TCRAP_Public/190226.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, February 26, 2019, Vol. 22, No. 41



A1J AUTO: First Creditors' Meeting Set for March 5
ALLEGRO VENTURES: First Creditors' Meeting Set for March 6
EASTERN GOLDFIELDS: Inspectors Condemn Conditions at Mine
ICUE HOMES: First Creditors' Meeting Set for March 7
MEALS IN A MOMENT: First Creditors' Meeting Set for March 5

MOUNTAIN SOUNDS: Goes Into Liquidation, Two-Day Event Cancelled
NAPOLEON PERDIS: Owner Enters DOCA to Control Future of Business
POWER SAVING: First Creditors' Meeting Set for March 7
W & I POPE: First Creditors' Meeting Set for March 5


BEIJING EASYHOME: S&P Assigns 'BB+' Long-Term ICR, Outlook Stable
CHINA AOYUAN: Moody's Alters Outlook to Positive & Affirms B1 CFR
CHINA UNITED: Moody's Withdraws Ba1 Insurance Fin. Strength Rating
GUANGZHOU R&F: Fitch Gives BB- Ratings on USD 2023/2024 Notes
QINGHAI PROVINCIAL: Default Triggers New Worry for Investors


ASIAN VENTURES: CRISIL Reaffirms B+ Rating on INR8.02cr Term Loan
BARODA AGRO: CARE Assigns 'D' Rating to INR23.61cr LT Loan
BC POWER: Ind-Ra Affirms 'BB+' LT Rating on INR340MM Loans
BE BE RUBBER: CRISIL Reaffirms B Ratings on INR7.23cr Loans
BLS IMPEX: CRISIL Moves B+ on INR6cr Debt From Not Cooperating

DC INDUSTRIAL: CARE Migrates D Rating to Not Cooperating Category
G. NAGESWARAN: CARE Assigns 'B' Rating to INR9.50cr LT Loan
G.R. ENGINEERING: Ind-Ra Gives BB+ LT Rating on INR276MM Loans
GOALTORE COLD: CRISIL Reaffirms B- Ratings on INR11cr Loans
GREEN VATIKA: CARE Lowers Rating on INR6.0cr LT Loan to D

JAI AMBEY: CRISIL Assigns B+ Ratings to INR6.5cr Loans
JAI RAVECHI: CRISIL Reaffirms 'B' Rating on INR13.5cr Loans
JENAM ENTERPRISES: CRISIL Cuts Ratings on INR25cr Loans to D
JPM EXPORT: CARE Migrates 'D' Rating to Not Cooperating Category
JUBILANT PHARMA: S&P Affirms 'BB-' Long-Term ICR, Outlook Positive

KAMALA COLD: CRISIL Hikes Rating on INR6.47cr Cash Loan to B+
KEROS STONE: CRISIL Lowers Rating on INR6.09cr LT Loan to D
MAXWELL AUTO: Ind-Ra Rates INR50.35MM Term Loan 'B+'
MURLIDHAR RATANLAL: CARE Lowers Rating on INR88.78cr Loan to D
PARCOS TILES: CRISIL Lowers Rating on INR18cr Term Loan to D

PLANTRICH AGRI: CRISIL Reaffirms B+ Rating on INR1.00cr Loan
PRAKASH WOOLLEN: Ind-Ra Affirms Then Withdraws BB+ Issuer Rating
R AND M INT'L: CRISIL Assigns D Ratings to INR10cr Loans
RAMA KRISHNA: Insolvency Resolution Process Case Summary

RELIANCE COMM: Looks to Real Estate Assets, Jio Deal to Pay Dues
RENEW POWER: S&P Assigns 'BB-' Long-Term ICR, Outlook Stable
RENEW RG II: Fitch Rates Proposed USD Sr. Secured Notes 'BB(EXP)'
S.S.T. PACKAGING: CRISIL Reaffirms B Ratings on INR5.9cr Loans
SADHANA NITRO: CRISIL Withdraws B Rating on INR14cr Cash Loan

SAIKRUPA FIBRE: CARE Reaffirms 'D' Rating on INR15.40cr Loan
SANDHA HEEMGHAR: CRISIL Reaffirms B+ Rating on INR11.27cr Loan
SENBO ENGINEERING: CARE Migrates D Ratings to Not Cooperating
SHREE RAM: CRISIL Reaffirms B Ratings on INR8.75cr Loans
SHRI SHARAN: CRISIL Moves B on INR11.5cr Loan From Not Cooperating

SUPER SEALS: CRISIL Reaffirms B+ Rating on INR10cr Loans
TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7.75cr Loan
UD SOLUTION: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating


DELTA MERLIN: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable
SRI REJEKI: Fitch Affirms BB- Issuer Default Rating, Outlook Stable

N E W   Z E A L A N D

EBERT CONSTRUCTION: Commerce Commission Probes Long Holdings


CHARISMA ENERGY: Expects to Report Q4, Full-Year Losses


CHENG SHIN: S&P Lowers ICR to 'BB+' on Elevated Financial Leverage


TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
[*] BOND PRICING: For the Week Feb. 18 to Feb. 22, 2019

                           - - - - -


A1J AUTO: First Creditors' Meeting Set for March 5
A first meeting of the creditors in the proceedings of A1J Auto
Parts Pty Ltd as trustee for the RSM Family Trust, trading as Auto
One Joondalup, and Boss Retail Pty Ltd A.C.N. 126 438 793 as
trustee for Boss Unit Trust, trading as Auto One Kalgoorlie, will
be held on March 5, 2019, at 11:30 a.m. at Subiaco Business Centre,
Suite 5, 531 Hay Street, in Subiaco, WA.

EMJ Consulting Pty Ltd was appointed as administrator of A1J Auto
on Feb. 20, 2019.

ALLEGRO VENTURES: First Creditors' Meeting Set for March 6
A first meeting of the creditors in the proceedings of Allegro
Ventures Pty Ltd, trading as Untapped Fine Wines, will be held on
March 6, 2019, at 11:00 a.m. at Suite 7, Level 1, 25 Claremont
Street, in South Yarra, Victoria.

Karen Kelson and Craig Bolwell of Bolwell Kelson Advisory were
appointed as administrators of Allegro Ventures on Feb. 22, 2019.

EASTERN GOLDFIELDS: Inspectors Condemn Conditions at Mine
The West Australian reports that inspection reports from a
Kalgoorlie gold mine, where workers reported going unpaid for
months on end, have revealed how its financial difficulties
threatened their mental health.

The West Australian, citing documents obtained by the Kalgoorlie
Minerunder Freedom of Information laws, says at least two workers
at Eastern Goldfields' Davyhurst gold mine filed compensation
claims for reported injuries as of January last year - at least one
of which was accepted as compensable.

The West Australian relates that inspectors uncovered a variety of
safety concerns related to infrastructure and working conditions on
the mine in late 2017 and early last year.

According to the West Australian, a report revealed the
"psychosocial hazards" employees were exposed to because Eastern
Goldfields was not providing adequate funds to run the mine.

They included not being paid for work, in some cases for several
months with no certainty about when it would be corrected and there
was an "exacerbated sense" of isolation caused by a lack of
communications on site and in the accommodation camp, the report

The West Australian relates that there were concerns raised about
the competence of supervision because of high staff turnover,
perpetuated by insufficient funding for training, a reduced
willingness to report safety issues because of a history of no
responses or predicted financial barriers, employees working in
jobs they were not employed to do and non-adherence to fatigue
management procedures.

A failure to buy parts to maintain or repair equipment also meant
the crushing and screening circuit in its processing plant was
operating with no dust control system at the time, the report

The Department of Mines, Industry Regulation and Safety said the
issues discussed in the report were resolved on February 27 last
year. In all, the department's mines safety director Andrew Chaplyn
said 26 improvement notices and 10 prohibition notices were issued
to Eastern Goldfields since it took ownership of Davyhurst,
including after February, the report relays.

He said proposed changes to work health and safety laws were being
drafted by the department which incorporate mental health and well
being, The West Australian relates.

The West Australian recounts that the company returned to trade in
April after raising fresh capital but fell into financial
difficulty again in July, missed debt repayments and eventually
collapsed in November owing creditors AUD70 million, two months
after placing the Kalgoorlie mine on mothballs.

The West Australian relates that a report by administrators from
Ferrier Hodgson last month suggested Eastern Goldfields may have
been insolvent as early as August, 2017.

However, a company-saving deed of company arrangement, which was
executed on February 12, means claims of insolvent trading will not
be investigated, the report states.

Mines Minister Bill Johnston's office said workers were protected
under the Mines Safety and Inspection Act and regulations, with a
new code of practice for FIFO mental health set to be released
later this year, the West Australian adds.

                       About Eastern Goldfields

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100% interest
in the Davyhurst and the Mt Ida gold projects, which are located to
the north-west of Kalgoorlie. It also holds interests in Siberia,
Riverina, Callion, Waihi, and LOI projects. The company was
formerly known as Swan Gold Mining Limited and changed its name to
Eastern Goldfields Limited in December 2015.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- Eastern Goldfields Limited
- Monarch Nickel Pty Ltd
- Monarch Gold Pty Ltd
- Carnegie Gold Pty Ltd
- Siberia Mining Corporation Pty Ltd
- Mt Ida Gold Operations Pty Ltd
- Ida Gold Operations Pty Ltd
- Pilbara Metals Pty Ltd
- Mt Ida Gold Pty Ltd
- Eastern Goldfields Mining Services Pty Ltd
- Siberia Gold Operations Pty Ltd

ICUE HOMES: First Creditors' Meeting Set for March 7
A first meeting of the creditors in the proceedings of iCUE Homes
Pty Ltd, trading as Innovation Nation, will be held on March 7,
2019, at 2:30 p.m. at Level 15, 114 William Street, in Melbourne,

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of iCUE Homes on Feb. 25, 2019.

MEALS IN A MOMENT: First Creditors' Meeting Set for March 5
A first meeting of the creditors in the proceedings of Meals in a
Moment Pty. Ltd. will be held on March 5, 2019, at 10:00 a.m. at
the offices of Hall Chadwick, Level 14, 440 Collins Street, in
Melbourne, Victoria.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of Meals in a Moment on Feb. 21, 2019.

MOUNTAIN SOUNDS: Goes Into Liquidation, Two-Day Event Cancelled
The Music Network reports that Mountain Sounds, the two-day NSW
Central Coast festival which cancelled this month blaming the
attitude of authorities, has gone into liquidation after five years
in operations.

The Music Network, citing documents, says the event is in the red
by AUD1,578,419.69.

Creditors include AUD893,000 for ticketing company Eventbrite,
AUD89,000 to the Australian Tax Office and a number of artists like
Courtney Barnett, who is said to be down AUD100,000, the report

The appointed liquidator is Shaw Gidley Newcastle, the Music
Network discloses.

The report relates that scheduled to be held on February 15 and 16,
Mountain Sounds earlier complained that authorities had increased
costs in the name of safety.

This included AUD200,000 for 45 police officers on a 24-hour cycle
throughout the event. Earlier in the year, they had been quoted a
quarter of that figure, the report says.

"In 2018, Mountain Sounds ran smoothly, with an attendance of
16,000 people over two days, 11 user pay police and no major
drug-related incidents," the report quotes promoters as saying.

According to the Music Network, the event was cancelled on February
9 after trying to cope with extra safety demands by axing 21 acts
from its bill.

The Music Network relates that promoters said at the time,
"Unfortunately, we . . . have been put in an impossible situation
as it was unrealistic for us to pull this money together,
particularly given the time frame."

NSW Police claimed there had been "numerous breaches" in pre-event
paperwork, the Music Network adds.

NAPOLEON PERDIS: Owner Enters DOCA to Control Future of Business
Dean Blake at Inside Retail reports that makeup artist Napoleon
Perdis has actioned a Deed of Company Arrangement (DOCA) after
placing his self-titled beauty brand in voluntary administration in

Mr. Perdis, who will steer the business as creative director, hopes
to grow the brand to a level which will allow it to compete
globally, the report says.

According to IR, the arrangement will bring the company back under
the current director's control, and allow it to trade as usual,
though Mr. Perdis will continue to be assisted by administrators at
Worrells Solvency & Forensic Accountants.

IR relates that the plan, Mr. Perdis explained, is to ensure that
all staff are able to retain their employment, and provide a
stronger outcome for creditors and landlords.

"It's vital to generate a sustainable recovery plan going forward,"
IR quotes Mr. Perdis as saying.  "The restructure will be purpose
fit for our current creditors. The world has changed, and we need
to put up the deed to make the urgent changes necessary."

Morgan Kelley, from Ferrier Hodgson, has been appointed to assist
in the process, and notes he is confident in a positive outcome due
to the "love and respect" the brand enjoys, the report says.

Mr. Perdis announced the beauty brand was going into voluntary
administration at the end of January, and closed half of its stores
a few days later, IR recounts.

The makeup artist told IR that putting the business into voluntary
administration was necessary and liberating.

"It's about what are the next steps? What are the processes? What
do we need to do to ensure that our staff are protected and
comfortable, our customer understands the message, and that the
brand DNA is maintained?" the report Mr. Perdis as saying.

Moving forward, Mr. Perdis said he wanted to transform the Napoleon
Perdis brand into a mobile first, lean operation, which can more
quickly react to what customers want, IR relates.

"This administration process is just going to make sure that we're
going to hone those skills further, and I'm going to make sure that
happens," Mr. Perdis told IR.

"I kind of don't want to have to worry about [changing]
light-bulbs, but I absolutely love the idea of being able to
continue on with where I started, which was being a makeup artist
and developing a beautiful, clean product."

