TCRAP_Public/181211.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, December 11, 2018, Vol. 21, No. 245

                            Headlines


A U S T R A L I A

FORM DOCTORS: First Creditors' Meeting Set for Dec. 19
IHS BROTHERS: Second Creditors' Meeting Set for Dec. 21
IOOF HOLDINGS: MD and Chair Step Down to Fight APRA Action
JIU CHEN: First Creditors' Meeting Set for Dec. 18
NATIONAL RMBS 2018-2: S&P Assigns Prelim BB Rating to Cl. E Notes

RHI INDUSTRIES: First Creditors' Meeting Set for Dec. 18
SECURE INTELLIGENCE: First Creditors' Meeting Set for Dec. 18
THRIVE COLLECTIVE: First Creditors' Meeting Set for Dec. 19


I N D I A

AGARWAL RUBBER: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
AIKYA CHEMICALS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
ARIHANT METALS: CRISIL Migrates B+ Rating to Not Cooperating
BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR12.90cr Loan
BHARAT WIRE: CARE Lowers Rating on INR385cr LT Loan to D

CARAVEL LOGISTICS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
CELEBRITY CORPORATE: CRISIL Migrates D Rating to Not Cooperating
CHALLA CHLORIDES: CRISIL Migrates B- Rating to Not Cooperating
CORPORATE FASHION: CRISIL Lowers Rating on INR6.54cr Loan to D
GAUTAM TRADING: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating

GEORGE MAIJO: Ind-Ra Raises Long Term Issuer Rating to 'BB'
HYT INOVATIVE: CARE Assigns B+ Rating to INR3.0cr LT Loan
ICA EDU: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
KHANDAKA SONS: CARE Lowers Rating on INR6cr Long-Term Loan to D
NARENDRANATH AGENCY: CARE Puts B+ INR7cr Loan Rating in Not Coop.

OM ESHA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
PP PANDEY: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
PRASHANTH POULTRY: CRISIL Maintains D Rating in Not Cooperating
PV KNIT: CRISIL Lowers Rating on INR4.5cr Packing Loan to D
RAGHURAJ EXPORTS: CRISIL Maintains B- Rating in Not Cooperating

RAGHUVIR GINNING: CRISIL Maintains B Rating in Not Cooperating
RAJANI GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
RAJLAXMI AGRO: CARE Moves B+ Rating to Not Cooperating Category
REAL AGROTECH: CRISIL Maintains 'B' Rating in Not Cooperating
REDHU FARMS: CRISIL Withdraws D Rating on INR21cr Cash Loan

RISHAB APPAREL: CRISIL Maintains 'B' Rating in Not Cooperating
ROYAL FOODSTUFFS: CRISIL Maintains B Rating in Not Cooperating
RUIA CHEMICALS: CRISIL Maintains B- Rating in Not Cooperating
SAMBARI ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating
SHIKHAR PRINTERS: CRISIL Maintains B Rating in Not Cooperating

SHIVAM INFRA-TECH: Ind-Ra Migrates BB Rating to Non-Cooperating
SHREE HANUMAN: CRISIL Maintains 'B' Rating in Not Cooperating
SIDDHIVINAYAK GINNING: CRISIL Keeps B Rating in Not Cooperating
VL FARMS: CARE Assigns D Rating to INR6.37cr LT Bank Loan
VTR MARKETING: CARE Moves B- Rating to Not Cooperating Category

YUG INTERNATIONAL: Ind-Ra Migrates BB+ Rating to Non-Cooperating


M A L A Y S I A

1MBD: Former PM Arrested for Alleged Tampering of Audit Report
1MALAYSIA CLINIC: KKM Notified of Kota Padawan Branch Closure


N E W  Z E A L A N D

CBL CORPORATION: Chinese Banks Want to Liquidate Rest of Company
CORBEL CONSTRUCTION: Owes NZD4.5MM to Subcontractors & Suppliers
HALIFAX NZ: Investors Say Will Struggle to Celebrate Christmas


X X X X X X X X

* BOND PRICING: For the Week Dec. 3 to Dec. 7, 2018


                            - - - - -


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


FORM DOCTORS: First Creditors' Meeting Set for Dec. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Form
Doctors Pty Ltd will be held at the offices of BPS Recovery, at
Level 18, 201 Kent Street, in Sydney, NSW, on Dec. 19, 2018, at
11:00 a.m.

Daniel Frisken of BPS Recovery was appointed as administrator of
Form Doctors on Dec. 7, 2018.


IHS BROTHERS: Second Creditors' Meeting Set for Dec. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of IHS Brothers
Pty Ltd, trading as Rozzi's Fresh Kitchen (Malvern Central), has
been set for Dec. 21, 2018, at 10:30 a.m. at the offices of SM
Solvency Accountants, at Level 8/490 Upper Edward Street, in
Spring Hill, 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. 20, 2018, at 4:30 p.m.

Brendan Nixon of SM Solvency was appointed as administrator of
IHS Brothers on Nov. 21, 2018.


IOOF HOLDINGS: MD and Chair Step Down to Fight APRA Action
----------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that shares of
wealth manager IOOF Holdings crashed to a fresh six-year low
after its managing director Chris Kelaher, and chairman George
Venardos, stepped aside on Dec. 10 to fight legal action by the
prudential regulator to disqualify them from managing
superannuation funds.

IOOF, whose shares lost more than a third of their value on
Dec. 7 following the Australian Prudential and Regulation
Authority's announcement, were down more than 7 per cent on
Dec. 10 to a fresh low of $4.26, SMH discloses. The stock started
the year at more than $11, the report notes.

But analysts are predicting that the trouble is only beginning
for the company as they slashed their price targets on the stock
to reflect the anticipated upheaval, according to SMH. This is
expected to include ANZ cancelling the sale of its financial
planning businesses to IOOF which also faces an exodus of
advisers and funds under management.

IOOF in October 2017 agreed to buy ANZ's Australian OnePath Life
business and some financial planning operations for $975 million,
but ANZ said on Friday it was urgently seeking clarification over
APRA's intervention.

"We remain committed to the ANZ transaction and we are working
cooperatively with ANZ as they consider their position," IOOF
said, SMH relays.

According to SMH, Citi analysts said APRA's actions "cast severe
doubt" on whether the ANZ deal would proceed, and also questioned
whether the just-completed acquisition of the ANZ aligned dealer
groups (ADG) "will be rescinded".

SMH relates that UBS said that, despite IOOF saying it would
vigorously defend the proceedings, "we see significant potential
earnings implications regardless as a result of heightened ANZ
Wealth completion risks and ongoing brand and reputational damage
impacting funds under management and adviser numbers".

Macquarie analyst Brendan Carrig more than halved its price
target on IOOF from $10.40 to $5.10. Citi has lowered its price
target to $4.50 from $8.65, the report says.

SMH says the regulator alleged on Dec. 7 that Mr. Kelaher and
Mr. Venardos failed to act in their superannuation members' best
interests.

On Dec. 10, IOOF announced that Mr. Kelaher had been temporarily
replaced as managing director by wealth management boss Renato
Mota, and non-executive director Allan Griffiths stepped in as
interim chairman, SMH reports.

SMH relates that the other three people APRA is seeking to have
disqualified from being pension fund trustees -- chief financial
officer David Coulter, company secretary Paul Vine and general
counsel Gary Riordan -- stay on but will have no responsibilities
in relation to the management of the IOOF trustee companies and
will have no engagement with APRA.

"We maintain our position that the allegations made by APRA are
misconceived, and will be vigorously defended," the report quotes
Mr. Griffiths as saying in a statement on Dec. 10.

He added, however, that IOOF acknowledges the "seriousness of
these allegations" and said Mr. Kelaher and Mr. Venardos had
stood down "in the interests of good governance," SMH relays.

According to SMH, APRA has alleged that IOOF used money belonging
to pension fund customers to compensate them for losses caused by
the company. It last week said it had had concerns about
conflicts of interest at IOOF since 2015, adding the firm had
failed to address the issues for years.

SMH adds that Mr. Griffiths said he and Mr. Mota would co-operate
with APRA on what he called "previously agreed initiatives", many
of which he said were complete.

"We are entirely focused on addressing the governance issues in
the interests of all stakeholders and will do so in an orderly
manner."

APRA is also seeking to impose additional conditions on the firm,
the report adds.

Based in Melbourne, Australia, IOOF Holdings, Ltd. engages in the
development, distribution, management, and administration of
various financial products and services. It operates through two
segments, Wholesale Funds Management, and Retail Funds Management
and Administration. The Wholesale Funds Management segment
engages in the management and investment of monies on behalf of
private, corporate, superannuation, and institutional clients.
The Retail Funds Management and Administration segment
distributes and administers retail funds, including financial
planning and back office services.


