marked by the presence of numerous players in India.
Hence the players in the steel trading industry have very low
pricing power and are exposed to high competition thereby putting
pressures on profitability.

Key Rating Strengths

Experienced promoters: ASPL was incorporated by Mr.Abdul kadir H.
Memon and Mr. Sirajabdul Rajak Nagani who hold a total experience
of more than two decades in the trading of iron and steel.

Aakaf Steel Private Limited (ASPL) was incorporated in June 2000
post merger of Aakaf Industrial Corporation and its associate
entity Aakar Steel. ASPL was promoted by Mr. Abdul kadir H. Memon
and Mr. Sirajabdul Rajak Nagani. The company is engaged in trading
of iron and steel products mainly steel plates, beams, channels,
angel Plate, CTD Bars, Round Bars, square bars, etc. ASPL belongs
to Myco group where other group entity Myco Infra Pvt. Ltd. (rated
CARE B+;Stable) is engaged into real estate development.


ADINATH COLD: CARE Lowers Rating on INR8.50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adinath Cold Storage Private Limited (ACPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      8.50      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 ACPL to monitor the rating
vide e-mail communications/ letters dated October 4, 2018, October
14, 2018 and November 13, 2018 and numerous phone calls. However,
despite our repeated requests, the ACPL 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. The ratings on
ACPL'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 rating.

The rating has been revised on account of overdrawals in cash
credit facility.

Detailed description of the key rating drivers

Key Rating Weaknesses

Overdrawals in cash credit facility: As per banker, there are
overdrawals in cash credit facility and the account has been
classified as NPA.

ACPL, incorporated on June 29, 2010, is promoted by Mr. Ramanrao
Bholla and Mrs. Vijayalaxmi Bholla. The company is engaged in
processing of pulses and providing cold storage facility to local
farmers and traders on rental basis. The facility, with storage
capacity of around 60,000 square feet, is located at Nagpur
district of Maharashtra.


AKHIL LOGISTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Akhil Logistics Private Limited
        Registered Office as per MCA Master Data:
        G13/1, MIDC, Hingna Road
        Nagpur 440023, Maharashtra

Insolvency Commencement Date: October 25, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 23, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sitansh Anilkumar Magia

Interim Resolution
Professional:            Mr. Sitansh Anilkumar Magia
                         Plot No. 251, Flat No. 6A, Kamdar Chamber
                         Sion East, Mumbai 400022, Maharashtra
                         E-mail: s.magia@yahoo.com
                                 sitansh.mha@gmail.com

Last date for
submission of claims:    November 12, 2018


AKMB PROJECTS: CARE Assigns B+ Rating to INR3cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of AKMB
Projects Private Limited (AKMB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           7.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AKMB are
constrained by small scale of operations with moderate
profitability margins, volatility in input prices, client
concentration as well as geographical concentration risk and high
competitive intensity on account of low complexity of work
involved with sluggish economic scenario. The ratings, however,
derive strength from its experienced promoters with satisfactory
track record of operations, healthy order book position and strong
capital structure with satisfactory debt coverage indicators.
Going forward, the ability of the company to increase its scale of
operations by timely execution of orders in hand with regular &
timely receipt of contract proceeds along with ability to manage
working capital effectively shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profitability margins: The
scale of operations of the company remained small vis-a-vis other
domestic civil construction players marked by its total operating
income of INR8.38 crore with a PAT of INR0.43 crore in FY17
(refers to the period April 1 to March 31). Further, the company
has reported the TOI of INR11.50 core in FY18. Moreover, the
profit margins of the company remained moderate marked by PBILDT
margin of 9.27% (FY16: 8.00%) and PAT margin of 5.10% (FY16:
4.79%) in FY17.

Volatility in input prices: The major inputs for the company are
bitumen, stone aggregate, murram and steel. Bitumen is a
derivative of crude the price of which is linked to crude oil
prices. The prices of these items are highly volatile. This
apart, it does not enter into any agreement with contractees to
safeguard its margins against any increase in labour prices
and being present in a highly labour intensive industry, it
remains susceptible to the same.

Client concentration as well as geographical concentration risk:
The client base of AKMB is skewed towards mostly government
departments in West Bengal only. Thus it has client concentration
risk. Furthermore, AKMB is a regional player and all the projects
are executed in and around West Bengal and northeast India only
which reflects geographical concentration risk.

High competitive intensity on account of low complexity of work
involved with sluggish economic scenario: The Company has to bid
for the contracts based on tenders opened by various Government
entities. Upon successful technical evaluation of various bidders,
the lowest bid is awarded the contract. Since the type of work
done by the company is mostly commoditized, the company faces
intense competition from other players. The company receives
projects which majorly are of a short to medium tenure (i.e., to
be completed within maximum period of 1-2 years).

Key Rating Strengths

Experienced promoters with satisfactory track record of
operations: The company started its commercial operations
since 2010 and thus has satisfactory track record of operations.
Due to satisfactory track record of operations, the promoters have
established relationship with its clients. Furthermore, Mr. Subhas
Bera (aged about 65 years) and Mr. Ajoy Kumar Mukherjee (aged
about 64 years) are having around 15 years of experience in
construction business. They are further supported by other two
directors who are also having around 8 years of experience in the
same line of business. The directors of the company look after the
overall management of the company, with adequate support from a
team of experienced personnel.

Healthy order book position: The value of orders in hand
(including on-going projects) was healthy at INR108.56 crore as on
June 29, 2018, being 9.44x of TOI in FY18 which are to be executed
within next 20 months. The healthy order book position reveals
healthy revenue visibility in near terms. Strong capital structure
with satisfactory debt coverage indicators: The capital structure
of AKMB remained strong marked by overall gearing ratio of 0.56x
(0.44x as on March 31, 2016) as on March 31, 2017. Further the
debt coverage indicators of the company remained satisfactory
marked by interest coverage of 7.96x (FY16: 15.06x) and total debt
to GCA of 4.92x (FY16: 1.74x) in FY17.

Kolkata based, AKMB was incorporated on May 21, 2010. Since its
inception, AKMB has been engaged in civil construction business in
the segments like railway projects, construction of roads, bridges
etc. The company procures orders through tender and executes
orders floated by the various Govt. entities. Currently AKMB has
an unexecuted order book position of INR108.56 crore (9.44x of
FY18 TOI) as on June 29, 2018 which is to be executed within next
20 months.


ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR45.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR45.00-crore (reduced from INR45.50 crore) cash credit facility,
a sub-limit of the short-term, non-fund based limit of Ankit
International (AI). ICRA has also reaffirmed the short-term rating
of [ICRA]A4 for the firm's INR45.00-crore non-fund based limits.
ICRA has further reaffirmed the long-term and short-term ratings
of [ICRA]B and [ICRA]A4 for the INR0.50-crore (enhanced from
INR0.00 crore) unallocated limits. The outlook on the long-term
rating is Stable.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund-       (45.50)     [ICRA]B(Stable); Reaffirmed
   based Limits-
   Cash Credit

   Short Term Non-        45.50      [ICRA]A4; Reaffirmed
   fund Based Limits

   Long Term/Short         0.50      [ICRA]B(Stable)/[ICRA]A4;
   Term Unallocated                  Reaffirmed
   Limits

Rationale

The ratings reaffirmation continues to consider the extensive
experience and established track record of AI's promoters in the
metal trading industry as well as the location specific advantage
due to its proximity to the customer base.

The ratings, however, remain constrained by the firm's modest
scale of operations and weak financial profile characterised by
fluctuating profitability and leveraged capital structure, along
with its moderate coverage indicators. The ratings also consider
the firm's increased net working capital intensity over the past
three years due to a high inventory holding period. While it
reduced to 24.82% in FY2018 due to reduced inventory levels, it
increased to 41.6% in H1 FY2019 owing to the built-up inventory
and reduced payables. ICRA also notes the loans and advances
extended by the firm to its associate concerns and outside
parties, thereby limiting its financial flexibility. The firm also
makes payments for imports either in advance or on the spot after
the discontinuation of buyer's credit, leading to stretched
liquidity. The ratings also incorporate the vulnerability of
profitability to Government regulations, fluctuating foreign
exchange rates and steel prices. Further, AI is a proprietorship
firm and withdrawals from the capital account could affect its
capital structure.

Outlook: Stable

ICRA expects AI to continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
Positive if substantial growth in revenues while maintaining
adequate profitability, and better working capital management
strengthen the financial risk profile. The outlook may be revised
to a Negative if cash accrual is lower than expected, or if a
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience and established track record of promoters in
the metal trading industry: Incorporated in 2010, AI is a
proprietorship concern, owned and managed by Mr. Pranav Jain. He
has been engaged in the business under the guidance of his father,
Mr. Arun Jain, who has an experience of more than 40 years in this
sector. He is also the promoter of SPA Heights Private Limited
(rated [ICRA]B(Stable)/[ICRA]A4) and the proprietor of GSP
International.

Location specific advantage due to proximity to its customer base:
The firm's customers are traders, manufacturers and companies
engaged in construction and engineering activities, located
primarily in Maharashtra and Gujarat. The company enjoys location
specific advantages due to proximity to its customer base.

Credit challenges

Modest scale of operations and fluctuating profitability: AI's
scale of operations remained modest during the period under review
due to its trading nature of operations. With a change in the
product profile as well as demand-supply indicators, the company's
revenues fluctuated. While the revenues increased by 63.84% in
FY2018 to INR150.76 crore from INR92.02 crore in FY2017, due to
the bid win of dismantling two plants of the Fertilizer
Corporation of India Limited (FCIL) in Gorakhpur and Panipat, it
stood at INR29.95 crore in H1 FY2019. The firm's ability to get
such orders regularly will remain critical to sustain its topline
growth. This increase in revenue improved the profitability
indicators in FY2018; OPBDIT/OI improved to 5.44% in FY2018 from
2.42% in FY2017 and PAT/OI improved to 4.60% in FY2018 from 2.15%
in FY2017.