                      About Napoleon Perdis

Based in Alexandria, Australia, Napoleon Perdis Cosmetics Pty. Ltd.
owns and operates stores that sell cosmetics. It offers makeup
products for face, lips, eyes, cheeks, and nails. The company also
provides skincare products, including auto pilot skincare, auto
pilot priming, cleansers, and body products. In addition, it offers
gifts and sets; and tools, such as brushes, brush sets, and books.
Further, the company operates a make-up academy in Australia and
California. Furthermore, it engages in the online retail of

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.

POWER SAVING: First Creditors' Meeting Set for March 7
A first meeting of the creditors in the proceedings of Power Saving
Centre (Canberra) Pty Ltd will be held on March 7, 2019, at 3:30
p.m. at the offices of SV Partners, at 22 Market Street, in
Brisbane, Queensland.

David Michael Stimpson of SV Partners was appointed as
administrator of Power Saving on Feb. 25, 2019.

W & I POPE: First Creditors' Meeting Set for March 5
A first meeting of the creditors in the proceedings of W & I Pope
Pty Ltd, trading as The Finished Art Workshop, will be held on
March 5, 2019, at 11:00 a.m. at the offices of Cor Cordis, "One
Wharf Lane", Level 20, 171 Sussex Street, Sydney, New South Wales.

Jason Tang & Andre Lakomy of Cor Cordis were appointed as
administrators of W & I Pope on Feb. 21, 2019.


BEIJING EASYHOME: S&P Assigns 'BB+' Long-Term ICR, Outlook Stable
S&P Global Ratings said Beijing Easyhome Investment Holdings Group
Co. Ltd.'s (Easyhome) solid market position and asset-light growth
strategy should result in stable cash flows and scalability of its
business. S&P expects the China-based home improvement and
furniture retail operator's leverage to remain high, owing to
capital outlays to buy back and develop malls in strategic

On Feb. 25, 2019, S&P Global Ratings assigns its 'BB+' long-term
issuer credit rating to Easyhome. S&P is also assigning its 'BB+'
long-term issue rating to the proposed notes issued by China Bright
(Hong Kong) Ltd. Easyhome guarantees the notes. The proposed notes
rating is subject to our review of the final issuance

S&P said, "The stable outlook reflects our view that Easyhome will
continue to generate steady cash flows and maintain its solid
market position over the next 12 months.

"The rating reflects our view that Easyhome's solid market position
and asset-light strategy will result in stable cash flows and
scalability of its business.

"We believe Easyhome is likely to expand its scale through a
subletting business model. Therefore, the company may be subject to
high lease-adjusted debt and have limited control over its
operational fixed assets. At the same time, the company's plan to
buy back malls and develop self-owned malls in higher-tier cities
will increase capital outlay and stretch its leverage. We forecast
its adjusted debt-to-EBITDA ratio will stay at around 6.0x over the
next 12-24 months."

Nonetheless, Easyhome is strategically positioned to gain market
share in the home improvement and furnishing business. It operates
in a fragmented home improvement and furnishings retail mall
sector, with a market size of Chinese renminbi (RMB) 2.95 trillion
in 2017. This sector grew at a compounded annualized rate of 12.4%
in the past five years in China. As of June 2018, the company has
10 self-owned, 71 leased, and 134 franchise malls across 149 cities
in 29 provinces--making it the second largest player in the
industry by number of malls.

S&P believes Easyhome's clear, focused, and consistent operating
strategy strengthens its competitiveness. The company has a 20-year
record of providing value-added services to upstream suppliers and
retailers as well as purchasers. For example, it was the first to
implement a centralized return policy on behalf of furniture
retailers. Market participants along the value chain rely heavily
on Easyhome's distribution platform because of its stronger
branding compared with that of individual furniture brands. This is
reflected in its over 95% occupancy rate and 11%-15% same-store
sales growth over the past three years. S&P expects the company's
occupancy to remain above 95% over the next two years.

Easyhome's recurring income from its self-owned and sublet malls
provides cash flow stability. The company runs a unique hybrid
business model, where it operates retail malls without carrying
inventory risks. About 80% of its earnings come from fixed rental
income from more than 1,000 tenants, with very little reliance on
turnover rent. Easyhome typically signs one-year leases with
tenants and we believe its high tenant retention rate partly
mitigates such a short-term lease profile.

In S&P's view, Easyhome's subletting business model will continue
to drive growth. The company leases the majority of its malls from
independent property owners for a duration of 15-20 years and
sublets to third-party retailers. Given the customized design and
construction of these malls as well as the long-term lease
agreements, Easyhome has more control than a typical retailer and a
much lower replacement risk.

Nonetheless, the lack of ownership limits Easyhome's flexibility on
asset enhancement and expansion, and adds to margin pressure if
property owners increase rent.

S&P said, "We expect Easyhome's leverage to remain high, despite a
large equity raising in 2018, which partly offsets the mall
buybacks. In our base case, we project that Easyhome will spend
RMB4 billion-RMB5 billion in capex each year to buy back malls and
develop self-owned malls. We believe contributions from self-owned
malls will gradually increase. Easyhome acquired a 40% stake in a
third-party company that owns its flagship store, Beijing 4th Ring
Road Mall, for RMB7.2 billion last year."

The equity raising stemmed from a strategic alliance with Alibaba
Group Holding Ltd. (A+/Stable/--) among other strategic investors,
which we believe will benefit Easyhome in various ways. This could
include shared data and technology as well as access to Alibaba's
vast online customer base. In 2018, the group of strategic
investors invested RMB13 billion for a 36% shareholding in
Easyhome's key subsidiary, Beijing Easyhome Home New Retail Chain
Group Co. Ltd. (Easyhome New Retail).

The potential public listing of Easyhome New Retail will likely
improve the transparency of financial reporting and reduce key-man
and governance risks. S&P said, "However, the listing may affect
Easyhome's accessibility of cash flow even if we expect the company
to remain the largest and controlling shareholder of the
subsidiary. The company announced plans for a backdoor listing in
January 2019, pending regulatory approval. We have not factored
this in our base case, given the uncertainty."

S&P said, "The stable outlook reflects our view that Easyhome will
maintain its solid market position and generate steady cash flows
from its home improvement and furnishing retail outlets over the
next 12 months. We expect the adjusted debt-to-EBITDA ratio to
remain elevated at about 6.0x over our forecast period, given the
company's plan to buy back shopping malls and develop self-owned

"We could downgrade Easyhome if the company undertakes large and
aggressive debt-funded acquisitions or if its cash flow
significantly weakens from our base case, such that the EBITDA
interest coverage is less than 2.0x or the debt-to-EBITDA ratio
fails to stay at around 6.0x.

"We may raise the rating if the company meaningfully transitions
toward becoming an asset owner or if it adopts a more conservative
financial policy, such that its EBITDA interest coverage exceeds
3.0x and debt-to-EBITDA ratio improves toward 4.0x on a sustainable

-- China's real GDP will increase by 6.2% in 2019 and 6.0% in 2020
from 6.6% in 2018.

-- China's furniture industry will continue to grow ahead of GDP
because of increasing urbanization and property sales in both
primary and secondary markets.

-- Primary property sales in China to mildly drop in 2019, with
prices dropping by up to 5% and volume declining 3%-7%.

-- Easyhome's revenue will increase 7%-8% to RMB10.5
billion-RMB11.5 billion over the next 24 months, compared with
RMB9.8 billion in 2017. This is mainly because of the opening of
new malls and rising income driven by growth in same-store sales,
despite moderating property sales.

-- Its adjusted gross margin to improve to 55%-56% over the next
24 months from 49% in 2017, mainly because of lower rental expenses
following the buyback of flagship malls.

-- The company's selling, general, and administrative expenses
will remain stable at 24%-26% of revenue.

-- Its capex was RMB11 billion-RMB12 billion in 2018 due to the
acquisition of the Beijing 4th Ring Road Mall, but should lower to
RMB4 billion-RMB5 billion in 2019 and 2020, for buying back leased
malls and developing self-owned malls.

-- Its dividend payout will be RMB300 million-RMB400 million each

Based on these assumptions, S&P arrives at the following credit

-- Debt-to-EBITDA ratio of about 6.0x in 2018 and 2019, from 6.5x
in 2017.

-- EBITDA interest coverage of about 2.5x in 2018 and 2019, from
2.4x in 2017.

S&P said, "We assess Easyhome's liquidity as adequate. In our
base-case scenario, we expect the company's sources of liquidity to
exceed uses by 1.3x in the 12 months to June 2019. The company will
maintain surplus liquidity even if its EBITDA declines by 15% from
our forecast.

"In our view, Easyhome has a record in the onshore bond market and
good relationships with banks domestically. We believe the recent
application to tap the equity market will also benefit its standing
in the onshore capital market."

Principal liquidity sources include:

-- Cash balance and liquid investment of RMB5.6 billion as of June
30, 2018.

-- Cash funds from operations (FFO) and working capital inflows of
RMB2.0 billion-RMB2.2 billion.

-- New debt drawdown of RMB0.9 billion (including RMB0.6 billion
issuance of domestic corporate bonds in the second half of 2018).

Principal liquidity uses include:

-- Short-term borrowings of RMB3.3 billion due in the 12 months to
June 2019.

-- Domestic bonds of RMB2 billion puttable in the period.

--Committed capex of RMB1.0 billion-RMB1.2 billion. S&P has not
factored in the full spending in its liquidity calculation because
it believes it is not fully committed.

-- Dividend of RMB300 million-RMB400 million.

CHINA AOYUAN: Moody's Alters Outlook to Positive & Affirms B1 CFR
Moody's Investors Service has revised to positive from stable the
rating outlook of China Aoyuan Group Limited.

At the same time, Moody's has affirmed China Aoyuan's B1 corporate
family rating and B2 senior unsecured debt ratings.


"The change in outlook to positive reflects our expectation that
China Aoyuan's credit metrics will improve over the next 12-18
months, driven by strong growth in revenue and contracted sales,"
says Celine Yang, a Moody's Assistant Vice President and Analyst.

"We also expect China Aoyuan will maintain its financial discipline
and control its debt growth while pursuing an expansion strategy in
the coming 12-18 months," adds Yang.

China Aoyuan's contracted sales grew 38% year-on-year to RMB5.6
billion in January 2019, after recording 100% year-on-year growth
to RMB91.3 billion for the full year 2018. The sales in 2018
exceeded the company's annual sales target of RMB73 billion by

Moody's believes China Aoyuan's growing portfolio, demonstrated
abilities in sales execution and solid housing demand in China
Aoyuan's core Guangdong market, especially the Greater Bay area,
will allow the company to further grow its contracted sales to
RMB110-RMB115 billion in 2019.

Such strong contracted sales will help fund the company's business
expansion and will support revenue growth and liquidity over the
next 12-18 months.

The company has also broadened its geographic coverage, thus
reducing its exposure to potential business volatility resulting
from adverse changes in individual regional economic and regulatory

At the same time, the company has demonstrated discipline in its
land acquisitions and business expansion.

China Aoyuan has kept the share of annual land acquisitions below
50% of contracted sales in the past 2-3 years. Moody's expects the
company will maintain this disciplined approach in its
acquisitions, in turn keeping debt growth at a moderate level.

Moody's further estimates that the company's gross profit margin
will remain at 27%-28% in the coming 2-3 years because of its
low-cost land bank. The low land costs also provide the company
with pricing flexibility if China's property market becomes more
challenging in the next 6-12 months.

Consequently, Moody's expects China Aoyuan's revenue/adjusted debt
will improve to 70%-80% over the next 12-18 months from 50.6% for
the 12 months ended June 2018. Similarly, Moody's expects its
EBIT/interest will strengthen towards 3.00x in the next 12-18
months from 2.45x for the 12 months ended June 2018.

China Aoyuan's B1 corporate family rating continues to reflect its
(1) quality land bank in the Greater Bay area; (2) track record in
the economically strong Guangdong Province; (3) sound business
performance in previous down cycles; and (4) good access to onshore
and offshore funding.

On the other hand, the rating is constrained by the company's
moderate credit metrics and continued high capital requirements
associated with its rapid expansion plans.

China Aoyuan's liquidity is adequate, supported by its good access
to funding, proactive management of debt refinancing needs, and
cash received from strong sales. Moody's estimates its cash balance
of RMB32-35 billion at the end of 2018, together with the cash
generated from its operations (before accounting for land
acquisition costs) can cover its upcoming debt maturities in the
next 12-18 months as well as capital expenditures.

The B2 rating of China Aoyuan's senior unsecured debt is one notch
lower than its corporate family rating, reflecting structural and
legal subordination risks due to a substantial amount of onshore
debt to fund the company's fast expansion.

China Aoyuan's rating could be upgraded if the company (1)
demonstrates sustained growth in its contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) remains prudent in its land acquisitions and financial
management; (3) improves its credit metrics, such that its
EBIT/interest registers at least 3.0x and revenue/adjusted debt
rises to 75%-80% or above on a sustained basis; and (4) maintains
good liquidity, such that its cash on hand consistently covers its
short-term debt and there is sufficient capacity in its maintenance
covenants for bank loans.

A rating downgrade is unlikely, given the positive outlook.
However, the outlook on the ratings could return to stable if the
company records higher volatility or slower growth in contracted
sales, or if the company's credit metrics weaken, such that (1)
EBIT interest coverage falls below 2.5x; (2) revenue /adjusted debt
fails to trend towards 70%; or (3) its liquidity weakens, with its
cash holdings slipping below 1.0x of short-term debt.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

China Aoyuan Group Limited was founded in 1996 by Guo Zi Wen.
During 2005-06, the company restructured the shareholdings of its
operating subsidiaries, such that the owners transferred their
indirect interests in the Chinese subsidiaries to offshore
subsidiaries. China Aoyuan listed on the Hong Kong Stock Exchange
in October 2007.