JIU CHEN: First Creditors' Meeting Set for Dec. 18
--------------------------------------------------
A first meeting of the creditors in the proceedings of Jiu Chen
International Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, at Level 4, 240 Queen Street, in
Brisbane, Queensland, on Dec. 18, 2018, at 10:00 a.m.

Mohammed Shahin Hussain of Hall Chadwick Chartered Accountants
was appointed as administrator of Jiu Chen on Dec. 6, 2018.


NATIONAL RMBS 2018-2: S&P Assigns Prelim BB Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for National
RMBS Trust 2018-2 Series 2018-2.

The preliminary ratings reflect:

-- The credit risk of the underlying collateral portfolio and
    the credit support provided to each class of notes are
    commensurate with the preliminary ratings assigned. Credit
    support is provided by subordination and lenders' mortgage
    insurance (LMI) cover for 11.3% of the collateral portfolio.
    The credit support provided to the rated notes is sufficient
    to cover the assumed losses at the applicable rating stress.
    The assessment of credit risk takes into account National
    Australia Bank Ltd. (NAB)'s underwriting standards and
    approval process, which are consistent with industry-wide
    practices, the servicing quality of NAB, and the support
    provided by the LMI policies on 11.3% of the portfolio.

-- The rated notes can meet timely payment of interest, and
    ultimate payment of principal under the rating stresses. Key
    rating factors are the level of subordination provided, the
    LMI cover, the interest-rate swaps, the principal draw
    function, the provision of a liquidity facility, and the
    provision of an extraordinary expense reserve. S&P's analysis
    is on the basis that the notes are fully redeemed by their
    legal final maturity date and we do not assume the notes are
    called at or beyond the call date.

-- S&P's preliminary ratings also take into account the
    counterparty exposure to NAB as interest-rate swap provider,
    liquidity facility provider, and bank account provider.
    Interest-rate risk between any fixed-rate mortgage loans and
    the floating-rate obligations on the notes will be
    appropriately hedged via interest-rate swaps These
    counterparty exposures meet S&P Global Ratings' counterparty
    criteria.

-- S&P also has factored into its preliminary ratings the legal
    structure of the issuer, which is established as a special-
    purpose entity and meets its criteria for insolvency
    remoteness.

  PRELIMINARY RATINGS ASSIGNED

  National RMBS Trust 2018-2 Series 2018-2

  Class     Rating       Amount (mil. AUD)
  A1-A      AAA (sf)     750.0
  A1-B      AAA (sf)     750.0
  A2        AAA (sf)      65.3
  B         AA (sf)       29.30
  C         A (sf)        16.30
  D         BBB (sf)       6.5
  E         BB (sf)        6.5
  F         NR             6.55
  NR--Not rated.


RHI INDUSTRIES: First Creditors' Meeting Set for Dec. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of RHI
Industries Pty Ltd will be held at Level 7, 61-73 Sturt Street,
in Townsville, Queensland, on Dec. 18, 2018, at 11:00 a.m.

Dennis Offermans and Michael Brennan of Offermans Partners were
appointed as administrators of RHI Industries on Dec. 6, 2018.


SECURE INTELLIGENCE: First Creditors' Meeting Set for Dec. 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Secure
Intelligence Solar Pty Ltd will be held at the offices of O'Brien
Palmer, at Suite 1, Level 9, 66 Clarence Street, in Sydney, NSW,
on Dec. 18, 2018, at 11:00 a.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Secure Intelligence on Dec. 6, 2018.


THRIVE COLLECTIVE: First Creditors' Meeting Set for Dec. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Thrive
Collective Pty Ltd, trading as Thr1ve and Thrive Collective, will
be held at the offices of KordaMentha, at Level 5 Chifley Tower,
2 Chifley Square, in Sydney, NSW, on Dec. 19, 2018, at 10:00 a.m.

Rahul Goyal and Scott Langdon of KordaMentha were appointed as
administrators of Thrive Collective on Dec. 9, 2018.



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


AGARWAL RUBBER: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Agarwal Rubber
Limited's (ARL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based working capital limit downgraded with
    IND BB+/Stable/IND A4+ rating; and

-- INR330 mil. (reduced from INR360 mil.) Non-fund-based working
    capital limit downgraded with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects Ind-Ra's expectation of deterioration in
ARL's credit profile on account of fire accidents in January and
April 2018 at its warehouse and factory, respectively. Despite
the January fire accident, ARL's revenue increased to INR1,805
million in FY18 (FY17: INR1,678 million, FY16: INR1,957 million)
on account of an increase in realization from export market. The
April fire accident resulted in stoppage of production for some
time and is likely to lead a decline in revenue in FY19. During
1HFY19, ARL achieved revenue of INR800.8 million. As on 2
November 2018, it had an order book of around INR539.2 million,
to be completed by FYE19.

In FY18, EBITDA margin (excluding insurance claim under operating
income) was weak at 3.5% (FY17: 10.2%, FY16: 8.3%) with return on
capital employed of 1% led by significant reduction in EBIT. Ind-
Ra expects the EBITDA margin to continue to decline in FY19 on
account of an increase in operating expenses.

The ratings are also constrained by ARL's modest credit metrics
as indicated by net leverage (total adjusted net debt/operating
EBITDAR) of 11.6x in FY18 (FY17: 3.8x) and interest coverage
(operating EBITDA/gross interest expense) of 0.79x (2.46x). The
deterioration in the credit metrics was on account of a reduction
in absolute EBITDA to INR63 million in FY18 (FY17: INR172
million). Ind-Ra believes the credit metrics are likely to remain
elevated in the near term on the back of high debt (including
guaranteed debt).

The ratings continue to reflect the company's stretched working
capital cycle and tight liquidity position. The working capital
cycle elongated to 188 days in FY18 (FY17: 171 days) on account
of long debtor (FY18: 150 days, FY17: 114 days) and inventor
holding period (129 days, 131 days). ARL recorded INR164.9
million of insurance claims pertaining to the January 2018 fire
as receivables. The company had a credit period of 91 days in
FY18 (FY17: 74 days).

ARL's average maximum utilization of working capital limits was
98% over the 12 months ended October 2018. Cash flow from
operations turned negative to INR54 million in FY18 from positive
INR107 million in FY17 on account of the significant reduction in
absolute EBITDA and stretched working capital cycle. The company
has debt repayment of INR28.48 million falling due in FY19, which
will be serviced through promoter funds. Cash flow from
operations remained negative on account of the reduction in
absolute EBITDA. Ind-Ra believes timely receipt of insurance
claim will be a key to improving the company's liquidity profile.

The ratings, however, are supported by ARL's promoters' more than
three decades of experience in manufacturing tires and tubes.

The ratings also benefit from the company's diversified
geographical presence as it caters to both domestic and export
markets. Both the markets contribute equally to ARL's revenue,
thereby helping it to withstand any slowdown in either of the
markets.

RATING SENSITIVITIES

Positive: Increase in revenue and profitability margins along
with timely receipt of insurance claim, leading to an improvement
in the credit metrics and liquidity position, all on a sustained
basis, will lead to a positive rating action.

Negative: A decline in the revenue and EBITDA margin, leading to
deterioration in the credit metrics and a stretch in the
liquidity position, all on a sustained basis, will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1983, ARL manufactures and sells tires and tubes.
Its manufacturing unit is in Patancheru, Medak District, near
Hyderabad. The company sells its products under the brand names,
ARL and Maruti.


AIKYA CHEMICALS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aikya
Chemicals Pvt Ltd.'s (ACPL) Long-Term Issuer Rating to 'IND B+'
from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based limit downgraded with IND B+/Stable
    rating;

-- INR78.7 mil. (reduced from INR95.85 mil.) Long-term loan due
    on March 2025 downgraded with IND B+/Stable rating; and

-- INR10 mil. Non-fund-based limits downgraded with IND A4
    rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in ACPL's credit profile as
it reported an EBITDA loss of INR25.92 million in FY18 compared
with a profit of INR32.09 million in FY17, owing to high raw
material costs and poor market conditions. The company's return
on capital employed was negative 12% in FY18. Despite an increase
in revenue to INR108 million in FY18 (FY17: INR88.76 million),
the scale of operations remained small. The growth in revenue was
because of receipt of higher orders. As of November 2018, the
company achieved revenue of INR49.71 million.

The ratings are further constrained by ACPL's tight liquidity
position as reflected by 94% average utilization of its working
capital limits during the 12 months ended October 2018. Moreover,
delays in commencement of commercial production at its ferric
chloride plant due to absence of a strong customer base, impacted
the company's cash flow from operations (FY18: negative INR48.68
million, FY17: negative INR8.24 million). At FYE18, it had a cash
balance of INR0.64 million.