Moderate financial profile with moderate capitalisation and
coverage indicators: The total debt as on March 31, 2018 reduced
to INR31.85 crore from INR57.27 crore as on March 31, 2017 and
further to INR21.42 crore as on September 30, 2019. This led to an
improvement in the gearing level to 1.77 times and 1.55 times as
on March 31, 2018 and September 30, 2018, respectively, from 2.92
times as on March 31, 2017. Despite the reduced debt level in
FY2018 and H1 FY2019, the gearing level remained high. While the
coverage indicators improved in FY2018 following improvement in
profitability, it declined in H1FY2019 owing to weakened profit
and high interest and finance expense. Further, the interest
coverage reduced to 1.15 times in H1 FY2019 from 4.74 times in
FY2018. The net cash accruals/ total debt improved to 22.06% in
FY2018 from 3.53% in FY2017; however, it reduced to 4.84% in H1
FY2019.

High working capital intensity owing to increased inventory level:
The firm's inventory holding days reduced to 58 days in FY2018
from 260 days in FY2017 due to increased sales in FY2018. However,
it increased again in H1 FY2019 to 137 days, due to lower sales of
steel pipes and other metal products. The creditor days in FY2018
remained ~34-35 days as witnessed in FY2017. However, it reduced
to eight days in H1 FY2019 due to the discontinuation of buyer's
credit. This increased the NWC/OI to 41.6% in H1 FY2019 from
24.82% in FY2018.

Loans and advances extended to associate concerns and outside
parties limit financial flexibility: The firm extends significant
loans and advances to its associate concerns and outside parties,
limiting the firm's financial flexibility. Majority of the loans
extended by the firm are interest free.

Profitability susceptible to fluctuations in steel prices,
movement in currency markets and regulatory changes: AI imports
majority of its requirement of traded goods from overseas markets,
while it derives the entire revenues from the domestic market. The
firm's profitability is susceptible to foreign exchange
fluctuations in the absence of any hedging mechanism. In addition,
the firm has to maintain a high inventory level, as it relies
primarily on imports. This exposes its profitability to steel
price fluctuations. The trading business is also exposed to the
risks of regulatory interventions by way of imposition of anti-
dumping duties, minimum import prices and other trade related
restrictions. With the introduction of import restrictions on
steel by the Government of India, the firm has shifted its focus
to other products from FY2017.

Risk of capital withdrawals in proprietorship concern: Being a
proprietorship firm, any sizeable withdrawals from the capital
account may impact the net worth, and thereby, the firm's capital
structure. In FY2018, the proprietor withdrew INR8.47 crore from
the firm, which affected its net cash accruals.

Incorporated in 2010, AI is a proprietorship concern, owned and
managed by Mr. Pranav Jain. Its primary business originally
involved ship breaking. However, due to weak market conditions,
the concern shifted its focus to the trading of steel pipes,
ferrous, non-ferrous metals and scrap. From FY2016, the firm also
started trading in polymers and plastic raw materials, like
polyvinyl chloride (PVC) resins, polystyrene, polypropylene, and
high density polyethylene (HDPE), etc. The firm imports most of
its supplies from Japan, Hong Kong, China and Belgium, before
selling them in the domestic market. The firm's registered office
is at Nariman Point, Mumbai, while its warehouse is in Tajola,
Navi Mumbai.

AI recorded a profit after tax (PAT) of INR6.94 crore on an
operating income (OI) of INR150.76 crore in FY2018, compared to a
PAT of INR1.98 crore on an OI of INR92.02 crore in FY2017.


ALKA FABRICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Alka Fabrics Private Limited
        454, First Floor, Haveli Haider Quli
        Chandni Chowk, Delhi 110006

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Lekhraj Bajaj

Interim Resolution
Professional:            Lekhraj Bajaj
                         107, Agarwal Prestige Mall
                         Adjoining to M2K Pitampura
                         Delhi 110034
                         E-mail: lekhrajbajaj@rediffmail.com
                                 rpalkafabrics@gmail.com

Last date for
submission of claims:    November 12, 2018


BABA JATADHARI: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Baba Jatadhari Agro India Private Limited (BJAIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.81       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BJAIPL are
constrained by its short track record with small scale of
operation, volatile agro-commodity (flour) prices with linkages to
vagaries of the monsoon and regulated nature of the industry,
intensely competitive nature of the industry with presence of many
unorganized players, leveraged capital structure and working
capital intensive nature of operation. However, the aforesaid
constraints are partially offset by its experienced promoters,
satisfactory demand outlook of the products and proximity to raw
material sources.  The ability of the company to improve its scale
of operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record with small scale of operations: The company was
incorporated in the year 2011, however the company has started
commercial production from October 2016 and thus has short track
record of operations. The company has reported total operating
income of INR29.47 crore with a net loss of INR0.88 crore in FY18.
However, the GCA remains low at INR0.27 crore in FY18. This apart,
the company has achieved INR17.81 crore in 7MFY19. Furthermore,
the net worth base was also low at INR1.99 crore as on March 31,
2018. The small size restricts the financial flexibility of the
company in times of stress and deprives it from benefits of
economies of scale.

Volatile agro-commodity (flour) prices with linkages to vagaries
of the monsoon and regulated nature of the industry: BJAIPL is
primarily engaged in the processing of wheat products under its
roller mills. Wheat being an agricultural produce and staple food,
its price is subject to intervention by the government. In the
past, the prices of wheat have remained volatile mainly on account
of the government policies in respect of Minimum Support Price
(MSP) & controls on its exports. The MSP of wheat for 2018-19 is
INR1840/quintal increased from INR1735/quintal in 2017-18. Further
to be noted, the prices of wheat are also sensitive to
seasonality, which is highly dependent on monsoon. Any volatility
in the wheat prices will have an adverse impact on the performance
of the flour mill.

Intensely competitive nature of the industry with presence of many
unorganized players: Flour milling industry is highly fragmented
and competitive due to presence of many players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. West Bengal and nearby states are a
major wheat growing area with many flour mills operating in the
area. High competition restricts the pricing flexibility of
the industry participants and has a negative bearing on the
profitability.

Working capital intensive nature of operation: Wheat is primarily
a Rabi crop in India i.e. its cultivation takes place in winter
and the same is traded/procured by flour millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Further, wheat is mainly sourced on cash payment. Accordingly, the
working capital intensity remained high as reflected through
average utilization of working capital limits which stood at
around 80% in the last 12 months ended October, 2018.

Leveraged capital structure: The capital structure of the company
remained leveraged marked by its overall gearing ratio of 1.88x as
on March 31, 2018 due to low networth base and higher debt levels.
Furthermore, the debt coverage indicators also remained moderate
marked by interest coverage of 1.45x and total debt to GCA of
13.94x in FY18.

Key Rating Strengths

Experienced Promoters: Mrs. Chitrarekha Shaw has around a decade
of experience in the flour mill business. She looks after the
overall management of the company, with adequate support other
directors and a team of experienced personnel.

Satisfactory demand outlook of the products: Wheat based products,
viz. Maida, Suji, flakes and Atta have large consumption across
the country in the form of bakery products, cakes, biscuits and
different types of food dishes in homes and restaurants. The
demand has been driven by the rapidly changing food habits of the
average Indian consumer, dictated by the lifestyle changes in the
urban and semiurban regions of the country.

Proximity to raw material sources: BJAIPL's unit has close
proximity to local grain markets and major raw material
procurement destinations. Further, West Bengal and nearby states
are one of the major wheat producing area in India. Accordingly,
BJAIPL has locational advantage in terms of proximity to raw
material. This apart, the plant is located in the vicinity of
industrial area of West Bengal, having good transportation
facilities and other requirements like good supply of power, water
etc.

Incorporated in 2011, Baba Jatadhari Agro India Private Limited
(BJAIPL) is engaged in flour milling activities with its
manufacturing facility located at Abhirampur, Nischintapur Gram
Panchayat P.O & P.S. Budge Budge, Dist-South 24 Parganas, West
Bengal. The company manufactures atta, moida, sooji, flakes etc.
with installed capacity of 102400 MTPA.  BJAIPL commenced its
commercial operation from October 2016. Mrs. Chitra Rekha Shaw,
having around a decade of experience in the same line of industry,
looks after the overall management of the company with adequate
support from other directors and a team of experienced personnel.


BAFFIN ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Baffin Enineering Projects Limited
        320, New Cloth Market
        Ahmedabad 380022

Insolvency Commencement Date: October 24, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019

Insolvency professional: Lekhraj Bajaj

Interim Resolution
Professional:            Lekhraj Bajaj
                         107, Agarwal Prestige Mall
                         Adjoining to M2K Pitampura
                         Delhi 110034
                         E-mail: lekhrajbajaj@rediffmail.com
                                 rpbaffin@gmail.com

Last date for
submission of claims:    November 6, 2018


BALAJI COAL: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Balaji Coal
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:

-- INR75 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR400 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
May 25, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2006, Balaji Coal is engaged in the trading of
steam coal, imported coal, iron and steel.