As of the end of June 2018, the company had 164 projects across 60
cities in China, Australia, Canada and Macau, with a total land
bank of about 30 million square meters in gross floor area (GFA),
which can cover three to four years of property development.

CHINA UNITED: Moody's Withdraws Ba1 Insurance Fin. Strength Rating
Moody's Investors Service has withdrawn the Ba1 insurance financial
strength rating (IFSR) with stable outlook of China United SME
Guarantee Corporation (Sinoguarantee).

Moody's has decided to withdraw the rating for its own business

GUANGZHOU R&F: Fitch Gives BB- Ratings on USD 2023/2024 Notes
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co. Ltd.'s (BB-/Negative) senior notes of USD450 million
8.125% due 2023 and USD375 million 8.625% due 2024 final ratings of

The notes are issued by Guangzhou R&F's subsidiary, Easy Tactic
Limited, and are rated at the same level as Guangzhou R&F's senior
unsecured rating because the parent has granted a keepwell deed and
a deed of equity interest purchase undertaking to ensure that the
guarantor, R&F Properties (HK) Company Limited, also a wholly owned
subsidiary of Guangzhou R&F, has sufficient assets and liquidity to
meet its obligations. Guangzhou R&F intends to use the net proceeds
from the note issue for debt refinancing. The assignment of the
final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on February 20, 2019.

Guangzhou R&F's ratings are constrained by its high leverage,
measured by net debt/adjusted inventory, of around 60% at end-June
2018 and 60.2% at end-2017. Guangzhou R&F's high leverage stems
from aggressive land acquisitions in 2017, when it replenished 18
million sq m of attributable gross floor area of land bank for
CNY58 billion, resulting in an increase in its land
acquisition/contracted sales value ratio to 0.7x from 0.1x-0.3x in
the previous three years, and the acquisition of hotel and office
assets from Dalian Wanda Commercial Management Group Co., Ltd.
(Wanda; BB+/Stable).

The Negative Outlook reflects limited headroom for leverage, which
is around the threshold where Fitch would consider downgrading
Guangzhou R&F's ratings. The company's pursuit of scale expansion,
to CNY180 billion of contracted sales in 2019-2020, from CNY131
billion in 2018 and CNY82 billion in 2017, could see its land
acquisition pace increase above Fitch's expectations, which could
push leverage beyond 65%.


Sustained High Leverage: Fitch expects Guangzhou R&F's leverage,
which was above its negative threshold of 60.0% at end-June 2018
and end-2017, to rise to 65.0% in the next year or two. The company
plans to spend 30%-40% of contracted sales proceeds on land
acquisitions in 2018-2019 and increase its construction expenditure
to support growth in contracted sales scale towards CNY180 billion
by 2019. Guangzhou R&F's accelerated land acquisitions raised its
net debt to above CNY123 billion at end-June 2018 and CNY112
billion at end-2017 (end-2016: CNY77 billion).

Higher Non-Development EBITDA: The company's hotel and rental
income revenue surged by 68% yoy to CNY3.9 billion in 1H18 (2017:
CNY3.3 billion), driven by contributions from the newly acquired
Wanda hotels. Fitch expects Guangzhou R&F's non-property
development revenue to reach CNY8.1 billion in 2018 with full-year
contributions from the Wanda hotels. However, the company's
non-property development EBITDA/gross interest expense ratio will
only moderately improve to 0.24x in 2018-2019, from 0.17x in 2017,
as it will be partly offset by possible higher operating costs of
the Wanda hotels.

Stabilising Margins: Guangzhou R&F had an EBITDA margin of 27% and
a gross profit margin of 39% in 1H18, an improvement from 26% and
35% in 2017, and 21% and 28% in 2016, respectively. The margins
will be supported by the company's unrecognised property sales of
CNY107 billion, which carried a gross profit margin of 39% at
end-June 2018 (2017 booked property sales gross profit margin:
37%). These sales will be recognised over the next year or two, and
will be supported by a recovery in the contracted average selling
price to CNY13,176 per sq m in 8M18, from CNY12,961 per sq m in


Guangzhou R&F's geographical diversification is comparable with
'BB+' and 'BB' rated peers. Its homebuilding scale in contracted
sales is comparable with CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY104 billion in 2017 and is higher than the CNY40
billion-70 billion of 'BB-' rated peers, such as Yuzhou Properties
Company Limited's (BB-/Stable) CNY40 billion.

However, Guangzhou R&F's ratings are constrained by its weakening
financial profile, following the completion of substantial hotel
and office asset acquisitions from Wanda, as well as its aggressive
land acquisitions. The company's leverage ratio, measured by net
debt/adjusted inventory, of 60% at end-2017 is at the higher range
of the 50%-60% of 'B+' rated peers, such as China Evergrande
Group's (B+/Positive) 60%. Guangzhou R&F will also need to maintain
a land bank of five to six years to support its expansion in
contracted sales, which could limit room for deleveraging in the
next two to three years. Fitch expects the company's leverage to
reach 65% in 2018-2019.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.


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

  - Attributable contracted sales to reach CNY167 billion in 2019
(2018: CNY131 billion)

  - EBITDA margin of 24%-25% in 2018-2019, slightly lower than the
26% in 2017 due to higher operating costs of the Wanda assets

  - Hotel and property rental revenue to reach CNY8 billion-9
billion in 2018-2019

  - Land bank life reduced to and sustained at four to five years,
from a high of almost eight years at end-2017


Developments that May Lead to a Revision in the Outlook to Stable

  - Net debt/adjusted inventory sustained below 65% (2017: 60%)

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

  - Continued decline in property contracted sales

  - Net debt/adjusted inventory of over 65% for a sustained period


Weak but Manageable: Guangzhou R&F had a cash balance of CNY36
billion, including restricted cash of CNY17 billion at end-June
2018, which was insufficient to cover CNY45 billion of debt
maturing in one year. Its cash/short-term debt ratio declined to
0.8x by end-June 2018 from 1.1x at end-2017 and 1.4x at end-2016.
However, cash balances probably improved following record-high
contracted sales of CNY13.5 billion in June 2018 and another
CNY10.5 billion in July 2018. The company has also completed the
issuance of CNY0.5 billion and CNY0.7 billion in 270-day short-term
onshore bonds in August and September 2018, respectively. Hence,
Fitch does not believe Guangzhou R&F will have major difficulty in
refinancing its short-term credit facilities.

QINGHAI PROVINCIAL: Default Triggers New Worry for Investors
Chris Anstey and Carrie Hong at Bloomberg News report that Qinghai
Provincial Investment Group Co.'s (QPIG) failure to make good on a
payment on a dollar bond on Feb. 22 threatens to overturn
assumptions that officials would step in to avert defaults by
companies closely linked to local authorities.

Bloomberg notes that QPIG was seen by some analysts as a bellwether
for assessing government support due to its struggles to make
payments on offshore debt last year.

Bloomberg cites that the bond prospectus indicates that there is no
grace period for a missed coupon on the note of QPIG, suggesting
it's now in default.

As recently as mid-December, S&P Global Ratings had removed QPIG
from CreditWatch with negative implications, concluding that it
would "continue to receive ongoing government support and be able
to meet its short-term financial obligations over the next 12
months, despite its weak liquidity." S&P rated QPIG at B+, four
steps below investment grade, Bloomberg notes.

Bloomberg relates that while discussions have been taking place to
shore up QPIG, based in the western province of Qinghai, the failed
payment indicates limits to officials' appetite to aid borrowers
with high leverage in industries with excess capacity. Though
China's national policy makers have unveiled a slew of measures to
support economic growth in recent months, the Communist Party's
senior leadership reaffirmed at a Politburo meeting on Feb. 22 that
addressing financial risks remain a priority for 2019, Bloomberg

Investors appeared to not have seen the coupon-payment failure
coming, with prices on QPIG's $300 million bond due in 2020
indicated around 94 cents on the dollar before Bloomberg reported
the news on Feb. 22. The note fell by a record 14 cents on the
dollar at 10:59 am in Hong Kong, according to Bloomberg-compiled

According to Bloomberg, some analysts regard the company as a local
government financing vehicle, and the apparent default may renew
predictions for LGFV defaults that HSBC Holdings Plc analysts said
just last month was unlikely in the short term.

Qinghai Provincial's "missed payment will definitely rock sentiment
on Chinese LGFVs because so far the government has been supporting
the sector at all costs," Bloomberg quotes Owen Gallimore, head of
credit strategy at Australia & New Zealand Banking Group, as
saying. "An LGFV default will have dangerous systematic risk as it
will encourage others to follow."

Without any regular source of dollar revenue, borrowers linked to
local authorities were long viewed as potential candidates for
default in the offshore market -- though up to now official support
made the difference, Bloomberg says. Dollar bonds from LGFVs have
typically been bought by Chinese investors, and sales picked up
last fall after some stressed issuers, including QPIG, made good on
their payments. The missed payment may now see investors reevaluate
prices for a swathe of borrowers -- and particularly those from

"QPIG is the largest aluminum producer in Qinghai province," and
was more than two-thirds owned by the provincial government, S&P
analysts wrote in its report in December, Bloomberg relays. "Its
credit standing is important for the government because a default
could reverberate throughout the value chain, including the power
and coal industries."

In China's onshore market, defaults quadrupled from 2017 to 2018,
to a record CNY120 billion (US$18 billion), Bloomberg says. The
vast majority of those have come from private enterprises, not
state-backed ones. For foreign investors, who are increasingly
pouring into China's onshore market, the QPIG incident may
underscore the risks of branching out beyond central government
bonds and securities sold by three key so-called policy banks --
which together account for more than four-fifths of their current
holdings, Bloomberg cites.

Bloomberg notes that the lesson from QPIG may be to put greater
focus on the individual borrower's attributes.

"Some investors put extra weighting on a local government's
financial capability -- such as GDP and debt levels," Bloomberg
quotes Zhang Xu, chief fixed income analyst from Everbright
Securities Co., as saying. "But it should be the debt issuer's own
asset quality that matters."

                      About Qinghai Provincial

Qinghai Provincial Investment Group Co., Ltd, produces and sells
primary and fabricated aluminum products in China. The company
operates through four segments: Aluminium Production, Electricity
Generation, the Mining and Sale of Coal, and Other Ancillary
Businesses. It generates thermal power and hydropower; mines and
sells coal; and develops and manages real estate properties, as
well as provides guarantee and leasing services. The company offers
equipment financing and leasing, fundraising, and other financing
services, as well as loan guarantees, and custodian and investment
consultation services; purchases raw materials; sells carbon and
aluminum products.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
17, 2018, S&P Global Ratings said that it had affirmed its 'B+'
long-term issuer credit rating on Qinghai Provincial Investment
Group Co. Ltd. (QPIG). The outlook is stable. S&P also affirmed the
'B+' long-term issue rating on QPIG's outstanding senior unsecured


ASIAN VENTURES: CRISIL Reaffirms B+ Rating on INR8.02cr Term Loan
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Asian Ventures (AV).

   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          8.02      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect AV's vulnerability to cyclicality
inherent in the Indian real estate industry, and the exposure to
risks with ongoing project. These weaknesses are partially offset
by the experience of the promoters, and moderate construction

Key Rating Drivers & Detailed Description


* Vulnerability to cyclicality inherent in the industry: The real
estate sector in India is cyclical, and affected by volatility in
prices, opaque transactions, and a highly fragmented market
structure. Hence risks arising from any industry slowdown should
continue to constrain the business.

* Exposure to risks associated with ongoing projects: The projects
have received booking of 50%, leading to moderate customer
advances. Thus, operating performance will remain susceptible to
timely completion of the projects and flow of customer advances.


* Experience of the promoters: The nearly decade-long experience of
the promoters, and successful completion of past projects helped
establish a strong market position in Pune.

* Moderate construction progress: The project has already incurred
80% of the projected costs with reinforced concrete work completed
till 8th slab and 9th slab. However, fabrication, interior
designing and reinforced cement concrete for club house is in
process and is expected to be completed by March 2019.

Project-specific loans have been availed of from the Corporation
Bank, the repayment of which will start from July 2019. The project
has been able to sustain the construction costs with funding from
the promoters, customer advances, and bank loans. Further, the
promoters will infuse INR1.03 crore to fund project construction;
and are likely to continue extending such need-based funding
support even in the future.

Outlook: Stable

CRISIL believes AV will continue to benefit from the experience of
the promoters. The outlook may be revised to 'Positive' if higher
bookings of units and receipt of customer advances improves cash
inflow. Conversely, the outlook may be revised to 'Negative' if
time or cost overrun in projects, or slow ramp up in customer
bookings lowers cash inflows and weakens financial risk profile and

AV, incorporated in 2011 is engaged in real estate business. Asian
is a Joint Venture between Khurana family (40%) and Bobinmaker
family (60%).  Currently the firm is developing one residential
project in Pune, Maharashtra.

BARODA AGRO: CARE Assigns 'D' Rating to INR23.61cr LT Loan
CARE Ratings has assigned rating to the bank facilities of Baroda
Agro Chemicals Limited (BACL), as:

   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          23.61       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BACL takes into
account on-going delays in servicing of its debt obligations due to
weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: Debt servicing of BACL is
irregular as reflected by on-going delays in servicing of its term
loan principal and interest owing to stretched liquidity position
of the Company.