However, the ratings are supported by the company's raw material
tie-up with Gujarat Minerals Development Corporation Ltd, a state
government entity which also holds stake in ACPL.

RATING SENSITIVITIES

Positive: An improvement in the operating margin leading to an
improvement in the entire credit metrics on a sustained basis
will be positive for the ratings.

Negative: Deterioration in the revenue and or liquidity position
on a sustained basis will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2011 by Sanjay Shah, ACPL manufactures manganese
sulphate at its unit in Vadodara, which has an annual production
capacity of 18,000 metric tons.


ARIHANT METALS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arihant
Metals (Jodhpur) (AMJ) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Standby Line            1.8      CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AMJ for obtaining
information through letters and emails dated September 28, 2018,
October 26, 2018 and October 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Set up by Mr Padam Raj Abani in 1993, AMJ is a proprietorship
manufacturing stainless steel sheets, used to manufacture
utensils, kitchenware and pipes, at its facility in Jodhpur.
Operations are managed by Mr Abani and his sons, Mr. Pankaj Abani
and Mr Gaurav Abani.


BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR12.90cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bansal Extraction and Exports Private Limited (BEEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          12.90       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           3.00       CARE A4 Reaffirmed

   Long Term/Short
   Term Bank
   Facilities          45.00       CARE B+; Stable/CARE A4
                                   Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BEEPL continue to
remain constrained on account of its thin profitability and
modest gross cash accruals, high leverage and modest debt
coverage indicators. The ratings are further constrained by
BEEPL's working capital intensive operations, its presence in a
highly fragmented and competitive domestic edible oil industry
and vulnerability of its profitability to volatile agro-commodity
prices.

The ratings, however, favorably factor in the experience of the
promoter group in diverse businesses, growth in scale of
operations during FY18 (refers to the period April 1 to March 31)
and steady growth prospects for the edible oil industry in India.

BEEPL's ability to improve its profitability by increasing the
share of value-added products in its sales mix and efficiently
manage the volatile raw material prices along with improvement in
the capital structure would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin profitability and modest gross cash accruals: BEEPL's
profitability remains thin with competitive soya extraction
industry and volatile raw material prices. During FY18, PBILDT
margin of the company declined by 177 basis points to 2.41% due
to discontinuation of sales tax subsidy after implementation of
GST; albeit improved marginally to over 3% during H1FY19. Thin
profitability results in modest gross cash accruals of below INR2
crore, which results into the company's dependence on its
promoters for debt servicing.

Leveraged capital structure with modest debt coverage indicators:
BEEPL's capital structure continued to remain leveraged, marked
by overall gearing of 2.34x as on as on March 31, 2018 (2.44x as
on March 31, 2017). The debt coverage indicators also remained
modest with a total debt to GCA of over 40x in FY18. Moreover,
the debt servicing has been supported through infusion of funds
from related parties (mainly Bansal Construction Works Private
Limited rated: CARE BBB; Stable/CARE A3).

Working capital intensive nature of operations with modest
liquidity: BEEPL's business is working-capital intensive in
nature as the company is required to stock the raw-material
inventory during the peak season of soya bean seeds, as indicated
by a long operating cycle of over 70-90 days . Hence, fund-based
working capital limits remained highly utilized. Liquidity
remains modest due to high working capital intensity and modest
cash accruals.

Presence in a competitive and fragmented industry with inherent
risk associated with volatility in prices of agro commodities:
The soya business in India is characterized by a high degree of
competition, resulting from high fragmentation due to the low
entry barriers and low capital intensity of the business. Thus,
profitability is inherently thin and is further exposed to
movement in prices of soybean seeds, soya refined oil and other
substitute edible oils. Further, the prices are also governed by
the demand-supply dynamics, weather conditions and other
government incentives like minimum support price (MSP).

Key Rating Strength

Experienced management having presence in diversified business
segments: The promoters of BEEPL, Mr. Anil Bansal and Mr. Sunil
Bansal, have over 20 years of business experience in varied
industries like construction, education and iron & steel. At
BEEPL, the management is also supported by well qualified
professionals who possess requisite experience in the soyabean
value chain. The promoters are engaged in diversified business
activities in the region for over three decades and enjoy a good
reputation in Madhya Pradesh. The promoter group entities have
infused need based funds in BEEPL owing to its low cash accruals.

Growth in scale of operations: BEEPL's total operating income
(TOI) grew by 30% y-o-y during FY18 to INR325.44 crore from
INR250.58 crore and by 21.6% y-o-y in H1FY19 to INR106.74 crore
mainly on account of volume backed growth of deoiled cake (DOC)
and refined oil sales.

Incorporated in May 2009, BEEPL is a part of Bansal Group of
Bhopal which has diversified business operations across sectors
like construction, iron and steel, media, education and solvent
extraction & refining (soybean). BEEPL is engaged in the business
of soya oil extraction and refining and its key products include
soya de-oiled cake and Soya Refined oil, soya nuggets, soya
flour, lecithin and acid oil. BEEPL's manufacturing facility,
located in Bhopal, has an installed capacity of 750 Metric Tonnes
per Day (MTPD) for solvent extraction and 125 MTPD for oil
refining and processing. The company sells its soya products
under the brand name of 'Bansal'.


BHARAT WIRE: CARE Lowers Rating on INR385cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bharat Wire Ropes Ltd, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      385.00     CARE D; Issuer Not Cooperating,
   Facilities                     Revised from CARE BB+; Stable;
                                  ISSUER NOT COOPERATING on the
                                  basis of best available
                                  information

   Short term Bank      65.00     CARE D; Issuer Not Cooperating,
   Facilities                     Revised from CARE A4+; ISSUER
                                  NOT COOPERATING on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Bharat Wire Ropes Ltd to
monitor the rating(s) vide e-mail communications dated January
15, 2018, January 23, 2018, January 24, 2018, January 25, 2018,
January 29, 2018, January 30, 2018, January 31, 2018, February 1,
2018, February 2, 2018, February 5, 2018, February 6, 2018,
February 14, 2018, February 15, 2018, February 19, 2018, February
20, 2018, February 21, 2018, March 3, 2018, April 3, 2018, May 3,
2018, June 4, 2018, July 2, 2018, August 1, 2018, September 3,
2018, October 1, 2018, November 1, 2018, November 15, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company 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 Bharat Wire
Ropes Ltd's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING/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 ratings have been revised from CARE BB+; Stable; ISSUER NOT
COOPERATING/ CARE A4+; ISSUER NOT COOPERATING to CARE D; ISSUER
NOT COOPERATING/CARE D; ISSUER NOT COOPERATING on account of
delay in servicing of the term loans.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: There have been ongoing
delays in servicing of term loans on account of weakened
liquidity and cash losses during H1FY19.

BWRL is engaged in manufacturing of variety of wire strands, wire
ropes and slings of various sizes and dimensions ranging from 6
mm-125 mm diameter. The company has its facility located at
Atgaon with installed capacity of 12000 MTPA (metric tonnes per
annum). Further BWRL has commenced commercial production on March
22, 2017 at its Chalisgaon factory which has an installed
capacity of 66,000 MTPA. The wire ropes are manufactured in
galvanized as well as ungalvanised carbon steel variants,
stainless steel wire ropes. The Company has a diverse product mix
which includes Mechanically Spliced Slings, Hand Spliced Slings,
Earth Wires, Stay Wires, Guy Wires, Spiral Strands, General
Purpose Ropes, Fishing Ropes, Crane Ropes, Structural Ropes,
Elevator Ropes, Mining Ropes, Oil & Gas Ropes & Shipping Ropes.
The products find application in different industries including
oil & gas, mining, fishing, ports & marine, elevator, power
transmission, railways, construction, infrastructure, defence,
crane manufacturers, among others.


CARAVEL LOGISTICS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Caravel
Logistics Private Limited's (CLPL) Long-Term Issuer Rating to
'IND D' from 'IND B-'. Simultaneously, Ind-Ra has reassigned CLPL
a Long-Term Issuer Rating of 'IND C'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR96 mil. (reduced from INR104 mil.) Fund-based working
    capital limits downgraded and reassigned with IND C/IND A4*
    rating; and

-- INR15 mil. Non-fund-based working capital limits downgraded
    and reassigned with IND C/IND A4* rating.

* Reassigned 'IND C'/'IND A4' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects CLPL's overutilization of the fund-based
working capital limits during December 2017 for more than 30 days
due to a tight liquidity position.