BODHRE DHULE: ICRA Withdraws 'B' Ratings on INR408cr Loans
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with negative
outlook on the INR408 crore bank facilities of Bodhre Dhule
Highway Private Limited (BDHPL) in accordance with ICRA's policy
on withdrawal and suspension.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Proposed Term Loan    300.00      Provisional [ICRA]B
                                     (Negative); withdrawn

   Proposed Non-fund     108.00      Provisional [ICRA]B
   based limits                      (Negative); withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

BDHPL is a special purpose vehicle (SPV) sponsored by Sunil Hitech
Engineers Limited and incorporated on March 17, 2017 to implement
construction of four/six laning of Bodhre (km 390.000) to Dhule
(km 452.800) section of NH-211 (new NH No. 52) in Maharashtra
under phase NHDP-IV through the Hybrid Annuity Model. The
concession agreement between BDHPL and NHAI was signed on July 18,
2017. The bid project cost is INR982 crore with construction
period of 910 days and operation period of 15 years after
achieving commercial operation date. The annuity and interest on
outstanding annuities will be received on a semi-annual basis
along with the O&M receipts, with first year O&M receipt of INR3
crore to be adjusted for inflation from bid date.


CORPORATE FASHION: CARE Lowers Rating on INR5.96cr Loans to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Corporate Fashion Private Limited (CFPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      5.46       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB-: Stable
                                  On the basis of best available
                                  Information

   Short-term Bank     0.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     from CARE A4 On the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CFPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on CFPL's bank facilities will now be
denoted as CARE D/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 rating(s).

The revision in ratings takes into account on-going delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on August 22, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies):

Key Rating Weakness

Irregularities in Debt Servicing

As per conversation with Banker, there are ongoing delays in debt
servicing.

Bhilwara (Rajasthan) based Corporate Fashion Private Limited
(CFPL) was incorporated in 2011 by Mr. Vijay Pal Singh and
Mr. Prateek Sharma. CFPL is engaged in the business of
manufacturing of readymade garments mainly men's wear as well
as trading of synthetic grey and finished fabrics and other
clothing accessories. The company also does manufacturing of
readymade garments on job work basis and also gets manufactured
grey and finished fabrics on job work basis. The company markets
its products under the brand name of "Corporate Fashion". The
plant of CFPL is located at Bhilwara, Rajasthan which is a textile
cluster and has 175-200 stitching machines.


GIG MOTORS: CARE Assigns B+ Rating to INR10.31cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of GIG
Motors, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.31       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GIG Motors is
constrained by its small scale and short track record of operation
along with low profit margins, constitution as a proprietorship
entity, risk of non-renewal of dealership agreement, low
bargaining power with OEM and reliance for volume for growth,
working capital intensive nature of operation and intense
competition in the auto dealership industry. However, the
aforesaid constraints are partially offset by its experienced
proprietor, authorized dealer of Maruti Suzuki India Limited and
satisfactory capital structure with satisfactory debt coverage
indicators. The ability of the entity to grow its scale of
operations and improve its profit margins and ability to manage
working capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Small scale and short track record of operation along with low
profit margins: GIG Motors is a small player in automobile
industry with a PAT of INR0.53 crore on total operating income of
INR21.17 crore in FY18. The small size restricts the financial
flexibility of the entity in times of stress and deprives it from
economies of scale. Due to its small scale of operation the
absolute profit levels of the entity also remained low. The
profitability margins also remained low marked by PBILDT and PAT
margins of 5.69% and 0.53% respectively. Further the entity has
achieved revenue of INR21 crore during 5MFY19.

Constitution as a proprietorship entity: GIG Motors, being a
proprietorship entity, is exposed to inherent risk of the
proprietors' capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Risk of non-renewal of dealership agreement: The entity has
entered into a dealership agreement with Maruti Suzuki India
Limited. Furthermore, the agreements may get terminated at any
time on violation of certain clauses. The aforesaid risk is
mitigated to a certain extent as the scale of operations of the
entity is increasing year on year. Low bargaining power with OEM
and reliance for volume for growth GIG Motor's business model is
purely in the nature of trading, wherein profit margins are very
thin and bargaining power over the Original Equipment Manufacturer
(OEM) is also low. As GIG Motor's margin on products is pre-
decided at a particular level by the principal manufacturers, it
has a limited scope to enhance its profitability margins. Hence,
the entity's growth prospects depend on the ability to increase
its sales volume and capitalize on the spares and service segment.

Working capital intensive nature of operation: The business of
wheeler dealership is having inherent high working capital
intensity due to high inventory holding period. The entity has to
maintain the fixed level of inventory for display and to guard it
against supply shortages. Furthermore, Maruti Suzuki India Limited
having its association, demands payment in advance, resulting in
higher working capital requirements. Accordingly, the average fund
based working capital utilisation remained high at 98% during the
last 12 months ended August 2018.

Intense competition in the auto dealership industry: The
automobile industry is very competitive on the back of the
presence of a large number of players dealing with similar
products. Moreover, in order to capture the market share, the auto
dealers offer better buying terms like providing credit period or
allowing discounts on the purchase. Such discounts offered to the
customers create a margin pressure and negatively impact the
earning capacity of the entity.

Key Rating Strengths

Experienced proprietor: Mr. John Lalpeka (Proprietor) who has a
long experience in similar line of business. They are ably
supported by other engineers and professionals who have long
experience in the similar industry. Mr. John Lalpeka (Proprietor)
along with the team of experienced professionals looks after the
day to day activities of business.

Authorised dealership of Maruti Suzuki India Limited: GIG Motors
enjoys the leverage of being an authorized dealer of Maruti Suzuki
India Limited. Currently, the entity has showroom located at
Chapaguri road, Bongaigaon. The entity has been one of market
leaders in the region in the four wheeler segments and has a wide
& established distribution network of sales and service centres,
providing it a competitive advantage over its peers.

Satisfactory capital structure with satisfactory debt coverage
indicators: The capital structure of the entity remained
satisfactory as marked by comfortable long term debt-equity and
satisfactory overall gearing ratios as on March 31, 2018.
Moreover, the debt coverage indicators also remained satisfactory
as marked by satisfactory interest coverage ratio of 3.39x during
FY18.

Stable demand outlook of Indian automobile Industry: The Indian
Automobile Industry is one of the largest in the world. It
contributes 7.1% to GDP and provides employment to 29 million
people and contributes 13% to excise revenue. India's annual
production of vehicles stood at 29.08 mn in FY18 as against 25.33
mn in FY17, registering a growth of 14.8% y-o-y vis-Ö-vis a growth
of 5.5% during the same period last year. Going forward, in FY19
auto industry will continue to witness healthy growth as the
disruptions caused by various policy implementations have almost
moderated. Also, demand is expected to improve on back of various
initiatives taken by the government in the Union Budget 2019 for
the Agriculture and Infrastructure sectors.

GIG Motors was established in year 2017 with an objective to enter
into four wheeler dealership business. The entity started its
operation from August 2017 and managed by Mr. John Lalpeka. The
entity is authorized dealer of Maruti Suzuki India Limited (four
wheeler division) with its showroom located Sairang Road,
Edenthar, Aizawl - 796007, Mizoram. The day to day activities are
looked after by the proprietor who is having overall experience of
around eight years and three years of experience in the automobile
industry along with a team of experience professionals.


HAREKRUSHNA COTTEX: ICRA Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Harekrushna Cottex to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based           5.72      [ICRA]B+ (Stable); ISSUER NOT
   Limits                         COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Unallocated          0.20      [ICRA]B+ (Stable); ISSUER NOT
   limits                         COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

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

Established in April 2015 as a partnership firm, Harekrushna
Cottex is in the business of ginning and pressing of raw cotton.
HC's manufacturing facility is located at Rajkot (Gujarat), and is
equipped with 24 ginning machines and one pressing machine with
annual processing capacity of 12,442 metric tonnes (MT) of raw
cotton. The operations commenced from February 2016.


HI-TECH FROZEN: ICRA Maintains 'B' in Not Cooperating Category
--------------------------------------------------------------
ICRA said the rating for INR11.80 crore bank facilities of Hi-Tech
Frozen Facilities Private Limited continue to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund-      11.80     [ICRA]B (Stable); ISSUER NOT
   based limits                   COOPERATING; Rating continues
                                  to remain under 'ISSUER NOT
                                  COOPERATING' category

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

Hi-Tech Frozen Facilities Private Limited (HTFFPL) was
incorporated by Mr. Vijay Shah for setting up a frozen & cold
chain facility in Surat, Gujarat. The cold chain facility
commenced operations in FY 2010-11 and has an installed cold
storage capacity of 10,000 MT. The company also has two
refrigerated trucks of 7 MT and 9 MT capacities for transporting
the farm produce to cold storage facility and then to the
consumption centers. The cold storage facility was set up under
the aegis of the "Integrated Cold Chain Infrastructure Project
Scheme" launched by the Ministry of Food Processing Industries,
Govt. of India under which financial assistance in the form of
grant-in-aid @ 50% of the total cost of plant and machinery and
technical civil works is given to the company (subject to a
maximum grant of INR10.00 crore). HTFFPL received a total grant of
INR7.20 crore under the scheme.


IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'C'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Education
and Technology Services Limited's (IETS) Long-Term Issuer Rating
to 'IND C' from 'IND B+'. The Outlook was Negative.

The instrument-wise rating actions are:

-- INR290 mil. Working capital loan limits downgraded with IND C
    rating;

-- INR850 mil. Fund-based working capital Long-Term rating
    downgraded; Short-term affirmed with IND C/IND A4 rating;

-- INR2.244 bil. Non-fund-based working capital Long-term rating
    downgraded; Short-term affirmed with IND C/IND A4 rating; and

-- INR100 mil. Term loan due on June 30, 2019 downgraded with
    IND C rating.