Vadodara-based (Gujarat) BACL was incorporated on January 17, 1996.
BACL is engaged in toll manufacture of agro-chemical inputs. The
company is operating from its sole ISO certified manufacturing
facilities located at Panelav, Village Halol, Vadodara with an
installed capacity of 3,60,000 metric tons per annum (MTPA). BACL
also does job work for its customers. Final product of BACL i.e.,
pesticides and insecticides of various grades/types find
application mainly in the agro industries. The associate concerns
of BACL, namely Ravi Plant Biotechnologies Limited is engaged into
business of metals and chemicals and India Farmcare Private Limited
which is engaged into marketing pertaining to innovation in the
areas of Crop Protection Products, Fertilizers, Irrigation Systems
and Agricultural Implements.

BC POWER: Ind-Ra Affirms 'BB+' LT Rating on INR340MM Loans
India Ratings and Research (Ind-Ra) has revised BC Power Controls
Limited's (BCPCL) Outlook to Negative from Stable while affirming
its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating action is:

-- INR340 mil. Fund-based limit affirmed; Outlook revised to
     Negative from Stable with IND BB+/Negative/IND A4+ rating.


The Negative Outlook factors in the likelihood of deterioration in
BCPCL's operating margins and thus credit metrics and liquidity in
FY19, based on the 9MFY19 financials. EBITDA margin fell to 1.4%
during 9MFY19 (9MFY18: 3.2%) due to a sudden increase in raw
material prices, which the company could not pass on to its
customers, and gross interest coverage (operating margin/gross
interest expenses) reduced to 1.3x (4.8x). Although BCPCL expects
margins to improve in 4QFY19 based on the orders received so far,
they will be below the FY18 level. The operating margins were
strong at 2.0% in FY18 (FY17: 0.8%) with RoCE at 18.8% (4.3%). The
credit metrics were modest with gross interest coverage at 4.7x in
FY18 (FY17: 2.3x) and net leverage at negative 0.5x (13.7x).

However, revenue improved to INR3,963.6 million in 9MFY19 (9MFY18:
INR2,835.95 million; FY18: INR4934 million), because of an increase
in the demand for manufactured goods. Also, liquidity is
comfortable with working capital limits being utilized within the
sanctioned limit during the six months ended January 2019. Cash
flow from operations turned positive at INR411 million in FY18
(FY17: negative INR56 million).

The ratings are supported by the company's promoters' over two
decades of experience in the metallurgy industry, mainly copper.


Negative: Sustained deterioration in the profitability and credit
metrics will lead to a negative rating action.

Positive: A rise in the profitability, while maintaining the credit
metrics, on a sustained basis, could lead to a positive rating


Formed in 2008, BCPCL manufactures and trades copper wires and
cables. It has a manufacturing facility in Bhiwadi (Rajasthan). Its
product portfolio includes armored and unarmored cables, flexible
and house wires, submersible cables, and control and
instrumentation cables.

BE BE RUBBER: CRISIL Reaffirms B Ratings on INR7.23cr Loans
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facility of The Be Be Rubber Estates Limited (TBBREL).

   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.85      CRISIL B/Stable (Reaffirmed)

   Long Term Loan        2.00      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.38      CRISIL B/Stable (Reaffirmed)

The ratings reflect the firm's small scale of operations, intense
competition in the industry and weak financial risk profile.
However, these weaknesses are partially mitigated by the extensive
experience of the promoter in the rubber plantation industry of
over 9 decades.

Key Rating Drivers & Detailed Description


* Small scale of operations and intense competition: The scale of
the operations has remained modest, reflected in revenue of INR2.8
crore in fiscal 2018, and is constrained by intense competition in
the rubber plantation industry. The industry has low entry barriers
due to minimal capital requirement, resulting in presence of
several unorganized players. Further, climatic conditions also
played a major role in the production.

* Weak financial risk profile: The company has a weak financial
risk profile due to modest net-worth and high gearing levels. The
net-worth was deteriorated due to accumulated loss incurred in the
past financial years. Further, the debt protection metrics was also
weak due to negative interest coverage and NCATD.


* Extensive experience of promoters in the industry: TBBREL enjoys
the extensive experience of the promoter in the rubber plantation
business of over 90 years. Their longstanding experience has helped
them sustain in the industry, despite regular volatility.

The liquidity profile was modest marked by high utilization of bank
limits at around 59% in the last twelve months ending October 2018.
The firm has reported insufficient cash accruals against repayment
obligations. However, the cash accruals is expected to increase in
the forthcoming years. The current ratio was modest at around at
0.12 times during FY18.

Outlook: Stable

CRISIL believes that TBBREL will benefit over the medium term from
the extensive experience of the promoters and their established
relationships with suppliers and customers in trading business. The
outlook may be revised to 'Positive' if there is substantial
increase in revenues backed by sustained improvement in operating
margins leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
liquidity or financial risk profile due to further decline in
revenue or profitability.

Incorporated in the year 2007, TBBREL is engaged into production of
latex from rubber trees. The company owns 650 acres of land in
Kollom, Kerala, where it carries out rubber tree plantation.
Besides the company also has 121 acres of land in Palghar district
for plantation of Cardamom and Coffee.

BLS IMPEX: CRISIL Moves B+ on INR6cr Debt From Not Cooperating
CRISIL has migrated its long term rating on bank facilities of Bls
Impex Private Limited (BIPL) from 'CRISIL B+/Stable Issuer
Non-Cooperating' to 'CRISIL B+/Stable' and has reassigned a short
term rating of 'CRISIL A4' for the short term facilities.

   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Foreign Bill         6       CRISIL B+/Stable (Migrated from  
   Discounting                  'CRISIL B+/Stable ISSUER NOT

   Packing Credit       9       CRISIL A4 (Reassigned)

Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had earlier migrated the
ratings on BIPL to 'CRISIL B+/Stable Issuer Non-Cooperating' vide
its release dated June 18, 2018. However, the company's management
has subsequently started sharing requisite information necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its long term rating from 'CRISIL
B+/Stable Issuer Non-Cooperating' to 'CRISIL B+/Stable' and has
reassigned a short term rating of 'CRISIL A4' for the short term

The rating reflects BIPL's average financial risk profile, marked
by small net worth, trading nature of operations and small scale of
operations in the intensely competitive rice-trading industry. The
rating also factors in the company's exposure to intense
competition and susceptibility to changes in regulations governing
export of agricultural commodities. These rating weaknesses are
partially offset by the extensive experience of the BIPL's promoter
in the rice trading industry, and its established clientele.

Key Rating Drivers & Detailed Description


* Average financial risk profile: The rating reflects average
financial risk profile marked by modest networth, moderate TOL/TNW
and average debt protection metrics.

* Trading nature of operations and small scale of operations in the
intense competitive rice-trading industry: BLS is small player
based out of Hyderabad which derives its revenue primarily from
export of basmati and non-basmati rice to middle-east countries.
BLS's modest scale of operations is marked by a revenue size of INR
20 Crores in 2017-18 and a modest net worth size of INR5.8 Crores
as on March 31, 2018.


* Extensive experience of the BIPL's promoter in the rice trading
industry, and its established clientele: BLS is promoted by Mr. G
Shekhar, Mr. R Srinivas and others who have around 20 years of
experience in the rice trading business and also has developed
established relationship with its customers.


BIPL's liquidity is moderate as reflected in the moderate
utilisation of the bank limits and modest cash accrual against no
debt repayments. The bank limits have been utilised at around 80
percent over the 12 months through December 2018. The company is
expected to generate cash accrual of around INR0.26 toRs.0.33 crore
per annum over the medium term. Cash and bank balances are modest
at around INR0.4 crore as on March 31st 2018.

Outlook: Stable

CRISIL believes that BIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if the company achieves significant
and sustained improvement in its revenues and operating
profitability, along with an improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in BIPL's revenues or operating profitability, or a stretch
in its working capital cycle, or debt-funded capital expenditure,
leading to further weakening of its financial risk profile.

Established as a private limited company in 2011 and based in
Hyderabad (Telangana), BLS is a trader and exporter of rice
(basmati/non-basmati). The company is promoted by Mr. G Shekhar,
Mr. R Srinivas and others.

DC INDUSTRIAL: CARE Migrates D Rating to Not Cooperating Category
CARE Ratings has migrated the rating on bank facilities of DC
Industrial Plant Services Private Limited (DIPSPL) to Issuer Not
Cooperating category.

   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term Bank      2.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                    On the basis of best available

   Short Term Bank    10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                    On the basis of best available

Detailed Rationale

CARE has been seeking information from DIPSPL to monitor the
ratings vide e-mail communications dated January 9, 2019,
January 10, 2019, and January 25, 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 ratings on DC Industrial Plant Services Private Limited's bank
facilities will now be denoted as CARE D, ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 16, 2018 the following were
rating weaknesses and strengths (updated for information available
from MCA, Company's and NCLT's Website):

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
debt servicing due to liquidity mismatch.

The Company is referred to Corporate Insolvency Resolution Process
(CIRP) under NCLT and Hon'ble NCLT has appointed an Interim
Resolution Professional (IRP) to manage the affairs of the

DCIPS incorporated in June 1983 is a turnkey Ash Handling System
Contractor for coal fired Power Plant Projects in India. In FY14,
the Chatterjee Group (TCG) group had acquired 50% stake in DCIPS
and the company is now jointly owned by Development Consultants Pvt
Ltd (DCPL) and TCG group. DCPL is an established player in the area
of engineering & consulting services in various industries
especially in the power sector. The contracts being executed by
DCIPS include complete design, engineering, supply and installation
including civil works of ash handling plants. The company also
undertakes contracts for operation and maintenance of such plants
along with supplying spare parts.

G. NAGESWARAN: CARE Assigns 'B' Rating to INR9.50cr LT Loan
CARE Ratings has assigned rating to the bank facilities of G.
Nageswaran (GN), as:

   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.50       CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of GN are tempered by
small scale of operations with fluctuating total operating income,
moderate capital structure and weak debt coverage indicators,
working capital intensive nature of operations, constitution of
entity as a proprietorship firm with inherent risk of withdrawal of
capital, tender based nature of operations and profitability
margins are susceptible to fluctuation in the prices of materials
and short term revenue visibility from order book position with
geographic concentration risk. The rating is, however, underpinned
by established track record of the firm and vast experience of the
proprietor in the construction industry, comfortable profitability
margins and stable demand outlook of construction industry and
liquidity analysis.

Going forward, ability of the firm to increase its scale of
operations and improve its profitability margins in competitive
environment, ability of the firm to improve its capital structure,
debt coverage indicators while utilizing working capital
requirements efficiently would be key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income:
Despite an operational track record of more than 3 decades, the
total operating income (TOI) of the firm stood small at INR14.74
crore in FY18 with low net worth base of INR9.12 crore as on
March 31, 2018 as compared to other peers in the industry.
Moreover, the total operating income of the firm has been
fluctuating during the review period. The total operating income
has increased from INR17.63 in FY16 to INR23.10 in FY17 due to
increased order execution. However, the total operating income has
decreased to INR14.74 in FY18 as he didn't bid for tenders due to
some personal reasons.

Moderate capital structure and weak debt coverage indicators: The
capital structure of the firm marked by overall gearing ratio,
remained moderate at 1.65x as on March 31, 2018 however improved
from 1.83x as on March 31, 2016 on account of increase in net worth
due to accretion of profits coupled with repayment of term loan and
vehicle loan installments. The debt profile of the firm as on March
31, 2018 comprises term loans (22%) working capital bank borrowings
(74%), vehicle loans (3%) and unsecured loans (1%). The debt
coverage indicators of the firm remained weak and fluctuating
during the review period. The total debt/GCA
improved from 12.05x in FY16 to 3.91x in FY17 on account of
increase in cash accruals on the back of increase in nonoperating
income. The total debt/GCA deteriorated to 16.44x in FY18 on the
back of decrease in cash accruals. The PBILDT interest coverage
ratio was also seen fluctuating in the range of 1.50% to 1.80% due
to fluctuations in the PBILDT levels and financial expenses.

Working capital intensive nature of operations: The operations of
the firm is working capital intensive since the firm is engaged in
civil construction works primarily for various government
departments wherein receipt of payments for works completed takes
around 2-3 months and the firm makes payment to its suppliers
within one month due to low bargaining power. The operating cycle
stood at 295 days during FY18 due to high collection days and
inventory days. The collection period increased from 67 days in
FY17 to 143 days in FY18 due to delays in realization of bills from
the government for the orders executed coupled with increased in
inventory days from 72 days in FY17 to 163 days in FY18 due
decrease in turnover in absolute terms. The utilization of working
capital facility in the last twelve months ended December 31, 2018
stood at 90%.

Constitution of entity as a proprietorship firm with inherent risk
of withdrawal of capital: With the entity being a proprietorship
firm, there is an inherent risk of instances of capital withdrawal
by proprietor resulting in deterioration of the entity's net worth.
Further the proprietorship firms are attributed to limited access
to funding. Furthermore, there is capital withdrawal by the
proprietor to the tune INR3.61 crore during the review period.

Tender based nature of operations and profitability margins are
susceptible to fluctuation in the prices of materials: The firm
receives 100% of its work orders from government organizations
which are tender-based. The revenues of the firm are dependent on
the ability of the proprietor to bid successfully for the tenders
and execute the same effectively. However, the proprietor' long
experience in the industry for more than three decades mitigates
the risk to some extent. Nevertheless, there are numerous
fragmented & unorganized players operating in the segment which
makes the civil construction space highly competitive. Furthermore,
the profitability margins also come under pressure because
competitive nature of tender based contracts works of the firm. The
profitability margins are susceptible due to fluctuations in the
prices of materials.

