TCRAP_Public/190122.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, January 22, 2019, Vol. 22, No. 015

                            Headlines


A U S T R A L I A

BIOCOAL GROUP: First Creditors' Meeting Set for Jan. 30
CFS PRIVATE: Court Winds Up Firm; Bans Adviser for 25 Years
CGP BALMAIN: First Creditors' Meeting Set for Jan. 30
REMA PLASTIC: First Creditors' Meeting Set for Jan. 29
ZAFFERO PTY: First Creditors' Meeting Set for Jan. 29


C H I N A

CHINA: Creates New Bankruptcy Court to Handle Cross-Border Cases
CHINA AOYUAN: Fitch Rates USD500MM Sr. Notes BB-, Outlook Pos.
YUZHOU PROPERTIES: Fitch Rates USD500MM Sr. Unsec. Notes BB-


I N D I A

AYAN FOODS: CARE Lowers Rating on INR5.50cr Loan to B
BLISS ENTERPRISES: CRISIL Assigns B+ Rating to INR3.5cr Loan
CORE JEWELLERY: Ind-Ra Gives BB/A4+ Rating to INR200MM Loan
DHARAM INDUSTRIES: CARE Lowers Rating on INR6.40cr Loan to B
DHARAM STAINLESS: CARE Lowers Rating on INR0.50cr Loan to B

DIVYALAKSHMI TEXTILES: Ind-Ra Affirms BB+ Rating, Outlook Stable
H. M. PATEL: CARE Reaffirms B+ Rating on INR1.90cr LT Loan
HONEY PROPERTIES: CRISIL Maintains B Rating in Not Cooperating
INDO SILICON: CRISIL Maintains B Rating in Not Cooperating
IUA TRUST: CRISIL Maintains D Rating in Not Cooperating Category

J.B.C. INDUSTRIES: CRISIL Maintains B- Rating in Not Cooperating
JR TOLL: CARE Moves B on INR389 Debt to Not Cooperating Category
KIWI ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
MAADHAV AUTOMOTIVE: CARE Lowers Rating on INR5.30cr Loan to B+
MOTOR SALES: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

R.P. STEEL: CARE Lowers Rating on INR17cr Loans to D
R.S. DREAM: CARE Lowers Rating on INR12cr LT Loan to B
RAJESHREE INDUSTRIES: CARE Lowers Rating on INR22cr LT Loan to B+
RELIANCE INFRASTRUCTURE: CARE Moves B Rating to Not Cooperating
RUCHI SOYA: Patanjali Only Suitor as Adani Opts Out

SRI MOULI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
TANUJ ROSHI: CARE Assigns B+ Rating to INR7.90cr LT Loan


N E W  Z E A L A N D

CANTERBURY MORTGAGE: Yet to Finalise an Outstanding Claim
ORANGE H: Creditor Claims Swell NZ$10.5MM, Receiver Reveals


S I N G A P O R E

FALCON ENERGY: To Undertake Complete Debt Revamp
OBIKE ASIA: Owes at Least SGD1.7MM to Creditors, Users


X X X X X X X X

* BOND PRICING: For the Week Jan. 14, 2019 to Jan. 18, 2019


                            - - - - -


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


BIOCOAL GROUP: First Creditors' Meeting Set for Jan. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Biocoal
Group Pty Limited will be held on Jan. 30, 2019, at 11:30 a.m. at
the offices of O'Brien Palmer, Level 9, 66 Clarence St, in
Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Biocoal Group on Jan. 17, 2019.


CFS PRIVATE: Court Winds Up Firm; Bans Adviser for 25 Years
-----------------------------------------------------------
Following an investigation by Australian Securities and
Investments Commission, the Federal Court of Australia has wound
up Australian financial services Licensee CFS Private Wealth Pty
Ltd and Combined Financial Solutions Pty Ltd, a corporate
authorised representative of CFS Private Wealth, and restrained
its director, Graeme Walter Miller, from providing financial
services for 25 years. Mr. Miller is also disqualified from
managing corporations for three years.

Since 2008, Mr. Miller advised clients of CFS Private Wealth,
many of them self-managed superannuation funds, to transfer over
AUD4.7 million to another related company, CFS Corporation Pty
Ltd, apparently for investment purposes. Mr. Miller instead used
those funds for his own personal purposes and to make interest
payments to other clients - conduct described by Justice Reeves
in his judgment as a 'blatant misuse of investor funds'.

In restraining Mr. Miller from providing financial services for
25 years, Justice Reeves had regard to Mr. Miller's 'frequent and
ongoing misuse of his clients' superannuation savings for
personal purposes over a number of years, in a long series of
transactions which displayed what I consider to be a serious
degree of personal dishonesty'.

Justice Reeves found 'no evidence that Mr. Miller had
demonstrated any remorse for, or shown any appreciation of,
the disastrous effects of his wrongdoing on his erstwhile
clients . . . [and] no evidence that Mr. Miller has any prospects
of reforming his behaviour'.

The Court also found that CFS Private Wealth:

   * failed to provide financial services efficiently, honestly
     and fairly, in contravention of s912A of the Corporations
     Act 2001;

   * failed to lodge its financial reports with ASIC for the 2016
     and 2017 financial years;

   * lodged its financial reports for the 2010, 2011, 2013, 2014
     and 2015 financial years after the due date;

   * had insufficient assets to meet the conditions of its
     financial services licence; and

   * did not adequately document client investments, including
     client names, amounts invested, amounts repaid (if any) and
     the name of the company invested in.

The Court has appointed Jamie Harris -- jharris@mcgrathnicol.com
-- and Anthony Connelly -- aconnelly@mcgrathnicol.com -- of
McGrath Nicol as liquidators of CFS Private Wealth and Combined
Financial Solutions Pty Ltd.

ASIC had sought the reinstatement and winding up of a third
related company, BDM Asia Pacific Pty Ltd (formerly known as CFS
Corporation Pty Ltd), however the Court declined to make such
orders. ASIC is reviewing the judgment in this regard.

ASIC's investigation into Mr. Miller is continuing.

On May 21, 2018, the Court made interim orders restraining
Mr. Miller and the corporate respondents from dealing with their
assets and investor funds. Those orders have now been discharged.

Clients of CFS Private Wealth Pty Ltd can contact the
liquidator's office as follows:

     Email Add: FM-CFSGroup@mcgrathnicol.com
     Tel. No.: (07)3333-9800 (ref: Harry Given)


CGP BALMAIN: First Creditors' Meeting Set for Jan. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CGP
Balmain Pty Ltd, CGP Annandale Pty Ltd, and CGP Maroubra Pty Ltd
will be held on Jan. 30, 2019, at 9:00 a.m., 9:30 a.m. and
10:00 a.m., respectively, at the offices of O'Brien Palmer, Suite
1, Level 9, 66 Clarence Street, in Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
CGP Balmain, CGP Annandale and CGP Maroubra on Jan. 17, 2019.


REMA PLASTIC: First Creditors' Meeting Set for Jan. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Rema
Plastic Pty. Limited, Rema Forwarding Pty Limited and Remapak Pty
Ltd will be held on Jan. 29, 2019, at 10:00 a.m., 10:30 a.m. and
11:00 a.m., respectively, at Linden Room, Parramatta RSL Club, at
2 Macquarie St, in Parramatta, NSW.

Aaron Kevin Lucan & Graeme Beattie of Worrells Solvency were
appointed as administrators of Rema Plastics, Rema Forwarding,
and Remapak Pty on Jan. 17, 2019.


ZAFFERO PTY: First Creditors' Meeting Set for Jan. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Zaffero
Pty Ltd will be held on Jan. 29, 2019, at 10:00 a.m. at the
offices of McGrath Executive Suites, Level 5, 115 Pitt Street, in
Sydney, NSW.

Anthony Elkerton of DW Advisory was appointed as administrator of
Zaffero Pty on Jan. 17, 2019.



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C H I N A
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CHINA: Creates New Bankruptcy Court to Handle Cross-Border Cases
----------------------------------------------------------------
SCMP.com reports that China has created a special bankruptcy
court in Shenzhen to handle "cross-border" cases, but experts
have said it will not extend the mainland's judicial reach into
Hong Kong.

However, the Shenzhen Bankruptcy Court will help officials in
Guangdong trace the assets of bankrupt businesses in the mainland
which have been transferred to Hong Kong, SCMP.com relates citing
those familiar with the sector.

SCMP.com says closer economic ties between the mainland and
Hong Kong fostered in recent years have led to a growing number
of cross-border commercial legal disputes.

Meanwhile, as China's growth slows, mainland bankruptcy cases
have soared, the report notes.

Chinese courts settled 6,257 bankruptcy cases in 2017, up 73 per
cent year on year, SCMP.com discloses. According to data from the
Supreme People's Court, 6,647 bankruptcy cases were settled in
the first 10 months of 2018, SCMP.com relays.

Many of the companies involved have subsidiaries and assets
overseas, which can be hard for bankruptcy officers to track
down, industry sources said.

A mainland businessperson, for instance, can transfer assets to
subsidiaries in Hong Kong, saddling its mainland entities with
the liabilities and subsequently declaring bankruptcy in China,
SCMP.com says.

SCMP.com relates that Zhang Lili, a partner at the Goldsun law
firm in Guangdong, which handled over 30 enterprise bankruptcy
cases last year, said: "Many bankrupt Chinese enterprises often
have lot of assets in Hong Kong."

"The lack of mutually acceptable rules and cross-border
cooperation framework made it difficult for us to get the assets
back in many cases. Shenzhen's court will be a really helpful and
practical way to improve the settlement of these cases," the
report quotes Ms. Zhang as saying.

The Shenzhen Bankruptcy Court will provide "powerful judicial
services and guarantees for Greater Bay Area development",
according to a statement on the official website, SCMP.com
relays. This refers to China's strategy of integrating Guangdong,
Hong Kong and Macau into one economic bloc.

The court will mainly handle bankruptcy filings in Shenzhen, the
report notes.

It has also been directed by China's Supreme Court in Beijing to
rule on cross-border cases and "other cases that fall into its
jurisdiction," the report says.

It will "show the world China's legal progress and improve the
international credibility and influence of Chinese court
bankruptcy rulings", according to the statement cited by
SCMP.com.

However, it would not extend the reach of the mainland judiciary
into Hong Kong, which will remain a separate jurisdiction, the
report states.

Since 2006, Hong Kong and mainland China have signed five
agreements on mutual help, two of which are concerned with civil
and commercial cases.

There is no existing framework for both courts to mutually
recognise insolvency orders, the report adds.


CHINA AOYUAN: Fitch Rates USD500MM Sr. Notes BB-, Outlook Pos.
--------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Group Limited's (BB-
/Positive) USD500 million 8.5% senior notes due 2022 a final
rating of 'BB-'.

The notes are rated at the same level as Aoyuan's senior
unsecured rating because they will constitute its direct and
senior unsecured obligations. Aoyuan intends to use the net
proceeds to refinance offshore debt and for general working
capital. The final rating is in line with the expected rating
assigned on January 14, 2019.

KEY RATING DRIVERS

Slowing Sales Growth: Fitch believes Aoyuan can sustain rising
sales, albeit at a slower pace, due to its fast-churn strategy
and strong execution, supported by adequate sellable resources
and increasing geographic diversification. This is despite
uncertainty over housing demand in China's lower-tier cities.
Aoyuan's total contracted sales doubled to CNY91 billion in 2018,
25% higher than the company's full-year target of CNY73 billion,
following growth of 78% in 2017.

Accelerated but Controlled Land Acquisition: Aoyuan accelerated
land acquisitions in 2017 to accommodate its national expansion
and enlarged scale. It spent around 70% of collected sales in
2017 and 47% in 1H18 to replenish land, compared with around 30%
in 2014-2016. Fitch expects land premiums to account for 40%-45%
of sales during the company's 2018-2019 expansion, but to remain
controlled under its fast-churn strategy. Aoyuan mainly acquires
land via project acquisitions, which allows it to control average
land acquisition costs. Its land bank enjoyed a low average cost
of CNY2,065 per square metre (sqm) in 1H18, or 20% of Fitch's
estimated average selling price for 2018.

Sufficient and Diversified Land Bank: Aoyuan's land bank had a
total gross floor area (GFA) of 30 million sqm as at end-1H18,
sufficient for three to four years of development; 51% of the
land by GFA was located in the Pearl River Delta, of which more
than half was in the Greater Bay Area. The remainder was spread
around central and western China, the Yangtze River Delta and the
Bohai Economic Rim around Beijing as well as offshore markets.
The company plans to continue implementing a balanced city layout
during land replenishment, with a focus on southern China's Big
Bay Area, which encompasses 11 cities.

Healthy Financial Profile: Aoyuan's leverage, after adjusting for
land premium receivables and payables in adjusted inventory,
further rose to around 40% in 1H18, from 35% in 2017 and 33% in
2016, due to accelerated land acquisition since 2017. Fitch
expects Aoyuan to maintain its fast-churn model and disciplined
land-acquisition strategy. Cash outflow from construction costs
is likely to rise to keep pace with increasing contracted sales,
leading to higher leverage, but the company's financial profile
should stay healthy for the next 12-18 months, as reflected in
its Positive Outlook.

Fitch also estimates that sales efficiency, as measured by
attributable contracted sales/gross debt, improved to above 1.2x
in 2018, from 0.9x in 2017. Aoyuan's EBITDA margin, after adding
back capitalised interest, remained healthy at around 27% in 1H18
(2017: 25%, 2016: 26%), underpinned by its low average land cost,
which should support a healthy margin of around 25% for the next
two years.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk given its deeper penetration into lower-tier cities and
higher commercial property exposure than 'BB-' peers. Its
contracted average selling price of around CNY10,500 per sqm is
lower than the CNY13,500-19,500 per sqm of peers, including
Yuzhou Properties Company Limited (BB-/Stable) and Logan Property
Holdings Company Limited (BB-/Stable). Most of Aoyuan's lower-
tier cities are satellite cities, which benefit from spillover
from tier 1 cities with home-purchase restrictions. However,
Fitch sees lower-tier city housing markets as more vulnerable due
to worsening market sentiment in 2019.

Fitch believes Aoyuan's large exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Less than 25% of Aoyuan's annual sales
came from commercial products in 2017 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term, since commercial products
accounted for 20% of 2018 saleable resources and 19% of land bank
by GFA at end-2017.

DERIVATION SUMMARY

Aoyuan's sales scale is comparable with that of 'BB-' category
peers, such as Yuzhou and Times China Holdings Limited (BB-
/Stable), which had a sales scale of around CNY30 billion on an
attributable basis in 2017. Aoyuan maintains stronger sales
momentum than peers, as evident from its stronger 1H18 sales and
higher completion rate of its full-year sales target, which is
also the highest among peers. The company kept a healthy
financial profile during its expansion, with leverage of around
35% - the lowest among 'BB-' peers, which ranges from 38% to 48%.
These factors support the Positive Outlook on Aoyuan.

Aoyuan's scale is smaller than that of 'BB' peers, such as CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and Future Land Development
Holdings Limited (BB/Stable), whose attributable sales scale was
above CNY55 billion in 2017. Aoyuan's sales efficiency, of around
0.9x in 2017, was also lower than CIFI's 1.4x and Future Land's
1.9x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Attributable sales to exceed CNY60 billion in 2018 and
    CNY80 billion-90 billion in 2019-2020

  - Land premium accounting for 50%-60% of contracted sales each
    year on a cash flow basis during 2018-2020

  - Land bank life maintained at three to four years

  - Company to maintain its fast-churn business model

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%

  - contracted sales/gross debt sustained above 1.2x

  - EBITDA margin sustained above 25%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Failure to reach the positive guidelines in the next
    12-18 months would lead to the Outlook reverting to Stable

LIQUIDITY

Adequate Liquidity: Aoyuan had CNY25.8 billion in available cash
on hand and CNY17.8 in unutilised credit facilities at end-1H18,
sufficient to cover short-term debt of CNY25.6 billion.

Smooth Refinancing; Lower Borrowing Cost: Aoyuan's short-term
debt accounted for 55% of its total CNY46.5 billion debt at end-
1H18. The company has proven its ability to refinance through
multiple channels, including the offshore and onshore bond
markets in 2018. Fitch has also seen its average borrowing cost
drop to 7.2% in 2017 and 7.3% in 1H18, from 11.4% in 2013, given
its broad financing channels and improved credit profile.


YUZHOU PROPERTIES: Fitch Rates USD500MM Sr. Unsec. Notes BB-
------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(BB-/Stable) USD500 million 8.625% US dollar senior unsecured
notes due 2022 a final 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. Yuzhou intends to use net proceeds to
primarily refinance existing debt. The final rating is in line
with the expected rating assigned on January 14, 2019 and follows
the receipt of documents conforming to information already
received.

Yuzhou's ratings are supported by strong contracted sales growth
and regional diversification. The company has a good-quality low-
cost land bank, which upholds its favourable margin compared with
peers. Yuzhou's active land acquisition will increase contracted
sales in the medium term, although it may have driven leverage,
as defined by net debt/adjusted inventory, above 40% by end-2018.
Fitch believes leverage of 40%-45% is reasonable as the company's
operating scale will be larger. Fitch's assessment of Yuzhou's
ratings will depend on whether it can manage its contracted sales
growth without significantly impairing leverage and margins.