KEY RATING DRIVERS

The downgrade reflects IETS's liquidity tightness, which has
constrained its ability to timely service its immediate debt
liabilities. This has led to the company committing a default on a
commercial paper debt, not rated by Ind-Ra.

RATING SENSITIVITIES

IETS's ability to manage its debt obligations over the next three
months would remain a key rating trigger.

COMPANY PROFILE

IETS is the education technology and training arm of
Infrastructure Leasing & Financial Services Limited (IL&FS;
'IND D'). Started in 1997, IETS has a well-diversified business
model and provides solutions in education and training to schools,
colleges, vocational training institutes, state governments and
corporates.


INDIA: Government to Introduce 'Pre-Packaged' Bankruptcy Schemes
----------------------------------------------------------------
LiveMint reports that the Union government is set to introduce a
quick corporate rescue option, which will be finalized mostly in
boardrooms than in courts, as it seeks to avoid prolonged and
costly legal battles over the resolution of bankrupt companies,
said a top government official. Under the so-called "pre-packaged"
bankruptcy schemes, creditors and shareholders will approach a
bankruptcy court with a pre-negotiated corporate reorganization
plan, as prevalent in countries such as the US and the UK,
LiveMint says.

With this step, the government aims to cut down on litigation and
ensure that deadlines are met. A time-bound resolution of bankrupt
assets is crucial as it would help prevent any erosion in their
value. A consensual approach to corporate rescue will also save
cost.

According to LiveMint, Corporate affairs secretary Injeti Srinivas
said pre-negotiation among stakeholders under the proposed scheme
has to be done in a transparent way. "We have to see if we need to
recognize pre-packaged bankruptcy plans in the law or if it is
something that we can do even now. We will ask the Insolvency and
Bankruptcy Board of India (IBBI) to look into it," the report
quotes Srinivas as saying in an interview.

IBBI is responsible for implementing the Insolvency and Bankruptcy
Code (IBC), the report notes.

Under the existing regime, companies or their creditors move a
bankruptcy tribunal to explore future options for the defaulting
entity, which receives protection for a maximum of 270 days from
any recovery of dues. Litigation during this period, a frequent
event in big cases referred to tribunals by banks, delays the
resolution, according to LiveMint.

LiveMint says the National Company Law Tribunal (NCLT) has in many
cases excluded the time lost in litigation from the 270 days
available for all parties to agree on a corporate rescue plan to
avoid viable companies from slipping into liquidation. India's new
bankruptcy regime, which became fully operational by December
2016, has so far led to the resolution of about 60 cases.

Experts said that under the pre-packaged scheme, creditors and
shareholders would move the bankruptcy court with an agreed scheme
so that it gets sanctity and becomes enforceable, LiveMint
relates.

Without the court's approval, a pre-arranged scheme remains just a
commercial contract and enforcement becomes tricky if one of the
parties eventually backs out, the report says.

"Pre-packaged resolution schemes are prevalent in developed
insolvency jurisdictions. It can significantly reduce the time
taken as well as the intricacies of the resolution process.
However, this may require an amendment to the law," LiveMint
quotes Sumant Batra, managing partner and head of insolvency
practice at law firm Kesar Dass B & Associates, as saying.

LiveMint says many large cases of default referred to bankruptcy
tribunals, prodded by the Reserve Bank of India, have witnessed
intense litigation as major shareholders resisted losing control
of their prized assets and potential investors either sought to
protect their rights or get their rivals disqualified.

Bad loans worth about INR10 trillion have crimped the ability of
India's state-run banks to lend to new projects, LiveMint states.
Allowing pre-packaged bankruptcy deals could sidestep the
difficulties associated with lengthy court proceedings for
bankrupt businesses, relates LiveMint.


JUPITER INTERNATIONAL: CARE Lowers Rating on INR81.59cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jupiter International Limited (JSPL) as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      81.59       CARE D Revised from CARE BB-;
   Facilities                      Stable

   Long-term/Short-    12.87       CARE D/CARE D Revised from
   Term Bank                       CARE BB-; Stable/CARE A4
   Facilities

   Short-term Bank      2.08       CARE D Revised from CARE A4
   Facilities

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
JSPL takes into account the ongoing delays in debt servicing.

Detailed Description of key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing by the company for more than 30 days due to stretched
liquidity arising from decline in profitability. Profitability has
been impacted on account of lower capacity utilisation and
significant dip in realisation of solar cells due to intense
competition from imported solar cells.

JIL was incorporated in 1978 by its founder-promoter Mr. Raj Kumar
Garodia of Kolkata. JIL is engaged in trading of computer
peripherals and other products (solar UPS, solar battery, Tablets
and Toner cartridges) in the domestic market under the brand name
'Frontech'. Sales from traded goods constituted 43% of gross sales
in FY17. The company has set up a solar cell manufacturing plant
of 280 MW at its existing manufacturing facility. The unit
commenced operation in November 2016.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR60 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jyoti Enterprises was incorporated in 1990 by Mr. Jai Prakash
Goyal as a proprietorship concern. It trades mild steel and heavy
steel plates and other structural items such as angles and
channels.


KAYA KNITS: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
The rating for INR10.00 crore bank facilities of Kaya Knits
continue to remain under 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable)/ A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund-     9.90       [ICRA]B (Stable); ISSUER NOT
   based limits                   COOPERATING; Rating continues
                                  to remain under 'ISSUER NOT
                                  COOPRERATING' category

   Unallocated         0.10       [ICRA]B (Stable)/[ICRA]A4;
   limits                         ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'ISSUER NOT COOPRERATING'
                                  category

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

Kaya Knits was established as a partnership firm in April, 2014
and commenced operations in December, 2014. The firm initially
undertook trading of knitted fabrics and commenced commercial
production of knitted fabrics at its manufacturing facility from
February, 2015. The operations of the firm are managed by the
partners - Mr. Manish Khurana, Mr.Piyush Khurana and Mr.
Prabhodchandra Patel who collectively have an experience of over
two decades in the textile industry. The manufacturing facility of
the firm located at Surat, spans across 13,000 square feet and has
an installed production capacity of 150 tons per month.


KHEM TRADERS: CARE Assigns B+ Rating to INR3.97cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Khem
Traders, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            3.97      CARE B+; Stable Assigned

   Short-term Bank
   Facilities            6.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Khem Traders is
constrained by its small scale of operation with moderate
profitability margins, volatile agro-commodity (paddy) prices with
linkages to vagaries of the monsoon, regulated nature of the
industry, working capital intensive nature of business,
partnership nature of constitution and intensely competitive
industry. However, the aforesaid constraints are partially offset
by its experienced partners with satisfactory track record of
operations, proximity to raw material sources and favorable
industry scenario and moderate capital structure with satisfactory
debt coverage indicators.

The ability of the firm to grow its scale of operations and
improve its profit margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profitability margins: KT
is a small player in the rice milling industry with total
operating income of INR10.26 crore (INR17.42 crore in FY17) and
PAT of INR0.41 crore (INR0.45 crore in FY17) in FY18. Furthermore,
the profitability margins of the firm remained moderate marked by
PBILDT of 10.42% (6.64% in FY17) and PAT margin of 3.97% (2.57% in
FY17) in FY18.

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

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2018-19 to INR1750/quintal from INR1550/quintal in crop year 2017-
18. The sale of rice in the open market is also regulated by the
government through levy of quota, depending on the target laid by
the central government for the central pool. Given the market
determined prices for finished product vis-Ö-vis fixed acquisition
cost for raw material, the profit margins are highly vulnerable.

Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Further, firm pays upfront to its suppliers whereas it needs to
provide credit of around a week to its customers. Therefore the
operations of the firm remained working capital intensive in
nature. Moreover, the average fund based utilization during last
12 months ended October 31, 2018 was 70%.

Partnership nature of constitution: KT, being a partnership firm,
is exposed to inherent risk of partner's capital being withdrawn
at time of his personal contingency and firm being dissolved upon
the death/insolvency/retirement of the 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.

Intensely competitive industry: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Bhatapara and nearby
districts of Chhattisgarh are major paddy growing area with many
rice mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths

Experienced partners with satisfactory track record of operations:
The firm is into rice milling industry since 2008 and thus has
satisfactory operational track record. Both the partners; Mr. Khem
Prakash Kiri and Mr. Ajay Kiri is associated with the firm since
its inception. They have more than two decades of experience in
rice milling industry, looks after the day to day operations of
the firm.

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

Moderate capital structure with satisfactory debt coverage
indicators: The capital structure of the firm remained moderate
marked by debt equity and overall gearing ratios at 0.43x and
1.12x respectively as on March 31, 2018. The debt coverage
indicators also remained satisfactory marked by interest coverage
of 2.48x (FY17: 2.65x) and total debt to GCA of 4.40x (FY17:
3.36x) in FY18.

Established in 2008, Khem Traders (KT) was promoted as a
partnership firm by Mr Khem Prakash Kiri and Mr Ajay Kiri to
set up a rice milling and processing plant in the state of
Chhattisgarh. The firm has been engaged in milling and processing
of rice at its plant located at Dhamtari, Chhattisgarh with an
installed capacity of 4 tonnes per hour. This apart, the firm
also does custom milling for the state government of Chhattisgarh.
The firm earned major revenue (around 90% of total sales) from
owned rice milling and around 10% from custom milling during FY18.