The reassignment of an 'IND C' Long-Term Issuer Rating reflects
continuation of tight liquidity position with multiple instances
of overutilization of the fund-based facilities for less than 30
days during the 10 months ended October 2018, led by high working
capital requirements.

The ratings also factor in a sustained decline in CLPL's revenue
due to discontinuation of operations in certain locations. As per
FY18 provisional financials, revenue fell to INR861 million
(FY17: INR1,210 million). Despite the revenue decline, the
company posted an EBITDA profit of INR25 million in FY18, as
against a loss of INR175 million in FY17 on account of a
significant reduction in lease rentals by returning a significant
number of containers. The credit metrics remained weak with
interest coverage (operating EBITDA/gross interest expense) of
0.8x and net leverage (total adjusted net debt/operating EBITDAR)
of 8.5x on account of high debt levels and low EBITDA. The
company's return on capital employed was negative 4% in FY18 and
margins were weak at 2.9%. Cash flow from operations was negative
in FY18 (FY17: positive INR66 million).

RATING SENSITIVITIES

Positive: An improvement in the liquidity position would lead to
a positive rating action.

COMPANY PROFILE

CLPL was started by Mr. C. Jayakrishnan and Mr. Saju Chacko in
1994. The company's equity is equally owned by the two promoters.
BTS India Private Equity Fund invested INR250.0 million in CLPL
in July 2009 in the form of compulsorily convertible preference
shares.

CLPL provides ocean freight logistics and value-added services
for container cargo movements. The company's main area of
operations is non-vessel operating common carriers, freight
forwarding, multi-modal transport operations (handles domestic
transport) and customs house agency services.


CELEBRITY CORPORATE: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Celebrity
Corporate Club (CCC) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              1         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

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

Set up in 2010 by Mr Kangeyan, CCC runs a club in Chennai which
has three branches in Tamil Nadu.


CHALLA CHLORIDES: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Challa
Chlorides Private Limited (CCPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

   Long Term Loan        2.43      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.57      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

CCPL was incorporated in 1994 and is promoted by Mr C.R.K.
Chowdhary and Mr. C Karuna Sree. Based in Telangana it
manufactures bulk drugs.


CORPORATE FASHION: CRISIL Lowers Rating on INR6.54cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Corporate Fashion Private Limited (CFPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.54       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit      1.25       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Long Term Loan        1.31       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Standby Letter        0.90       CRISIL D (Downgraded from
   of Credit                        'CRISIL BB-/Stable')

The downgrade reflects delay in debt servicing, due to weak
liquidity on account of stretched working capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing debt: Payment of interest and repayment of
debt have been delayed due to weak liquidity. The cash credit
limit continue to be over-utilised even after its enhancement in
current fiscal. This is on account of high working capital
requirements due to stretched receivables.

* Below-average financial risk profile: The networth was small
and the total outside liabilities to tangible networth ratio
high, estimated at INR4.94 crore and 3.10 times, respectively, as
on March 31, 2018.

Strength:

* Extensive industry experience of the promoters and their
funding support: The promoters have an experience of around two
decades in the textile industry; this has enabled them to
establish a strong relationship with customers and suppliers.
Benefits from their experience should continue.

CFPL was incorporated in fiscal 2011, promoted by Mr Prateek
Sharma, Mr Vijay Pal Singh, and Mr Prakash Jat. The company,
based in Bhilwara, Rajasthan, manufactures readymade garments,
mainly trousers for men, and also trades in fabric and readymade
garments. Commercial operations began in 2014.


GAUTAM TRADING: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gautam Trading
Company'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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR18.8 mil. Term loan due on December 2020 migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gautam Trading Company is a proprietorship firm, involved in the
trading of whole spices, oil seeds and agro commodities.


GEORGE MAIJO: Ind-Ra Raises Long Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/S George Maijo
Industries Private Limited's (Maijo) Long-Term Issuer Rating to
'IND BB' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR315.7 mil. Term loan due on March 2033 assigned with
    IND BB/Stable rating;

-- INR105 mil. (increased from INR100 mil.) Fund based
    facilities Long-term rating upgraded; Short-term rating
    affirmed with IND BB/Stable/IND A4+ rating;

-- INR185 mil. Non fund based facilities assigned with IND A4+
    rating; and

-- INR70 mil. Proposed fund based facilities* assigned with
    Provisional IND BB/Stable/Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The upgrade reflects Maijo's improvement in the liquidity
position to comfortable from weak levels and also in the scale of
operations to medium from small levels. The company's average
peak utilization of the fund-based working capital limits was
around 65% for the 12 months ended October 2018. As of October
2018, the company had unutilized credit lines of INR12 million, a
cash balance of INR12.8 million, a restricted cash balance of
INR19.9 million and an outstanding term loan of INR315.7 million
that will be repaid fully by March 2033. Revenue grew at a CAGR
of 10.12% over FY14-FY18, on account of diversification into
other divisions and was INR1,294 million in FY18 (FY17: INR1,117
million). The company has already booked revenue of INR711
million in 7MFY19. FY18 are provisional in nature.

The ratings factor in the fall in Maijo's EBITDA margins to 4.7%
in FY18 over the years (FY17: 4.3%; FY16: 7.2%), on account of
the diversifications and changes in the product mix. In FY18, the
margin was modest at 4.7% and return on capital employed was 12%.

Also, the credit metrics remain moderate with interest coverage
(operating EBITDA/gross interest expense) at 1.5.x in FY18 (FY17:
1.2x) and net leverage (adjusted net debt/operating EBITDAR) at
5.0x (5.4x). The slight improvement in the metrics has resulted
from an increase in absolute EBITDA to INR60 million in FY18
(FY17: INR49 million).

The ratings however are supported by the company's promoter's
over five decades of experience in the distribution of Yamaha
Motor Co. Ltd.'s products.

RATING SENSITIVITIES

Positive: An improvement in the profitability while maintaining
the scale of operations and liquidity position leading to an
improvement in the credit metrics on a sustained basis could be
positive for the ratings.

Negative: A substantial decline in the profitability leading to
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

Maijo was incorporated in 1962 by late Mr. T.M. Joseph. Maijo is
the sole distributor of the marine engines, water vehicles and
boats manufactured by Yamaha Motor Co. in India. The company has
two showrooms located in Kerala and is also engaged in the
trading of agri, marine, power transmission and auto products and
components.


HYT INOVATIVE: CARE Assigns B+ Rating to INR3.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of HYT
Inovative Projects Private Limited (HIPPL), as:

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

   Short-term Bank
   Facilities         11.00        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities ratings of HIPPL are
constrained on account of small scale of operation, weak
financial risk profile during FY18 (refers to the period April 1
to March 31) marked by thin profit margins, and working capital
intensive nature of operations due to elongated operating cycle.
The rating derives strengths from long track record and
experience of the promoters, reputed clientele with presence in
niche segment and improved order book position providing medium
term revenue visibility.

The ability of the company to increase scale of operations,
profit margins and debt coverage indicators and manage working
capital cycle efficiently while timely realize long standing dues
from customers are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations of the company, financial Risk Profile
marked by low profitability, below average debt coverage
indicators: The gross sale is at INR10.05 crore in FY18 over
INR6.04 crore in FY17. During FY18 TOI was INR8.80 crore (P.Y:
5.67 crore). FY18 witnessed a Y-o-Y growth of 35.56% as compared
to de-growth of 19.23% in FY17. PBILDT margins improved over the
previous year and stood at 19.46% (P.Y.: 11.15%) on account of
increase in sales in FY18. The company has come out of the losses
in the past, PAT level improved and stood at INR0.10 crore in
FY18vis-Ö-vis loss of INR0.97 crore respectively in FY17. The
company recorded losses during FY17 against 1.16% during FY18.
The total debt stood at INR4.40 crore as on March 31, 2018. The
overall gearing stood at 0.12x times as compared to 0.09x times
on March 31, 2017. Gross Cash Accruals (GCA) of HIIPL improved
and stood at INR1.05 crores in FY18 against -INR0.16 crores in
FY17, which is mainly due to improved sales in turn strengthening
the PAT on account of execution of the orders. The interest
coverage ratio has improved substantially from 2.77x in FY18 from
0.79x in FY17.

Concentration risk in revenue and order book: HECPL has customer
concentration risk as the revenue is majorly from defence sector.

Working Capital Intensive nature of operation: HIIPL's business
is order driven wherein order execution normally has elongated
execution period. Thus, the long duration of the contracts
necessitates high working capital requirement for HIPPL. The
working capital utilization has remained at 45.65% over the past
12 months. The working capital cycle is currently at 496 days.
Key Rating Strengths Experienced promoters and long track record
of operations HIPPL was formed by Mr.Bhojraj Teli in October
2001. Mr. Bhojraj Teli, aged 65 years, has completed BE
(Mechanical) degree and is a technocrat having more than three
decades of experience in business of engineering and capital
goods. Mr. Teli is currently Managing Director of HYT Engineering
Company Private Limited (HECPL) rated CARE BBB-; Stable/CARE A3.