KEY RATING DRIVERS

More Diversified Land Bank: Yuzhou continued to expand its land
bank outside the Yangtze River Delta and West Strait Economic
Zone, where it is well-established. The company had more than 110
projects spread across 17.3 million square metres of land bank in
25 cities as of June 2018. Contracted sales from the Greater Bay
area started in 2017 and Fitch expects some sales from central
China in the short term, as 5% of its land bank is located in
Wuhan.

Fitch believes Yuzhou's acquisition of seven projects from
Coastal Greenland Limited in 2018 will enhance its geographical
diversification, as they include properties in three cities where
it does not yet operate; Beijing, Foshan and Chongqing. The
acquisition will also enable Yuzhou to expand into northern
China, as some properties are in Tianjin and Shenyang.

Expansion Pressures Leverage: Fitch believes a rise in leverage,
as defined by net debt/adjusted inventory, to 40%-45% (end-2017:
around 40%) in the short-term would still be reasonable due to
Yuzhou's good-quality land purchases. Fitch expects Yuzhou to use
an average of 55% of its annual presale proceeds to acquire land.
The company remains in expansion mode and is increasing its
investment in joint ventures. Yuzhou's total contracted sales
increased by 38.9% to CNY56.0 billion in 2018, 9% higher than
Fitch's estimate, after rising 73.7% to CNY40.3 billion in 2017.

Slowing Land Acquisitions: Fitch expects Yuzhou to reduce its
land bank life to three to four years, from nearly five years at
end-2016 and four years at end-2017, as it better utilises its
resources to control leverage. The company spent 35% of its
attributable contracted sales, totalling CNY5.7 billion, on land
bank acquisitions in 1H18 and management expected to spend no
more than CNY25.0 billion on land acquisitions in 2018. Yuzhou
spent 49% of its attributable contracted sales on land purchases
in 2017, compared with 86% in 2016.

Better-than-Peer Margin: Yuzhou is cautious about cost control
amid its national expansion. Fitch expects its 2018 land
acquisition costs to have remained below 50% of contracted sales,
partly due to the low average land cost it paid for the
acquisition of seven projects in China from Coastal Greenland
Limited in August 2018. Fitch expects its land cost to remain at
around 30% of its average selling price and forecast an EBITDA
margin of around 28%-31%, which is high relative to that of 'BB-'
category peers. Its strong margin stems from good-quality land
purchases, with 70% of its land bank in tier 1 and 2 cities, and
low selling, general and administrative expenses.

DERIVATION SUMMARY

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is Yuzhou's closest
peer in terms geography, as both companies focus on the Yangtze
River Delta region, although Yuzhou is also strongly positioned
in the West Strait Economic Zone and has less exposure to the
Bohai Rim region. CIFI has higher attributable contracted sales
and lower leverage, which explains the one notch rating
difference against Yuzhou. CIFI has higher sales efficiency than
Yuzhou but a lower EBITDA margin.

In terms of scale, Times China Holdings Limited (BB-/Stable),
which is focussed in the Greater Bay area, had a similar level of
2017 attributable contracted sales as Yuzhou, at around CNY30
billion. Times China has adopted a faster churn strategy and thus
its EBITDA margin is lower than that of Yuzhou, as is its
leverage.

KWG Group Holdings Limited (BB-/Stable) has marginally smaller
attributable contracted sales than Yuzhou. KWG's focus is in
Guangzhou, although both companies have some exposure to Suzhou,
Shanghai and Tianjin. KWG has a slower churn model than Yuzhou,
which explains its slightly higher EBITDA margin. KWG's leverage
is rising towards the level of Yuzhou.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
include:

  - Consolidated contracted sales at CNY37 billion-59 billion a
    year in 2018-2021 (2017: CNY29 billion)

  - Contracted average selling price to drop by 15% in 2018 then
    rise by 5% each year in 2019-2021 (2017: 33% rise)

  - Contracted gross floor area sold to rise by 50% in 2018 and
    then 10% on average in 2019-2021 (2017: 30% rise)

  - Land acquisition costs to account for 48%-58% of total
    contract sales in 2018-2021 (2017: 49%)

  - Land costs to fall by 20% in 2018 and rise with inflation by
    3% per year in 2019-2021 (2017: 31% fall)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Attributable contracted sales sustained above CNY30.0 billion
   (2017: CNY30.3 billion)

  - Proportionally consolidated net debt/adjusted inventory
    sustained below 40.0% (2017: 39.7%)

  - Proportionally consolidated contracted sales/gross debt
    sustained above 1.2x (2017: 1.0x)

  - EBITDA margin sustained above 25.0% (2017: 33.7%)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Proportionally consolidated net debt/adjusted inventory above
    45.0% for a sustained period

  - Proportionally consolidated contracted sales/gross debt below
    1.0x for a sustained period

  - EBITDA margin below 20.0% for a sustained period

LIQUIDITY

Healthy Liquidity: Yuzhou has a healthy liquidity position. It
had unrestricted cash of CNY16 billion and uncommitted undrawn
facilities of CNY12 billion at end-2017, which was enough to
cover short-term debt of CNY17 billion and support its planned
expansion. Of the short-term debt, CNY10 billion was puttable
corporate bonds, with 20% due in 2018, 50% in 2019 and 30% in
2020.

Yuzhou stepped up the coupon rate for the puttable bonds in 2017
and 2018, and thus did not need to repay most of the principal
due during that period. Management is confident bondholders will
agree to accept a similar increase in the coupon rate in 2019 in
return for a deferment on principal repayment. The company has
diversified funding channels to ensure sustainable liquidity;
besides bank loans, it has established channels for onshore and
offshore bond issuance as well as equity placements.

Yuzhou issued three-year senior notes of USD375 million at a
coupon rate 6.375% and USD625 million at a coupon rate 7.900% in
2018. Its onshore bond issuance included CNY1.0 billion at 7.850%
on August 28, 2018 as well as CNY1.2 billion at 7.800% and CNY0.8
billion at 7.850% on September 21, 2018. The company also issued
CNY591 million supplier-chain asset-backed securities in October
2018.



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AYAN FOODS: CARE Lowers Rating on INR5.50cr Loan to B
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ayan Foods (AF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.50       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AF to monitor the rating
vide e-mail communications/letters dated October 3, 2018,
December, 14, 2018, January 2, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm 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 AF's bank facilities will now be denoted as
'CARE B; Stable; ISSUER NOT COOPERATING'. The banker also could
not be contacted.

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

The revision in the rating takes into account the unavailability
of requisite information and also banker could not be contacted.

Detailed description of the key rating drivers

At the time of last rating in November 27, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale with short track record of operations: AF is a small
player in rice milling business, which has started commercial
operation from February 2016. In FY17, the scale of operations of
the company remained small marked by total operating income of
INR21.93 crore with a PAT of INR0.09 crore, on account of first
full year of operation in FY17. In H1FY18, the company has booked
turnover of around INR9.57 crore.  The profit margins of the
entity remained low marked by PBILDT margin of 5.21% and PAT
margin of 0.43% in FY17.

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.

Working capital intensive nature of business: Agro product
processing business is working capital intensive as the millers
have to stock paddy by the end of each season till the next
season as the price and quality of agro products are better
during the harvesting season. Accordingly, the working capital
intensity remains high impacting company's profitability.
Moreover, the average fund based working capital utilization
remained high at 80% during the last twelve months ended on
October 30, 2017.

Proprietorship nature of constitution: AF, being a proprietorship
entity, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result
in dissolution of the entity.

Regulated nature of the industry in terms of minimum support
price (MSP): The Government of India (GOI), every year decides a
minimum support price (MSP-to be paid to paddy growers) for paddy
which limits the bargaining power of rice millers over the
farmers. The MSP of paddy has increased during the crop year
2017-18 to INR1550/quintal (as suggested by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) from INR1470/quintal in crop year 2016-17. Given
the market determined prices for finished product vis-Ö-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
company, especially in times of high paddy cultivation.

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. Raipur and nearby
districts of Chhattisgarh 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 proprietor: The entity is managed by Mr. Anurag
Agarwal, proprietor. He has over six years of experience in
rice milling and trading business and looks after the overall
management of the entity. The entity is deriving benefits out
of the long experience of the promoter.

Strategic location of plant: The rice milling plant of AF is
located at Raipur district of Chhattisgarh, which is a paddy
growing region in Chhattisgarh resulting in lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. The entire raw material requirement is met locally from
local farmers/agents which helps the company to save substantial
amount of transportation cost and also procure raw materials at
effective price.

Favourable demand outlook: 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.

AF was established in June 2015 as a proprietorship entity by Mr.
Anurag Agarwal to setup a rice milling plant at Raipur,
Chhattisgarh. The entity has started its commercial operations
from February 2016.The entity has been engaged in milling
and processing of non-basmati rice. The manufacturing facility of
the company is located at Devendra Nagar, Raipur in Chhattisgarh
with aggregate installed capacity of 36000 metric tonnes per
annum.

Liqudity position
The liquidity position of the firm remained moderate marked by
current ratio of 0.87x and quick ratio of 0.62x as on March 31,
2017. The cash and bank balance amounting to INR0.04 crore as on
March 31, 2017. The firm has generated gross cash accruals of
INR0.64 crore during FY17.


BLISS ENTERPRISES: CRISIL Assigns B+ Rating to INR3.5cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bliss Enterprises (BE). The rating
reflects the modest scale of operations and below-average
financial risk profile. These rating weaknesses are partially
offset by benefits from the extensive experience of the
proprietor in the pumps industry, and established relationships
with the principal and customers.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.4        CRISIL A4 (Assigned)

   Cash Credit           3.5        CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     3.0        CRISIL B+/Stable (Assigned)

   Proposed Non Fund
   based limits          2.1        CRISIL A4 (Assigned)

Analytical Approach

Unsecured loans from promoters (INR0.46 crore as on March 31,
2018) have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The modest scale limits benefits
from economies of scale available to large players. Further,
networth of INR1.33 crore as on March 31, 2018, limits financial
flexibility to tide over against any adverse condition or
business downturn, and renders the credit risk profile
increasingly sensitive to any incremental debt.

* Below-average financial risk profile: Financial risk profile is
marked by high gearing of 2.94 times and total outside
liabilities to tangible networth ratio of 4.66 times, as on
March 31, 2018. Debt protection metrics are subdued, with
interest coverage ratio of 1.2 times as on March 31, 2018. The
large working capital requirement necessitate high dependence on
bank debt and creditors, thereby weakening financial metrics.

Strengths

* Extensive experience of the proprietor in the pumps industry,
and established relationship with principal: The proprietor, Mr
Baldev Wani, has experience of over three decades in the pumps
trading business. BE trades in pumpsets made by Kirloskar
Brothers Ltd (KBL), and has maintained healthy relationship with
KBL since 2002. The company caters to reputed and strong
counterparties such as Hindustan Petroleum Corporation Limited
(HPCL), Petroleum Corporation Ltd (BPCL), Indian Oil Corporation
Ltd (IOCL), and Godrej, and has been engaged with most of them
since its inception.

Outlook: Stable

CRISIL believes BE will continue to benefit from the extensive
experience of its proprietor in the pumps industry. The outlook
may be revised to 'Positive' if the firm achieves significant and
sustained growth in revenue and cash accrual, and also improves
its capital structure. The outlook may be revised to 'Negative'
in case of a significant decline in revenue or margin, or if a
stretch in the working capital cycle, weakens the financial risk
profile and liquidity further.

Liquidity
Liquidity is marked by the large working capital requirement and
low cash accrual. Gross current assets stood at 191 days as on
March 31, 2018, driven by sizable inventory and receivables. As
the firm receives limited credit from its principal, the working
capital gap is funded through bank facilities, which were
utilised at an average of around 80% over the 12 months through
December 2018. Cash accrual was also low around INR.1 crore,
against no scheduled repayments.

BE was set up as a proprietorship concern of Mr Baldev Wani in
2002. The firm trades in pumpsets and valves, mainly used in the
oil and gas sector. BE is an authorised dealer for pumpsets and
valves of KBL.


CORE JEWELLERY: Ind-Ra Gives BB/A4+ Rating to INR200MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Core Jewellery
Private Limited (CJPL) a Long-term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR200 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect CJPL's medium scale of operations and modest
operating margins, as indicated by revenue of INR982 million in
FY18 (FY17: INR1,168.8 million) and EBITDA margin of 6.9% (5.3%).
The RoCE was 7.3% in FY18 (FY17: 7.2%). After having increased
steadily for the three years ended FY17, revenue declined in FY18
on account of a fall in off takes from the Hong Kong market. The
modest margins are a result of volatile prices of raw material
and product mix. The company has indicated revenue of INR750
million and margins of 7.4% in 8MFY19.

The ratings also factor in CJPL's modest credit metrics. The net
financial leverage (adjusted net debt/operating EBITDAR) worsened
to 7.6x in FY18 (FY17: 7.1x) and gross interest coverage
(operating EBITDAR/gross interest expense + rent) reduced to 1.6x
(FY17: 1.7x) on account of increased utilization of fund-based
working capital limits and a rise in interest expenses,
respectively.

The ratings are constrained by the company's tight liquidity
owing to the working capital-intensive nature of operations. Its
peak utilization of the working capital limits was around 94% on
average during the 12 months ended November 2018. Furthermore,
the net working capital cycle of the company is long and
lengthened further to 284 days in FY18 (FY17: 205 days) because
of an increase in debtor days to 284 days (195 days). The
unrestricted cash balance stood at a negative INR1.9 million as
on March 31, 2018. Cash flow from operations was at a negative
INR67.3 million in FY18 (negative INR3.1 million), while free
cash flow stood at a negative INR69.1 million (negative INR9.1
million).

The ratings, however, are supported by promoter's experience of
around two decades in the jewelry business, which has led to
established relationships with customers and suppliers.

RATING SENSITIVITIES

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

Positive: A substantial increase in the revenue, along with an
improvement in the credit metrics, all on sustained basis, could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1999, Mumbai based CJPL manufactures and exports
diamond-studded gold jewelry.


DHARAM INDUSTRIES: CARE Lowers Rating on INR6.40cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dharam Industries (DI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.40       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank      1.60       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 13, 2017, placed
the rating(s) of DI under the 'issuer noncooperating' category as
Dharam Industries had failed to provide information for
monitoring of the rating. Dharam Industries continues to be non-
cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 21, 2018, December 14, 2018 and December 11, 2018. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised by taking into account non-
availability of requisite information and no due-diligence
conducted with banker due to non-cooperation by Dharam Industries
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. Further, the ratings
continue to remain constrained owing to small scale of operations
with low net worth base, decline in profitability margins &
leverage capital structure and working capital intensive nature
of operations. The ratings are further constrained by risk
associated with raw material price fluctuation risk and highly
competitive industry. The ratings, however, draws comfort from
experienced partners.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: DI's scale of
operations has remained small marked by total operating income
and gross cash accruals of INR32.58 crore and INR0.86 crore
respectively coupled with low net worth base of INR5.34 crore
during FY16 (refer to financial year from April 1 to March 31).
With the low base of own funds, its operations are highly
susceptible to any business shock, thereby limiting its ability
to absorb losses or financial exigencies. The small scale limits
the firm's financial flexibility in times of stress and deprives
it of scale benefits. During 9MFY17, the firm has achieved
turnover of INR30.00 crore (based on provisional results).

Decline in profitability margins and leveraged capital structure:
Despite the growth in total operating income, PBILDT margin of
the firm declined on y-o-y basis during the last 3 financials
(FY14-FY16). With a view to garner increased market share, firm
did not increase its prices in tandem with the increase in cost
of production due to price rise and settled for little margin of
profit. PBIDLT margin declined from 9.48% in FY14 to 4.94% in
FY16. Further, high interest burden on its bank borrowing and
depreciation also restricts the net profitability of the firm.
PAT margin stood low and stood below 0.60% during last three
financial years (FY14-FY16). The capital structure stood
leveraged on account of high dependence on external borrowings in
form of bank borrowings to meet the working capital requirements
coupled with low capital base. As on March 31, 2016, overall
gearing stood at 1.94x and showing deterioration from 1.70x as on
March 31, 2015, owing to higher utilization of working capital
borrowings as on balance sheet date.

Working capital intensive nature of operations: Due to presence
in a highly competitive industry and the firm being a small
player has to offer reasonable credit period to its customers
which resulted in an average collection period of 101 days in
FY16. On account of renegotiation of credit period with existing
customers and offered lower credit period to new customers, the
average collection period improved on y-o-y basis in the last 3
financial years. The firm purchases raw materials from domestic
market & also imports the same and keeps an inventory of around
30 days. The suppliers generally allow credit period upto 30
days. The high working capital requirements were met largely
through bank borrowings resulting average working capital limits
of 93% utilized for past 12 months period ended December, 2016.