KRISHNA NATURAL: ICRA Maintains B Ratings in Not Cooperating
------------------------------------------------------------
The rating for INR9.95 crore bank facilities of Krishna Natural
Fibre Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          8.90      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'ISSUER NOT
                                  COOPERATING' category

   Term Loan            1.05      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'ISSUER NOT
                                  COOPERATING' category

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

Incorporated in October 1999, Krishna Natural Fibre Private
Limited (KNFPL) is engaged in the business of cotton ginning and
pressing. KNFPL's manufacturing facility is located at Borisana,
Kadi in Gujarat and is currently equipped with 24 ginning machines
and 1 pressing machine. The promoters of KNFPL have long
experience in cotton cultivation and ginning business and are also
involved in the operations of a few other cotton ginning
companies, either as directors or partners.


KWALITY FOUNDRY: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the bank facilities of Kwality Foundry
Industries (KFI) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-          7.69      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non Fund Based-      2.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee/                COOPERATING; Rating continues
   Letter of Credit               to remain under 'Issuer Not
                                  Cooperating' category

   Untied Limits        0.31      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Kwality Foundry Industries (KFI) is a proprietorship concern. The
proprietor of the firm is Mr. Ravi Vaswani. The firm is engaged in
manufacturing of cast articles, moulds and machinery parts with an
annual capacity of 12000MT. The plant is located in Raipur
(Chattisgarh). The proprietor is also involved in steel
manufacturing through its two companies, Vaswani Industries Ltd
and CG Ispat Pvt. Ltd.


MAIHAR ALLOYS: CARE Hikes Rating on INR9cr LT Loan From B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maihar Alloys Private Limited (MAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           9.00       CARE BB-; Stable Revised from
                                   CARE B+; Stable

Detailed Rationale and Key Rating Drivers

The revision in the rating assigned to the bank facilities of MAPL
takes into account the growth in total operating income along with
improvement in profitability levels and cash accruals, improvement
in debt coverage indicators and operating cycle during FY18
(refers the period from April 1, 2017 to March 31, 2018). However,
the rating continues to remain constrained by its small scale of
operations with low profitability margins, lack of backward
integration vis-a-vis volatility in raw material prices, presence
in highly fragmented and competitive nature of industry,
working capital intensive nature of operations, cyclical nature of
steel industry and moderate capital structure and debt
coverage indicators. The aforesaid constraints are partially
offset by experienced promoters and strategic location of the
plant.

Ability of the company to further increase its scale of
operations, improve profitability margins and manage working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The total
operating income of MAPL has improved by 188.24% in FY18 vis-Ö-vis
FY17 due to higher demand of its products during the year. The
PBILDT level improved to INR2.09 crore in FY18 (INR1.57 crore:
FY17) and PAT level improved to INR0.39 crore in FY18 (INR0.01
crore: FY17) accordingly gross cash accruals (GCA) also improved
to INR0.57 crore in FY18 (INR0.24 crore: FY17). However, the
overall scale of operations of the company remained small in
comparison to its peers due to its presence in a highly
competitive and fragmented industry marked by its total operating
income of INR70.56 crore (FY17: INR24.48 crore) with a PAT of
INR0.39 crore (FY17: INR0.01 crore) during FY18. The tangible
networth also remained low at INR6.21 crore (FY17: INR5.82 crore)
as on March 31, 2018. However, the company has booked a turnover
of INR82.57 crore during April 2018 to October 31, 2018.

Lack of backward integration vis-a-vis volatility in raw material
prices: MAPL does not have any backward integration for its basic
raw material and is required to purchase the same from open
market. Furthermore, the company does not have any long term
contracts with its suppliers for procurement of raw materials.
Since, the raw material is the major cost driver and its prices
are volatile in nature, the profitability margin of the company is
susceptible to fluctuation in raw material prices.

Working capital intensive nature of operations: The operations of
the company remained working capital intensive marked by its high
operating cycle. However, the operating cycle of the company
improved and remained moderate at 75 days during FY18 from 193
days in FY17 due to improvement in average collection period and
inventory period. Moreover, the average utilisation of working
capital limit was around 95% during last 12 months ending on Oct.
31, 2018.

Moderate capital structure and debt coverage indicators: The
capital structure of the company remained moderate marked by
overall gearing ratio of 1.46x as on March 31, 2018. The overall
gearing ratio marginally deteriorated as on March 31, 2018 due to
high debt levels. The debt coverage indicators of the company
improved marked by improvement in interest coverage ratio to 1.56x
(FY17: 1.20x) and total debt to GCA to 15.80x (FY17: 33.90x)
during FY18. Improvement in interest coverage was mainly on
account of higher increase in PBILDT level vis-Ö-vis increase in
interest expenses during FY18. Furthermore, total debt to GCA also
improved on account of higher cash accruals during FY18.

Presence in highly fragmented and competitive industry: MAPL is
into manufacturing of mild steel ingots which are primarily
dominated by large players and characterized by high fragmentation
and competition due to the presence of numerous players in India
owing to relatively low entry barriers. High competitive pressure
limits the pricing flexibility of the industry participants which
induces pressure on profitability.

Cyclical nature of steel industry: The fortunes of companies like
MAPL are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters: Mr. Dhananjay Kumar is having experience of
around two decade in iron and steel industry, looks after the
overall operations of the company. While Mr. Pawanjay Kumar who is
having similar experience in the steel industry, looks after the
marketing activities of the company. They promoters are assisted
by the team of experienced personnel.

Strategic location of the plant: MAPL's plant is located at Rauta
in Ramgarh district of Jharkhand which is in the midst of rich
coal mines of Jharia (Jharkhand) and Raniganj (W.B.). As there are
number of companies operating in this region producing raw
materials for iron & steel industry, availability of raw material
is not an issue. Further, the region has a large number of steel
manufacturers as well as end users. Hence, the company has a large
ready market to sell its products.

Incorporated in May 2004, MAPL was promoted by the two brothers,
Mr. Dhananjay Kumar and Mr. Pawanjay Kumar, is engaged in
manufacturing of Mild steel (MS) ingots. The manufacturing
facility of the company is located at Rauta in Ramgarh, Jharkhand
with an aggregate installed capacity of 32,000 MTPA. The unit
commenced commercial production in April, 2005 onwards. The
manufacturing facility has quality system certification of ISO:
9001:2008.


MICRO PRECISION: ICRA Withdraws B+ Rating on INR7.50cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a stable
outlook assigned to the INR3.25-crore cash credit facility,
INR3.50-crore term loan facility and INR0.75-crore unallocated
facility of Micro Precision (MP).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          3.25      [ICRA]B+(Stable); withdrawn
   Term Loan            3.50      [ICRA]B+(Stable); withdrawn
   Unallocated          0.75      [ICRA]B+(Stable); withdrawn

Rationale

The long-term rating assigned to MP has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension, and at
the request of the company, based on the no-objection certificate
provided by its lender.

Micro Precision (MP) is a partnership firm constituted in the year
1989. The partners of the firm are Mr. D Magesh and his wife- Mrs.
M Sandhya. Micro precision, started by Mrs. M Sandya, is a Tier-1
supplier of precision metal components to the defence sector. The
main products made by the Firm are supplied to agencies/divisions
under the Ministry of Defence and the Indian Navy. Majority of the
supplies are to the defence sector - army and navy directly with
the balance supplied to some other Tier-1 suppliers. The precision
components supplied to the army are used in Army tanks. The
components supplied to the Navy include valves, pressure fittings,
fasteners, Regeneration boxes and filters for ships and
submarines.


MILESTONES ENGINEERING: ICRA Withdraws B+ Rating on INR1.2cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+(Stable) and
short-term rating of [ICRA]A4 assigned to the INR6.45-crore bank
facilities of Milestones Engineering Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based limits      1.20      [ICRA]B+ (Stable); Withdrawn
   Non-fund based
   limits                 5.25      [ICRA]A4; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and at the request of the company, based on the no
objection certificate provided by its banker.

Incorporated in 1984, MEPL is a part of the Delhi-based Milestone
Group, promoted by Mr. S. K. Aggarwal and his family members. MEPL
is a closely-held company engaged in providing turnkey
installation services for electrification of industrial/
commercial establishments. The company's scope of services include
providing concept, basic design, detailed engineering, supply of
materials, erection at site, testing/ commissioning and operation
and maintenance of systems like power distribution, lighting
systems etc.


NARAYANAA ELECTRICAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Narayanaa Electrical Solutions Private Limited
        #69, 1st Floor, 4th Main, 4th Block, 3rd Stage
        (Shakthi Ganapathi Nagar),
        Basaveshwara Nagar
        Bangalore 560079

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: April 14, 2019

Insolvency professional: Anand Ramachandra Bhat

Interim Resolution
Professional:            Anand Ramachandra Bhat
                         No. 81, 8th Main, 8th Cross
                         Serpentine Road
                         Kumara Park West
                         Bangalore 560020
                         E-mail: ab.inspro@outlook.com
                         Phone: 91-80-2346 7946

Last date for
submission of claims:    November 13, 2018


OSAKA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Osaka Pharmaceuticals Pvt. Ltd.
        Old National Highway No. 8
        Sankarda, Baroda (Guj) 390007

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Hiten Mukundbhai Parikh

Interim Resolution
Professional:            Hiten Mukundbhai Parikh
                         B-303, GCP Business Center
                         Opp. Memnagar Fire Station
                         Nr. Vijay Cross Road, Navrangpura
                         Ahmedabad (Guj.) 380009
                         E-mail: hiten@smajmudar.com
                                 Irp.osakapharma@gmail.com

Last date for
submission of claims:    October 28, 2018


PERSANG ALLOY: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Persang Alloy
Industries 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:

-- INR80 mil. Fund-based working capital limits maintained
    in Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- Term loan INR43.48 mil. maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Persang Alloy Industries manufactures soldering products such as
solder bars, solder wire, and solder paste and fluxes. Its
manufacturing plant is in Vadodara, Gujarat.