Established relationship with reputed clientele with presence in
niche segment: HIPPL has an established customer base which
includes clientele like Indian Rare Earths Limited, Larsen and
Toubro Ltd, Bharat Dynamics Limited, Bhabha Atomic Research
Center and various Defense departments like Ordinance Factory,
Department of Atomic Energy and Armament Research Development as
it caters to the specific segment of component manufacturing for
defense.

Strong order book position giving medium term revenue visibility:
HIPPL's order book (OB) position stood at INR21.38 crore as on
August 31, 2018 i.e. 3.77x of FY17 TOI ,indicating healthy number
of projects and manufacturing orders to be executed till the end
of FY19, providing short to medium term revenue visibility for
the company.

Pune based HYT Inovative Projects Private Limited (HIPPL) was
established in the year 2001 promoted by Mr. Bhojraj Teli. The
company is part of the HYT group companies. The company is
engaged in manufacturing components for the defense sector i.e.
flow formed tubes which are used in a wide range of defense
systems such as missiles and nuclear reactors. The company is
involved in manufacturing of high level precision instruments.


ICA EDU: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ICA Edu Skills
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 these ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR215 mil. Non-fund-based limit migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1999 by Narendra Kumar Shyamsukha, ICA Edu Skills is a
vocational training institute, specializing in computer training
of accounts and finance.


KHANDAKA SONS: CARE Lowers Rating on INR6cr Long-Term Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Khandaka Sons Jewellers (KSJ), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key rating Drivers

The revision in the rating of KSJ) takes into account overdrawing
in the cash credit account for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous overdrawing in the cash credit account: As per banker
interaction, there is continuous overdrawing in the cash credit
account for more than 30 days owing to stressed liquidity
position.

Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed
in April, 2015 by Mr. Kuber Kumar Khandaka and Mrs. Alka Khandaka
as a partnership firm to share profit or loss in equal ratio. KSJ
is engaged in the business of manufacturing and retailing of
gold, diamond and platinum hallmark jewellery. The firm offers
wide range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles, colour stones and medallions.


NARENDRANATH AGENCY: CARE Puts B+ INR7cr Loan Rating in Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Narendranath Agency, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.00      CARE B+; ISSUER NOT COOPERATING
   Facilities                     Revised from BB-; Issuer not
                                  cooperating; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Narendranath Agency to
monitor the rating vide e-mail communications/letters dated
November 8, 2018, November 12, 2018, November 15, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the rating. 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 Narendranath
Agency's bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING. However, banker could not be contacted.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners: The partner (Mr. Basudev Gupta) is having
more than seven years of experience in this line of business.
Prior to setting up of this firm, he was working as a placement
consultant in The Indian Institute of Planning & Management. He
looks after the overall management of the firm, with adequate
support from other partners Mrs. Nabanita Gupta (aged about 31
years, MA) and Mrs. Arpana Rani Gupta (aged about 57 years,
Graduate), having experience of more than 7 years in the same
business and a team of personnel.

Key Rating Weaknesses

Constitution being a partnership firm: Narendranath Agency, being
a partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Furthermore, partnership firms have restricted access
to external borrowing as credit worthiness of partners would be
the key factors affecting credit decision for the lenders.

Inherently low margin business due to trading nature of operation
& pricing constraints coupled with intense competition: The
distributorship business makes the industry highly fragmented,
with numerous players operating in the unorganized sector with
very less service differentiation. There are several small scale
distributors which are involved in distributorship business.

Working capital intensive nature of the business: Due to the
trading nature of operations, entity's business is working
capital intensive, because of the firm keeps approximately 22-32
days of stock which is procured from manufacturers and receives
average credit period of around 2 to 10 days. Furthermore, the
firm extends a credit period of around 10 to 20 days to its
wholesalers/retailers.

M/s. Narendranath Agency (NNA) was set up as a partnership firm
in the year 2009 by Gupta family of Burdwan, West Bengal. The
firm is engaged in distribution of consumer goods, like soap,
oil, shampoo, etc., food items like biscuits, health drink,
chocolates, confectioneries, milk, etc. of Hindustan Unilever
Ltd. (HUL), Johnson & Johnson Pvt. Ltd. (J&J), GlaxoSmithKline
Consumer Healthcare Ltd. (GSK), Colgate-Palmolive (India) Ltd.
(CIL) & Gujarat Co-operative Milk Marketing Federation Ltd
(GMFL).


OM ESHA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Om Esha Agro
Products Private Limited (OEAPPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital limit assigned with
    IND B+/Stable rating; and

-- INR103.44 mil. Term loan due on January 2024 assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect OEAPPL's short operational track record as it
began operations in January 2017. FY18 was the first full year of
operations. The company's scale of operations was small as
indicated by revenue of INR715 million in FY18. During 1HFY19,
the company reported revenue of INR590 million.

Its return on capital employed was negative 12% and EBITDA
margins were modest at 2.8% in FY18.

The ratings are also constrained by OEAPPL's modest credit
metrics as indicated by interest coverage (operating EBITDA/gross
interest expense) of 1.4x and net leverage (total adjusted net
debt/operating EBITDAR) of 13.7x in FY18.

The ratings also factor in the company's presence in a highly
regulated and competitive agri industry.

However, the ratings benefit from OEAPPL's comfortable liquidity
position as indicated by 78% average utilization of its working
capital limits during the 12 months ended November 2018. OEAPPL
had a net cash cycle of 56 days and cash flow from operations was
negative INR74.62 million in FY18. At FYE18, it had a cash
balance of INR1.28 million.

The ratings are also supported by the founder-promoter's
experience of more than two decades in the rice processing
business.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in the scale of operations along with an improvement
in the credit metrics on a sustained basis.

Negative: A negative rating action may result from a decline in
the scale of operations along with deterioration in the credit
metrics, all on a sustained basis.

COMPANY PROFILE

Incorporated in 2015, OEAPPL is engaged in the trading of basmati
and non-basmati rice, and processing of parboiled rice. Nitin
Krishna and Nishant Krishna are the directors.


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

The instrument-wise rating actions are:

-- INR46 mil. Term loan due on March 2022 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR80 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 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
December 11, 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 July 2008, PP Pandey Infrastructure is engaged in
construction of roads and other allied works.


PRASHANTH POULTRY: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Prashanth Poultry
Private Limited (PPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.45       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       10.77       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         3.00       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Long Term     .78       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PPPL, set up in 2005, and promoted by Mr. V Bhaskar Rao and his
family is in the poultry business; it produces eggs at its unit
in Mahbubnagar, Andhra Pradesh.


PV KNIT: CRISIL Lowers Rating on INR4.5cr Packing Loan to D
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of PV Knit
Fashions (PVF) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' as there have
been delays in servicing debt.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .15        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Bill Discounting     3.00        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Long Term Loan       1.5         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Packing Credit       4.5         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long       0.85         CRISIL D (ISSUER NOT
   Term Bank Loan                   COOPERATING; Downgraded from
   Facility                         'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PVF for obtaining
information through letters and emails dated April 26, 2018,
May 14, 2018 and May 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on best available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' as there have
been delays in servicing debt.

Established in 1989 by Mr. Raamasamy as a partnership firm in
Tiruppur, Tamil Nadu, PVF manufactures and exports knitted
garments. It undertakes knitting, printing, cutting, sticking,
and packaging in-house.


RAGHURAJ EXPORTS: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Raghuraj Exports
Private Limited (RRE) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.3        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            10.0        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RRE for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RRE was incorporated in 2012 and is managed by Mr. Ganesh Rana.
The company manufactures ready-made garments and made-ups at its
manufacturing unit in Jaipur, Rajasthan.


RAGHUVIR GINNING: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Raghuvir Ginning
Factory (RGF) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RGF for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2008, RGF is a partnership firm in the business
of cotton ginning and pressing. Its plant is situated in Talaja
(Gujarat).


RAJANI GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Rajani Ginning and
Pressing Factory (RGPF) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          16        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with RGPF for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2006 as a partnership firm, RGPF gins and presses raw
cotton. Its ginning unit is in Adilabad, Telangana. Mr.
Jamaluddin Rajani, Mr. Kamaluddin Rajani, and Mr. Aziz Rajani are
the firm's partners.