Raw material price fluctuation risk and highly competitive
industry: Raw material constituted around 70% of the total
cost of production for the last 3 years i.e. FY14-FY16. The basic
raw material for the production is stainless steel sheet and
stainless steel. The prices of raw material are volatile in
nature owing to different factors like government policies,
infrastructure demand and demand/supply matrices of steel & iron
industry. Any volatility in raw material prices has a direct
impact on the profitability margins of the firm. Furthermore, the
firm does not have any long-term price contract with raw material
suppliers; firm sources the material on need basis as per the
price prevailing in the market. Furthermore, DI operates in a
highly competitive industry with competition from both organized
and unorganized players established in vicinity of the firm. The
same results in low bargaining power with its customers impacting
profitability margins of the firm.

Key Rating Strengths

Experienced partners: DI is directed by Mr. Bhupinder Pal Singh,
Mr. S. Ramandeep Singh, Mrs. Punit Kaur and Mrs. Avneet Kaur, a
family run business. Mr. Bhupinder Pal Singh looks after the
technical aspects and decision making of the firm having nearly
four decade years of experience in similar line of business. Mr.
S. Ramandeep Singh, graduate and having experience of two decade
in association with this entity. The firm is also supported by
long experience of Mrs. Punit Kaur and Mrs. Avneet Kaur, have
nearly a decade of experience through their association with this
entity.

Dharam Industries (DI) was established in September, 1987 as a
partnership firm by Mr. Bhupinder Pal Singh, Mr. S. Ramandeep
Singh, Mrs. PunitKaur and Mrs. Avneet Kaur sharing profit and
losses in the ratio equally. The firm is engaged in fabrication
of stainless steel fixtures such as stainless steel (SS) rods, SS
railings, SS Sheet and coil. The manufacturing facility of the
firm is located at Sonipat, Haryana. The major raw materials
required for fabrication of fixtures are stainless steel sheet
and stainless steel coil which are procured domestically (around
85%) and imports (around 15%) from China. DI sells its product to
local dealers and traders located in Delhi & Haryana.


DHARAM STAINLESS: CARE Lowers Rating on INR0.50cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dharam Stainless Steel Private Limited (DSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       0.50       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING; on the basis of
                                   best available information

   Short-term Bank      5.50       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Long-term/Short      1.00       CARE B; Stable/ CARE A4;
   Term Bank                       Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable/
                                   CARE A4; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 13, 2017, placed
the rating(s) of DSPL under the 'issuer non-cooperating' category
as Dharam Stainless Steel Private Limited had failed to provide
information for monitoring of the rating. Dharam Stainless Steel
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone
calls and a letter/email dated December 21, 2018, December 14,
2018, and December 11, 2018. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised by taking into account non-
availability of requisite information and no due-diligence
conducted with banker due to non-cooperation by Dharam Stainless
Steel Private Limited with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability
risk as a key factor in its assessment of credit risk. Further,
the ratings continue to remain constrained owing to small scale
of operations, low profitability margins & leverage capital
structure and working capital intensive nature of operations. The
ratings are further constrained by risk associated with foreign
exchange exposure, raw material price fluctuations risk and
highly competitive industry. The ratings, however, draws comfort
from experienced promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations has remained
low marked by total operating income and gross cash accruals of
INR14.52 crore and INR0.71 crore respectively during FY17 (refer
to financial year from April 1 to March 31). Further, the company
has low net worth base of INR2.30 crore as on March 31, 2017. The
small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits.

Low profitability margins & leverage capital structure: Being a
small player in the industry, the company was not able to pass
increased raw material cost to its customers. Interest burden on
working capital borrowing and depreciation also restricts the net
profitability of the company. PAT margin of the company stood
below unity during last two financial years (FY16 & FY17). The
capital structure as marked by overall gearing ratio continue to
remain leveraged on account of high dependence on external
borrowings to meet the working capital requirements coupled with
low capital base. Overall gearing stood high at 3.62x as on
March 31, 2017 as against 3.14x as on March 31, 2016.

Working capital intensive nature of operations: DSPL's operations
are working capital intensive marked by an average operating
cycle of around 265 days for FY17 on account of high inventory
period. The company is mainly into export of kitchen cutleries
wherein the conversion from inventory to debtors takes
considerable time. The company maintains inventory in the form of
raw material for smooth production processes, Also, the company
has to maintain inventory in form of finished goods to meet the
demand of the customers and since the product portfolio is large,
the average inventory holding is high which stood at around 342
days for FY17. Since there is a long time lag between raw
material procurement and liquidation of inventory, the company is
exposed to the risk of adverse price movement resulting in lower
realization than expected. The average collection period stood
moderate at 36 days as majority of the customers are overseas
distributors and the company grants a credit period of 30-90
days. The company procurement is backed by Letter of credit
having usance period up to 180 days which resulted in high
average creditor's period of around 113 days for FY17. The high
working capital requirements were met largely through bank
borrowings which resulted in a high average utilization of its
sanctioned working capital limits.

Foreign exchange exposure: The business operations of DSSPL
involve both imports and exports resulting in sales realization
and cash outflow in foreign currency. The company exports its
product to China, USA and UK and business operations are
dependent of overseas market. Further, its import procurement to
raw material cost stood at around 30% for last three financial
years, thereby exposing DSPL to volatility in foreign exchange
rates. Though, the company has a policy of hedging its foreign
exchange transaction, it still exposes to any sharp fluctuations
in the value of rupee against foreign exchange currency for the
uncovered portion. However, being importer and exporter, the
foreign currency risk is partially mitigated through a natural
hedge.

Raw material price fluctuations risk and highly competitive
industry: Raw material constituted around 70% of the total cost
of production for the last 3 years FY15-17. The company is
exposed to the raw material price volatility risk due to the
volatility experienced in the prices of stainless steel and
allied products and their prices fluctuates rapidly due to demand
supply gap. They constitute a major component of the raw material
and hence any volatility in their prices has a direct impact on
the profitability margins of the company. DSPL operates in a
highly competitive industry with competition from both organized
and unorganized players established in vicinity of the company in
Wazirpur Industrial Area. The same results in low bargaining
power with its customers impacting profitability margins of the
company.

Key Rating Strengths

Experienced promoters: Mr. Bhupinder Pal Singh, Mr. Jaspreet
Singh, Mr. Ardaman Singh and Ms. Ashpreet Kaur are promoters of
DSPL. Mr. Bhupinder Pal Singh (aged 69 yrs) looks after the
technical aspects and decision making of the company and has an
experience of more than four decades in the similar line of
business. Mr. Jaspreet Singh, graduate and his brother, Mr.
Ardaman Singh has nearly two decades of experience from this
entity. Ms. Ashpreet Kaur, graduate (aged 32 yrs), having
experience of half a decade through her association with this
entity.

Dharam Stainless Steel Private Limited (DSPL) was incorporated in
2010 and promoted by Mr. Bhupinder Pal Singh, Mr. Jaspreet Singh,
Mr. Ardaman Singh and Ms. Ashpreet Kaur. The company is engaged
in manufacturing of kitchen cutleries such as spoon, knife,
slicer, steel skillet, etc. The manufacturing facility of the
company is located at Sonipat, Haryana with an installed capacity
of 350 tonnes per month (TPM) as on March 31, 2016. The major raw
materials required for manufacturing cutlery is stainless steel
sheet which is mainly procured domestically. The company also
imports (around 30%) from China and Brazil. The company mainly
exports cutlery to China, US and UK countries, etc.

The company is having a group concern namely, Dharam Industries
which is a partnership firm and engaged in the manufacturing of
stainless steel furniture's.


DIVYALAKSHMI TEXTILES: Ind-Ra Affirms BB+ Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Divyalakshmi
Textiles Pvt Ltd.'s (DTPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR102.5 mil. (increased from INR52.1 mil.) Term loan due on
     December 2023 affirmed with IND BB+/Stable rating;

-- INR95.0 mil. Fund-based limits affirmed with IND BB+/
    Stable/IND A4+ rating;

-- INR45.0 mil. (reduced from INR102.9 mil.) Non-fund-based
    limits affirmed with IND A4+ rating; and

-- INR7.5 mil. Proposed term loan assigned with *Provisional
    IND BB+/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect DTPL's continued small scale of operations.
The company's revenue increased to INR572 million in FY18 (FY17:
INR550 million) due to increased sales prices. As on December
2018, DTPL has an order book of INR139.3 million, providing near-
term moderate revenue visibility. DTPL booked revenue of INR284.3
million in 1HFY19 and expects to achieve INR580 million in FY19E.

The ratings also reflect the stressed liquidity profile of the
company, with the average utilization of the fund-based and non-
fund-based working capital limits standing at about 99% and 86%,
respectively, for the 12 months ended December 2018. Moreover,
cash flow from operations was a negative INR5 million in FY18
(FY17: INR104 million) and is unlikely to turn positive in FY19
on account of high inventory levels during the year, according to
Ind-Ra.

The ratings, however, are supported by DTPL's healthy credit
metrics, supported by an improvement in EBITDA. During FY18, the
gross interest coverage (operating EBITDA/gross interest expense)
rose to 4.2x (FY17: 3.7x) and net debt leverage (adjusted net
debt/operating EBITDA) improved to 1.3x (1.6x). However, Ind-Ra
expects the credit metrics to deteriorate in FY19 as a capex of
INR105 million to set up a windmill of 2MW would be fully funded
by term loan, and also, the company would need to incur short-
term debt for procuring inventory.

Also, DTPL's RoCE was 21% in FY18 (FY17: 22%) and the EBITDA
margins continue to be healthy at 16.6% (15.8%). The rise in
margins was owing to a decrease in variable expenses. Ind-Ra
believes the margins will remain at similar levels in the medium
term, owing to volatility in raw material expenses.

Furthermore, the ratings benefit from the promoters' experience
of over two decades in the textile industry, which has led to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue and EBITDA
margin while maintaining the credit metrics at healthy levels,
all on a sustained basis, would lead to positive rating action.

Negative: A decline in the revenue and/or EBITDA margin, leading
to deterioration in the credit metrics on a sustained basis
and/or a stressed liquidity position, will lead to a downgrade.

COMPANY PROFILE

Incorporated in 2005, DTPL manufactures cotton yarn and has an
installed capacity of 28,800 spindles. It is located in
Aruppukottai (Tamil Nadu).


H. M. PATEL: CARE Reaffirms B+ Rating on INR1.90cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
H. M. Patel and Company (HMPC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           1.90       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           3.70      CARE A4 Reaffirmed

Detailed rationale and key rating drivers

The ratings assigned to the bank facilities of HMPC continue to
remain constrained on account of its fluctuating and small scale
of operations and overall financial risk profile marked by thin
profit margins, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of its operations
during FY18 (refers to the period April 1 to March 31). The
ratings are also constrained due to proprietorship nature of its
constitution, its presence in a highly competitive and fragmented
nature of industry and susceptibility of profit margins to
volatility in prices of raw material prices and foreign exchange
fluctuation risk.  The ratings, however, derive strength from
experienced proprietor with established track record of the firm.
The ability of HMPC to increase its scale of operations with
improvement in profitability and solvency position along with
efficient working capital management are the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Fluctuating and small scale of operations along with thin profit
margins: The scale of operations as marked by Total operating
Income (TOI) of HMPC has exhibited a fluctuating trend since the
past three years ended FY18. It decreased marginally by 3.14% y-
o-y and stood small at INR10.71 crore during FY18 as against
INR11.05 crore during FY17. PBILDT margin continued to remain low
at 3.38% in FY18 as against 3.53% during FY17. Consequently, PAT
margin remained thin at 0.84% during FY18 as against 0.83% during
FY17.

Leveraged capital structure and weak debt coverage indicators:
Capital structure as marked by overall gearing ratio continued to
remain leveraged at 2.70 times as on March 31, 2018 as against
2.07 times as on March 31, 2017, owing to an increase in total
debt level due to higher working capital utilization as on
balance sheet date. Debt coverage indicators continued to remain
weak as marked by total debt to gross cash accruals of 53.05
years as on March 31, 2018 (38.10 years as on March 31, 2017).
Further, interest coverage ratio stood moderate at 1.39 times
during FY18 (1.36 times during FY17).

Working capital intensive nature of operations: The operations
remained working capital intensive in nature as indicated by
moderate current ratio of 1.30 times as on March 31, 2018 as
against 1.29 times as on March 31, 2017. Further, HMPC's
operating cycle elongated to 200 days during FY18 as against 95
days in FY17 primarily due to increase in average collection
period coupled with a decrease in average creditors period during
FY18, while the average utilization of its working capital
facilities remained moderate at around 80% during past 12 months
period ended December, 2018. The cash flow from operating
activities stood negative at INR1.90 crore while the cash and
bank balance stood at INR0.02 crore as on March 31, 2018.

Proprietorship nature of constitution with presence in a highly
competitive and fragmented nature of industry: There is inherent
risk of possibility of withdrawal of capital and dissolution of
the firm in case of retirement/insolvency/personal contingency of
the proprietor. Further, timber trading segment is highly
unorganized and witnesses intense competition due to low entry
barriers. Hence the profit margins of the firms like HMPC remain
under pressure.

Susceptibility of profit margins to volatility in prices of raw
material prices and foreign exchange fluctuation risk: HMPC
imports its entire raw materials from various countries; hence
the firm is exposed to foreign exchange fluctuation risks.
Moreover the firm is exposed to fluctuations in prices of raw
material; i.e. timber, owing to difference in the price
fluctuation occurring between placing orders to suppliers on the
basis of anticipated demand and the sawing of logs against
customer specific orders.

Key Rating Strengths

Experienced proprietor with established track record of the firm:
The firm was formed in 1998 and Mr. Kantilal Patel currently
manages overall operations of the firm. He is into this
business for more than a decade and has an established network of
suppliers and customers.

Rajkot-based (Gujarat), HMPC; a proprietorship firm is a family
owned-business established in 1998, by Mr. Hansraj Patel.
Currently, the firm's business has been taken over by his son Mr.
Kantilal Patel who manages day to day operation of firm.
HMPC is engaged in the business of sawing and sizing of timber.
It carries out its manufacturing from its facility located in
Gandhidham (Gujarat), which is equipped with three ben saw
machines having an installed capacity of 1100 cubic feet per
month as on March 31, 2018.


HONEY PROPERTIES: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Honey Properties
(HP) for obtaining information through letters and emails dated
June 28, 2018 and December 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        7.05       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

'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 HP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HP 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 HP continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2014, HP is engaged in real estate development.
The company is promoted by Mr. K.S. Sameeulla and Mr. K.S. Suna
Miandad.


INDO SILICON: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Indo Silicon
Electronics Private Limited (ISPL) for obtaining information
through letters and emails dated June 28, 2018 and December 10,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

'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 ISPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISPL 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 ISPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

ISPL was incorporated in 1999, by Delhi-based Chadha family. ISPL
earlier imported car accessories, and changed its line of
business in 2005. It now trades in passenger car radials, light
truck tyres, and bike tyres. Mr Harminder Singh Chadha, one of
its directors, manages the operations.


IUA TRUST: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with IUA Trust (IUA)
for obtaining information through letters and emails dated June
28, 2018 and December 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Secured Overdraft      0.5         CRISIL D (ISSUER NOT
   Facility                           COOPERATING)

   Term Loan              22.0        CRISIL D (ISSUER NOT
                                      COOPERATING)

'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 IUA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IUA 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 IUA continues to be 'CRISIL D Issuer not
cooperating'.

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


J.B.C. INDUSTRIES: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with J.B.C. Industries
(JBC) for obtaining information through letters and emails dated
June 28, 2018 and December 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

'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 JBC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JBC 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 JBC continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

JBC Industries, incorporated in 1995, is a sole proprietorship
firm, owned by Mr. Jitendra Patra. The Odisha-based firm trades
in iron and steel products, such as HB wire, GI wire,
agricultural equipment and manufactures binding wire, barbed
wire, chainlink net and fastener nails. It is the authorised
dealer of Tata Steel Ltd (Agrico and wire division) for 22
districts in Odisha. The manufacturing facility is located at
Mancheswar Industrial Estate at Bhubaneswar.


JR TOLL: CARE Moves B on INR389 Debt to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of JR Toll
Road Pvt. Ltd. (JR Toll Road) to Issuer Not Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based       389.00      CARE B (SO); Issuer not
   Facilities                   cooperating; Based on best
   (Long term)                  available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings on the bank facilities of JR Toll
Road on account of the revision in the ratings assigned to the
guarantor i.e. Reliance Infrastructure Limited (R-Infra).

Detailed Rationale of the Guarantor; R-Infra

CARE has moved the rating of Reliance Infrastructure Limited (R-
Infra) to the 'ISSUER NOT COOPERATING' category due to non-
submission of monthly 'No Default Statement' ("NDS") by the
entity.

CARE has been consistently following up with R-Infra for
obtaining the monthly 'No Default Statement'. Subsequently, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

The rating on R-Infra's bank facilities and NCDs will now be
denoted as CARE B; ISSUER NOT COOPERATING, CARE A4, ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 26, 2018 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances continued to
remain high at around INR13,558 crore as on March 31, 2018 which
has impacted the liquidity profile and financial risk profile of
R-Infra. Timely and complete recovery of the same is a key rating
sensitivity.