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

The instrument-wise rating actions are:

-- INR430.6 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR7 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1984, Reliable Industries is a partnership firm
that acts as an authorized dealer of vehicles manufactured by Hero
MotoCorp Ltd. and Maruti Suzuki India Limited in Jharkhand. It
operates one Hero MotoCorp and three Maruti Suzuki India
(including NEXA) showrooms in Dhanbad, and one Maruti Suzuki India
showroom in Deoghar. The firm is managed by Rajiv Sabhlok and
Janak Sabhlok.


RISSALA PRODUCTS: ICRA Moves 'B' Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Rissala
Products Private Limited (RPPL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]B(Stable)/A4 ISSUER
NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          3.00      [ICRA]B(Stable) ISSUER NOT
   Working Capital                COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Fund-based-          5.00      [ICRA]B(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Non-fund Based       2.00      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

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

RPPL, incorporated in 2012, has been manufacturing decorative and
industrial laminates since FY2013. The company is promoted by Mr
Kamaljeet Kataria, who has more than a decade of experience in
manufacturing, trading and distribution of decorative and
industrial laminates


RJP TECHNOLOGIES: CARE Assigns B+ Rating to INR12cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RJP
Technologies Private Limited (RPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          12.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities RJPL are tempered by
project implementation and business stabilization risk, intensely
competitive nature of the industry with presence of many
unorganized players and Exposure to volatility in raw material
cost. The ratings, however, derive benefit from experienced &
qualified promoter with more than two decades in Electrical
industry, financial closure achieved by the company and Stable
outlook of the home appliances, electronic and automobile
components industry.

Going forward, ability of the company to complete the project
without any cost and time overrun and ability of the company to
stabilize the operations and generate the revenue and profit
levels as envisaged are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: The company has planned to set up a
manufacturing unit of Consumer Durable goods (i.e fans, lights,
etc.), at their manufacturing unit located at Plot No. 71, 72 &
73, Apparel Export Park, Gundala Pochampally, Hyderabad. RPL has
two units located at Pochampally, Unit-1 with an area of 30,000
sq.ft and Unit-2 with an area of 18,000 sqft. RPL is expected
to start commercial operations of Unit-1 by September'2018 and
Unit-2 by July'2019. The total proposed cost of project for two
units is INR12.95 crore which is proposed to be funded through
bank term loan of INR7.40 core and Equity capital of INR 5.55
crore. As on August 21, 2018, the company has incurred expenses of
INR7.77 core (around 60% of total project cost) towards the
construction cost and the same was funded by the Equity(Rs. 0.37
crore) and term loan (INR 7.40 crore). The ability of the company
to complete the project without any cost or time over run will
remain critical from credit perspective.

Intensely competitive nature of the industry with presence of many
unorganized players: RPL, faces stiff competition from the
organized as well as unorganized players in the industry. This
apart, the company faces tough competition from various regional
and local players with unorganized industry being highly
fragmented. RPL has to price its products competitively without
compromising the quality of the products. Further, fungible nature
of products with no visible differentiators has also resulted in a
highly competitive market. In such a competitive scenario smaller
entities like RPL in general are more vulnerable on account of its
limited pricing flexibility.

Exposure to volatility in raw material cost; low pricing
flexibility: The profitability of the consumer products business
remains linked to the movement in prices of raw materials, mainly
copper and zinc. The margins in the consumer products segment have
moderated in recent years owing to high competitive pressures and
muted revenue growth, though the fall in international commodity
prices during the same period has provided some support.

Key Rating Strengths

Experience of the promoter for more than two decade in Electrical
industry: RPL was incorporated in the year 2017 and promoted by
Mr. Jaikishan Tarachand Balasaria (Managing Director) and Ms.
Swati Agarwal(Director), who are currently involved in business.
The promoters of the company are well qualified and have two
decades of experience in Electrical industry. Due to long term
presence in the market by the promoter, the company has good
relation with customer and supplier. Also the financial closure of
the firm has been achieved and 60% of the project has been
completed as on August 21, 2018, which was funded through Equity
and term loan.

Stable outlook of the home appliances, electronic and automobile
components industry: Home appliance companies are going through a
much-needed transformation phase, but at a gradual pace. There has
been a gradual, but positive, shift in the mind-sets of home
appliance companies, from working purely as appliance
manufacturers, to approaching business more as a technology
company or a service provider would. This transformation
is a potential indication of long-term success. In fact, the
global major home appliance market is projected to grow at
fiveyear compound annual growth rate (CAGR) of 5.2 percent, from
717 million units shipped in 2017 to nearly 900 million
units in 2022.

RJP Technologies Private Limited (RPL) was incorporated on April
27, 2017 with the main object of carrying out business in
manufacturing unit of Consumer Durable goods (i.e fans, lights,
etc.), at their manufacturing unit located at Plot No. 71, 72 &
73, Apparel Export Park, Gundala Pochampally, Hyderabad. RPL is
promoted by Mr. Jaikishan Tarachand Balasaria and Ms. Swati
Agarwal. After the commencement of business operations, the
company has planned to manufacture Brushless Direct Current (BLDC)
Ceiling fans, LED lights, Smart meters and Cables. The company has
a location advantage with adequate facilities as raw materials,
labours, power and water supply near the plant location. RPL has
two units located at Pochampally, Unit-1 with an area of 30,000
sq.ft and Unit-2 with an area of 18,000 sqft. RPL is expected to
start commercial operations of Unit-1 by September'2018 and Unit-2
by July'2019. The company has planned to purchase the raw
materials from domestic region and sell the products in India
(60%) and Foreign (40%). The total proposed cost of project for
two units is INR12.95 crore which is proposed to be funded through
bank term loan of INR7.40 core and Equity capital of INR 5.55
crore. As on August 21, 2018, the company has incurred expenses of
INR7.77 core (around 60% of total project cost) towards the
construction cost and the same was funded by the Equity and term
loan.


SALTEE BUILDCON: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saltee Buildcon
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 the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR72.5 mil. Long-term loan maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saltee Buildcon, established in 2007, is coming up with a studio
apartment housing project in Rajarhat, Kolkata.


SHANTI EDUCATIONAL: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
The rating for the bank facilities of Shanti Educational Trust
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        7.10      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Shanti Educational Trust (SET) was established in 2010 as a trust
in Patna, Bihar. The trust has started a school as a franchisee of
G. D. Goenka Public School and AY2013-14 was the first year of
operation for the school. Currently, the school conducts classes
from Nursery to standard IX.


SHIRKE RECREATION: Ind-Ra Affirms 'BB' Rating on INR37.2MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shirke Recreation
Enterprise's (SRE) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR37.2 mil. (reduced from INR145.2 mil.) Term loan due on
    April 2019 - March 2020 affirmed with IND BB/Stable rating.

The ratings continue to factor in the potential financial support
available from B.G. Shirke Construction Technology Pvt Ltd
(BGSCTPL; 'IND A'/Stable), which holds a 70% stake in SRE. In
FY18, BGSCTPL's revenue was INR31 billion (FY17: INR25.21
billion), EBITDAR margin was 19.4% (15.4%), interest coverage was
3.3x (2.3x) and adjusted net debt/EBITDAR was 1.5x (1.8x).

KEY RATING DRIVERS

The ratings continue to reflect lower-than-projected member
enrolment at SRE-constructed Sachin Tendulkar Gymkhana for Mumbai
Cricket Association in Kandivali in FY18, leading to a decline in
revenue to INR207 million in FY18 from INR292 million. The club
enrolled 111 members in FY18 (FY17: 195; FY16: 230) against the
projected 250 members on account of lower uptake in Kandivali. At
FYE18, the total enrolments stood at 995.

The ratings also reflect SRE's thin EBITDA margin, which declined
to 2.2% in FY18 from 35% in FY17 owing to a higher rise in
employee and other costs than that in sales.

The ratings remain constrained by SRE's partnership nature of the
business, as it leads to the risk of drawings by the partners.

However, the ratings continue to draw comfort from SRE's moderate-
to-strong linkages with BGSCTPL in the form of demonstrated
support via loans and advances of INR1,426.9 million in FY18
(FY17: INR1,450.2 million) required to finance cost overruns for
construction and term loan repayments. Ind-Ra expects BGSCTPL to
have sufficient liquidity to keep supporting SRE's requirements
over the next two-three years.

The ratings also remain supported by the fact that SRE is a part
of the well-established Shirke Group, which has an operating track
record of over five years in the hospitality industry. Moreover, a
group firm, Shirke Infrastructure (SINF; 'IND BBB-'/Stable),
operates a similar club in Bandra Kurla Complex, Mumbai.

RATING SENSITIVITIES

Negative: A significant deterioration in BGSCTPL's credit profile,
hampering its ability to extend distress support in a timely
manner, can lead to a negative rating action.

Positive: Strong operational cash generation from increased
enrolments, leading to a significant reduction in the dependence
on BGSCTPL, can lead to a positive rating action.

COMPANY PROFILE

SRE is a part of the Pune-based Shirke Group. It was incorporated
in 2012 as a partnership firm to construct a state-of-the-art
clubhouse with recreation facilities in Kandivali, Mumbai, for the
Mumbai Cricket Association on a build, operate and transfer basis.
SRE generates revenue from sale of memberships, food and
beverages, and rentals from banquet halls, conferences and rooms.

SRE has two partners: BGSCTPL and Shirke Trust.