RAJLAXMI AGRO: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rajlaxmi
Agro Processors Private Limited (RAPPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.00      CARE B+; Issuer not cooperating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RAPPL to monitor the
rating vide email communications/letters dated November 8, 2018,
November 12, 2018, November 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. 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 RAPPL's bank facilities will now be denoted
as CARE B+; ISSUER NOT COOPERATING.

The rating takes into account its Volatile agro-commodity (rice)
prices with linkages to vagaries of the monsoon, Regulated nature
of the industry and intensely competitive nature of the industry
with presence of many unorganized players. Moreover, the rating
continues to derive strengths by its experienced promoters,
locational advantage of the proposed unit and increasing demand
of rice and rice bran.

Detailed description of the key rating drivers

Key Rating Weaknesses

Volatile agro-commodity (rice) prices with linkages to vagaries
of the monsoon: Rice 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 output is highly
dependent on the monsoon. Unpredictable weather conditions
could affect the domestic output and result in volatility in
price of rice. 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 has been increased to
INR1,750/quintal in 2018-19 (as mentioned by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) 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.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice 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. Murshidabad and
nearby districts of West Bengal are a 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 promoters: The company is managed by Mr. Mrinal Kanti
Das, Director, with the help of the other director Mrs. Sujata
Das. He has around a decade of experience in rice milling and
trading business.

Locational advantage of the unit: The proposed milling unit of
RLAP is located at Murshidabad district of West Bengal which is a
paddy growing region in eastern India resulting in lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices.

Increasing demand of rice and rice bran: 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.

Rajlaxmi Agro Processor Pvt Ltd (RLAP) was incorporated during
March 2014 to initiate a rice milling unit at Murshidabad
in West Bengal. The area and the surrounding districts are
important agricultural and commercial areas in West Bengal
where availability of paddy and demand of rice and related
products are increasing.

The day-to-day affairs of the company are looked after by Mr
Mrinal Kanti Das along with other director Mrs Sujata Das
(wife of Mr. Mrinal Kanti Das) and a team of experienced
personnel.


REAL AGROTECH: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Real Agrotech
Industries (RAI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.33      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RAI for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

RAI, a partnership firm set up in 2013 by the Patel family of
Bavla, Gujarat, processes rice of the non-basmati variety. It
began commercial operations in December 2013.


REDHU FARMS: CRISIL Withdraws D Rating on INR21cr Cash Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Redhu
Farms Private Limited (RFPL; part of the Redhu group) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            21       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan               2.69    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RFPL for obtaining
information through letters and emails dated February 28, 2018
and August 31, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RFPL. This restricts CRISIL's
ability to take a forward RFPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of RFPL
continues to be 'CRISIL D Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of RFPL
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

RFPL (incorporated in 1997) and RHPL (1992) are engaged in
poultry farming. The Redhu group sells day-old chicks, eggs, and
culls, and trades in poultry feed. The group entered the broiler
business in 2008-09. The hatchery units and broiler farms are at
Jind (Haryana) and near Pilani (Rajasthan).


RISHAB APPAREL: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Rishab Apparel
Private Limited (RAPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           22.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RAPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Promoted in 1999 by the Mumbai-based Jain family, RAPL trades in
blended polyester and cotton fabric, and manufactures garments;
the trading activity accounts for a majority of the revenue.


ROYAL FOODSTUFFS: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Royal Foodstuffs
Private Limited (RFPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            0.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing         2.5       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Long Term Loan        10.91      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility      .09      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RFPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Incorporated in 2001, RFPL is engaged in the business of
processing and marketing fruit pulps and vegetable both into
domestic and international markets. The company derives around 60
per cent of its revenues from sale of mango pulp, around 40 per
cent from sale of pomegranate juice and the remaining from other
fruits and vegetables.


RUIA CHEMICALS: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Ruia Chemicals
Private Limited (RCPL) continues to be 'CRISIL B-/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Letter Of Guarantee    1.11      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       0.20      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.69      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of RCPL, continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 1976, RCPL manufactures unsaturated polyester
resin. The operation is managed by promoterdirectors Mr. Prateek
Ruia, Mr. Bimal Kumar Ruia, Mr. Basant Kumar Ruia, and Mr.
Sitaram Ruia and has a current manufacturing capacity of 3600
TPA. The company also manufactures super-plasticizers
(polycarboxylate ethers) and ERP pipes and tanks.


SAMBARI ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Sambari Enterprises
(SE) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

SE, established in 1983 by Mr. Jyotindra Sambari and his father,
Mr. Gajanand Sambari, is a Goa-based firm that distributes drugs
of different Indian pharmaceutical companies to all major
hospitals and government institutions and retailers in Goa.


SHIKHAR PRINTERS: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shikhar Printers &
Publisher (SPP) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3.8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     2.25        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SPP for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SPP is a proprietorship firm set up in 2005 in Jhansi, by Mr.
Vikash Jain. It prints text books, work books, question papers,
brochures, pamphlets, magazines, application forms, and bank
forms, among other products.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COPERATING) rating;

-- INR100 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR50 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND BB (ISSUER
    NOT COOPERATING)/Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 6, 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 March 2011, Shivam Infra-Tech executes
engineering, procurement and construction contracts for civil,
drinking water, road, constructions, canal development and other
infrastructure projects.


SHREE HANUMAN: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Hanuman
Mosaic And Marble (SHM) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

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

   Proposed Long Term     0.16      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               .84      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SHM for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odishabased
Ms. Epari Rekha, and its operations are managed by her husband
Mr. Epari Bhadrachalam, who has experience of over two decades in
this line of business.


SIDDHIVINAYAK GINNING: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Siddhivinayak
Ginning Pressing (SGP) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

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

   Term Loan               2.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SGP for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SGP was set up in 2012 as a partnership firm by Mr. Ashok M
Agrawal, Mr. Sunil M Agrawal, Mr. Pankaj Subhash Agrawal, Mr.
Pawan Subhash Agrawal, and Mr. Piyush Ashok Agrawal. The firm
gins and presses cotton at its unit at Chopda in Jalgaon. It
began commercial operations in October 2012 and operations are
managed by Mr. Pawan Subhash Agrawal.


VL FARMS: CARE Assigns D Rating to INR6.37cr LT Bank Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VL
Farms (VLF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.37       CARE D Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of VLF are tempered by
on-going delays in debt servicing obligations, small scale of
operations with fluctuating total operating income during the
review period, Moderate capital structure and weak debt coverage
indicators, Working capital intensive nature of operations,
Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw material
price movements, Vulnerability of the industry's performance to
outbreaks of flu and other diseases and constitution of the
entity as a partnership firm with inherent risk of withdrawal of
capital. The rating however derives its strength from the long
track record of and experience of promoters in poultry industry,
and stable demand outlook of poultry products and liquidity
analysis.

Going forward, the firm's ability to ability of the firm to
increase its scale of operations and improve profitability
margins in competitive environment and the ability of the firm to
manage working capital requirements efficiently and improve its
capital structure and debt coverage indicators.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations: The firm has
ongoing delays by over 30 days in working capital term loan
installment repayments along with servicing of interest
obligations.

Small scale of operations with fluctuating total operating income
during the review period: The firm has track record of around
eighteen years, however, the total operating income (TOI), of the
firm remained low at INR13.93 crore in FY17 with low networth
base of INR2.91 crore as on March 31, 2017 as compared to other
peers in the industry.

The total operating income (TOI) of the firm has been fluctuating
during the review period. TOI decreased from INR13.84
crore in FY15 to INR11.32 crore in FY16 due to decrease in price
of egg in the market. However, TOI increased to INR13.93
crore in FY17 due to increase in selling price of cull birds.
Moderate capital structure and weak debt coverage indicators
The capital structure of the firm stood moderate during the
review period marked by debt equity and the overall gearing
of 0.99x and 2.62x as on March 31, 2017 mainly due to low net
worth and high utilization of working capital borrowings.

The debt coverage indicators marked by interest coverage and
TD/GCA remained weak during the review period. The interest
coverage ratio of the firm stood at 1.52x in FY17. The TD/GCA was
marked at 16.72x as on March 31st 2017 due to low cash accruals.

Working capital intensive nature of operations: The operating
cycle of the firm remained high during the review period. The
firm mostly deals in cash sales resulting in a very low
collection period of 7 days as on March 31, 2017. It purchases
feed from its suppliers and avails a credit period of 30-60 days
for the same. The firm, however, due to its nature of business,
wherein the firms are required to keep high inventory level of
parent bird and raw material stock to feed the birds in different
growing stages and to mitigate fluctuation in raw material prices
has a high raw material inventory period of 270 days as on
March 31, 2017. Further, the average working capital utilizations
of the firm stood high at 100% for the last 12 months ended
September 30, 2018.

Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw material
price movements: VLF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the firm. Further, the prices of inputs, like
maize, soya, birds etc which account to more than 80% of the
total cost of sales and are volatile in nature based on the
availability and demand, also have an impact on the profitability
of the firm.

Vulnerability of the industry's performance to outbreaks of flu
and other diseases: Intermittent outbreaks of bird flu have
affected sales of eggs in the last few years. These avian flu
outbreaks lead to a drastic fall in demand followed by crash in
poultry prices. News of bird flu outbreak in previous years had
led to banning poultry and related products in many states. Such
a ban could lead to poultry products being piled up leading to an
excess supply situation thereby causing a sharp fall in poultry
prices. In case of such scenario against an increasing trend
noted in feed prices (maize and soya) could pressurize the firm's
revenue flows as well as profitability.

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

Key Rating Strengths

Long track record of and experience of promoters in poultry
industry: VLF was established in the year 2007 as partnership
firm by Mr. Malla Reddy and his wife Mrs. Shireesha Reddy. The
partners have more than two decades of experience in poultry
industry. Due to long term presence in the market, the promoter
has good relations with suppliers and customers.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home 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 semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle

Liquidity Analysis: The current ratio of the firm is above unity
during the review period and stood at 1.50x as on March 31, 2017
due to relatively high current assets as compared to current
liabilities on account of higher bank deposits with banks. The
cash and cash equivalents of the firm stood at INR0.01 crore and
bank deposits of INR 0.01 crore as on March 31, 2017.

Telangana based VL Farms (VLF) is a partnership firm established
in 2007 by Mr. Malla Reddy and his wife Mrs. Shireesha Reddy. The
firm is engaged in layer poultry farming and wholesale trading of
eggs. The firm has existing installed capacity of 2,30,000 birds.
The firm sells its products, eggs, cull birds, and manure majorly
to customers in Andhra Pradesh, Telangana and Maharashtra. The
firm purchases inputs for feeding of birds like maize, soya,
broken rice, shell grit and minerals from local traders. The day
to day operations of the firm are managed by Mr. Malla Reddy.


VTR MARKETING: CARE Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of VTR
Marketing Private Limited (VTRM) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.17      CARE B-; Issuer not cooperating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VTRM to monitor the rating
vide e-mail communications/letters dated November 8, 2018,
November 12, 2018, November 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. 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 VTRM's bank facilities will now be denoted
as CARE B-; ISSUER NOT COOPERATING.

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

The rating takes into account it's relatively small player with
short track record of operation, risk of non-renewal of
dealership agreement from Tata Motors Ltd. (TML), supplier
concentration risk and linkage to the fortunes of Tata Motors
Ltd., pricing constraints and margin pressure arising out of
competition from other auto dealers in the market, working
capital intensive nature of operation and high leverage ratio.
Moreover, the rating continues to derive strengths by the
experienced promoters along with promoters' support however
lacking experience in the automobile dealership
business, and integrated nature of business.

Detailed description of the key rating drivers

Key Rating Strengths:

Experienced promoter along with promoters' support; however
lacking experience in the automobile dealership business: The
overall affairs of the company are managed by the promoter, Shri
Mahendra Shivlal Gandhi (Managing Director) aged 57 years and
having thirty six years of experience in the liquor distribution
business through its associate entity. However, Mr. Gandhi lacks
experience in the automobile dealership business with VMPL being
the first venture in this line of operations. He is being duly
supported by the other directors along with a team of experienced
professionals.

Integrated nature of business: The company also provides
authorized after sales service and deals in original accessories
& spare parts apart from selling PVs' by virtue of being a '3-S'
(Sales, Services and Spare parts) authorized dealer of TML.
Owning authorized service centre helps the company to tap a
larger client base who prefers to purchase passenger vehicles
from dealers having own authorized service centre to avoid
hassles in case of breakdown and requirement of service.

Key Rating Weaknesses:

Relatively small player with short track record of operation
VMPL is a relatively small player in the dealership industry
having total operating income and PAT of INR 137.29 crore and
INR0.30 crore respectively in FY17. The tangible networth also
remained low at around INR3.27 crore as on March 31, 2017. The
showroom commenced operation since April, 2013. Accordingly, the
company has a short track record of operation.

Risk of non-renewal of dealership agreement from Tata Motors Ltd.
(TML): VMPL has entered into a dealership agreement with Tata
Motors Ltd. (TML) in April, 2013. The dealership agreement is
valid till 2016 after that the operation will continue subject to
renewal of the agreement, completely at the discretion of TML and
which is guided by terms and conditions from Tata Motors.
Further, the agreement may get terminated at any time on
violation of certain clauses. There is no information of renewal
of contracts on account of non-cooperation.

Supplier concentration risk and linkage to the fortunes of Tata
Motors Ltd: VMPL, being an authorized dealer of Tata Motors Ltd.
(rated CARE AA+), deals in passenger vehicles only from Tata
Motors Ltd. Accordingly, its fortunes are linked to the
performance of Tata's products. Any shift in customer preference
and brand equity will negatively impact VMPL.

Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market: VMPL faces
aggressive competition on account of established presence of
authorized dealers of other passenger vehicle manufacturers like
Maruti, Honda, Chevrolet, Ford etc. Considering the existing
competition, VMPL is required to offer better terms like
providing discounts on purchases to attract new customers. Such
discounts offered to customers create margin pressure and
negatively impact the revenue earning capacity of the company.
Further, the revenues of VMPL would also be governed by launch of
newer models by TML, and acceptance of the products in the
market.

Working capital intensive nature of operation: The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding. The company has to
maintain the fixed level of inventory for display and to guard
against supply shortages. Accordingly, the average fund based
working capital utilization remained high at 80% during the last
12 months ending August 31, 2017.

High leverage ratio: Long term debt equity ratio of VMPL remained
high at 1.95 as on Mar.31, 2017 on the back of term loans and
unsecured loans (unsubordinated) availed for setting up the unit.
The overall gearing ratio also remained high at 3.46x as on
Mar.31, 2017 in line with the long term debt equity ratio coupled
with higher utilization working capital borrowings to finance its
operations.

VTR Marketing Private Limited (VMPL) was incorporated in August,
2009 by Gandhi family of Kharagpur, West Bengal. However, the
company commenced operations from April, 2013. It is an
authorized dealer of Tata Motors Ltd (TML) for its passenger
vehicles, spares & accessories in Kharagpur, West Bengal. VMPL
has its only vehicle showroom and its warehouse at Kharagpur
(West Bengal) where it also provides repair and refurbishment
services for TML vehicles. VMPL receives a small portion of its
revenue as commission income from TML and from finance and
insurance companies for bundled marketing of their products. Shri
Mahendra Shivlal Gandhi looks after the day to day operations of
the entity along with the other directors coupled with
experienced personnel. VMPL is having an associate entity named
VTR Marketing engaged in distribution of liquor.


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

The instrument-wise rating actions are:

-- INR178.2 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR408.3 mil. Non-fund-based limits migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Yug International trades in industrial chemicals such as
methanol, benzene, phenol and toluene.



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


1MBD: Former PM Arrested for Alleged Tampering of Audit Report
--------------------------------------------------------------
The Star Online reports that Datuk Seri Najib Tun Razak has been
arrested by graft investigators over the "tampering" of the final
audit report of 1Malaysia Development Bhd (1MDB).

The Star relates that the former prime minister, was arrested
around 11:00 a.m., on Dec. 10, at the Malaysian Anti-Corruption
Commission headquarters, minutes after he arrived for a fresh
round of questioning over the issue.

MACC sources however said that he would be released if he can
come up with money for bail, the report relays.

According to the report, Auditor-General Tan Sri Madinah Mohamad
said on Nov. 25 that parts of the 1MDB final audit report were
removed. These sections mentioned the presence of fugitive
businessman Low Taek Jho, also known as Jho Lo.

She revealed that the directive to make the changes came from Tan
Sri Shukry Salleh, who was then the principal private secretary
to Najib when he was prime minister, the report says.

The Star says the changes to the 1MDB report were made on
Feb. 26, 2016 on grounds that it was a "sensitive issue".

To date, apart from Najib, the MACC had questioned several people
about the report tampering, adds the Star.

This includes former chief Tan Sri Dzulkifli Ahmad, in his
capacity as a legal officer in the Attorney-General's Chambers,
former Auditor-General Tan Sri Ambrin Buang, former chief
secretary to the government Tan Sri Dr Ali Hamsa and the then
1MDB group president and chief executive officer Arul Kanda
Kandasamy, the report discloses.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion (US$2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


1MALAYSIA CLINIC: KKM Notified of Kota Padawan Branch Closure
-------------------------------------------------------------
The Borneo Post Online reports that the Health Ministry (KKM)
have been notified of the closure of the 1Malaysia Clinic at Kota
Padawan and is currently investigating the reason behind its late
rental payments.