Delay in receipt of arbitration award and regulatory assets: R-
Infra had won Delhi Metro arbitration award against DMRC (Delhi
Metro Rail Corporation) worth INR5,300 crore including interest
of which R-Infra received INR306 crore as immediate reliefs to
ensure than no account of lenders of DAMEPL (Delhi Airport Metro
Express Private Limited) turns NPA. Honorable Delhi HC has
directed DMRC to service entire debt of DAMEPL worth INR1,618
crore. The timely receipt of DMRC award is a key rating
monitorable. Also, the company had claims with regards to
regulatory assets from the power business and arbitration money
expected from the road projects, Mumbai Metro project and EPC
business.

Key Rating Strengths

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on September 30, 2018, R-
Infra has an order book position exceeding INR27,800 crore as on
September 30, 2018. The improvement in the order book position
provides revenue visibility in the EPC segment in the near term.

                        About JR Toll Road

It is one the of 11 toll road projects executed by R-Infra.
R-Infra has 48% stake in JR Toll road project. The project
commenced commercial operations in July 2013 and was set up with
the objective to design, build, operate and transfer 52 km long
four lane NH11 road connecting Reengus in northern part of
Rajasthan to its capital city, Jaipur.

                   About the Guarantor; R-Infra

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the Reliance ADAG (controlled by Mr. Anil D Ambani). Reliance
Infrastructure Ltd. is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads
and Metro Rail in the Infrastructure space and the Defence
sector.

R-Infra through its SPV/Associates has presence in the power
businesses. Also, R-Infra Ltd through its SPVs has executed a
portfolio of infrastructure projects such as a metro rail project
in Mumbai on build, own, operate and transfer (BOOT) basis;
eleven road projects with total length of about 1,000 kms on
build, operate and transfer (BOT) basis. Reliance Infrastructure
Ltd. also provides Engineering, Procurement and Construction
(EPC) services for developing power and road projects. The
Company has entered into the defence sector. The Maharashtra
Government has allotted land at Mihan near Nagpur for the
development of smart city for the defence sector known as
Dhirubhai Ambani Aerospace Park (DAAP). Reliance Infrastructure
Ltd. associate Reliance Naval and Engineering Ltd. (RNEL), houses
dry dock facility to build warships and other naval vessels.


KIWI ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Kiwi Alloys
Limited (KAL) for obtaining information through letters and
emails dated June 28, 2018 and December 10, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.75       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

'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 KAL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAL 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 KAL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

KAL, incorporated in 2010, was promoted by Mr. Nitin Gupta and
his family members. It manufactures mild steel ingots. Its
manufacturing plant, located in Bhiwadi, Rajasthan, has an ingot
manufacturing capacity of 21,000 tonne per annum. KAL also trades
in rice.


MAADHAV AUTOMOTIVE: CARE Lowers Rating on INR5.30cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maadhav Automotive Fastners Private Limited (MAFP), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term Bank     5.30      CARE B+; Issuer not cooperating;
   Facilities                   Revised from CARE BB-; ISSUER NOT
                                COOPERATING on the basis of best
                                available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 26, 2017, placed
the rating(s) of MAFP under the 'issuer non-cooperating' category
as Maadhav Automotive Fastners Private Limited had failed to
provide information for monitoring of the rating. Maadhav
Automotive Fastners Private Limited continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 23, 2018, November 16, 2018 and November 13, 2018. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised by taking into account non-
availability of requisite information and no due-diligence
conducted with banker due to non-cooperation by Maadhav
Automotive Fastners Private Limited with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment
of credit risk. Further, the rating continues to remain
constrained owing to small scale of operations and working
capital intensive nature of operations due to elongated
collection period. The rating is further constrained by risk
associated with exposure to volatility in raw material prices and
presence in a highly competitive industry. The rating, however,
draws comfort from experienced promoters, satisfactory
profitability margins and moderate capital structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: MAFP's scale of operations continues
to remain small as evident from total operating income and gross
cash accruals of INR14.78 crore and INR1.60 crore, respectively
during FY17 (refers to April 1 to March 31). Furthermore, the net
worth base was also small at INR5.82 crore as on March 31, 2017.
The small scale of operations limits the company's financial
flexibility in times of stress and deprives it of scale benefits.

Working capital intensive nature of operations due to elongated
collection period: The operations of the company continues to
remain working capital intensive in nature due to elongated
collection period of around 101 days for FY17 since the company
has to adopt liberal credit policy being operating in a highly
competitive industry. Further, majority the company customers are
large size players as compared to MAFP which possess high
bargaining power. Though the company has elongated collection
period, the working capital cycle of the company stood moderate
as characterized by operating cycle of 37 days for FY17. The same
is on account of the credit period which company is getting from
its suppliers. The average inventory days stood at 24 days which
is mainly in the form of raw materials and work in progress which
the company needs to maintain adequate for smooth execution of
production processes.

Exposure to volatility in raw material prices: MAFP procures the
raw materials from domestic players on requirement basis. The
finished goods as well as raw material prices of steel products
are volatile in nature. The finished goods price moves in tandem
with raw material prices, but with a time lag. Since the raw
material is the major cost driver, any decline in finished goods
price with no decline in raw material price result in adverse
performance of the company. As the entity does not have any
backward integration for its primary raw materials and procures
the same from outside, it is exposed to price volatility.

Presence in a highly competitive industry: MAFP operates in a
highly competitive industry marked by the presence of a large
number of players in the organized and unorganized sector. The
industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. Hence the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability. This apart, its
product being intermediary steel products is subjected to the
risks associated with the industry like cyclicality.

Key Rating Strengths

Experienced promoters: MAFP was initially established as a
partnership firm in 1993 by two partners namely Mr. Ashok
Mehta and Mr. Dhiraj Kumar which was further converted into
private limited in 2007. Mr. Ashok Mehta is a graduate and
has more than two decade of experience in manufacturing of
fasteners through his association with MAFP. He looks after
the overall operations of the company. Mr. Dhiraj Kumar is also a
graduate and has more than two decade of experience in
manufacturing of fasteners through his association with MAFP.

Satisfactory profitability margins and moderate capital
structure: The profitability margins of the company continues to
remain comfortable for the past three financial years (FY15-FY17)
mainly on account of high precision and high tensile strength
products being manufactured by the company as per the
specification of the clients. However, the PBILDT margin of the
company declined and stood at 15.55% in FY17 as against 16.13% in
FY16. Further, PAT margin in line with PBILDT margin also
declined and stood at 3.14% in FY17. The capital structure of the
company continues to remain moderate marked by overall gearing
ratio of 1.39x as on March 31, 2017. The coverage indicators
remained at moderate levels characterized by interest coverage
ratio and total debt to GCA of 4.56x and 5.04x for FY17.

Maadhav Automotive Fastners Private Limited (MAFP) was
established in 1993 as a partnership firm "Maadhav Automotive
Fastners" by Mr. Ashok Mehta and Mr. Dhiraj Kumar. Subsequently
in 2007, the firm was converted into a private limited company.
The company is engaged in manufacturing of fasteners viz machine
screw, self-tapping screw, special screw, bolts and control cable
screw etc. with an installed capacity of 3 crore pieces per month
at its manufacturing facilities located at Gurgaon, Haryana. The
company manufacturing process is ISO 9001:2000 certified. The
major raw materials for the company are alloy steel wire,
stainless steel wire and steel rounds which are procured from
traders based in Delhi NCR. The company caters only to domestic
market in industries like automobile, infrastructure and others.


MOTOR SALES: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Motor Sales
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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR91 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1955 by Mr. H C Gupta, Motor Sales is a dealer of
Tata Motors in Uttar Pradesh. It has a 3S (sales-spares-service)
outlet, engaged in the sales of spare parts, accessories and
cars.


R.P. STEEL: CARE Lowers Rating on INR17cr Loans to D
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
R. P. Steel Industries (RPSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE D Revised from CARE B;
   Facilities                      Stable

   Short-term Bank
   Facilities          10.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
RPSI factors in ongoing delays in the servicing of the debt
obligation.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital limits
availed by the firm. The cash credit limit has remained overdrawn
for more than 30 days.

Incorporated in 1984, R. P. Steel Industries (RPSI), managed by
Mr. Parshotam Aggarwal and his son Mr. Salil Aggarwal, is engaged
in the trading of various kinds of steel products. Originally,
the firm was constituted as a proprietorship firm with Mr.
Parshotam Aggarwal as its proprietor. From April 1, 2016,
onwards, the firm was reconstituted as partnership firm, with Mr.
Parshotam Aggarwal and Mr. Salil Aggarwal as its partners.


R.S. DREAM: CARE Lowers Rating on INR12cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
R.S. Dream Land Private Limited (RSDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       12.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RSDPL to monitor the
rating vide e-mail communications/letters dated October 9, 2018,
December, 29, 2018, January 2, 2019 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 RSDPL's bank facilities will now be denoted
as 'CARE B; Stable; ISSUER NOT COOPERATING'.

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

The revision in the rating takes into account the decline in
profitability margins, deterioration in capital structure and
debt coverage indicators during FY18 (refers the period from
April 1 to March 31,).

Detailed description of the key rating drivers

At the time of last rating in November 17, 2017, the following
were the rating strengths and weaknesses: (Updated the
information available from Ministry of Corporate Affairs).

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
remained small with total operating income of INR6.50
crore (INR1.68 crore in FY17) with a PAT of INR0.46 crore
(INR0.19 crore in FY17) in FY18. Furthermore, the tangible net
worth of the company also remained low at INR6.77 crore as on
March 31, 2018. The small size restricts financial
flexibility in times of stress.

Risk associated with geographical and revenue concentration: The
company's operations are restricted to Chhattisgarh since
inception indicating high geographical concentration risk. Being
confined only in the state of Chhattisgarh, RSDPL remains exposed
to the risk associated with slowdown in the real estate market in
the region resulting from demand supply mismatch. In recent
times, many new real estate projects have been launched in
Raipur, by organized and unorganized players due to the surge in
property prices coupled with low entry barriers which has led to
high competition in real estate market. This apart, currently
'Empressia Elite's is the sole project of RSDPL which further
expose the company to the revenue concentration risk.

Lack of proven project execution capabilities: 'Empressia Elite'
is the first real estate project which is being developed by
RSDPL. So the company has low project execution capabilities and
short track record of execution of real estate project. However,
earlier the company was doing the marketing for other real estate
companies and the promoters are having more than a decade
experience in the related line of business.

Competition from similar type of projects in the adjoining areas:
Real estate, while being one of the largest sectors of the
economy, is regional and fragmented in nature. In recent times,
many new real estate projects have been launched in Raipur, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.

Key Rating Strengths

Experienced promoters: The promoters Mr. Khushi Ram Kundnani and
Mr. Kishore Kumar Kundnani have more than a decade of experience
in real estate business. They are looking after the day to day
operations of the company supported by a team of experienced
professionals.

Raipur (Chhattisgarh) based RSDPL was incorporated in January
2006. Earlier the company was doing the marketing for other real
estate companies. Since March 2014, the company has started its
own real estate project. The company is currently developing its
first project 'Empressia Elite' commonly known as E2 with an
aggregate project cost of INR26.55 crore with a saleable area of
1.66 lakh square feet. The project is located in the prime
location of Raipur, Chhattisgarh. The construction work of the
project is given to G.K. Construction and RSDPL is focusing
mainly on marketing aspects. The promoters have satisfactory
business experience of more than two decade in real estate
industry.

Liquidity position:

The liquidity position of the company was adequate marked by its
current ratio of 0.65x. Furthermore, the company has cash & cash
equivalent of INR0.48 crore as on March 31, 2018.


RAJESHREE INDUSTRIES: CARE Lowers Rating on INR22cr LT Loan to B+
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajeshree Industries India Private Limited (RIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      22.00       CARE B+; Stable Revised from
   Facilities                      CARE BB-; Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
RIPL takes into account considerable decline in its scale of
operations and stressed liquidity position in FY18 (FY refers to
the period April 1 to March 31).

The rating continues to remain constrained due to RIPL's thin
profitability, working capital-intensive nature of operations
and leveraged financial profile. The rating is further
constrained by its presence in the highly competitive and
fragmented cotton ginning industry and susceptibility of its
margins to volatile cotton prices.

The rating, however, continues to derive strength from the
resourceful and experienced promoters and location
advantage due to its proximity to key raw material producing
region.

The ability of RIPL to scale up its operations along with
improvement in profitability, capital structure and liquidity
profile would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in scale of operations and moderate profitability: During
FY18, RIPL reported 41% dip in total operating income (TOI) to
INR79.61 crore as against INR133.59 crore primarily on account of
reduction in sales volume of ginned cotton. However, RIPL's
PBILDT and PAT margin, although improved during FY18, remained
thin at 3.36% (PY: 1.38%) and 0.07% (PY: 0.03%) due to low value
addition and high finance cost. As per the provisional results
for 8MFY19, RIPL reported the total sale of INR42.19 crore.

Stressed liquidity profile: The liquidity profile of the RIPL
remained stressed during FY18 marked by the elongated operating
cycle of 122 days (PY: 49 days) on account of increase in
collection and inventory period to 122 days (PY: 13 days) and 110
days (PY: 50 days) respectively. A large part of receivable is
due from Rajeshree Fibers. Further, owing to decline in gross
cash accrual and increase in receivable and inventories RIPL
reported negative cash flow from operations. However, RIPL
managed to service its debt obligations during FY18 from the
deployment of unsecured loans from the promoters in the business.
RIPL had negligible free cash and bank balance as on March 31,
2018.

Working capital intensive nature of operations: The net working
capital to operating capital employed remained high at 92% during
FY18. Further, in December 2017, RIPL enhanced its working
capital facilities to INR22 crore from INR20 crore. The average
utilisation of fund-based limits remained almost fill during the
trailing twelve months ended November 2018. The current ratio and
quick ratio remained moderate at 1.17 times and 0.78 times as on
March 31, 2018.

Leveraged capital structure and weak debt coverage indicators:
The overall gearing of RIPL remained high and deteriorated
further to 3.21 times as on March 31, 2018 of account of increase
in the working capital borrowings and loans from related parties.
Debt protection indicators continued to remain weak mainly on
account of higher debt levels.

Presence in the highly fragmented cotton ginning industry and
susceptibility of its margins to fluctuation in cotton prices:
The profitability of cotton ginning business depends largely on
the prices of cotton and cotton yarn which are governed by
various factors such as area under cultivation, monsoon and
international demand-supply situation, etc.

Key Rating Strengths

Experienced and resourceful promoters: The promoters of RIPL Mr.
Nilesh Gandhi and Mr. Rajendra Kumar Mahajan have an experience
in cotton ginning of over more than two decades. Furthermore, the
promoters has a presence in Madhya Pradesh region since 2001 and
has established relationship with its customers and suppliers.

Proximity to cotton producing area: The manufacturing facility of
RIPL is strategically located in Khargone in western part
of Madhya Pradesh (the cotton producing belt of Central India).
RIPL enjoys proximity to the cotton producing and ginning belt
which results in ease of access to raw material and lower
logistic expenditure (both on transportation and storage).

Incorporated in 2011, RIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under
partnership firms Rajeshree Cotex (RC; CARE BB-; Stable/CARE A4)
and Rajeshree Fibers (RF; CARE B+; Stable).


RELIANCE INFRASTRUCTURE: CARE Moves B Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Reliance
Infrastructure Limited (R-Infra) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank     1654.38     CARE B; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B; Stable on
                                  the basis of best available
                                  information

   Short Term Bank     600.00     CARE A4;ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE A4; on the
                                  basis of best available
                                  information

   Long-term Non-      295.00     CARE B; ISSUER NOT COOPERATING;
   Convertible                    Revised from CARE B; Stable on
   Debenture-1                    the basis of best available
                                  information

   Long-term Non-      600.00     CARE B; ISSUER NOT COOPERATING;
   Convertible                    Revised from CARE B; Stable on
   Debenture-2                    the basis of best available
                                  information

CARE has moved the rating of R-Infra to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the entity.

CARE has been consistently following up with R-Infra for
obtaining the monthly 'No Default Statement'. Subsequently, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

The rating on R-Infra's bank facilities and NCDs will now be
denoted as CARE B; ISSUER NOT COOPERATING, CARE A4, ISSUER NOT
COOPERATING.

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

Detailed Rationale & Key Rating Drivers

At the time of last rating on November 26, 2018, the following
were the rating strengths and weaknesses

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances continued to
remain high at around INR13,558 crore as on March 31, 2018 which
has impacted the liquidity profile and financial risk profile of
R-Infra.  Timely and complete recovery of the same is a key
rating sensitivity.

Delay in receipt of arbitration award and regulatory assets: R-
Infra had won Delhi Metro arbitration award against DMRC (Delhi
Metro Rail Corporation) worth INR5,300 crore including interest
of which R-Infra received INR306 crore as immediate relief to
ensure than no account of lenders of DAMEPL (Delhi Airport Metro
Express Private Limited) turns NPA. Hon'ble Delhi HC has directed
DMRC to service entire debt of DAMEPL worth INR1,618 crore. The
timely receipt of DMRC award is a key rating moniterable. Also,
the company had claims with regards to regulatory assets form the
power business and arbitration money expected from the road
projects, Mumbai Metro project and EPC business.