SHREE RAJASTHAN: CARE Reaffirms D Rating on INR134.52cr Loans
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Rajasthan Syntex Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           92.10      CARE D Reaffirmed

   Short-term Bank
   Facilities           42.42      CARE D Reaffirmed

   Fixed Deposits        1.7925    CARE D (FD) Reaffirmed

CARE has withdrawn the rating assigned to the standby line of
credit - under gold card scheme of INR1.80 crore of Shree
Rajasthan Syntex Limited as the same has been repaid by the
company and the same has not been renewed by the lender.

Detailed Rationale & Key Rating Drivers

The ratings for the bank facilities of Shree Rajasthan Syntex
Limited (SRSL) continue to take into account the on-going
delays in its debt servicing owing to its subdued operating
performance over the last four years along with cash loss
reported by it in FY18 (refers to the period April 1 to March 31)
and Q1FY19, resulting into subdued debt coverage
indicators and stressed liquidity.

Detailed description of the key rating drivers

On-going delays in servicing of debt obligations: There are on-
going delays in servicing of SRSL's debt obligations owing
to the net losses incurred by the company over the last four years
ended FY18, cash loss of INR3.93 crore in FY18 and INR5.13 crore
in Q1FY19, which along with sizeable debt servicing requirements
resulted in weak debt coverage indicators and stressed liquidity.
Though the company, in past, had managed its repayments either
through sale of non-core assets or through infusion of funds by
the promoters, repayment obligations continue to be significantly
higher than SRSL's cash accruals, resulting in delays in debt
servicing.

Incorporated in 1979, Shree Rajasthan Syntex Limited (SRSL) is
engaged in the manufacturing of synthetic (grey as well as
dyed) blended yarn, cotton yarn and Polypropylene Multi Filament
(PPMF) yarn. SRSL manufactures yarn in the range of 18-30 counts.
As on March 31, 2018, SRSL had an installed capacity of total
79,800 spindles for synthetic blended yarn and cotton yarn and
2,400 Metric Tonnes Per Annum (MTPA) for PPMF yarn at its
Dungarpur, Rajasthan based manufacturing facility.


SHUKLA AGRITECH: CARE Assigns 'D' Rating to INR10.71cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shukla
Agritech Flour Industires Private Limited (SAIFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   Facilities           10.71      CARE D Assigned

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of SAIFPL is primarily
constrained on account of on-going delay in debt servicing owing
to delay in project completion.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing owing to delay in project completion
Banker has confirmed that there are instances of delay in
principal and interest amount in the month of July and August,
2018. The management has confirmed the same and delay in debt
servicing mainly due to delay in project completion by
6 months and stressed liquidity position.

Rewa (Madhya Pradesh) based Shukla Agritech Flour Industries
Private Limited (SAFIPL) was incorporated in June, 2016
by Mr. Mahendra Prasad Shukla along with his family members. The
company is in engaged in the business of manufacturing of wheat
flour, white flour and suji. The manufacturing unit of the company
has installed capacity of 8.00 Tonnes per Hour (TPH) as on March
31, 2018. SAFIPL procures wheat from farmers and local mandis and
sells its finished products mainly in Madhya Pradesh, Maharashtra
and Chhattisgarh.


SUNRISE TIMPLY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunrise Timply
Company Private Limited's (STCPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR80 mil. Fund-based limit affirmed with IND BB+/Stable
    rating; and

-- INR260 mil. Non-fund-based limit affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects STCPL's continued medium scale of
operations as indicated by revenue of INR859 million in FY18
(FY17: INR739 million). The growth in revenue was on account an
increase in demand for timber resulting from a rise in
infrastructure activities. In addition, due to the implication of
goods and services tax, the company has extended its supplies to
other states, leading to the revenue increase.

STCPL's return on capital employed was 6%in FY18 and EBITDA
margins were modest at 1.9% (FY17: 1.3%, FY16:1.5%). The margins
are low and volatile due to the trading nature of the business.

The ratings remain constrained by STCPL's modest credit metrics as
reflected by gross interest coverage (operating EBITDA/gross
interest expense) of 1.6x in FY18 (FY17: 1.2x) and net leverage
(adjusted debt/operating EBITDAR) of 5.5x (10.1x). The improvement
in credit metrics was due to an increase in operating EBITDA and a
decline in overall debt.

The ratings continue to factor in STCPL's modest liquidity profile
as reflected from its working capital utilization of 95.53% for
the 12 months ended October 2018. The company maintained a fixed
deposit of INR112.19 million in FY18 compared with the total debt
of INR88 million.

The ratings, however, remain supported by the company's promoters'
experience of over 15 years in the timber trading business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the gross interest coverage on a sustained
basis would lead to a positive rating action.

Negative: Deterioration in the EBITDA interest coverage on a
sustained basis will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2000, STCPL is engaged in the timber trading
business. The company imports round timber logs from Malaysia,
Myanmar, Ivory Coast, Nigeria, New Zealand and Indonesia. The
plywood is procured from the domestic market. It sells products to
wholesalers, retailers and saw mills in the domestic market.
STCPL's warehousing facility is located in Khidderpore, Kolkata
which is nearby Kolkata Port.


TECHNO INDIA: ICRA Maintains D Ratings in Not Cooperating
---------------------------------------------------------
The rating for the bank facilities of Techno India continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-         9.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        16.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Techno India (TI) was established in 2001 as a trust in Kolkata,
West Bengal and manages three colleges offering under and post
graduate courses across engineering, management and computer
application. TI also manages eight primary and secondary level
schools. Techno India College is the flagship college of the trust
contributing significant proportion of the total fee income of the
trust.


ULTRA DENIM: Ind-Ra Maintains 'BB-' LT Ratings in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ultra Denim
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:

-- INR110 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR25 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR772.7 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ultra Denim was established in 2011 by Mr. Bhogibhai L Patel. The
company manufactures denim fabrics at its unit in Surat, Gujarat.
The site has an annual installed capacity of 9.1 million meters.


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

The instrument-wise rating actions are:

-- INR97.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR78 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1978, Unimech Industries has its registered office
and manufacturing facilities in Coimbatore, Tamil Nadu. The
company manufactures machine components for automobiles and
tractors, and has been exporting these to France and the US since
2007.


VEEPEE COTEX: CARE Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Veepee
Cotex Corporation to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.91       CARE B; Stable Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Veepee Cotex Corporation to
monitor the rating(s) vide e-mail communications/letters dated
September 28, 2018, September 21, 2018, August 31, 2018 and
August 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
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Veepee
Cotex Corporation's bank facilities will now be denoted as CARE B;
Stable; 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.

The rating takes into account nascent and small scale of operation
with low capitalization, low profit margins, leveraged capital
structure and weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by its operations in highly fragmented and competitive cotton
ginning industry and susceptibility of operating margins to
volatile cotton prices, seasonality associated with cotton and
changes in the government policies. The rating, however, derives
strength from the experience of the promoters.

Ability of the firm to increase the overall scale of operations
and improve profitability and capital structure amidst intense
competition and efficient management of working capital
requirement are the key rating sensitivities.

Detailed Description of Key Rating Drivers

At the time of last rating on November 22, 2017, the following
were the rating strengths and weaknesses.

Key Rating Weakness

Nascent and small scale of operations coupled with low
capitalization & weak debt coverage indicators: The entity's
commercial operations have started from Nov, 201 resulting in low
capitalization. VCC's capital structure and debt coverage
indicators remained leveraged owing to low networth base, losses
in past and high dependence on external borrowings. Debt coverage
indicators also remained weak owing to the same and low profit
levels.

Working capital intensive nature of operation: Operation of cotton
business is highly seasonal in nature, as the sowing season is
during April to July and harvesting season is spread from October
to March. Hence, the working capital utilization is high during
peak season i.e. November to May; while in rest of the months it
is comparatively low. Further, company also procures raw cotton on
cash basis from farmers, however extends around 7 to 10 days
credit period to its customers. Further due to the same VCC's
operation is working capital intensive. The utilization of working
capital limits remains high during the peak season (Nov to May)
and same remains moderate during off season.

Operating margins are susceptible to cotton prices fluctuation and
seasonality associated with cotton: Being an agro commodity,
cotton is highly seasonal in nature. Prices of raw cotton are
highly volatile in nature and depend upon various factors such as
area under production, yield for the year, international demand
supply scenario, export quota decided by the government and
inventory carry forward of last year. Further, due to the
seasonality, firm usually have to procure the raw materials in
significantly higher volumes, resulting in long inventory holding
period. Thus, aggregate effect of above factors results in
exposure of VCC to price volatility risk.

Presence in highly fragmented industry: The firm is engaged in the
ginning and pressing of cotton which involves very limited value
addition and hence results in thin profitability. Moreover, on
account of large number of units operating in cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers.

Prices for cotton are highly regulated by government: The firm is
engaged in the ginning and pressing of cotton which involves very
limited value addition and hence results in thin profitability.
Moreover, on account of large number of units operating in cotton
ginning business, the competition within the players remains very
high resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers.

Susceptibility to adverse changes in regulation by government: The
cotton prices in India are highly regulated by government through
MSP (Minimum Support Price) decided every year, though due to huge
demand supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government to
suffice domestic demand for cotton. Hence, any adverse change in
government policy may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit for KCPL. Thus company's operations are contingent on its
sourcing the requisite quantum of cotton at an appropriate price.

Key Rating Strengths:

Experienced promoters: At present, the management of the company
is vested in the hands of Mr. Prakash Bharsakale and Mr. Vijay
Bharsakle present partners of the company and both of them have
average experience of 12 years in textile industry respectively.
Furthermore the top management is supported by personnel having
adequate and relevant experience in their respective fields to
carry out day-to-day operations.