An official who spoke on the condition of anonymity, told The
Borneo Post Online that the Minister has been updated on the
information and that Health Department Sarawak are still
compiling the report.

Meanwhile, director of Health Department of Sarawak, Dr. Jamilah
Hashim when contacted confirmed the case.

"I am preparing the report to be submitted to the Minister
office," she said.

The Borneo Post Online reported on Dec. 1 that the 1Malaysia
Clinic at Kota Padawan, has been shut down after failing to pay
12 months of rental fees amounting to a total of RM36,000.

According to the premises' landlord Chang May Chieng, the clinic
closed starting from Dec. 10 after the deadline to settle on
Nov. 30 was not met, the report relays.

She pointed out that the rental fee has not been paid since
December last year, The Borneo Post Online adds.

"We have made several attempts to meet the medical officers at
the office at Jalan Keretapi, including phone calls," the report
quotes Mr. Chang as saying.  "But until Nov. 30, we have not
received any payment, where the officers have also informed us
that they cannot make any payment."

The Borneo Post Online relates that Ms. Chang further said that
she was also informed by the officers from Health department that
they are still waiting a letter from Land and Survey Department
whether it has agreed that the premises be used for the clinic.

According to the report, Ms. Chang said the clinic started
renting the premises in December 2010. She said that there also a
lapse in the rental payment in the past, but was eventually paid.

There are 293 1Malaysia Clinics throughout Malaysia set up under
the previous Barisan Nasional (BN) government.  In Kuching,
1Malaysia Clinics are found at UTC Kuching, Bintawa, Matang Jaya,
Malihah, Pantai Damai, Samarindah and Tabuan, besides the closed
one at Kota Padawan.



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


CBL CORPORATION: Chinese Banks Want to Liquidate Rest of Company
----------------------------------------------------------------
Madison Reidy at Radio New Zealand reports that the founder and
head of the CBL Corporation continues to hold out hope of
restructuring and salvaging the company despite an imminent court
hearing to liquidate it.

According to Radio NZ, the Bank of China and the Industrial and
Commercial Bank of China, are each owed about NZD10 million and
have jointly applied to liquidate CBL, which will be heard in
Auckland on December 17.

Radio NZ relates that CBL founder and director Peter Harris said
despite the application, he was still working on a plan to
restructure the company which he believed would generate more
value for creditors and shareholders.

"I am aware of the ongoing legal process the Chinese banks are
adopting in order to preserve all of their options, but we remain
in discussions with all parties," he said in a written statement,
the report relays.

                          About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together
with its subsidiaries, provides insurance and reinsurance
products and services primarily in New Zealand. It offers
financial risk products, builders' risks, sureties, guarantees,
and contractor bonds primarily in Europe and Scandinavia; deposit
guarantees in Australia; and bonding and fiduciary services to
the Mexican commercial sector. The company also provides a range
of specialty products, such as credit enhancement, surety bonds,
specialized property insurance, aviation, and rural risk in
Australia, as well as distributes construction-sector insurance
products in France through a network of brokers.

CBL Corp. went into voluntary administration in late February
2018, in a move to prevent other regulators from taking action
after the Reserve Bank moved to have its subsidiary CBL Insurance
placed in interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators
by the Board of CBL Corporation Ltd and certain of its
subsidiaries.

The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL
entities -- CBL Corporation Limited; LBC Holdings New Zealand
Ltd; LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings
Europe Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company
Ltd; Deposit Power Ltd; South British Funding Ltd; and CBL
Corporate Services Ltd.


CORBEL CONSTRUCTION: Owes NZD4.5MM to Subcontractors & Suppliers
----------------------------------------------------------------
Radio New Zealand reports that Corbel Construction owes sub-
contractors and suppliers about NZD4.5 million but it is unsure
how much it can pay back.

Corbel became the latest construction industry player to go
under, when it folded last week, with work on half a dozen
projects it was working suspended, RNZ relates.

In the first report, liquidator Andrew Oorschot of Ashton
Wheelans Limited said the company's books showed total assets of
almost NZD5 million, including a bank account contained
NZD383,000 and a retention fund for subcontractors with
NZD110,000, RNZ discloses.

He said there would be enough money to cover the secured
creditors, BNZ, owed NZD266,000, and two family trusts owed a
total of NZD960,000, RNZ relates.

"However, the recovery of funds for the unsecured creditors is
entirely dependent on the recovery of November progress claims
issued to customers and retentions on previously completed
projects with a combined book value of just over NZD2 million."

According to RNZ, Mr. Oorschot estimated trade creditors and
subcontractors were owed NZD4.5 million and that even if the
company recovered all the money its books indicated it owed, it
could still be almost NZD1 million short.

RNZ says the directors had sought liquidation after a ruling did
not go its way on a dispute with the body corporate of an
Auckland townhouse complex.

The project, Parnell Terraces, is listed as part of NZD1.4
million in work costs on Corbel's books and Mr Oorschot said it
made up the majority of that amount, RNZ relays.

"We will be reviewing the adjudication decision and taking legal
advice on the options available," RNZ quotes Mr. Oorschot as
saying.

As well as that, the next step for the liquidator is to work out
what was owed and whether it could be recovered.

An informal meeting of creditors is expected to be held in the
next few weeks, adds RNZ.

Corbel Construction was a commercial and residential building
company headquartered on Lichfield St, Christchurch. It had
carried out extensive seismic, leaky building, education and
healthcare projects, including work for the Ministry of
Education.  Corbel had 17 full-time employees.

Andrew Oorschot of Ashton Wheelans was appointed liquidator of
Corbel Construction on Dec. 3, 2018.


HALIFAX NZ: Investors Say Will Struggle to Celebrate Christmas
--------------------------------------------------------------
Madison Reidy at Radio New Zealand reports that investors who've
traded millions of dollars through the online platform Halifax
said they will struggle to celebrate Christmas while their main
source of income remains frozen.

Creditors met with the administrators of Halifax and its
Australian parent company for the first time in Auckland on
Dec. 7, the report says

RNZ relates that the lead administrator, Morgan Kelly of Ferrier
Hodgson, told investors there was AUD20 million (NZD21 million)
of investor funds missing.

The 12,560 investor accounts were worth AUD211 million (NZD221.6
million), however only AUD190 million (NZD199.6 million) had been
tracked down, he said.

According to RNZ, administrators were still working to locate the
rest of the funds traded on third party platforms abroad, however
investors would not receive any of it back until at least next
year because administrators wanted to delay the next meeting by
three months.

"We won't be able to get any distributions to investors before
Christmas," the report quotes Mr. Kelly as saying.  "Some
investors may see their funds earlier than [others], but it's too
early to be able to tell."

RNZ notes that one investor, Moon Goundar, had a handful of
accounts with Halifax holding a total of NZD700,000.

He said he would struggle to celebrate Christmas while the safety
of his funds were in question, the report relays.  "I don't feel
good. We did not receive any concrete resolutions from the first
meeting. . . we, as creditors, will be on the edge of insolvency,
we'll be struggling to see if we can celebrate Christmas happily
due to what we're going through."

RNZ says Mr. Kelly reassured investors the administrators were on
their side.  He told RNZ that New Zealand investors' funds were
largely traded through a single platform, Interactive Brokers.

Most of that money had been located, however it could not yet be
returned to investors because it was a mix of cash, equities and
derivatives, he said.

Halifax New Zealand could restructure and continue trading, but
its Australian parent, Halifax Investment Services, would
probably be liquidated.  However, the process for either outcome
could take years, RNZ states.

RNZ says Mr. Kelly drew similarities between Halifax and the
three-year-long case of Sonray Capital Markets -- an Australian
investment firm that went bust, reportedly losing investors
AUD46m. Its founder was jailed for theft and fraud in 2014.

RNZ adds Mr. Kelly said he compared the two to illustrate how
complex the process would be, although he did not want to alarm
investors.

A former Halifax broker, Ricardo Garrido, said the insolvency of
the firm blindsided him.

Some former staff were helping administrators with their inquiry,
and daily updates continued to be provided to the Financial
Markets Authority, RNZ notes.

                           About Halifax

Halifax is a New Zealand-based Forex brokerage company.

Halifax New Zealand was placed into voluntary administration
on Nov. 27, with Morgan Kelly, Stewart McCallum and Phil Quinlan
of Ferrier Hodgson being appointed administrators. They were also
appointed administrators of Halifax Investment Services in Sydney
on November 23.



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


* BOND PRICING: For the Week Dec. 3 to Dec. 7, 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.



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