Key Rating Strengths

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on September 30, 2018, R-
Infra has an order book position exceeding INR27,800 crore as on
September 30, 2018. The improvement in the order book position
provides revenue visibility in the EPC segment in the near term.

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the Reliance ADAG (controlled by Mr. Anil D Ambani). Reliance
Infrastructure Ltd. is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads
and Metro Rail in the Infrastructure space and the Defence
sector. R-Infra through its SPV/Associates has presence in the
power businesses. Also, R-Infra Ltd through its SPVs has executed
a portfolio of infrastructure projects such as a metro rail
project in Mumbai on build, own, operate and transfer (BOOT)
basis; eleven road projects with total length of about 1,000 kms
on build, operate and transfer (BOT) basis. Reliance
Infrastructure Ltd. also provides Engineering, Procurement and
Construction (EPC) services for developing power and road
projects.

The Company has entered into the defence sector. The Maharashtra
Government has allotted land at Mihan near Nagpur for the
development of smart city for the defence sector known as
Dhirubhai Ambani Aerospace Park (DAAP).  Reliance Infrastructure
Ltd. associate Reliance Naval and Engineering Ltd. (RNEL), houses
dry dock facility to build warships and other naval vessels.


RUCHI SOYA: Patanjali Only Suitor as Adani Opts Out
---------------------------------------------------
LiveMint.com reports that Adani Wilmar Ltd, which was selected as
the highest bidder for Ruchi Soya Industries Ltd, has decided to
opt out of the race.

Adani Wilmar, promoted by billionaire Gautam Adani, on Jan. 15
informed the Mumbai bench of the National Company Law Tribunal
(NCLT) that it is willing to withdraw the proposed resolution
plan to acquire Ruchi Soya citing delays in the corporate
insolvency resolution process, the report says.

However, Patanjali Ayurved Ltd, promoted by Baba Ramdev, has
informed the NCLT that it is still willing to match the bid by
Adani Wilmar. Patanjali was the second-highest bidder, the report
discloses.

LiveMint.com says the Mumbai bench of NCLT presided by judicial
member V.P. Singh and technical member Ravikumar Duraiswamy heard
both the parties and directed them to file formal applications.

The tribunal will next hear the matter on February 7, the report
notes.

"The committee of creditors (CoC) has approved the resolution
plan of Adani Wilmar with more than 92% voting in favour of the
company. The 270 days are already over for the resolution
process. At this stage, can NCLT allow Patanjali to submit its
bid and also Adani Wilmar to withdraw its resolution plan? This
is something that is yet to be tested under law," LiveMint.com
quotes a person privy to the development as saying.

Melvyn Fernandes, associate partner at law firm Vaish Associates
Advocates, the lawyer representing Patanjali in the NCLT,
confirmed the development but declined to elaborate, according to
LiveMint.com.

LiveMint.com adds that the CoC had approved Adani Wilmar's
resolution plan in August but Patanjali had challenged the
bidding process with the argument that it violates Section 29 (A)
of the Insolvency and Bankruptcy Code.

A resolution applicant (bidder) is ineligible to submit a plan if
connected to a person who meets any of the ineligibility
criteria, according to the section. The definition of connected
person makes reference to the related party, which in turn lists
relatives as well, the report notes.

Indore-based Ruchi Soya Industries has manufacturing plants and
its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star
and Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was
appointed as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the
Reserve Bank of India flagged for resolution. On December 2, the
NCLT bench admitted the company for insolvency resolution process
under the IBC. The company owes more than INR12,000 crore to
various entities.


SRI MOULI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Mouli
Textiles 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:

-- INR120 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR196.9 mil. Term loan due on March 2024 - October 2025
    migrated to non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR43.1 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 10, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Sri Mouli Textiles manufactures cotton
yarn.


TANUJ ROSHI: CARE Assigns B+ Rating to INR7.90cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tanuj
Roshi Poultry Farm (TRP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities           7.90       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TRP is constrained
by its small scale of operations, high gearing and total debt to
GCA and weak liquidity position. The rating is also constrained
by susceptibility to fluctuation in raw material (feed) prices,
inherent risk associated with the poultry industry coupled with
high competition from local players and its proprietorship nature
of constitution. The rating, however, derives strength from
experienced proprietor, long track record of operations, moderate
profitability margins and positive demand outlook for the poultry
industry.

Going forward, the ability of the firm to scale up its operations
while improving its overall solvency position and efficiently
managing its working capital requirements would remain its key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: The firm's
scale of operations has remained small marked by total operating
income (TOI) of INR27.64 crore in FY18 (refers to the period
April 1 to March 31) with low net worth base of INR3.32 crore as
on March 31, 2018. The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore, the scale of operations of the firm
witnessed a fluctuating trend during FY16-FY18 period.
Furthermore, the firm reported total operating income of
INR13.55 crore in 8MFY19 (Provisional).

High gearing and total debt to GCA: The capital structure of the
TRP stood leveraged with overall gearing ratio of 2.85x as on
March 31, 2018. The same, however, improved from 5.79x as on
March 31, 2017 mainly owing to repayment of term loans and lower
utilization of working capital limits as on last balance sheet
date coupled with infusion of funds of INR0.77 crore in the form
of proprietor's capital. Further, the total debt to GCA stood
weak at 15.36x for FY18. The interest coverage ratio stood
moderate at 1.54x in FY18.

Weak liquidity position: The liquidity position of the firm has
remained weak as indicated from low quick ratio of 0.33x as on
March 31, 2018. However, current ratio stood moderate at 1.88x as
on March 31, 2018. The firm had free cash and bank balance of
INR0.07 crore as on March 31, 2018 The average operating cycle of
the firm stood elongated at 131 days for FY18 (158 days for FY17)
due to high inventory level of 127 days for FY18 (148 days for
FY17) as the firm has to generally maintain high level of
inventory owing to long breeding period of 26 weeks before
chicken start laying eggs coupled with maintenance of large
stocks of poultry feed. The firm offers a credit period of one
month to its customers; however, it receives a credit period of
upto 15-20 days from its suppliers. As per banker, the average
utilization of cash credit limits remained at 80% for the past 12
months period ended November, 2018.

Susceptibility to fluctuation in feed prices: TRP's profitability
is vulnerable to the volatility associated with the key raw
material prices which are dependent upon prices of maize and
soybean (Agro products). As the poultry industry is virtually a
buyers' market, producers may not be able to pass on any sharp
increase in raw material prices, as the egg prices are controlled
by their own demand-supply dynamics.

Inherent risk associated with the poultry industry coupled with
high competition from local players: The Poultry industry is
driven by regional demand and supply because of transportation
constraints and perishable nature of the products. Low capital
intensity and low entry barriers facilitate easy entry of players
leading to a large unorganized sector. Poultry industry is also
vulnerable to outbreaks of diseases, like bird flu, extreme
weather conditions and contamination by pathogens. The outbreak
of bird flu leads to a fall in demand and consequent sharp crash
in the egg prices. Diseases can also impact production of healthy
chicks. Furthermore, the poultry industry is highly fragmented
and competitive marked by the presence of numerous players in
India. Given the fact that the entry barriers to the industry are
low, the players in the industry do not have pricing power and
are exposed to competition induced pressures on profitability.

Proprietorship nature of constitution: TRP's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision of the lenders.

Key Rating Strengths

Experienced proprietor and long track record of operations: Mrs.
Shashi Kala Gupta has an industry experience of more than two
decades through her association with TRP and other group concern.
The proprietor has adequate acumen about various aspects of
business which is likely to benefit TRP in the long run.
Furthermore, the proprietor is supported by experienced team
having varied experience in the field of technical, marketing and
finance aspects of business. The long track record has aided the
firm in establishment of strong relationships with suppliers &
customers.

Moderate profitability margins: The profitability margins of the
firm stood moderate marked by PBILDT margin and PAT margin of
6.37% and 1.02% respectively in FY18. The PBILDT margin
deteriorated from 8.11% in FY17 to 6.37% in FY18 mainly on
account of increase in raw material costs which could not be
transferred to customers. However, due to decline in interest
costs, PAT margin remained broadly stable at 1.02% in FY18 (PY:
1.04%).

Positive demand outlook for the poultry industry: As per APEDA,
poultry is one of the fastest growing segments of the
agricultural sector in India. The potential in the poultry sector
is increasing due to a combination of factors - growth in per
capita income, growing urban population and falling poultry
prices. Also poultry meat is the fastest growing component of
global meat demand, and India, one of the world's fastest growing
countries is experiencing a rapid growth in its poultry sector.

Tanuj Roshi Poultry Farm (TRP) was established in 1990 as a
proprietorship concern by Mrs. Shashi Kala Gupta. TRP is engaged
in the poultry farming business at its farm located in District
Ambala, Haryana with a breeding capacity of 3,15,000 layer birds
per batch. The firm sells eggs and cull birds to various
wholesalers located in Punjab and Delhi. Also, the firm is
registered vendor at Amazon, Flipkart, Best Price, Metro, Big
Basket and More. The main raw material is 1 day old chick and
also requires maize, soyabean, mustard, rice bran, proteins and
deoiled rice bran for feeding the chicken. The same is procured
through traders/ agents located in Rajasthan, Gujarat and Uttar
Pradesh. Besides TRP, the proprietor is also engaged in managing
another group concern namely Jai Shree Ganesh. Jai Shree Ganesh
is a partnership firm located at District Ambala, Haryana and
engaged in similar business since 2015.



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


CANTERBURY MORTGAGE: Yet to Finalise an Outstanding Claim
---------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that the 10-year wind up of
the failed Canterbury Mortgage Trust has cost millions in fees
and its managers have yet to finalise an outstanding claim.

According to Stuff, CMT has one significant investment to cash up
from its former NZ$250 million portfolio - a loan on an
earthquake damaged multi-storey building at 96 Lichfield St,
Christchurch, one of several buildings that were part of
developer Dave Henderson's SOL Square entertainment and
restaurant precinct.

Stuff relates that CMT has legal possession of the building, and
has succeeded in an insurance claim, which settled in June 2018
for NZ$7.5 million to the benefit of investors.

But more court action is required to address an injunction and
caveat taken over the property by GP96 Limited, a company
ultimately owned by Mr. Henderson.

The injunction prevents FM Custodians, as mortgagee in possession
of the building on behalf of CMT, from demolishing, selling or
leasing the property.

The CMT managers expect further recovery of investors' money from
this asset.

Mr. Henderson has re-acquired one of the SOL Square properties at
92 Lichfield St for redevelopment.

And a building at 110 Lichfield St is owned by 100 Investments
whose director is Mr. Henderson's friend ex-MP Rodney. 100
Investments has just won a contested insurance payout on the
building.

An adjacent building at 179 Tuam St was recently re-acquired for
NZ$3.6 million by SOL Store, whose director is Mr. Henderson's
partner Kristina Buxton.

"It is anticipated that further funds are likely to be
distributed following the successful resolution of the remaining
legal matters," CMT managers said in their latest report to
investors, Stuff relays.

Stuff says the wind up has proved lucrative for the managers,
including BDO, Trustees Executors, and lawyers - legal expenses
took NZ$1.2 million in 2018.

Over the 10-year term of the wind up, a rough calculation from
annual reports shows the managers and their consultants have
gleaned about NZ$6.5 million, while legal expenses have taken
about NZ$3.8 million, Stuff discloses.

The return to about 5,000 investors so far is 87 cents in the
dollar or NZ$214 million, although that doesn't account for
interest or inflation, and several investors won't enjoy the
return because they have died, according to Stuff.

Stuff says the CMT fund was advertised as a conservative
investment in the early 2000s but increasingly loaned money out
to speculative developers who were unable to repay when their
ventures foundered after the 2008 financial crash.


ORANGE H: Creditor Claims Swell NZ$10.5MM, Receiver Reveals
-----------------------------------------------------------
Anne Gibson at NZ Herald reports that the financial position of
several businesses associated with what had been New Zealand's
second-largest construction company has worsened by NZ$10.5
million, according to a new report.

Andrew Grenfell of McGrathNicol in Auckland is the receiver of
Orange H, previously called Hawkins Group before it was sold to
Downer EDI in 2017, the Herald discloses.

In his latest report, Mr. Grenfell explains that a NZ$10.5
million bond from H Construction Schools 2 PPP has been called up
in full, increasing the amount owed to McConnell Limited to NZ$26
million.

H Construction Schools is in liquidation and is part of the
corporate structure connected to those businesses which have
failed.

The Herald says the performance or construction bond is
understood to have been called on by a member of a private-public
partnership specially formed for school construction.

"The bond was cash-backed by McConnell Ltd with a guarantee from
Orange H Group," Mr. Grenfell's report, as cited by the Herald,
said.  "As a result, the amount outstanding to McConnell Ltd has
increased during the period to NZ$26 million," the report said.

How much unsecured creditors will get from the many ex-Hawkins
businesses is unclear, the Herald notes.

"At this stage, it is uncertain what funds will be available for
unsecured creditors," the new report said.

Secured lenders to the 13 businesses under the Orange H umbrella
are owed NZ$174.5 million, the new six-monthly receivership
report said, the Herald relays.

In early 2017, ASX-listed engineering consultancy Downer EDI
bought Hawkins' construction, infrastructure and project
management businesses from the McConnell family for AUD55.4
million (around NZ$59.9 million at that time).

The receiver explained the background to the business collapse
and a chart showed the corporate structure.

In March 2017, the group sold its business and assets to Hawkins
2017 Ltd and Downer New Zealand, both subsidiaries of Downer EDI,
the report said.

The sale included employment contracts, the Hawkins brand and
name, plant and equipment and selected construction contracts.

Construction projects not included in the sale remained with the
various companies for completion. The majority of the retained
projects had reached practical completion and were in their
defects liability period, the report said.

"During the latest six-monthly period the receivers have
collected a number of payment claims and retentions on projects.
They continue to work with principals to seek recovery of amounts
due on the retained projects.

"In some cases, this may require legal actions against
principals," the receivership report said.

The Herald relates that Mr. Grenfell said in his report: "The
bond was called up by the owner of the PPP that developed the
schools. It increases the liabilities of Orange H. However, we
note that the schools subject to the bond are completed and the
bond was called to cover any potential future defects, given the
insolvency of the contractor. Negotiations are currently in the
process to determine a value to cover any potential future
defects that may arise. Once agreed, the balance of the bond will
be returned."

Thirteen ex-Hawkins companies are in receivership and
liquidation: Orange H Group, H Construction Group, Orange H
Management, H Plant, Orange H Construction, H Construction South
Island, H Construction North Island, H Construction North Island
Group, H Construction N.I, H Construction Hobsonville, H
Infrastructure Holdings, H Infrastructure (NZ) and HUC.



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


FALCON ENERGY: To Undertake Complete Debt Revamp
------------------------------------------------
The Strait Times reports that Falcon Energy Group announced on
Jan. 18 that it will suspend coupon payment on notes due on
Jan. 19 as it embarks on a complete debt overhaul. The mainboard-
listed company in filings to the Singapore Exchange also
requested for trading in its shares to be suspended, the report
says.

The Strait Times relates that Falcon blamed the moves on the
prolonged slump in the oil services market and the need to
conserve liquidity for business operations. It said the company
will embark on a complete restructuring of all its liabilities
"which will include our bankers, noteholders and other unsecured
creditors."

Discussions with different stakeholders are currently ongoing, it
added.

According to the report, Falcon said it intends to propose a
certain amount of conversion of its SGD50,000,000 notes due on
Sept 19, 2017, to ordinary equity in the company and a meeting
will be convened shortly to discuss further steps and the
restructuring of the notes.

The company is also in the process of discussing a restructuring
of term loans with its bankers, said Falcon. "It is our intention
to adopt a similar cash conservation position moving forward," it
added, the report relays.

On its voluntary trading suspension, Falcon said it will seek its
lifting "as soon as it is appropriate to do so without
compromising the interests of all stakeholder groups," The Strait
Times adds.

The Strait Times relates that in a letter to shareholders on
Jan. 18, Falcon's chairman and CEO Tan Pong Tyea said: "We
believe the industry is starting to show signs of improvement and
our business model is viable, supported by our highly experienced
management team with proven track record. We are confident Falcon
Energy will emerge an even stronger entity post-restructuring."

Singapore-based Falcon Energy Group Limited, an investment
holding company, provides services from the initial exploration
stage to production and postproduction stage to oil companies and
contractors worldwide.

Falcon Energy reported a net loss of US$80.9 million for the 12
months ended June 30, 2018 and a net loss of US$121.8 million for
the same period in 2017.


OBIKE ASIA: Owes at Least SGD1.7MM to Creditors, Users
------------------------------------------------------
TODAY Online reports that oBike Asia, the bicycle-sharing firm's
Singapore-registered entity, owes at least SGD1.7 million to
creditors and users, and in costs chalked up from its wind-up.

Based on documents - which exclude those for liquidator fees -
seen by TODAY, oBike Asia drew proof of debt from 30 or so
creditors totalling SGD743,189.

These include payments owed to town councils, suppliers and
government agency, the Land Transport Authority (LTA), TODAY
relates.