Veepee Cotex Corporation (VCC) is a partnership firm and was
established in 2015 by Mr. Prakash Bharsakale and Mr. Vijay
Bharsakhale. VCC is engaged into processing of cotton bales and
cotton seeds at Its plant located at Amaravati, Maharashtra with
installed capacity for cotton seeds - 100000 quintal (utilisation
90% during FY17) and Cotton bales 100000 quintal (utilisation 90%
during FY17). The key raw material i.e. raw cotton is sourced from
local farmers. VCC earns the major part of their revenue from sale
of cotton bales (70% of total revenue in FY17), which is sold to
local cotton broker and cotton seed are sold to nearby mills.



=====================
P H I L I P P I N E S
=====================


CHINA BANKING: Fitch Affirms BB+ LT IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDR) at BB+ of three mid-sized Philippine banks - China Banking
Corporation (China Bank), Philippine National Bank (PNB) and Rizal
Commercial Banking Corporation (RCBC). The Outlooks are Stable.
Simultaneously, Fitch is affirming and withdrawing the National
Long-Term Ratings on China Bank and PNB as they are no longer
considered relevant to the agency's coverage due to the limited
use of such ratings in the local market. The issuers'
international ratings are unaffected. RCBC is unaffected by this
withdrawal as Fitch does not assign a National Rating to the bank.

The ratings were withdrawn with the following reason:

No longer considered by Fitch to be relevant to the agency's
coverage due to limited use of such ratings in the local market.

Key Rating Drivers

VIABILITY RATINGS, IDRS and NATIONAL RATINGS

The banks' ratings are driven by their Viability Ratings, which
reflect the banks' moderate franchises and acceptable funding and
liquidity profiles, balanced against rapid loan growth,
structurally high loan concentration and conglomerate/family
ownership, which is common across Philippine banks. The ratings
also consider the banks' risk appetite and weaker financial
performance compared with larger bank peers.

The banks' asset-quality metrics have been supported by the benign
economic backdrop and their asset-remediation efforts, as well as
credit expansion over the last few years, which has been spurred
by lower interest rates. However, these were partly offset by
pressure on the banks' risk-adjusted returns in light of stiff
industry competition. With rising interest rates, Fitch expects
near-term profitability to be supported by higher net-interest
margins, notwithstanding some deterioration in loan-quality
metrics and rising operating costs. Overall asset-quality
deterioration should be manageable, as Fitch expects the operating
environment to remain supportive.

Fitch believes the three banks would qualify as mid-tier domestic
systemically important banks (D-SIBs) and will need to maintain a
common equity Tier 1 (CET1) ratio of at least 10% by January 2019.
The banks' CET1 ratios - about 12.3% for China Bank, 14.0% for PNB
and 14.5% for RCBC as at September 2018 - formed a satisfactory
buffer above regulatory requirement and should be sufficient to
absorb moderate impairment costs. However, internal capital
generation has lagged risk-weighted asset growth in the past,
contributing to a steady decline in the banks' capital ratios over
time - a trend that Fitch expects will continue in the near term.
Fitch expects the banks to raise more capital when needed to
maintain adequate regulatory capital buffers and fund further
growth, with support from their major conglomerate shareholders.

Fitch expects the banks' funding and liquidity profiles to remain
stable in the near term. Customer deposits accounted for 80%-97%
of funding, with low-cost current and savings accounts forming
about 57%-77% of deposits as at September 2018. The banks'
loan/deposit ratios, though rising, remained comfortably below
100% despite rapid loan growth in recent years. Fitch believes the
banks will continue to prioritise CASA deposits and more stable
funding sources in light of local net stable funding ratio and
liquidity coverage ratio requirements, which will be fully
implemented in 2019.

CHINA BANK

The bank's gross non-performing loan (NPL) ratio and NPL coverage
improved to 1.2% and 121%, respectively, as at September 2018,
from 2.5% and 87% at end-2015, due to its asset remediation
efforts, and are at levels that are better than other Fitch-rated
mid-sized banks. Fitch assesses China Bank's core operating
profitability as the strongest among Fitch-rated mid-sized peers,
as it is least reliant on investment income and one-off gains.

PNB

PNB's gross non-performing asset ratio continued to decline amid
sustained efforts to dispose of foreclosed properties, but remains
at the higher end of peers. The bank has benefitted from gains on
sales on foreclosed properties in the past, though Fitch expects
such asset sales to slow, as most of its prime properties have
been disposed of. Fitch believes PNB's established franchise
supports its funding and liquidity profiles, given its higher CASA
mix and lower funding cost relative to Fitch-rated mid-tier banks.

RCBC

RCBC's asset quality metrics reflect its higher consumer-loan mix
compared with peers. This has benefitted its net interest margin,
which is the highest among Fitch-rated Philippine banks. However,
its profitability is weaker than that of most peers, dragged by
its lower operating cost efficiency and higher credit costs.
RCBC's capital ratios were boosted by the PHP15 billion rights
offering in July 2018, which should help the bank fund loan growth
over the next year or two.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Support Ratings and Support Rating Floors reflect
Fitch's view of a moderate probability of extraordinary state
support, if needed. This takes into account the Philippine
sovereign's fiscal position, which is captured in its 'BBB'
rating, as well as the banks' moderate systemic importance, as
reflected from their 3%-6% market shares of system assets, loans
and deposits.

MEDIUM TERM NOTE PROGRAMME AND SENIOR DEBT

The ratings on RCBC's medium-term note programme and senior notes
are the same as its IDR, as the senior notes and senior debt
issued under the programme form its direct, unsubordinated and
unsecured obligations and rank equally with all its other
unsecured and unsubordinated obligations.

Rating Sensitivities

VIABILITY RATINGS, IDRS

Unsustainable credit growth resulting in weakened loss absorption
buffers and funding and liquidity positions would pressure the
banks' ratings. Conversely, moderation in loan growth to levels
more in line with internal capital generation would support the
ratings.

China Bank's ratings could be upgraded if it further improves its
risk control frameworks and maintains steady asset quality and
earnings even during less-benign operating conditions. For PNB and
RCBC, meaningful improvement in risk-adjusted profitability, in
addition to sustained improvements in asset quality, supported by
strengthened frameworks and controls, would be credit positive.

Rating sensitivities on China Bank's and PNB's National Ratings
are no longer relevant as the ratings have been withdrawn.


SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Support Ratings and Support Rating Floors would be affected by
any change in Fitch's perception of the government's ability or
propensity to provide extraordinary support to the banks in a
timely manner.

MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT

The rating on RCBC's senior notes and medium-term note programme
would move in tandem with the bank's Long-Term IDR.



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


HYFLUX LTD: Debt Moratorium Extended to April 30 Next Year
----------------------------------------------------------
The Strait Times reports that Hyflux Limited has convinced the
Singapore High Court to extend its debt moratorium by four-and-a-
half months through April 30 next year, despite arguments from
some bank creditors that the insolvent firm should be kept on a
tighter leash.

The report says Justice Aedit Abdullah granted Hyflux the
extension after hearing lawyers for the firm and its unsecured
working group (UWG) of financial creditors on Nov. 26.

The Strait Times relates that Tan Kok Quan Partnership lawyer
Eddee Ng, on behalf of BNP Paribas, Mizuho Bank, KFW IPEX-Bank,
Bangkok Bank and Standard Chartered Bank, had argued for the
moratorium to be extended to Jan. 16 only.

Under the restructuring timetable put forth by Hyflux, it should
be clear by mid-January if Hyflux has been able to get all
creditor groups on board or not, Mr. Ng said, the report relays.

"It shouldn't have to be the case that the UWG needs to come to
the court to get the moratorium lifted (if) this entire
restructuring process is a no-go. It's the company that should
come to the court and (the) company should be kept on a very tight
leash in so far as time is concerned," the report quotes Mr. Ng as
saying.

The informal steering committee of Hyflux medium-term noteholders
took the same position, the report notes.

But WongPartnership lawyer Manoj Sandrasegara, who represents
Hyflux, argued for more time: "I think it's quite hard for us to
do negotiations with a gun to our heads, on the basis that you
only have a month and a bit to get the deal done," the Strait
Times relays.

According to the report, Mr. Sandrasegara asked for court
protection to be extended until April 30. That is the same long-
stop date fixed by the Salim-Medco consortium, which has offered
to come in as a strategic investor.

Justice Abdullah agreed. Hyflux's next case conference will be
held in the week of Jan. 21, 2019 at the latest, the Strait Times
discloses. Creditors can raise any concerns they may have about
the continuing operation of the debt moratorium at that time, he
said.

In court on Nov. 26, Justice Abdullah noted that many retail
investors are closely following the Hyflux case, the Strait Times
adds.

One retail investor had written to him to voice concerns "about
the situation and where things are going", including concerns
about possible write-downs, the judge noted, the report relays.

According to the report, the judge said, "I understand their
concerns but I think my role, my function and powers under these
applications isn't that wide.

"The court in its proceedings under the restructuring regime is
(mainly) concerned about the propriety of the sanctioned schemes
of arrangement, and the scope for the court to go into questions
of substance of any kind isn't really that wide."

However, these retail investors' perspectives may be considered
"to some extent" if negotiations reach the stage where a scheme
application is submitted, or perhaps at the stage where any rescue
financing is contemplated, Justice Abdullah, as cited by the
Strait Times, said.

He also urged Hyflux to address retail investors' concerns during
discussions and townhall meetings that are expected to be
conducted as early as January next year, the report notes.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.



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


* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2018
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***