Short term revenue visibility from current order book position with
geographic concentration risk: The firm has an order book of around
INR10.30 crore as on January 22, 2019 which translates 0.70x of the
total operating income of FY18 and the same is like to be completed
by June 2019. The said order book is related to widening of
roadways, construction of culverts and improvements of roads etc.
However, the orders in hand provide revenue visibility to the firm
for short term. The firm is providing its services only in Tamil
Nadu state resulting in high geographic concentration risk.

Key Rating Strengths

Established track record of the firm and vast experience of the
proprietor in the construction industry: GN has an operational
track record of more than 3 decades in the civil construction
works. The firm is actively managed by Mr. G. Nageswaran. The
proprietor takes care of the day to day operations. He has more
than 3 decades of experience in the civil construction industry.
The firm has established good relationship with the suppliers and
customers due to presence in the business for a long period of

Comfortable profitability margins: The profitability margins of the
firm remained comfortable although fluctuating during the review
period. The PBILDT margin decreased from 20.40% in FY16 to 17.61%
in FY17 due to increase in the prices of material costs. However
the PBILDT margin increased to 21.63% in FY18 on account of
execution of projects with relatively better margins along with
absorption of overheads. Furthermore, the PAT margin of the firm
also stood satisfactory although fluctuating during the review
period. The PAT margin increased from 3.69% in FY16 to 14.72% in
FY17 due to increase in non-operating income on account of selling
of some of its vehicles and increase in hire charges received for
leasing out of construction equipment. However, the PAT margin
declined to 2.74% in FY18 due to decrease in operating profits.

Stable demand outlook for construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revives the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. The focus of the government
on infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Liquidity analysis: The current ratio of the firm stood at 1.64x as
on March 31, 2018 as compared to 1.56x as on March 31, 2107 due to
relatively high account receivables compared to account payable and
working capital bank borrowings. The firm had a cash and bank
balance of Rs 1.63 crore as on March 31, 2018. The unutilized
working capital limit stood at INRXX for the 12 months ended
December 31,2018.

Tamil Nadu based, G. Nageswaran (GN) was established as a
proprietorship firm in 1985 by Mr. G. Nageswaran he is a clause 1
contractor. GN is engaged in civil construction works like
construction of road, bridges, drains, culverts etc. related to
Tamil Nadu Public Works Department (TNPWD) and Chennai Corporation
Department (CCD) in the state of Tamil Nadu. Till date, the firm
has completed around 200 projects with the total value of more than
INR200 crore.

G.R. ENGINEERING: Ind-Ra Gives BB+ LT Rating on INR276MM Loans
India Ratings and Research (Ind-Ra) has rated G. R. Engineering
Private Limited's (GRPL) additional bank facilities as follows:

-- INR276.2 mil. Fund-based working capital facilities assigned
     with IND BB+/Stable/IND A4+ rating;

-- INR2.750 mil. Non-fund-based working capital facilities
     assigned with IND A4+ rating;

-- INR198.8 mil. Proposed fund-based working capital facilities*
     assigned with Provisional IND BB+/Stable/Provisional IND A4+
     rating; and

-- INR525 mil. Proposed non-fund-based working capital
     facilities* with assigned with Provisional IND A4+ rating.

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


Positive: A substantial growth in revenue and EBITDA margin, along
with an improvement in net working capital cycle, leading to an
improvement in overall credit metrics on a sustained basis, would
lead to a positive rating action.

Negative: Lower revenue visibility leading to a decline in revenue
and EBITDA margin, along with further elongation of net working
capital cycle, leading to weakening of credit metrics on a
sustained basis, would be negative for the ratings.


Incorporated in 1966 by Mr. D.P. Hariani, Mumbai-based GRPL
supplies fabricated equipment for gas or liquid storage facilities
on an engineering, procurement and construction basis. Its
production unit is based in Tarapur.

GOALTORE COLD: CRISIL Reaffirms B- Ratings on INR11cr Loans
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the
long-term bank facilities of Goaltore Cold Storage Private Limited

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6        CRISIL B-/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit         4        CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan          1        CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect GCSPL's weak financial risk
profile, and exposure to risks inherent in the highly regulated and
intensely competitive cold storage industry of West Bengal. These
weaknesses are partially offset by the experience of the

Key Rating Drivers & Detailed Description


* Weak financial risk profile: Networth was modest at INR1.4 crore
as on March 31, 2018, while gearing was high at 3.9 times.
Financial risk profile may remain weak over the medium term due to
muted accretion to reserve. Net cash accrual to total debt and
interest coverage ratio were 0.008 and 1 times respectively for
fiscal 2018

* Highly regulated and competitive nature of industry: The potato
cold storage industry in West Bengal is regulated by the West
Bengal Cold Storage Association. Rental rates are fixed by the
state's department of agricultural marketing, thereby limiting the
ability of players to make profit based on their strengths and
geographical advantages. Furthermore, intense competition limits
pricing power with suppliers and customers, and forces players to
offer discounts to ensure healthy utilisation of capacity.


* Experience of promoters: Benefits derived from the promoters'
experience of two decades, strong market understanding, and healthy
relations with traders and farmers should continue to support the

Liquidity profile of the company is weak reflected from high bank
limit utilization. Also, the company is expected to generate
moderate cash accruals of around INR20-25 lacs over the medium

Outlook: Stable

CRISIL believes GCSPL will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised to
'Positive' if revenue and operating margin increase substantially.
Conversely, the outlook may be revised to 'Negative' if decline in
revenue or operating margin, any large, debt-funded capital
expenditure, or stretch in working capital cycle weakens financial
risk profile.

GCSPL, based in West Bengal, was initially set up as a partnership
firm in 1993 by Mr Tapan Kumar and his family; it was reconstituted
as a private-limited company in 1997. The company operates a cold
storage unit for potato farmers.

GREEN VATIKA: CARE Lowers Rating on INR6.0cr LT Loan to D
CARE Ratings revised the ratings on certain bank facilities of
Green Vatika Constructions Pvt. Ltd (GVCPL), as:

   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GVCPL to monitor the ratings
vide e-mail communications/letters dated October 3, 2018, January
28, 2019, January 29, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
The rating on GVCPL's bank facilities will now be denoted as 'CARE

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

The revision in the rating takes into account the on-going delay in
term loan servicing of the company.

Detailed Rationale and key rating drivers

Key rating Weaknesses

Delay in debt servicing: There is delay in debt servicing of the
company. The repayment of the term loan installment for the month
of December 2018, which was due in January 2019, remained unpaid
till February 4, 2019.

Jharkhand based Green Vatika Constructions Pvt. Ltd. (GVCPL) was
incorporated in July 2012 by Mr. Rajesh Agarwal, Mr. Ajay Agarwal,
Mrs. Sumita Agarwal and Mrs. Sonam Agarwal. The company is engaged
in development of residential projects. The company has executed
only one residential project 'Daffodils' so far. However, the
company is currently developing three residential projects with an
aggregate project cost of INR47.63 crore.

JAI AMBEY: CRISIL Assigns B+ Ratings to INR6.5cr Loans
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jai Ambey Distributors (JAD).

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5.5       CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit        1.0       CRISIL B+/Stable (Assigned)

The ratings reflect the firm's working-capital-intensive operations
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the proprietor.

Key Rating Drivers & Detailed Description


* Working-capital-intensive operations: Operations are working
capital intensive with sizeable gross current assets of around 163
days - because receivables and inventory are large at 65 and 95
days, respectively - as on March 2018.

* Below-average financial risk profile:  Modest networth and high
gearing (Rs 2.6 crore and 2.36 times as on March 31, 2018) keep
financial risk profile weak. Debt protection metrics are subdued,
with net cash accrual to adjusted debt and interest coverage ratios
of 0.04 and 1.16 times in fiscal 2018.


* Extensive experience of the proprietor: Proprietor, Mr Rakesh
Kumar, has extensive experience of around two decades and strong
relationships with customers and principals.


Liquidity is weak, with cash accrual, expected around INR0.2 crore
each in fiscals 2019 and 2020 likely to be just about adequate to
service maturing long-term debt of 0.11 crore per annum. Cash and
cash equivalents were modest, too, at INR0.42 crore as on March 31,
2018. Fund-based bank limit of INR5.5 crore was utilised at 96%
during the 12 months through December 2018.

Outlook: Stable

CRISIL believes JAD will continue to benefit from the proprietor's
extensive experience and healthy relationships with suppliers. The
outlook may be revised to 'Positive' if substantial ramp-up scale
of operations and profitability or efficient working capital
management strengthen financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if a decline in
revenue or profitability, stretch in working capital cycle, or any
large capital expenditure weakens the capital structure.

Based in Muzaffarpur, and set up in 1997, JAD is a proprietorship
firm distributing the products of LG Electronics, Tata Sky Ltd,
Reliance Communications, Vodafone and ITZ.

JAI RAVECHI: CRISIL Reaffirms 'B' Rating on INR13.5cr Loans
CRISIL has reaffirmed the rating on bank facilities of Jai Ravechi
Chemicals Private Limited (JRCPL) at CRISIL B/Stable.

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

   Proposed Long Term
   Bank Loan Facility     8.5      CRISIL B/Stable(Reaffirmed)

CRISIL's rating on the long-term bank facilities of JRCPL continue
to reflect its modest scale of operations and low operating margin.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the salt trading industry and their
financial support to the company.

Key Rating Drivers & Detailed Description


* Modest scale of operations: JRCPL's scale of operations is modest
with revenue of INR80 Cr. for 2017-18. The industry is marked by
high fragmentation due to the commoditized nature of product and
low value addition, exposing the company to competition. The
intense competition in the industry limits the bargaining power of
individual players and also restricts their ability to completely
pass on the rise in raw material price to customers. CRISIL
believes that JRCPL's scale of operations will remain modest over
the medium term and its credit profile will remain exposed to
associated risks.

* Low operating margin: JRCPL is engaged in trading of salt and due
to low value addition and stiff competition, the company operates
on low operating margins. Furthermore, the margins are vulnerable
to the prices of raw salt due to the commodity nature of the
product. CRISIL believes that JRCPL's margins will remain low due
to trading nature of operations.

* Extensive experience of promoters in salt trading and their
funding support: The promoters of JRCPL have been in the industry
for close to four decades. Backed by the extensive experience of
the promoters, the company has been able to develop good relations
with suppliers and customers. CRISIL believes that JRCPL will
benefit from the extensive experience of the promoters for ramping
up of its scale of operations over the medium term.

* Cash accrual tightly matched with the term debt obligation: The
cash accrual is expected to be over INR30 lakhs which is sufficient
against term debt obligation of INR22 lakh over the medium term.

* High bank limit utilization: Average bank limit utilization for
the last twelve months ended 30 December 2018 is around 87%. The
total bank limits are INR4.75 Cr. CRISIL believes that bank limit
utilization is expected to remain high over the medium term.

* Low current ratio: Current ratio is moderate at 0.74 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes that JRCPL will maintain its credit risk profile
over the medium term on the back of its promoters' extensive
experience in the salt industry and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the company registers healthy sales growth along with
improvement in its operating margin. Conversely, the outlook may be
revised to 'Negative' if the company's operating margin declines
leading to weakening of its overall financial risk profile.

Incorporated in 2010, JRCPL trades in raw salt. It is promoted by
Mr. Jakha Bhima Humbal and his sister-in-law Mrs. Kuvarben Babubhai
Humbal. The company's operations are confined to Gujarat and North

JENAM ENTERPRISES: CRISIL Cuts Ratings on INR25cr Loans to D
CRISIL has downgraded its rating on the bank facility of Jenam
Enterprises Private Limited (JEPL) to 'CRISIL D/CRISIL D' form

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          15       CRISIL D (Downgraded from
                                 'CRISIL BB-/Stable')

   Inland/Import         7.75    CRISIL D (Downgraded from
   Letter of Credit              'CRISIL A4+')

   Proposed Long Term    2.25    CRISIL D (Downgraded from
   Bank Loan Facility            'CRISIL BB-/Stable')

The downgrade reflects delays in servicing of interest and
irregularities in working capital facilities for a period more than
30 days.

The rating continues to reflect moderate scale of operations in the
intensely competitive steel products trading segment and working
capital intensive operations. The weaknesses are partially offset
by extensive experience of the promoters in the steel trading

Key Rating Drivers & Detailed Description


* Moderate scale of operations in an intensely fragmented industry:
Revenue was moderate at Rs140 crore for fiscal 2018 on account of
highly fragmented industry due to the presence of numerous

* Working capital intensive: JEPL's operation are working capital
intensive marked by gross current assets in range of 110-160 days
for past three fiscal ended March 31, 2018. This is led by high
debtor's days of 95 days.

* Extensive industry experience of the promoters: The promoters
have an experience of over two decade in the steel industry; this
has helped to establish a long-term relationship with suppliers and

Liquidity is stretched marked by irregularity in the working
capital limits and delays in servicing of the interest, for a
period more than 30 days.

Incorporated in 2012, JEPL, is promoted by Amit Sheth. JEPL is
engaged in trading of steel HR coils, CR coils and Colour coated
Coils in Maharashtra.

JPM EXPORT: CARE Migrates 'D' Rating to Not Cooperating Category
CARE Ratings has migrated the rating on bank facilities of JPM
Export Private Limited (JPM) to Issuer Not Cooperating category.