According to the report, the biggest proof of debt was from
logistics firm West-Street Carrier (SGD130,753), followed by the
Bishan-Toa Payoh Town Council (SGD85,660) and Channel Management
Systems (SGD84,682), which also provides logistics services. The
LTA is owed SGD15,000.

Claims made by 8,854 deposit-holders totalled SGD405,314 as of
October last year, the documents revealed, while FTI Consulting's
fees are understood to be around SGD600,000.

FTI Consulting had said in August last year that oBike's
Singapore business owes SGD8.9 million to about 220,500 users,
TODAY recalls.

The firm has a new majority shareholder who has struck a deal
with its founders to take over the firm's global business and
clear its spiralling debt, TODAY has learnt.

But the new shareholder, 29-year-old Costa Rican investor Oscar
Moises Chaves, said he is determined to fulfil the firm's
obligations to its creditors, but repayment in Singapore -
where the firm is in liquidation - has hit an impasse, TODAY
relays.

oBike's debts appear to have outstripped the funds mustered so
far. As of Oct. 15 last year, documents showed oBike Asia had a
running balance of SGD481,449, derived mostly from scrapping
bicycles, TODAY discloses.

When a firm shuts, the Companies Act sets out the order of
priorities under which funds should be distributed to creditors.

It states that priority should first be given to paying the costs
and expenses of the wind-up, including the liquidator's
remuneration. Other unsecured debts - including user deposits in
oBike's case - come last.

According to the report, Mr. Chaves has offered to dip into his
own pocket to pay off user deposits, as has former oBike chairman
Shi Yi.

Still, Mr. Daniel Tay, a partner at law firm Chan Neo LLP, said
oBike's liquidators are required to distribute its funds to
preferential creditors before unsecured ones such as users, in
accordance with the Companies Act, the report relays.

"Even if offers are made to inject funds into oBike, it is
unlikely that the liquidator can use these funds to pay off oBike
users first," the report quotes Mr. Tay as saying.

Several months on, the stuttering progress of repayment has not
gone unnoticed.

"We urge the liquidators to begin the repayment process," TODAY
quotes an LTA spokesperson as saying.

The transport regulator noted that FTI Consulting was engaging
oBike and its creditors to reach a settlement, and has been
exploring various options in the interest of creditors, the
report says.

"Creditors should continue to work with FTI on this," the LTA
spokesperson added.



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


* BOND PRICING: For the Week Jan. 14, 2019 to Jan. 18, 2019
-----------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
CLIME CAPITAL LTD            6.25      11/30/21    AUD      0.99
KEYBRIDGE CAPITAL LTD        7.00      07/31/20    AUD      0.92
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08


  CHINA
  -----

AKESU XINCHENG ASSET IN      6.40      04/20/22    CNY     73.06
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     62.00
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     72.63
ANHUI CHIZHOU CITY TIAN      7.40      10/23/20    CNY     40.70
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.35
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.91
ANHUI SHENGYUN ENVIRONM      6.98      03/23/20    CNY     45.00
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.56
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.57
ANKANG DEVELOPMENT & IN      6.35      03/06/20    CNY     40.55
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.01
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.17
ANYANG INVESTMENT GROUP      8.00      04/17/19    CNY     20.12
BAODING NATIONAL HI-TEC      7.33      12/24/19    CNY     20.19
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOSHAN STATE-OWNED ASS      7.30      12/10/19    CNY     20.05
BAOTOU STATE OWNED ASSE      7.03      09/17/19    CNY     20.13
BAYAN ZHUOER HETAO WATE      8.54      03/31/22    CNY     62.79
BAYANNUR LINHE DISTRICT      7.90      11/13/20    CNY     40.72
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     60.00
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     62.74
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.77
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.80
BEIJING CAPITAL DEVELOP      5.95      05/29/19    CNY     20.16
BEIJING CAPITAL DEVELOP      6.50      02/27/21    CNY     61.29
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.52
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.72
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.70
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.94
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.18
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.30
BEIJING CONSTRUCTION EN      5.95      07/05/19    CNY     20.16
BEIJING FUTURE SCIENCE       6.28      09/22/19    CNY     25.32
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.20
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.21
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.56
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.70
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.30
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.72
BEIJING JINLIYUAN STATE      7.00      10/28/20    CNY     41.42
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     60.77
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     61.76
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.70
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.83
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.17
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.22
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.20
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.95
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.54
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.55
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     61.23
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     62.89
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.16
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.17
BORALA MONGOL AUTONOMOU      7.18      08/09/20    CNY     40.37
C&D REAL ESTATE CORP LT      6.15      04/03/20    CNY     40.49
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.30
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.57
CHANGCHUN MODERN AGRICU      7.00      07/25/21    CNY     60.75
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.27
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.36
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.86
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.87
CHANGDE URBAN CONSTRUCT      6.50      02/25/20    CNY     40.65
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.24
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.84
CHANGSHA CITY CONSTRUCT      6.95      04/24/19    CNY     20.13
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.15
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.20
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.21
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.67
CHANGSHA ECONOMIC & TEC      8.45      04/13/22    CNY     63.07
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.01
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.22
CHANGSHA PILOT INVESTME      6.70      12/10/19    CNY     20.40
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     60.93
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     61.76
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     60.23
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     61.38
CHANGSHU CITY OPERATION      8.00      01/16/19    CNY     20.01
CHANGSHU DEVELOPMENT IN      5.80      04/19/20    CNY     40.42
CHANGSHU TRANSPORTATION      7.00      04/29/21    CNY     61.79
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     60.00
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     61.10
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     61.55
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     62.14
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.12
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.33
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     60.95
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     61.14
CHANGZHI CITY CONSTRUCT      6.46      02/26/20    CNY     40.38
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     41.90
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     62.43
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU JINTAN DISTRI      8.30      03/14/19    CNY     20.05
CHANGZHOU JINTAN DISTRI      6.38      04/26/20    CNY     40.47
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.74
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.76
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     39.50
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     40.36
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.81
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.82
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.16
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.24
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.35
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.38
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     57.50
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     61.39
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     38.50
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     40.52
CHENGDU XINCHENG XICHEN      8.35      03/19/19    CNY     20.18
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     39.10
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     40.34
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.45
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.47
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     61.77
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     62.37
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.36
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.86
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.25
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.47
CHENZHOU XINTIAN INVEST      6.30      07/17/20    CNY     39.66
CHINA ENERGY RESERVE AN      6.25      12/21/18    USD     33.66
CHINA WANDA GROUP CO LT      5.20      09/08/21    CNY     59.50
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.26
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.73
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     60.50
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     61.96
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.00
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.13
CHONGQING BEIFEI INDUST      7.13      12/25/19    CNY     20.46
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.90
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.91
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.75
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.76
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.10
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.28
CHONGQING DASUN ASSET D      6.98      09/10/20    CNY     40.92
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.20
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.44
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.16
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.17
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.16
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.79
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.22
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.45
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.02
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.03
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.94
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.97
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.13
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.24
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.28
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.30
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.51
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.76
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.11
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.30
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING JIANGBEIZUI C      6.50      07/21/21    CNY     62.14
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.23
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.40
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.04
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.18
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     60.00
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     61.65
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.77
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.85
CHONGQING LIANGJIANG NE      5.88      09/16/21    CNY     61.83
CHONGQING LIANGJIANG NE      6.70      04/25/21    CNY     62.08
CHONGQING MAIRUI CITY I      6.82      08/17/19    CNY     20.31
CHONGQING NAN'AN URBAN       8.20      04/09/19    CNY     20.10
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.51
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.54
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.70
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.82
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     39.61
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     40.10
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.00
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.51
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.00
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.23
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     58.95
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     59.34
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     61.80
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     62.25
CHONGQING TEA GARDEN IN      7.70      05/20/21    CNY     60.86
CHONGQING THREE GORGES       6.40      01/23/19    CNY     25.01
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.20
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.29
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.72
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.73
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     61.44
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     62.01
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.21
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.25
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.15
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.26
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.15
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.22
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.00
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.66
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.32
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.49
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.10
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.33
CHONGQING YULONG ASSET       6.87      05/31/19    CNY     20.21
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     60.87
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     61.19
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.23
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.39
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.40
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.52
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     36.77
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     40.27
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.35
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.48
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     60.80
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     61.94
CHUZHOU TONGCHUANG CONS      7.05      01/09/20    CNY     40.47
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.76
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.98
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.28
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.40
DALI ECONOMIC DEVELOPME      8.80      04/24/19    CNY     20.12
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     41.53
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     60.00
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     60.70
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     61.27
DALIAN DETA HOLDING CO       6.50      11/15/19    CNY     20.29
DALIAN PUWAN ENGINEERIN      7.09      02/20/21    CNY     59.60
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.20
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.41
DALIAN RONGQIANG INVEST      8.60      03/30/19    CNY     40.31
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.98
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.99
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.17
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.18
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.00
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.56
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.07
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.10
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.24
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.31
DANYANG INVESTMENT GROU      6.90      10/23/20    CNY     40.92
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.14
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.15
DAYE CITY CONSTRUCTION       7.95      11/27/20    CNY     41.45
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.42
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.65
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.40
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.41
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.12
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.29
DONGTAI UBAN CONSTRUCTI      7.10      12/26/19    CNY     20.36
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.04
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.86
DONGTAI UBAN CONSTRUCTI      8.65      01/13/21    CNY     62.15
ELION CLEAN ENERGY CO L      6.42      07/19/20    CNY     64.00
ENSHI URBAN CONSTRUCTIO      7.55      10/22/19    CNY     20.32
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     60.58
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     61.44
EZHOU CITY CONSTRUCTION      7.08      06/19/19    CNY     20.16
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.18
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.19
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.52
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.97
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     61.37
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     64.50
FAR EAST SMARTER ENERGY      5.33      05/24/21    CNY     70.20
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     41.25
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     61.90
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     60.10
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     62.25
FUJIAN JINJIANG URBAN C      6.35      04/26/20    CNY     40.71
FUJIAN LONGYAN CITY CON      7.45      08/14/19    CNY     20.16
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.40
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.51
FUNING URBAN INVESTMENT      7.19      08/15/21    CNY     60.81
FUQING CITY STATE-OWNED      6.66      03/01/21    CNY     55.09
FUQING CITY STATE-OWNED      5.94      11/26/22    CNY     69.18
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.30
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.40
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.70
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.84
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.44
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.66
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.78
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.80
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.78
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.90
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.66
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.72
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.27
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.37
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.62
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.81
GOOCOO INVESTMENT CO LT      7.20      02/01/21    CNY     50.00
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     49.89
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     50.50
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.11
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.12
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.14
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.20
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     60.43
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     61.48
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.04
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.18
GUANGXI BAISE DEVELOPME      7.27      06/20/21    CNY     61.91
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.23
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.57
GUANGXI LAIBIN URBAN CO      8.36      03/14/19    CNY     40.24
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.66
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.67
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     62.41
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     63.00
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.49
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.94
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     62.02
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     63.06
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.61
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.62
GUIYANG HI-TECH HOLDING      6.01      12/01/19    CNY     24.90
GUIYANG URBAN CONSTRUCT      5.23      12/02/22    CNY     88.00
GUIYANG URBAN DEVELOPME      6.20      02/28/20    CNY     37.56
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     40.76
HAICHENG URBAN JINCAI L      8.17      04/16/21    CNY     61.43
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     69.00
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     40.66
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     70.57
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.51
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.54
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     60.74
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     61.47
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.00
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.24
HAINING STATE-OWNED ASS      6.08      03/06/20    CNY     40.45
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.39
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.43
HAIYAN COUNTY STATE-OWN      7.00      09/04/20    CNY     41.10
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.35
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.53
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.79
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.81
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     61.68
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     62.00
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     39.50
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     40.34
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.72
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.89
HANGZHOU YUHANG CITY CO      7.55      03/29/19    CNY     20.15
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.90
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.95
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     61.60
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     62.01
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.00
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.62
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     61.54
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     62.23
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.00
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.01
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.40
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.55
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.51
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.97
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.24
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.40
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.13
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.14
HEFEI GAOXIN DEVELOPMEN      6.90      03/12/20    CNY     71.05
HEFEI HAIHENG INVESTMEN      7.30      06/12/19    CNY     20.15
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.41
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.54
HEFEI XINCHENG STATE-OW      7.88      04/23/19    CNY     20.13
HEGANG KAIYUAN CITY INV      6.50      07/19/19    CNY     20.16
HEIHE CITY CONSTRUCTION      8.48      03/23/19    CNY     40.28
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.84
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.87
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     59.89
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     60.43
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     49.84
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.01
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.20
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     74.60
HENAN JIYUAN CITY CONST      7.50      09/25/19    CNY     20.31
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     58.77
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     60.06
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.22
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.25
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.41
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.58
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.91
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.96
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     60.07
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     61.14
HEZE INVESTMENT DEVELOP      7.14      03/24/21    CNY     62.07
HEZHOU URBAN CONSTRUCTI      8.16      05/16/21    CNY     61.50
HONGHEZHOU ROAD DEVELOP      6.27      05/06/20    CNY     40.56
HUACHEN ENERGY CO LTD        6.63      05/18/20    USD     53.32
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     20.54
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     39.30
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.14
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.20
HUAI'AN DEVELOPMENT HOL      7.20      09/06/19    CNY     20.05
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.67
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.85
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.08
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.27
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.38
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.49
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.15
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.21
HUAIHUA CITY INDUSTRIAL      7.70      10/29/20    CNY     40.44
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.54
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.55
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.25
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.47
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     61.81
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     62.00
HUANGSHI CIHU HIGH-TECH      8.70      12/05/20    CNY     42.09
HUANGSHI CIHU HIGH-TECH      9.30      01/21/21    CNY     62.12
HUANGSHI URBAN CONSTRUC      6.96      10/25/19    CNY     20.28
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.25
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.92
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.13
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.16
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.44
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.89
HULUDAO INVESTMENT GROU      7.50      10/18/23    CNY     72.19
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.16
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.37
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     41.78
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.52
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.80
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     62.72
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.39
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.64
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     60.63
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     78.60
HUZHOU CITY INVESTMENT       6.70      12/14/19    CNY     20.35
HUZHOU NANXUN STATE-OWN      8.15      03/31/19    CNY     20.12
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     60.31
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     61.92
HUZHOU WUXING NANTAIHU       8.79      01/16/21    CNY     61.72
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     61.22
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     62.02
INNER MONGOLIA KE'ERQIN      7.75      09/24/19    CNY     20.21
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     58.91
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     60.31
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.12
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.49
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.09
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.14
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.00
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.27
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     20.32
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     40.00
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     61.95
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     62.26
JIANGDONG HOLDING GROUP      6.90      03/27/19    CNY     20.12
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.54
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.59
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     37.93
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     40.50
JIANGMEN NEW HI-TECH IN      7.39      11/04/20    CNY     41.40
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.00
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.88
JIANGSU HANRUI INVESTME      8.16      03/01/19    CNY     19.99
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.30
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.35
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.00
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.02
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     60.00
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     61.18
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     61.87
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     62.03
JIANGSU JURONG FUDI BIO      8.70      04/26/19    CNY     40.29
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.02
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.05
JIANGSU NANTONG NO2 CON      8.10      07/10/21    CNY     59.64
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.48
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.51
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.20
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.34
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     60.88
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     61.64
JIANGSU TAICANG PORT DE      7.66      05/16/19    CNY     20.25
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     60.73
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     61.92
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.10
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.17
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.06
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.12
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     60.74
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     61.04
JIANGSU ZHANGJIAGANG EC      6.98      11/16/19    CNY     20.50
JIANGSU ZHUFU INDUSTRIA      4.93      12/29/20    CNY     69.27
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.16
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.34
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     61.59
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     62.63
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     60.43
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     61.17
JIANGYIN CITY CONSTRUCT      7.20      06/11/19    CNY     20.19
JIANGYIN GAOXIN DISTRIC      6.60      02/27/20    CNY     40.27
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.80
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.88
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.17
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.42
JIANHU URBAN CONSTRUCTI      6.50      02/22/20    CNY     40.44
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.39
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.40
JIASHAN STATE-OWNED ASS      6.80      06/06/19    CNY     20.16
JIAXING CITY CULTURE MI      8.16      03/08/19    CNY     20.11
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.15
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.18
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     60.87
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     62.15
JIAXING NANHU INVESTMEN      7.45      02/26/21    CNY     61.91
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.89
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.92
JIEYANGSHI CHENGSHI TOU      6.55      08/27/21    CNY     62.04
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.01
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.23
JILIN LIYUAN PRECISION       7.00      09/22/19    CNY     16.00
JILIN RAILWAY INVESTMEN      7.18      03/04/21    CNY     61.22
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     61.90
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     62.06
JINAN HI-TECH HOLDING G      6.38      06/19/21    CNY     62.08
JINAN XIAOQINGHE DEVELO      7.15      09/05/19    CNY     20.27
JINCHANG CONSTRUCTION I      6.79      12/21/22    CNY     53.67
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     58.10
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     60.50
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.39
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.53
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     55.80
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     60.57
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.28
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.77
JINGMEN CITY CONSTRUCTI      7.00      10/17/20    CNY     41.29
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     60.95
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     62.73
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.08
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.17
JINGZHOU URBAN CONSTRUC      7.98      04/24/19    CNY     20.24
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     61.51
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     62.77
JINSHAN STATE-OWNED ASS      6.65      11/27/19    CNY     20.47
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.10
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.52
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.07
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.09
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     41.48
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     60.28
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     61.35
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     61.95
JINZHOU HUAXING INVESTM      8.38      02/25/21    CNY     61.57
JINZHOU HUAXING INVESTM      9.10      01/21/21    CNY     61.75
JIUJIANG CITY CONSTRUCT      8.49      02/23/19    CNY     20.09
JIUJIANG STATE-OWNED AS      6.68      03/07/20    CNY     40.65
JIUQUAN ECONOMIC DEVELO      7.40      02/26/21    CNY     60.96
KAIFENG DEVELOPMENT INV      6.47      07/11/19    CNY     20.03
KANGMEI PHARMACEUTICAL       5.47      09/15/22    CNY     49.55
KANGMEI PHARMACEUTICAL       5.29      08/16/22    CNY     59.62
KANGMEI PHARMACEUTICAL       5.20      07/17/22    CNY     64.82
KANGMEI PHARMACEUTICAL       6.10      03/28/21    CNY     74.81
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.10
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.77
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     20.28
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     40.15
KUERLE CITY CONSTRUCTIO      6.99      05/20/20    CNY     50.88
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.21
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.35
KUNMING DONGJUN REAL ES      4.50      11/02/21    CNY     73.36
KUNMING EXPRESSWAY CONS      7.50      01/21/20    CNY     70.42
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.18
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.19
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.10
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.38
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     61.99
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     62.97
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     60.99
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     62.20
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.63
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.79
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.41
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.42
LEIYANG CITY AND RURAL       7.80      04/10/22    CNY     74.32
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.10
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.21
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     60.00
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     61.38
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     60.64
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     61.20
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     59.57
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     60.08
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.65
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.73
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.00
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.03
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     60.85
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     61.08
LILING LUJIANG INVESTME      8.10      05/22/21    CNY     61.33
LINCANG STATE-OWNED ASS      6.58      04/11/20    CNY     40.27
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.35
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.52
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.12
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.13
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.00
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.20
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.12
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.26
LINYI ECONOMIC DEVELOPM      8.26      09/24/19    CNY     20.34
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.01
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.03
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.24
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.30
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     61.63
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     62.16
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     61.90
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     62.57
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.06
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.20
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.29
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.37
LIUZHOU INVESTMENT HOLD      6.98      08/15/19    CNY     20.30
LIYANG CITY CONSTRUCTIO      6.20      03/08/20    CNY     40.29
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.08
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.18
LONGHAI STATE-OWNED ASS      6.58      08/15/21    CNY     61.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.30
LOUDI TIDU INVESTMENT D      7.18      08/27/21    CNY     61.41
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     20.36
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     40.38
LUOHE CITY CONSTRUCTION      5.25      09/11/20    CNY     70.41
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     60.78
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     61.96
MAANSHAN ECONOMIC TECHN      7.10      12/20/19    CNY     20.30
MEISHAN CITY ASSET OPER      7.84      02/26/21    CNY     61.90
MEISHAN HONGDA CONSTRUC      6.56      06/19/20    CNY     40.54
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     40.70
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     41.13
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.21
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.22
MIANYANG SCIENCE TECHNO      7.16      05/15/19    CNY     20.07
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.11
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.12
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.40
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.48
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.15
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.20
NANCHANG ECONOMY TECHNO      6.88      01/09/20    CNY     40.35
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.43
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.49
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.70
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.81
NANCHONG ECONOMIC DEVEL      8.16      04/26/19    CNY     20.11
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.53
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.55
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.26
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.30
NANJING JIANGNING SCIEN      7.29      04/28/19    CNY     20.11
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.94
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.99
NANJING LISHUI URBAN CO      5.80      05/29/20    CNY     40.37
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.30
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.36
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.20
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.38
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.12
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.32
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.25
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.93
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.50
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.53
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     60.86
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     61.93
NANPING CITY WUYI NEW D      6.70      08/06/20    CNY     40.90
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.29
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.76
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     39.80
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     40.59
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.25
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.46
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     40.90
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     41.49
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.89
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.97
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.34
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.35
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.37
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.64
NINGBO EASTERN NEW TOWN      6.45      01/21/20    CNY     40.44
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.32
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.33
NINGBO SHUNNONG GROUP C      7.20      10/16/19    CNY     20.27
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.50
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.59
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     61.84
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     62.69
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     40.81
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     41.77
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     61.10
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     62.12
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.29
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.70
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     60.68
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     62.19
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.28
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.29
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.00
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.18
PINGHU CITY INVESTMENT       7.20      09/18/19    CNY     20.28
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.02
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.04
PINGLIANG CHENGXIANG CO      7.10      09/17/20    CNY     41.08
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.44
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.62
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     19.99
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     40.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.72
PIZHOU RUNCHENG ASSET O      7.55      09/25/19    CNY     20.35
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     61.98
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     62.09
PUER CITY STATE OWNED A      7.38      06/20/19    CNY     20.11
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.01
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.02
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.10
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.11
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.44
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.45
QIANDONG NANZHOU DEVELO      8.80      04/27/19    CNY     20.09
QIANDONGNAN TRANSPORTAT      5.79      12/21/22    CNY     74.31
QIANDONGNANZHOU KAIHONG      7.80      10/30/19    CNY     19.68
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.00
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.25
QIANXI NANZHOU HONGSHEN      6.99      11/22/19    CNY     20.14
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.24
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.60
QIDONG URBAN CONSTRUCTI      7.90      04/28/21    CNY     62.32
QIDONG URBAN CONSTRUCTI      8.20      04/04/21    CNY     62.39
QINGDAO CHINA PROSPERIT      7.30      04/18/19    CNY     20.11
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.05
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.07
QINGDAO CONSON DEVELOPM      6.40      12/12/22    CNY     62.72
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.77
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.95
QINGDAO JIAOZHOU CITY D      6.59      01/25/20    CNY     40.61
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.07
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.08
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     61.69
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     62.00
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.05
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.22
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.86
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.87
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     61.13
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     62.75
QINGYANG CITY ECONOMIC       7.98      04/16/21    CNY     61.03
QINGYUAN TRANSPORTATION      8.20      12/19/20    CNY     41.75
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY      9.98
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY     10.01
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.27
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.33
QINGZHOU HONGYUAN PUBLI      7.59      05/29/21    CNY     62.26
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.01
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.02
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.65
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.66
QINZHOU BINHAI NEW CITY      7.00      08/27/20    CNY     41.06
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     60.92
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     62.01
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.50
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.71
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.24
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.26
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.70
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.96
QUJING ECO TECH DEVELOP      7.48      07/21/21    CNY     60.48
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.24
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.27
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.33
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.34
RIGHT WAY REAL ESTATE D      7.30      07/15/21    CNY     69.00
RIZHAO CITY CONSTRUCTIO      5.80      06/06/20    CNY     40.40
RUCHENG COUNTY HYDROPOW      6.65      04/25/20    CNY     70.83
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.32
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.35
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.54
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.94
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.76
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.77
RUGAO CITY ECONOMIC TRA      8.30      01/22/21    CNY     62.09
RUGAO COMMUNICATIONS CO      8.51      01/26/19    CNY     25.04
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.19
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.45
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     61.83
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     62.31
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUZHOU CITY XINYUAN INV      6.30      09/16/21    CNY     74.77
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.30
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.51
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     61.95
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     63.06
SHAANXI XIXIAN NEW AREA      6.85      08/15/21    CNY     60.82
SHAANXI XIXIAN NEW AREA      6.89      01/05/22    CNY     61.21
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.23
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.88
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     61.65
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     62.66
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     57.27
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     62.39
SHANDONG PUBLIC HOLDING      7.18      01/22/20    CNY     40.39
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.16
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.25
SHANDONG SNTON GROUP CO      5.18      09/08/21    CNY     45.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     39.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     40.04
SHANDONG WEISHANHU MINI      6.15      03/13/20    CNY     68.95
SHANDONG YUHUANG CHEMIC      6.00      11/21/21    CNY     71.00
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.50
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.68
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.23
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.25
SHANGHAI CHENJIAZHEN CO      7.18      11/06/19    CNY     25.54
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     50.90
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     51.01
SHANGHAI FENGXIAN NANQI      6.25      03/05/20    CNY     40.50
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.30
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.82
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.36
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.39
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.06
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.20
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.21
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.38
SHANGHAI MUNICIPAL INVE      4.63      07/30/19    CNY     20.10
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.23
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.29
SHANGHAI NANHUI URBAN C      6.04      08/20/21    CNY     61.70
SHANGHAI URBAN CONSTRUC      5.25      11/30/19    CNY     20.23
SHANGHAI YONGYE ENTERPR      6.84      05/21/20    CNY     51.06
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.00
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.29
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     40.39
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     41.00
SHANGQIU DEVELOPMENT IN      6.60      01/15/20    CNY     40.35
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.33
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.48
SHANTOU GARDEN GROUP CO      5.30      09/29/21    CNY     69.31
SHAOGUAN JINYE DEVELOPM      7.30      10/18/19    CNY     20.39
SHAOXING CHENGZHONGCUN       6.50      01/24/20    CNY     40.08
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.21
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.32
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.58
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.65
SHAOXING KEQIAO DISTRIC      6.30      02/26/19    CNY     25.08
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     60.85
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     62.02
SHAOXING PAOJIANG INDUS      6.90      10/31/19    CNY     20.25
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.20
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.57
SHAOXING SHANGYU COMMUN      6.70      09/11/19    CNY     20.26
SHAOXING SHANGYU HANGZH      6.95      10/11/20    CNY     41.09
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.20
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.64
SHAOYANG CITY CONSTRUCT      8.58      01/17/21    CNY     60.86
SHAOYANG CITY CONSTRUCT      6.12      08/27/20    CNY     69.90
SHENGZHOU INVESTMENT HO      7.60      07/17/21    CNY     62.94
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     60.95
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     61.02
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     38.72
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     40.52
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.08
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.90
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     70.78
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     72.09
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.33
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.47
SHIYAN CITY INFRASTRUCT      7.98      04/20/19    CNY     20.23
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.05
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.15
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     60.75
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     61.54
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     40.47
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     41.13
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.30
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     50.30
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.74
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     51.12
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.26
SHUANGLIU SHINE CHINE C      8.48      03/16/19    CNY     40.30
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.51
SHUANGYASHAN DADI CITY       6.55      12/25/19    CNY     20.35
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.57
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.85
SICHUAN CHENGDU ABA DEV      7.18      09/12/20    CNY     40.00
SICHUAN COAL INDUSTRY G      7.70      01/09/18    CNY     45.00
SICHUAN NAXING INDUSTRI      7.17      09/11/21    CNY     58.96
SIPING SITONG CITY INFR      7.25      04/29/19    CNY     70.49
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.64
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.95
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.18
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.44
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.55
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.57
SUINING COUNTY RUNQI IN      7.10      06/25/21    CNY     60.45
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     39.50
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     40.42
SUINING FUYUAN INDUSTRY      6.39      03/17/22    CNY     73.71
SUINING KAIDA INVESTMEN      8.69      04/21/21    CNY     61.56
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     60.50
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     61.09
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.30
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.34
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.10
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.11
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     61.91
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     62.73
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     62.66
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     70.40
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.90
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.97
SUQIAN ECONOMIC DEVELOP      7.50      03/26/19    CNY     20.15
SUQIAN WATER GROUP CO        6.55      12/04/19    CNY     20.34
SUZHOU CITY CONSTRUCTIO      7.45      03/12/19    CNY     20.09
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.54
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.62
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.45
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.47
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.12
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.19
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.25
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.47
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.12
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.31
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.47
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.78
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.37
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.45
TAICANG ASSETS MANAGEME      7.00      02/27/21    CNY     60.44
TAICANG HENGTONG INVEST      7.45      10/30/19    CNY     20.24
TAICANG URBAN CONSTRUCT      6.75      01/11/20    CNY     40.43
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.55
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.78
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.20
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.46
TAIYUAN HIGH-SPEED RAIL      6.50      10/30/20    CNY     41.23
TAIYUAN HIGH-SPEED RAIL      5.18      09/06/20    CNY     70.60
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.31
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.33
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.08
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.09
TAIZHOU CITY CONSTRUCTI      6.92      10/16/23    CNY     72.50
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.86
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.98
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.26
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.60
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.05
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.10
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.11
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.15
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     61.40
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     62.03
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     19.80
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     20.20
TAIZHOU JIAOJIANG STATE      7.46      09/13/20    CNY     41.51
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.02
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.47
TANGSHAN CAOFEIDIAN DEV      7.50      10/15/20    CNY     39.98
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     40.80
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     41.09
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.20
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.63
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.01
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.02
TIANJIN BINHAI NEW AREA      5.19      03/13/20    CNY     40.29
TIANJIN DONGLI CITY INF      6.05      06/19/20    CNY     40.07
TIANJIN ECO-CITY INVEST      6.76      08/14/19    CNY     20.13
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.14
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.44
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.81
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.94
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     19.98
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     20.09
TIANJIN HI-TECH INDUSTR      6.65      09/12/21    CNY     60.89
TIANJIN HUANCHENG URBAN      7.20      03/21/21    CNY     61.89
TIANJIN INFRASTRUCTURE       5.70      02/26/23    CNY     72.08
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.13
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.14
TIANJIN JINNAN CITY CON      6.50      06/03/21    CNY     61.49
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     61.90
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     62.04
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     60.65
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     62.04
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     60.37
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     61.31
TIANJIN RESIDENTIAL CON      8.00      12/19/20    CNY     40.72
TIANJIN TEDA CONSTRUCTI      6.89      04/27/20    CNY     40.63
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     57.50
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     59.39
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.84
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.87
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     60.00
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     61.76
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.18
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.19
TIANRUI GROUP CEMENT CO      8.00      02/04/21    CNY     74.61
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.34
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.74
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     61.54
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     62.39
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.43
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.59
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.08
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.29
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.11
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.14
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.20
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.53
VANZIP INVESTMENT GROUP      7.92      02/04/19    CNY     24.76
WAFANGDIAN STATE-OWNED       8.55      04/19/19    CNY     20.20
WEIFANG BINHAI INVESTME      6.16      04/16/21    CNY     55.35
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.33
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.48
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.29
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.35
WENZHOU ANJUFANG CITY D      7.65      04/24/19    CNY     20.20
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.37
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.41
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     61.30
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     61.70
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     62.24
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     62.62
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.38
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.39
WINTIME ENERGY CO LTD        7.50      03/30/19    CNY     35.00
WINTIME ENERGY CO LTD        7.50      07/07/19    CNY     35.50
WINTIME ENERGY CO LTD        7.50      05/19/19    CNY     36.00
WUHAI CITY CONSTRUCTION      8.19      04/21/21    CNY     62.42
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.96
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.97
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     61.72
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     62.06
WUHAN JIANGXIA URBAN CO      8.99      01/20/21    CNY     62.29
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.00
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.35
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.10
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.14
WUHAN URBAN CONSTRUCTIO      5.60      03/08/20    CNY     40.36
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     60.57
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     61.64
WUHU JINGHU CONSTRUCTIO      6.68      05/16/20    CNY     40.03
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     62.39
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     63.01
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.45
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.76
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     20.52
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     40.45
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     40.91
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     41.08
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     58.72
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     60.91
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.25
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.37
WUXI HUISHAN ECONOMIC D      6.03      04/22/19    CNY     25.13
WUXI MUNICIPAL DEVELOPM      6.10      10/11/20    CNY     41.01
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.30
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.39
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.40
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.41
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.49
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.50
WUZHOU DONGTAI STATE-OW      7.40      09/03/19    CNY     20.32
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.76
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.93
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.10
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.50
XI'AN AEROSPACE CITY IN      6.96      11/08/19    CNY     20.46
XIAN CHANBAHE DEVELOPME      6.89      08/03/19    CNY     20.19
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.03
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.06
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.72
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.94
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.21
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.22
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.29
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.30
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.50
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.60
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.04
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.24
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     60.53
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     61.28
XIANGTAN JIUHUA ECONOMI      7.15      10/15/20    CNY     39.49
XIANGTAN LIANGXING SOCI      7.89      04/23/21    CNY     62.10
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.05
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.65
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.47
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.59
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.24
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.38
XIANTAO CITY CONSTRUCTI      8.15      02/24/21    CNY     61.00
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     61.21
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.41
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.67
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     62.03
XIAOGAN URBAN CONSTRUCT      8.12      03/26/19    CNY     20.15
XIAOGAN URBAN CONSTRUCT      6.89      05/29/21    CNY     61.93
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     50.66
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     51.01
XINING CITY INVESTMENT       7.70      04/27/19    CNY     20.20
XINING ECONOMIC DEVELOP      5.90      06/04/20    CNY     40.41
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.35
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.41
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     61.96
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     62.03
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.27
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.28
XINJIANG WUJIAQU CAIJIA      7.50      05/21/21    CNY     60.80
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     39.90
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     40.42
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.09
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.15
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     61.73
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     62.23
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     41.32
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     60.50
XINYU CHENGDONG CONSTRU      8.48      05/27/21    CNY     60.52
XINYU CITY SHANTYTOWN Z      6.42      12/09/20    CNY     71.19
XINYU URBAN CONSTRUCTIO      7.08      12/13/19    CNY     20.32
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     24.90
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     25.22
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     41.27
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     42.04
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     61.12
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     62.03
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG STATE-OWNED A      7.99      03/20/19    CNY     30.17
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     61.97
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     62.40
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.66
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.72
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.05
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.08
XUZHOU ECONOMIC TECHNOL      7.35      04/21/21    CNY     62.00
XUZHOU HIGH SPEED RAILW      7.09      05/15/21    CNY     62.37
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     61.23
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     62.14
YA'AN DEVELOPMENT INVES      7.00      09/13/20    CNY     40.78
YAAN STATE-OWNED ASSET       7.39      07/04/19    CNY     20.14
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     20.36
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     40.00
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     42.08
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     62.00
YANCHENG CITY DAFENG DI      8.70      01/24/21    CNY     62.34
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     40.84
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     58.30
YANCHENG ORIENTAL INVES      6.99      10/26/19    CNY     20.14
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     59.70
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     60.69
YANCHENG SOUTH DISTRICT      6.93      10/26/19    CNY     20.31
YANCHENG SOUTH DISTRICT      6.70      07/30/21    CNY     62.14
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.80
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.87
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.32
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.44
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     50.74
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     51.21
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.07
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.11
YANGZHOU URBAN CONSTRUC      6.30      07/26/19    CNY     20.22
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.34
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.40
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     60.72
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     61.86
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     61.00
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     62.07
YINCHUAN URBAN CONSTRUC      6.88      05/12/21    CNY     61.86
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     63.77
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     64.00
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.41
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.46
YINYI CO LTD                 7.03      06/21/21    CNY     72.00
YIWU URBAN & RURAL NEW       4.25      11/24/21    CNY     74.22
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.25
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.37
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     61.69
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     62.02
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.25
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.50
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.19
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.21
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     61.41
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     62.16
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.94
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.95
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     40.57
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     41.20
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     59.73
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     60.20
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.54
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.72
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.20
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.35
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     59.48
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     60.88
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     20.27
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     40.00
YUNCHENG URBAN CONSTRUC      7.48      10/15/19    CNY     20.32
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     60.50
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     61.39
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     61.40
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     62.20
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.39
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.40
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.02
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.10
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     61.69
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     62.06
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.32
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.40
ZHANGJIAJIE ECONOMIC DE      7.40      10/18/19    CNY     20.48
ZHANGJIAJIE ECONOMIC DE      7.80      04/17/21    CNY     61.77
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.54
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.55
ZHANGZHOU CITY CONSTRUC      6.60      03/26/20    CNY     40.68
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.50
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.85
ZHANJIANG INFRASTRUCTUR      6.93      10/21/20    CNY     41.30
ZHAOYUAN STATE-OWNED AS      6.64      12/31/19    CNY     20.12
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     60.98
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     70.00
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.69
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.75
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     61.85
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     62.39
ZHEJIANG HUZHOU HUANTAI      6.70      11/28/19    CNY     20.33
ZHEJIANG PROVINCE DEQIN      6.40      02/22/20    CNY     40.15
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.31
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.37
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     60.04
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     61.09
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     61.11
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     62.38
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     61.73
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     62.29
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.34
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.40
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.54
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.65
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     61.89
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     71.00
ZHENJIANG CULTURE TOURI      6.60      01/30/20    CNY     40.32
ZHENJIANG DANTU DISTRIC      5.89      11/03/21    CNY     59.25
ZHENJIANG NEW AREA URBA      8.35      02/26/21    CNY     61.33
ZHENJIANG NEW AREA URBA      8.99      01/16/21    CNY     61.55
ZHENJIANG TRANSPORTATIO      7.29      05/08/19    CNY     20.00
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.08
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.85
ZHOUKOU INVESTMENT GROU      7.49      04/21/21    CNY     61.73
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     40.55
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     41.33
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     60.57
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     61.15
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.33
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.53
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.14
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.15
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     40.84
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     41.15
ZHUJI CITY CONSTRUCTION      6.92      12/19/19    CNY     20.52
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.30
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.44
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     40.90
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     41.18
ZHUZHOU CITY CONSTRUCTI      8.36      11/10/21    CNY     63.37
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.18
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.20
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.18
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.31
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.28
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.29
ZIBO CITY PROPERTY CO L      5.45      04/27/19    CNY     11.99
ZIYANG CITY CONSTRUCTIO      7.58      01/09/19    CNY     24.99
ZIYANG WATER INVESTMENT      7.40      10/21/20    CNY     41.30
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     60.97
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     61.48
ZUNYI CITY HUICHUAN DIS      6.75      04/24/19    CNY     25.04