   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long term Bank      45.00     CARE D; Issuer not cooperating;
   Facilities                    Based on best available

   Short-Term Bank      5.00     CARE D; Issuer not cooperating;
   Facilities                    Based on best available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JPM Export Private Limited
to monitor the rating(s) vide e-mail communications/letters dated
December 3, 2018, December 14, 2018, January 7, 2019 and
January 21, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, JPM Export Private
Limited has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on JPM Exoprt
Private Limited's bank facilities will now be denoted as CARE D;

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 continue to be constrained by overdrawals in cash
credit account for more than 30 days, the small scale of
operations, moderate financial risk profile marked with leveraged
capital structure, highly working capital intensive nature
of operations with long operating cycle and intensively competitive
and fragmented industry.

The ratings however draw strength from the long experience of the
promoters, low raw material price volatility risk due to back to
back procurement and stable order book position, reputed clientele
spread across various industries and increase in margins in FY17
(refers to April 1 to March 31) due to shift from piece rate
manufacturing to assembly line of production. Ability to increase
its scale of operations while maintaining profitability and
effective management of working capital are the key rating

Detailed description of the key rating drivers

At the time of last rating on October 29,2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Overdrawal of cash credit facilities: There are overdrawals in the
cash credit account for more than 30 days.

Small Scale of Operations: The scale of operations of the company
is small with turnover remaining low at around INR60 crore to INR65
crore during last three years and capital employed of INR55 crore
as on March 2017. Small scale of operations restricts the financial
flexibility of the company in times of stress and it suffers on
account of economies of scale.

Moderate financial risk profile marked with leveraged capital
structure: Total operating income of JPM increased marginally from
INR60.30 crore in FY15 to INR63.36 crore in FY17. PBILDT margin
improved substantially from 8.85% in FY15 to 12.91% in FY17 due to
full year of operation of assembly production line production
system which has enhanced the operational efficiency. Overall
gearing deteriorated from 1.84x as on Mar'15 to 1.91x in Mar'17 due
to higher dependence on working capital borrowings and unsecured
loans from related parties. Accordingly, TDGCA also deteriorated
from 9.71x in FY15 to 13.34x in FY17.

Highly working capital intensive nature of operations: The
operating cycle of JPM remained high due to high inventory holding
and processing period. Further, stringent quality checks and
testing in European labs added to the high inventory holding
period. The receivable collection period also hovers around
moderately at two months. On the other hand, payment to creditors
is done within a month for availing cash discounts which further
elongates the working capital cycle. Accordingly, working capital
cycle worsened from 150 days in FY15 to 256 days in FY17.

Intense competition & highly fragmented industry: The garment
industry is highly fragmented and dominated by a large number of
small scale unorganized players leading to high competition. Low
capital and technology requirements, small gestation period and
easy availability of raw materials leads to low entry barriers.
Although, industrial wear segment faces less competition due to
lesser number of players and JPM is an established player with
quality products and relation with reputed clientele, however its
casual wear segment experiences stiff competition.

Key Rating Strengths

Experienced promoters: The founding promoter of JPM Exports Pvt Ltd
(JPM), Mr. Dilip Madhogaria has more than two decades of experience
in manufacturing and exporting workwear. He has several
professional qualifications and is responsible for the day to day
management of JPM. During the period FY14 to FY17, the promoters
have infused INR3.70 crore as quasi equity and INR1.98 crore as
unsecured loan from related parties.

Low raw material price volatility risk due to back to back
procurement and stable order book position: JPM has a policy to
procure raw materials only after the order has been confirmed which
acts as a hedge against any fluctuation in raw material prices. JPM
has a healthy order book position as on April 2017 in industrial
wear and casual wear segment.

Reputed clientele spread across various industries: JPM
manufactures different industrial garments like Fire Retardant,
High Visibility Clothing, Hospital Uniforms, Hotel uniforms,
Military wear, Tape Sealed garments, etc. and thus caters to
different industrial segments. In FY16, JPM ventured into supplying
casual wear to large reputed companies thereby aiding stable
diversification of revenue from garments.

Improvement in margins due to shift from piece rate manufacturing
to assembly line of production: In FY16, JPM changed its
manufacturing process from piece rate basis to assembly line of
production system and resultantly JPM would benefit from increased
operational efficiency due to higher output, quality maintenance,
lesser defects and mass production capability. The enhancement in
efficiency was reflected in operating profit as PBILDT margin
increased from 8.65% in FY16 to 12.85% in FY17.

JPM Exports Private Limited (JPM) incorporated on August 19, 2009
by Mr. Dilip Madhogaria, is engaged in manufacturing and export of
workwear and uniforms such as fire control units, hotels,
hospitals, military wear and casual wear. It is a Government of
India registered Star Export House. JPM has expanded its operations
through Bangladesh in 2013 and has also set up a comprehensive
assembly line of production at its leased facility in Barasat, West
Bengal in 2016.

JUBILANT PHARMA: S&P Affirms 'BB-' Long-Term ICR, Outlook Positive
On Feb. 25, 2019, S&P Global Ratings affirmed its 'BB-' long-term
issuer credit rating on Jubilant Pharma Ltd. (JPL). The outlook
remains positive. S&P also affirmed its 'BB-' issue rating on JPL's
senior unsecured notes due 2021 and assigned its 'BB-' issue rating
to the proposed US$200 million senior secured notes due 2024.

S&P said, "We affirmed the ratings to reflect our view that JPL's
proposed refinancing plan does not materially alter our view of its
credit profile. Our credit assessment of JPL mirrors our view of
JLL's credit quality because we consider JPL to be an inseparable
part of JLL's operations. JPL accounted for 75.9% of JLL's EBITDA
for the nine months ended Dec. 31, 2018, and in our view, JLL
drives the strategic decisions for JPL.

"In our view, the proposed senior notes due 2024 will temporarily
increase JLL's total debt until the prepayment of its convertible
loan over the next three to six months. We believe JLL continues to
perform in line with our expectation, and despite the higher debt,
its leverage should improve beyond our ratings trigger by the end
of fiscal 2020 (year ending March 31, 2020)."

JPL proposes to raise US$200 million mostly to prepay its
convertible loan, working capital facilities and other
indebtedness. S&P calculates its adjusted debt metrics net of the
remaining proceeds, as S&P expects the additional cash to be held
specifically for repayment of debt.

S&P said, "We believe that JPL's IPO is taking longer than it
expected. In the meantime, the company is rationalizing its higher
interest costs borrowings. We expect the company to achieve
meaningful interest cost savings after the refinancing. In our
view, the proposed transaction will also lengthen the debt maturity
profiles of JPL and its parent JLL.

"We believe JLL's financial position could also strengthen with the
planned IPO of JPL. JLL intends to sell up to 20% in JPL. We do not
factor the planned IPO in our base case given that its size and
timing remain uncertain.

"In our view, JLL continues to grow faster than most of its Indian
pharmaceutical peers, supported by broad-based growth in its
pharmaceutical and the lifesciences ingredients (LSI) segments. A
steady profitability and improving operating cash flow profile
should help JLL deleverage beyond our upgrade threshold of 2.0x
debt-to-EBITDA ratio, over the next 12 months."

During the first nine months ended Dec. 31, 2018, JLL's revenue
grew by 28% compared with last year. The pharmaceutical segment
grew by 42%, supported by growth in radio pharmaceuticals, allergy
therapy, active pharmaceutical ingredients (API), contract
manufacturing operations (CMO), U.S. solid dosage formulations
(SDF), and from its 2017 acquisition of Triad Isotopes Inc.'s radio
pharmacy business in the U.S. S&P estimates Triad's acquisition to
have contributed 8%-12% of the revenue growth during this period.
The LSI business also grew 12%, supported by good price hikes in
existing products and launch of new products. The pharmaceutical
and LSI segments account for 58% and 40% of JLL's revenues,

JLL's EBITDA margin improved to 21.2%, compared with 20.5% for the
same period last year. The improvement was on account of higher
volumes and new products along with better price realization led by
reducing competition in some of its key markets and depreciation of
the Indian rupee (INR).

S&P said, "The positive outlook reflects our view of the improving
financial position of JPL's parent, JLL. We expect JLL's faster
growth and steady profitability over the next 12 months to help
deleverage its balance sheet, such that its debt-to-EBITDA ratio
improves beyond our upgrade trigger of 2.0x.

"We will upgrade JPL by one notch over the next 12 months if the
parent's leverage strengthens below 2.0x on sustainable basis and
the company proactively manages its fiscal maturities due 2021.
Sustained growth in line or above our expectations with
profitability above 20% should help the company achieve the
milestone. We could also upgrade JPL if JLL completes the JPL's
planned IPO and uses the proceeds to reduce debt.

"We will revise the outlook back to stable, if the parent fails to
perform in line with our expectations, causing its leverage to
remain above 2.0x. A sudden downturn in its business segments with
growth sliding below 10% and margins below 18% or any significant
acquisitions or shareholder distributions could delay the
improvement in debt metrics."

JPL is a 100%-owned subsidiary of India-listed Jubilant Life
Sciences Ltd. (JLL). JPL, a Singapore-based entity, represents
JLL's pharmaceutical segment with a niche presence in specialty
(radiopharmaceutical and allergy) pharmaceuticals, and generics
(SDF and API) manufacturing. JLL also has an LSI segment, which
includes nutritional products, agrochemicals, and specialty
chemicals manufacturing.

KAMALA COLD: CRISIL Hikes Rating on INR6.47cr Cash Loan to B+
CRISIL has upgraded its rating on the long-term bank facilities of
Kamala Cold Storage Private Limited (KCSPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'. The rating on the short-term facility has
been reaffirmed at 'CRISIL A4'.

   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        0.15      CRISIL A4 (Reaffirmed)

   Cash Credit           6.47      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Working Capital       1.34      CRISIL B+/Stable (Upgraded
   Facility                        from 'CRISIL B/Stable')

The rating upgrade reflects improvement in KCSPL's business risk
profile, backed by optimal utilisation of cold storage space.
Revenue should increase over the medium term with expected upward
revision in rental rate. Liquidity will, likely, remain
comfortable, supported by the absence of maturing debt or large
capital expenditure (capex).

The rating continues to reflect exposure to the highly regulated
and intensely competitive nature of the cold storage industry, and
weak financial risk profile. These rating weaknesses are partially
offset by the promoters' extensive experience.

Key Rating Drivers & Detailed Description


* Exposure to the highly regulated and intensely competitive nature
of the cold storage industry: West Bengal's potato cold storage
industry is regulated by the West Bengal Cold Storage Association,
with rental rates fixed by the Department of Agricultural
Marketing. The fixed rentals will continue to limit players'
ability to earn profits based on their respective strengths and
geographical advantages. Pressure to offer discounts to ensure
healthy utilisation of storage capacity, especially given the
intense competition, will also constrain profitability.

* Weak financial risk profile: Networth was a modest INR2.46 crore
as on March 31, 2018, despite steady accretion to reserve in recent
years. Gearing was high at 3.18 times on account of loans extended
to farmers, especially around end of fiscal.  Debt protection
metrics are likely to remain moderate: interest coverage and net
cash accrual to total debt ratios were 1.89 times and 0.04 time in
fiscal 2018.


* Promoters' extensive industry experience: Business risk profile
is moderate, backed by the promoters' extensive experience in the
cold storage industry. The company has been in the business for
more than 2 decades. The promoters' longstanding association with
farmers and traders helps maintain a healthy utilisation of storage

Liquidity is adequate; net cash accrual was around INR31 lakh
against nil maturing term debt in fiscal 2018. Bank limit tends to
be highly utilised in March and April-when business peaks for the
cold storage industry. The current ratio was moderate at 1.11 times
as of March 2018.

Outlook: Stable

CRISIL believes KSCPL will continue to benefit from the extensive
experience of its promoters in the cold storage business. The
outlook may be revised to 'Positive' if cash accrual increases and
working capital management improves. The outlook may be revised to
'Negative' if considerably low cash accrual, or significant
debt-funded capital expenditure (capex) weakens financial risk
profile and liquidity.

KCSPL, incorporated in 1996, provides cold storage facilities to
potato farmers and traders and also trades in potatoes. The company
is owned by the Kolkata-based Gorai family, which has over 22 years
of experience in this business. The cold storage unit is located at
Bankura (West Bengal).

KEROS STONE: CRISIL Lowers Rating on INR6.09cr LT Loan to D
CRISIL has downgraded its ratings on the bank facilities of Keros
B+/Stable/CRISIL A4'. The downgrade reflects delays in repayment of
bank debt due to stretched liquidity.

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      1.07      CRISIL D (Downgraded from
                                 'CRISIL A4')

   Cash Credit         3.00      CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Long Term Loan      6.09      CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Proposed Cash       0.04      CRISIL D (Downgraded from
   Credit Limit                  'CRISIL B+/Stable')

The ratings also factor in KSL's below-average financial risk
profile and large working capital requirement. However, it benefits
from the experience of the partners, and the strategic location of
the plant.

Key Rating Drivers & Detailed Description


* Delay in meeting term debt obligation: Cash accrual remained
insufficient to meet debt obligation, leading to delays in
repayment of bank debt for over six months. Utilisation of the cash
credit facility remained high, averaging 99% during the six months
through October 2018. Commercial operations started in October 2017
and revenue was modest at INR84 lakh in fiscal 2018 due to low
offtake, leading to negative accrual.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 3.01 times as on March 31,
2018, driven by the debt-funded capital expenditure undertaken in
fiscal 2018 for setting up the facility. Debt protection metrics
also remained subdued due to negative accrual.