HONG KONG
---------

CHINA SOUTH CITY HOLDIN      7.25      11/20/22    USD     70.09
CHINA SOUTH CITY HOLDIN      6.75      09/13/21    USD     73.44
DR PENG HOLDING HONGKON      5.05      06/01/20    USD     74.35


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
EXPRESS TRANSINDO UTAMA     12.25      06/24/19    IDR     30.50
PERUSAHAAN PENERBIT SBS      6.10      02/15/37    IDR     73.20


INDIA
-----

3I INFOTECH LTD              2.50      03/31/25    USD     10.36
ACME FAZILKA POWER PVT       0.01      09/07/46    INR      8.82
AMPSOLAR SOLUTION PVT L      0.01      11/03/37    INR     18.25
AMPSOLAR SOLUTION PVT L      0.01      10/27/37    INR     18.28
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     31.35
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     34.74
ASHOKA HIGHWAYS BHANDAR      2.00      09/19/22    INR     72.98
AUTOMOTIVE EXCHANGE PVT      4.00      06/01/30    INR     54.90
AUTOMOTIVE EXCHANGE PVT      4.00      10/11/30    INR     55.06
BENGAL AEROTROPOLIS PRO      5.00      12/01/29    INR     65.89
BENGAL AEROTROPOLIS PRO      5.00      12/01/28    INR     67.55
BENGAL AEROTROPOLIS PRO      5.00      12/01/27    INR     69.44
BENGAL AEROTROPOLIS PRO      5.00      12/01/26    INR     71.55
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
CORE EDUCATION & TECHNO      7.00      05/07/49    USD      0.28
CUMULUS TRADING CO PVT       0.01      05/21/32    INR     29.31
CUMULUS TRADING CO PVT       0.01      12/29/29    INR     35.93
CUMULUS TRADING CO PVT       0.01      01/23/30    INR     49.32
DAYAKARA SOLAR POWER PV      0.10      04/05/26    INR     49.93
EDELWEISS ASSET RECONST      2.00      10/07/28    INR     49.27
EDELWEISS ASSET RECONST      2.00      11/20/27    INR     51.96
EDELWEISS ASSET RECONST      2.00      03/28/27    INR     53.66
GREEN URJA PVT LTD           0.01      02/14/30    INR     35.94
GTL INFRASTRUCTURE LTD       6.73      10/26/22    USD      4.00
HIMGIRI ENERGY VENTURES      1.00      09/30/22    INR     69.13
HINDUSTAN CONSTRUCTION       0.01      01/05/27    INR     46.20
HITODI INFRASTRUCTURE L      0.01      06/30/27    INR     41.97
IL&FS PARADIP REFINERY       1.50      08/29/22    INR     74.90
JAIPRAKASH ASSOCIATES L      5.75      09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR      7.00      02/13/49    USD      5.00
JASPER AUTO SERVICES PV      0.01      02/11/23    INR     67.54
JCT LTD                      2.50      04/08/11    USD     25.75
JSM CORP PVT LTD             0.01      08/31/36    INR     20.14
KANAKADURGA FINANCE LTD      0.01      04/15/36    INR     18.78
KVK ENERGY & INFRASTRUC      0.01      01/25/24    INR     60.37
MARIS POWER SUPPLY CO P      2.00      04/18/28    INR     54.70
MYAASHIANA MANAGEMENT S      0.25      02/02/23    INR     67.89
MYTRAH AADHYA POWER PVT      0.01      07/05/35    INR     22.75
MYTRAH ADVAITH POWER PV      0.01      07/13/36    INR     20.76
MYTRAH AKSHAYA ENERGY P      0.01      07/13/36    INR     20.76
ORIGAMI CELLULO PVT LTD      0.01      11/14/36    INR     19.71
PAN INDIA INFRAPROJECTS      0.10      01/25/24    INR     58.63
PRAKASH INDUSTRIES LTD       5.25      04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D      0.40      10/15/33    INR     32.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/32    INR     35.33
PUNJAB INFRASTRUCTURE D      0.40      10/15/31    INR     38.06
PUNJAB INFRASTRUCTURE D      0.40      10/15/30    INR     41.05
PUNJAB INFRASTRUCTURE D      0.40      10/15/29    INR     44.32
PUNJAB INFRASTRUCTURE D      0.40      10/15/28    INR     47.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/27    INR     51.74
PUNJAB INFRASTRUCTURE D      0.40      10/15/26    INR     55.92
PUNJAB INFRASTRUCTURE D      0.40      10/15/25    INR     60.44
PUNJAB INFRASTRUCTURE D      0.40      10/15/24    INR     65.32
PYRAMID SAIMIRA THEATRE      1.75      07/04/12    USD      1.00
R L FINE CHEM PVT LTD        0.10      08/19/36    INR     20.48
REDKITE CAPITAL PVT LTD      2.50      01/15/28    INR     60.21
REI AGRO LTD                 5.50      11/13/14    USD      0.32
REI AGRO LTD                 5.50      11/13/14    USD      0.32
RELIANCE COMMUNICATIONS      6.50      11/06/20    USD     25.48
SURBHI INVESTMENTS & TR      2.50      10/21/28    INR     55.79
SVOGL OIL GAS & ENERGY       5.00      08/17/15    USD      1.55
TN URJA PVT LTD              0.10      02/22/36    INR     23.53
VIDEOCON INDUSTRIES LTD      2.80      12/31/20    USD     29.75
WATSUN INFRABUILD PVT L      4.00      10/16/37    INR     49.31


JAPAN
-----

AVANSTRATE INC               0.05      10/29/32    JPY      9.75
TKJP CORP                    1.02      12/15/17    JPY      0.50
TKJP CORP                    0.85      03/06/19    JPY      2.02
TKJP CORP                    0.58      03/26/21    JPY      2.02


KOREA
-----

HEUNGKUK FIRE & MARINE       5.70      12/29/46    KRW     50.43
INDUSTRIAL BANK OF KORE      3.84      03/10/45    KRW     40.22
KIBO ABS SPECIALTY CO L      5.00      02/26/21    KRW     66.89
KIBO ABS SPECIALTY CO L      5.00      12/25/19    KRW     72.53
KIBO ABS SPECIALTY CO L      5.00      08/29/19    KRW     73.44
KIBO ABS SPECIALTY CO L      5.00      02/26/19    KRW     74.76
KIBO ABS SPECIALTY CO L      5.00      02/25/19    KRW     75.05
SAMPYO CEMENT CO LTD         7.50      04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      09/10/14    KRW     70.00
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      12/21/20    KRW     65.80
SINBO SECURITIZATION SP      5.00      03/21/21    KRW     66.82
SINBO SECURITIZATION SP      5.00      02/23/22    KRW     68.79
SINBO SECURITIZATION SP      5.00      01/26/22    KRW     68.93
SINBO SECURITIZATION SP      5.00      09/27/21    KRW     70.72
SINBO SECURITIZATION SP      5.00      08/25/21    KRW     70.98
SINBO SECURITIZATION SP      5.00      06/23/20    KRW     71.19
SINBO SECURITIZATION SP      5.00      07/27/21    KRW     71.20
SINBO SECURITIZATION SP      5.00      03/15/20    KRW     71.93
SINBO SECURITIZATION SP      5.00      02/28/21    KRW     72.38
SINBO SECURITIZATION SP      5.00      01/27/21    KRW     72.64
SINBO SECURITIZATION SP      5.00      12/22/20    KRW     72.91
SINBO SECURITIZATION SP      5.00      09/23/20    KRW     73.65
SINBO SECURITIZATION SP      5.00      08/26/20    KRW     73.88
SINBO SECURITIZATION SP      5.00      06/24/19    KRW     73.95
SINBO SECURITIZATION SP      5.00      07/28/20    KRW     74.10
SINBO SECURITIZATION SP      5.00      03/13/19    KRW     74.82


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50      09/15/20    MYR      1.33
ASIAN PAC HOLDINGS BHD       3.00      05/25/22    MYR      0.58
BERJAYA CORP BHD             2.00      05/29/26    MYR      0.31
BERJAYA CORP BHD             5.00      04/22/22    MYR      0.33
BRIGHT FOCUS BHD             2.50      01/22/31    MYR     62.55
ELK-DESA RESOURCES BHD       3.25      04/14/22    MYR      0.85
HIAP TECK VENTURE BHD        5.00      06/23/21    MYR      0.29
I-BHD                        3.00      10/09/19    MYR      0.29
IRE-TEX CORP BHD             1.00      06/10/19    MYR      0.01
PERODUA GLOBAL MANUFACT      0.50      12/17/25    MYR     70.46
PMB TECHNOLOGY BHD           3.00      07/12/23    MYR      3.25
PUC BHD                      4.00      02/15/19    MYR      0.05
REDTONE INTERNATIONAL B      2.75      03/04/20    MYR      0.07
SENAI-DESARU EXPRESSWAY      1.35      06/30/31    MYR     60.56
SENAI-DESARU EXPRESSWAY      1.35      12/31/30    MYR     61.73
SENAI-DESARU EXPRESSWAY      1.35      06/28/30    MYR     62.91
SENAI-DESARU EXPRESSWAY      1.35      12/31/29    MYR     64.08
SENAI-DESARU EXPRESSWAY      1.35      12/29/28    MYR     66.48
SENAI-DESARU EXPRESSWAY      1.35      06/30/28    MYR     67.79
SENAI-DESARU EXPRESSWAY      1.35      12/31/27    MYR     69.11
SENAI-DESARU EXPRESSWAY      1.35      06/30/27    MYR     70.41
SENAI-DESARU EXPRESSWAY      1.35      06/30/26    MYR     73.17
SENAI-DESARU EXPRESSWAY      1.15      06/30/25    MYR     75.01
SOUTHERN STEEL BHD           5.00      01/24/20    MYR      0.82
THONG GUAN INDUSTRIES B      5.00      10/10/19    MYR      2.17
VIZIONE HOLDINGS BHD         3.00      08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT       3.00      10/31/21    MYR      0.35


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


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     68.00
PHILIPPINE GOVERNMENT B      4.63      09/09/40    PHP     70.57


SINGAPORE
---------

APL REALTY HOLDINGS PTE      5.95      06/02/24    USD     69.05
ASL MARINE HOLDINGS LTD      6.00      03/28/20    SGD     51.38
ASL MARINE HOLDINGS LTD      6.35      10/01/21    SGD     51.38
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.01
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.02
BLD INVESTMENTS PTE LTD      8.63      03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
ENERCOAL RESOURCES PTE       9.25      08/05/14    USD     44.50
EZION HOLDINGS LTD           0.25      11/20/27    SGD     60.55
EZRA HOLDINGS LTD            4.88      04/24/18    SGD      5.00
HYFLUX LTD                   4.60      09/23/19    SGD     45.01
HYFLUX LTD                   4.25      09/07/18    SGD     45.38
HYFLUX LTD                   4.20      08/29/19    SGD     45.79
INDO INFRASTRUCTURE GRO      2.00      07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00      12/11/24    USD     61.21
ITNL OFFSHORE PTE LTD        7.50      01/18/21    CNY     48.08
ORO NEGRO DRILLING PTE       7.50      01/24/19    USD     45.32
OSA GOLIATH PTE LTD         12.00      10/09/19    USD     62.63
PACIFIC RADIANCE LTD         4.30      09/30/19    SGD     10.00
RICKMERS MARITIME            8.45      05/15/17    SGD      5.00
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.05
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.20
SWIBER CAPITAL PTE LTD       6.25      10/30/17    SGD      4.20
SWIBER CAPITAL PTE LTD       6.50      08/02/18    SGD      4.20
SWIBER HOLDINGS LTD          7.13      04/18/17    SGD      7.75
SWIBER HOLDINGS LTD          7.75      09/18/17    CNY      7.75
SWIBER HOLDINGS LTD          5.55      10/10/16    SGD     12.25
THETA CAPITAL PTE LTD        6.75      10/31/26    USD     68.24
THETA CAPITAL PTE LTD        7.00      04/11/22    USD     74.21
TRIKOMSEL PTE LTD            5.25      05/10/16    SGD     16.00
TRIKOMSEL PTE LTD            7.88      06/05/17    SGD     16.00


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35      03/01/26    LKR     69.96
SRI LANKA GOVERNMENT BO      8.00      01/01/32    LKR     74.02


THAILAND
--------

G STEEL PCL                  3.00      10/04/15    USD      0.56
MDX PCL                      4.75      09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.14
DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.81



                             *********

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 2019.  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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