* Large working capital requirement: Operations should remain
working capital intensive over the medium term. The working capital
limit has been almost fully utilised, averaging 99% during the six
months through October 2018.


* Experience of the partners: Benefits from the experience of the
partners, who have been associated with group companies for close
to a decade should continue to support the business in the early
stage of operations.

* Strategic location of the plant: Manufacturing unit is in Morbi,
Gujarat, which is a tile manufacturing hub, thereby ensuring easy
availability of raw material and labour and enhancing operating


* High bank limit utilization: The fund based facility (cash
credit) of INR3 crore and non-fund-based limit (bank guarantee) of
INR1.07 crore, both fully utilised as on Jan 2019; utilisation of
the cash credit averaged 99% during the six months through October

* Cash accrual and debt repayment: Cash accrual has been
insufficient to meet maturing debt.

* Current ratio: The ratio was comfortable at 1.01 times as on
March 31, 2018.

KSL was set up in September 2016 as a partnership between Mr
Manojkumar Govindbhai Rangpariya, Mr Kailash Kanjibhai Desai, Mr
Sureshbhai Keshavjibhai Charola and Mr Deepak Dhanjibhai Detroja.
The Morbi-based firm manufactures artificial marble tile of various
sizes, with installed capacity of 7,500 tonne per annum.

MAXWELL AUTO: Ind-Ra Rates INR50.35MM Term Loan 'B+'
India Ratings and Research (Ind-Ra) has assigned Maxwell Auto
Components Private Limited (MACPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50.35 mil. Term loan due on June 2023 assigned with IND
     B+/Stable rating; and

-- INR67.5 mil. Fund based limit assigned with IND B+/Stable/IND
     A4 rating.


The ratings reflect MACPL's small scale of operations,
volatile-cum-modest profitability & credit metrics and tight
liquidity. Revenue increased to INR393 million in FY18 (FY17:
INR284 million), on account of an increase in order inflow. The
company achieved revenue of INR306.56 million during 8MFY19. As of
December 2018, it had an order book of INR35 million to be executed
by end-February 2019. Ind-Ra expects the revenue to improve in FY19
and FY20 as the company has increased its delivery ton to 700
mt/month from 550 mt/month.

EBITDA margins were 9.0% in FY18 (FY17: 12.9%) with a return on
capital employed of 9% (9%). The decline in EBITDA margin was on
account of a change in product mix to include grey casting &
ductile casting, where the margins are lower than in ductile iron
castings. The company's margins are affected by volatile raw
material prices.

EBITDA interest coverage (operating EBITDA/gross interest expense)
increased to 2.2x in FY18 (FY17: 1.9x) because of a reduction in
bank interest rate and net financial leverage (adjusted net
debt/operating EBITDA) reduced slightly to 3.7x (3.8x) due to a
reduction in term debt.

The company had nearly fully utilized its fund-based facility
during the four months ended December 2018, owing to the increase
in orders execution. MACPL's working capital requirement was higher
at INR102 million in FY18 (FY17: INR94 million) on account of an
increase in receivables to INR123 million (INR94 million). The
company had unutilized credit lines of INR10.56 million and a cash
balance of INR0.47 million at FYE18. MACPL's free cash flow has
been positive since FY16 (FY18: INR15 million).

The ratings are supported by MACPL promoter's over seven years of
experience in manufacturing castings.


Positive: A sustained, significant improvement in the revenue,
EBITDA margin, and credit metrics will be positive for the ratings.

Negative: A decline in the revenue and EBITDA margin, leading to
stress on the liquidity, on a sustained basis, will be negative for
the ratings.


Incorporated in 2011, MACPL is a Coimbatore-based company engaged
in manufacturing of grey iron and SG iron castings. The company
started commercial operations from August 2013. It has a foundry
with an installed capacity of 12,000 mt/year for rough casting
(liquid metal).

MURLIDHAR RATANLAL: CARE Lowers Rating on INR88.78cr Loan to D
CARE Ratings revised the ratings on certain bank facilities of
Murlidhar Ratanlal Exports Limited (MREL), as:

   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      88.78      CARE D Revised from CARE BB+

   Short-Term Bank     57.50      CARE D Revised from CARE A4+

   Long Term/short     17.50      CARE D Revised from CARE BB+;
   Term Bank                      Stable/CARE A4+

Detailed Rationale & Key Rating Drivers

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

The ratings assigned to the bank facilities of MREL continue to
remain constrained by weak financial performance in FY17 (refers to
the period April 1 to March 31), low capacity utilization, weak
financial risk profile, raw material price volatility risk due to
dependence on vagaries of nature and labour intensive operations
vis-à-vis labour problems associated with the industry.

The ratings, however, draw comfort of experienced promoters, fiscal
incentives and empanelment with government Institutions ensuring
steady stream of revenue & profitability, improvement in
performance of the company during 9MFY18 and strong presence in
export markets.

Going forward, the prospects of the company are dependent upon its
ability to increase the capacity utilization and improve PBILDT
margin, reduce the dependency upon government orders by
diversifying customer base, and efficient management of working

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays: There are ongoing overdrawals in CC account for
more than 30 days and ongoing delays in term loan servicing.

Weak Liquidity: The Liquidity position of the company was weak as
evident from overdrawls in the Cash Credit account and delays in
term loan servicing.

Low capacity utilization: The overall capacity utilisation of the
company improved from 40.09% in FY16 to 45.91% in FY17 and 53.11%
in H1FY18 due to improvement in raw-jute production and improvement
in production of food grains. Despite such improvement, it
continued to remain low.

Weak financial performance in FY17 followed by improvement
witnessed in 9MFY18: MREL's operating income increased by 20.86%
y-o-y to INR681.41 crore in FY17 from INR563.82 crore on the back
of increase in capacity utilization coupled with better
realisations. PBILDT margins remained stable at 3.26% in FY17
vis-à-vis 3.19% in FY16. The interest coverage ratio declined from
1.15x in FY16 to 0.95x in FY17 despite an increase in PBILDT level
due to significant rise in interest cost on the back of increase in
total debt. Despite below unity interest coverage, MREL serviced
interest obligation on time by relying on equity infusion of
INR3.00 crore in FY17. The company reported loss of INR9.34 crore
in FY17 as against loss of INR6.91 crore in FY16. In FY17, the
company reported GCA of INR(0.34) crore. MREL's performance however
witnessed improvement in 9MFY18, wherein it reported PBT of INR1.5
crore on total operating income of INR580.44 crore.

Weak financial risk profile: MREL's overall gearing deteriorated
from 1.14x as on Mar.31, 2016 to 2.13x as on Mar 31, 2017 due to
increase in working capital term loan of INR22 crore and increase
in working capital limits utilisation in FY17. The debt protection
metrics of the company weakened due to cash losses reported by the
company in FY17. During 9MFY18, the overall gearing improved to
1.92x, on the back of lower CC utilization and repayment of term
loan coupled with better internal accruals.

Raw material price volatility risk due to dependence on vagaries of
nature: Raw-material is the largest cost component of MREL,
accounting for 61.28% of cost of sales in FY17, followed by
employee costs (at 26.62%). The prices of raw jute, being an
agricultural product, are volatile in nature due to heavy
dependency on the vagaries of nature and crop economics. Given that
raw-material is the major cost driver and the prices
of which are highly volatile in nature, the company's profitability
is susceptible to volatility in raw-material prices.
However, the risk gets mitigated to a certain extent on government
orders due to presence of price variation clause in
government orders.

Key Rating Strengths

Experienced promoters: MREL is promoted by Kolkata-based Kajaria
family in 1981. The day-to-day affairs of the company are looked
after by Shri Ajay Kajaria (Managing Director, over three decades
of experience in jute industry) and Shri Sanjay Kajaria (Jt.
Managing Director, over two and a half decades of experience in
jute industry) with adequate support from a team of experienced

Fiscal Incentives: The government has introduced various incentives
to protect the ailing jute industry in India. As per Jute Packaging
Material (Compulsory Use in Packaging Commodities) Act, 1987 a
minimum of 90% of all food grains and 20% of sugar is
to be compulsorily packed in jute packaging materials. Apart from
this, several export promotion initiatives are implemented through
the National Jute Board in the form of re-imbursement of
expenditures for attending export promotion events and other
export-based schemes.

Empanelment with Govt. institutions ensuring steady stream of
revenue & profitability: All the four jute mills of MREL (i.e.
Hastings Jute Mill, India Jute Mill and Gondalpara Jute Mill,
Barshul Tex Jute Mill) are empanelled with the office of Jute
commissioner of India (JCI), which entitles it to participate in
the government orders for mandatory jute packaging. Empanelment
with JCI provides assured steady stream of revenue and profit
visibility as jute bag prices in India are fixed on a price formula
of the Tariff Commission of 2001, wherein any sudden increase in
variable costs (i.e. raw-material, labour and power) can be pass on
to the government institutions to a certain extent.

Strong presence in export markets: MREL is one of the large
exporters of jute products from India. The export sales increased
from INR112.77 crore in FY16 to INR143.61 crore in FY17 due to
increase in attractiveness of the Indian Jute industry in the
global market on the back of lower raw material costs.

MREL was incorporated in 1981 and is engaged in manufacturing of
jute & related products. MREL is promoted by Kolkata-based Kajaria
family. The company initially started its manufacturing operation
by setting up a specialized bag stitching factory at Ghusuri,
Howrah. Over the years, MREL has grown its operation by expanding
its jute manufacturing capacity through both organic and inorganic
route. The company acquired Hastings Jute Mill in 1994, India Jute
Mill in 2007 and Gondalpara Jute Mills in 2009. In 2011, MREL set
up a new manufacturing unit, Barshul Tex at Shaktigarh Jute Park.
Currently, MREL is operating total jute manufacturing capacity of
171,465 MTPA and another stitching capacity of 17,750 MTPA.

PARCOS TILES: CRISIL Lowers Rating on INR18cr Term Loan to D
CRISIL has downgraded its ratings on the bank facilities of Parcos
B+/Stable/CRISIL A4'.

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       4        CRISIL D (Downgraded from
                                 'CRISIL A4')

   Cash Credit          8        CRISIL D/Stable (Downgraded
                                 from 'CRISIL B+/Stable')

   Term Loan           18        CRISIL D (Downgraded
                                 from 'CRISIL B+/Stable')

The downgrade reflects delays by PTL in repayment of term loan it
availed of. The ratings also factor in a below-average financial
risk profile and large working capital requirement. However, the
firm benefits from the extensive experience of the partners.

Key Rating Drivers & Detailed Description


* Delay in repayment of term loan: The firm has defaulted in the
repayment of term loan for December 2018 and January 2019.

* Below-average financial risk profile: Networth was modest at
INR10 crore as on March 31, 2018, with gearing high at 2.59 times.
Debt protection metrics were also average, with interest coverage
and net cash accrual to total debt ratios of -1.52 times and -0.20
time, respectively, in fiscal 2018. Further, annual maturing debt
of INR2.7 crore commenced from fiscal 2018.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term due to
significant credit extended to customers and the sizeable inventory
maintained. Gross current assets were 370 days as on March 31,


* Extensive experience of the partners: Benefits from the partners'
experience of over 35 years, their strong understanding of the
local market dynamics, healthy relations with customers and
suppliers, and timely, need-based unsecured loans should continue
to support the business.


* High Bank Limit Utilization: The bank limits remain fully
utilized. CRISIL believes that the bank limit utilization will
remain on a higher side on account of large working capital

* Cash accrual insufficient to meet debt obligation: The firm has
been incurring losses and hence has no cash accrual. Owing to this
the firm has defaulted in the repayment of term loan.

* Moderate current ratio: The current ratio is moderate at 1.46
times as on March 31, 2018.

PTL is a Morbi, Gujarat based firm which was formed in April 2016.
The firm is manufacturing vitrified tiles with a capacity of 90,000
MT per annum. The firm is promoted by Mr Sanjay Bhatiya, Mr Kalpesh
Bhatiya, Mr Satish Kalariya, Mr Kirtikumar Ughreja and family
members. The firm is setup to manufacture vitrified tiles; it will
commence operations by January 2017.

PLANTRICH AGRI: CRISIL Reaffirms B+ Rating on INR1.00cr Loan
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Plantrich Agri Tech Private Limited (PATPL)

   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       .05        CRISIL A4 (Reaffirmed)

   Cash Credit         1.00        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan      0.16        CRISIL B+/Stable (Reaffirmed)

   Packing Credit      5.00        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   .29       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations and leveraged capital structure. These weaknesses are
partially offset by the promoter's extensive experience and PATPL's
moderate debt protection metrics.

Key Rating Drivers & Detailed Description


* Modest scale of operations and large working capital requirement:
Intense competition may continue to restrict scalability, pricing
power, and therefore, profitability. Revenue was INR32 crore in
fiscal 2018. Furthermore, operations are working capital intensive,
with gross current assets of 105-145 days in the three years ended
March 31, 2018, driven by substantial credit (90-100 days) offered
to customers.

* Leveraged capital structure: Networth was small at INR1.93 crore
and gearing high at 2.84 times as on March 31, 2018. Moderate
profitability and the absence of capital expenditure should ensure
the capital structure improves gradually over the medium term.


* Experience of promoter: Benefits derived from the promoter's
experience of over two decades, and healthy relations with
customers and suppliers, should continue to support the business.
The company has tie-ups with more than 2000 farmers who
collectively own around 5000 acres of certified land under
cultivation in Kerala.

* Moderate debt protection metrics: Interest coverage ratio and net
cash accrual to adjusted debt were moderate at 2.7 times and 13%,
respectively, in fiscal 2018. The metrics are expected to remain


Liquidity will likely, remain adequate: cash accrual is expected at
INR65-70 lakh per annum against negligible maturing debt. Export
packing credit of INR5 crore, however, is almost fully utilised,
while cash credit limit of INR1 crore was utilised at 50-60% in the
12 months through December 2018. The unutilised cash credit limit
and absence of capital expenditure should aid liquidity going

Outlook: Stable

CRISIL believes PATPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if a
substantial increase in scale of operations and profitability,
along with improvement in capital structure strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if a
decline in revenue or profitability, any, larger-than-expected,
debt-funded capital expenditure, or stretch in working capital
cycle weakens the financial risk profile.

PATPL, set up in 1998 at Kottayam (Kerala) by Mr Bijumon Kurien,
processes and sells organic products such as coffee, cocoa and

PRAKASH WOOLLEN: Ind-Ra Affirms Then Withdraws BB+ Issuer Rating
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Prakash Woollen & Synthetic Mills Limited's (PWSML) Long-Term
Issuer Rating of 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR139.7 mil. Term loan* due on
     January 2025 affirmed and withdrawn;

-- The 'IND BB+' rating on the INR230 mil. Fund-based working
     capital limits# affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR10 mil. Non-fund-based working
     capital limits^ affirmed and withdrawn.

* Affirmed at 'IND BB+'/Stable before being withdrawn

# Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

^ Affirmed at 'IND A4+' before being withdrawn


The affirmation reflects PWSML's continued medium scale of
operations as indicated by revenue of INR1,057.73 million in 9MFY19
(FY18: INR996.56 million, FY17: INR1,040.83 million). The company's
operating margin remained modest at 9.36% in 9MFY19 (FY18: 12.02%,
FY17: 11.10%).

The ratings remain constrained by PWSML's tight liquidity position
as evident from two instances of overutilization of the standby
line of credit limit during the five months ended January 2019 and
around 89.2% average utilization of its cash credit limits during
the12 months ended January 2019.

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


Incorporated in August 1979, PWML was established as a
manufacturing concern of woollen blankets; it was converted into a
public limited company in 1993. The company is listed on BSE Ltd.

PWSML has an installed capacity to manufacture around 2.4 million
double bed blankets per annum in Moradabad, Uttar Pradesh. The unit
is equipped with the latest technology available for knitting,
dyeing, cutting, processing and printing, and packaging.

R AND M INT'L: CRISIL Assigns D Ratings to INR10cr Loans
CRISIL has revoked the suspension of its ratings on the bank
facilities of R and M International Private Limited (RMIPL) and has
assigned its 'CRISIL D/CRISIL D' ratings to the facilities. CRISIL
had, on January 28, 2016, suspended the ratings as the company had
not provided the necessary information for a rating review. It has
now shared the requisite information, enabling CRISIL to assign

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      0.6       CRISIL D (Assigned; Suspension

   Cash Credit         6.9       CRISIL D (Assigned; Suspension

   Proposed Fund-      1.1       CRISIL D (Assigned; Suspension
   Based Bank                    Revoked)  

   Term Loan           1.4       CRISIL D (Assigned; Suspension

The rating reflects delay in servicing term loan and
overutilization of cash credit limits for more than 30 days as a
result of stretched liquidity and working capital intensive
operations. These weaknesses are partially offset by promoter's
technical expertise in strengthening of civil structures.

Key Rating Drivers & Detailed Description


* Delay in debt servicing due to stretched liquidity: RMIPL's term
loan obligations have been delayed, with principal repayments for
September to December 2018 overdue. The working capital limits
remain over utilized for over 30 days.

* Working capital intensive operations: RMIPL's operations remain
working capital intensive, as reflected in gross current assets of
666 days as on March 31, 2018, on account of large debtors of 413
days and inventory of 351 days.


* Promoter's technical expertise in strengthening of civil
structures: Dr Gopal Rai, the Managing Director, holds a PhD from
IIT Bombay in Civil Engineering and has significant technical
knowledge in strengthening of civil structures.

The liquidity is weak as seen in delay in servicing term debt
obligation and overutilization in working capital limits.

RMIPL was incorporated in 2009 in Mumbai by Dr Rachna Rai and Mrs
Meena Sarda. Subsequently Mrs Meena Sarda resigned and Dr Gopal Rai
(husband of Dr Rachna Rai) joined the company as MD and CEO. The
company undertakes repair and strengthening of civil structures
using fibre wrapping and pre-stressing using carbon laminates. It
also undertakes water proofing of civil structures. The company
executes projects in Maharashtra, Karnataka, Andhra Pradesh,
Gujarat, Bihar, Uttar Pradesh, Delhi, etc.

CRISIL has withdrawn its rating on the bank facilities of Rajshree
Educational Trust (RET) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            98       CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B/Stable'; Rating

CRISIL has been consistently following up with RET for obtaining
information through letters and emails dated December 27, 2018,
January 23, 2019 and January 29, 2019 among others, apart from
telephonic communication. However, the issuer has remained non

'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 RET. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for RET 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, CRISIL
has migrated the ratings on the bank facilities of RET to 'CRISIL
B/Stable Issuer not cooperating'.

RET was set up in September 2008, as a public charitable trust led
by Ms Krishna Kumari, and Mr Rakesh Kumar Agarwal. It primarily
offers medical courses and also operates a hospital. RET also
offers All India Council for Technical Education (AICTE)-approved
engineering, management and polytechnic courses.

RAMA KRISHNA: Insolvency Resolution Process Case Summary
Debtor: Rama Krishna Knitters Private Limited

        Registered office:
        77, 2nd Floor, Stno. 2, Block-B
        Civil City, Shiv Durga Mandir
        Haibowal Kalan, Ludhiana
        Punjab 141001

        Communication address:
        36 B, New Kitchlu Nagar, Ludhiana
        Punjab 141001

        Works office:
        Village Noorpur Bet, Ladowal Road
        Ludhiana 141008

Insolvency Commencement Date: February 13, 2019

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019
                               (180 days from commencement)

Insolvency professional: Rajender Kumar Jain

Interim Resolution
Professional:            Rajender Kumar Jain
                         House No. 3698/1, First Floor
                         Sector-46 C, Chandigarh 160047
                         Mobile: +9199-1559-8862

                            - and -

                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         Mobile: +9199-1599-8862

Last date for
submission of claims:    February 28, 2019

RELIANCE COMM: Looks to Real Estate Assets, Jio Deal to Pay Dues
Promit Mukherjee and Krishna V Kurup at Reuters report that
business tycoon Anil Ambani is planning to use a payment from his
brother's company and the sale of real estate assets to pay what he
owes to Sweden's Ericsson following a court ruling last week, a
source familiar with the matter said.

Reuters relates that India's Supreme Court on Feb. 20 ordered
Ambani's Reliance Communications Ltd and two of its directors to
pay Ericsson INR4.5 billion (US$63.30 million) within four weeks or
face a three-month jail term for contempt of court.

RCom owes a total INR5.71 billion to the Swedish telecoms equipment
maker, including a one-time settlement of INR5.5 billion and
interest payments of INR210 million, Reuters discloses.

According to Reuters, the company said in a statement on Feb. 21 it
has already deposited INR1.18 billion with the Supreme Court and
has sought approval from its lenders to release tax refunds of a
further INR2.6 billion to Ericsson. Since the company is in
bankruptcy court for debt resolution, it needs lenders' approval
for any such transaction. "RCom is confident of raising the balance
. . . well within the time of four weeks allowed by the Honourable
Supreme Court," the company said in the statement, Reuters relays.
A source, who spoke on the condition of anonymity, said RCom is
looking to sell its real estate assets in Chennai and Kolkata to
raise the remaining funds, Reuters relays.

It is also likely to urge Reliance Jio, controlled by Anil's elder
brother and Asia's richest man Mukesh Ambani, to speed up payments
owed for fibre assets acquired from RCom, the source, as cited by
Reuters, added.

RCom said in August that it had struck a deal to sell Jio its
optical fibre and ancillary telecom assets for INR50 billion,
Reuters recounts.

"We have received only INR780 crore (INR7.8 billion) from Jio. We
can ask Jio to pay up sooner," the source said.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
4, 2019, BloombergQuint said Reliance Communications Ltd.
approached the National Company Law Tribunal to seek debt
resolution under the insolvency law after the Anil
Ambani-controlled company failed to make progress on its own. In a
stock exchange filing, the Company related that "[t]he board noted
that, despite the passage of over 18 months, lenders have received
zero proceeds from the proposed asset monetisation plans, and the
overall debt resolution process is yet to make any headway."

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712) -- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.

RENEW POWER: S&P Assigns 'BB-' Long-Term ICR, Outlook Stable
S&P Global Ratings said that it had assigned its 'BB-' long-term
issuer credit rating to ReNew Power Ltd. Restricted Group (RPL RG).
The outlook is stable. At the same time, S&P assigned its 'BB-'
long-term issue rating to the company's proposed senior secured
notes. The India-based energy company is owned by ReNew Power Ltd.

The rating on RPL RG reflects the company's small scale, limited
project diversity, and short operational track record, exposing the
company to higher resource and counterparty risks. Furthermore,
while S&P expects leverage to improve in fiscal 2019 and onward, it
is likely to remain high.

Moderating these risks are RPL RG's stabilizing operating
performance on a static portfolio, with no construction risks. This
is supported by a high proportion of regulated long-term power
purchase agreements (PPAs), which stabilize cash flow. S&P also
views that RPL RG benefits from structural mechanisms that will
help protect the company's credit profile. In addition, S&P
believes RPL RG will benefit from support from its stronger parent,

S&P said, "We believe that RPL RG's small portfolio with limited
geographical and counterparty diversity exposes the company to
elevated resource risks and volatile cash flow. RPL RG's portfolio
consists of just 12 fully operational projects amounting to 636
megawatts (MW). We view that project concentration is high with
more than 40% of revenues being derived from the two largest
assets. As such, RPL RG is less protected against operational
underperformance and resource risks."

Furthermore, 60% of the portfolio's revenues are concentrated
toward the state electricity boards (SEBs) of Rajasthan, Karanatka
and Telangana. As such, although RPL RG's collection track record
has thus far been manageable, it is exposed to counterparty risk
and delayed payments from Indian SEBs that have demonstrated patchy
collection track records in the past. Unlike peers that have been
diversifying toward better quality counterparties such as Solar
Energy Corp. Of India (SECI) or NTPC Ltd. (BBB-/Stable/--), RPL RG
is a static pool. Consequently, S&P does not expect diversity of
the portfolio to improve.

RPL RG's operating performance has thus far been fair, comparing
well to Indian peers. S&P expects that the company will be able to
sustain portfolio generation at least in line with P90 estimates
(generation levels that it expects the company's projects will be
able to achieve at least 90% of the time) given a fully stabilized
portfolio (assets with more than one year of operational
performance) by the end of fiscal 2019. RPL RG performed close to
P90 in the last two years, despite 2018 being one of the worst
years for wind resource availability and only a partially
stabilized portfolio. This compares better than other renewable
peers that have underperformed P90 generation estimates over the
same period. Furthermore, given no capacity growth at RPL RG, there
will be no further construction risks that could negatively impact
portfolio performance, which weighs on the credit profile of most

Almost all of RPL RG's projects are contracted on long-term,
25-year, fixed-tariff PPAs, with grid priority for dispatch and no
volume risks. S&P views that these features support high revenue
visibility and cash flow stability, amid inherent resource risk.  
With a fully stabilized and static portfolio, and no future capital
expenditure and structural mechanisms that restrict cash flow and
raise debt, S&P expects RPL RG's leverage to stabilize with net
debt to EBITDA of around 5.7x-6.0x over the next two to three
years, from 8.0x in fiscal 2018. RPL RG's leverage will hinge not
only on the operational performance of its assets, but also the
amount that is permitted to be paid out of RPL RG as parent
advances. However, these are restricted by structural mechanisms,
which we believe helps protect RPL RG's credit profile from the
potential impact of operational underperformance. This includes a
waterfall that prioritizes debt service over parent advances, with
covenanted prepayments on the company's Indian rupee (INR) loans. A
debt-service coverage ratio (DSCR) covenant also restricts parent
advances and can only be made if DSCR is greater than 1.3x.
Furthermore, no additional debt can be raised at RPL RG and no
further assets can be brought into the group. RPL RG has also
covenanted that it will maintain an interest service reserve
account (ISRA) of about INR2.0 billion for debt service.

S&P said, "In our opinion, RPL RG benefits from being part of a
stronger and more diversified parent, RPL. While we recognize the
restrictions on the ability for cash flows and assets to move out
of RPL RG, we also acknowledge that RPL RG's operations are fully
integrated with that of the parent. As such, we view that the
parent is fully committed to supporting the company. We believe
that the parent, as the largest renewable company in India with a
fully stabilized portfolio of more than 4 gigawatts (GW), benefits
from superior scale and diversity, with more than 80 projects
across the country. This has translated into higher operating
stability and good asset efficiencies in the last two years,
operating between P90 and P75. This compares better to most Indian
peers, where both poor resource availability in the past two years
and delays in project executions have hurt their operating
performance. We also expect that RPL will benefit from better
counterparty diversity as it adds pipeline capacities. This is
because most of the pipeline PPAs will be contracted with either
SECI or NTPC, which will reduce its exposure to the poorer credit
quality SEBs.

"The stable outlook in the next 12-18 months reflects our
expectation that RPL RG's asset efficiencies will continue to
perform in line with P90 estimates. We also anticipate that the
company will maintain a manageable receivables position and parent
advances or capex will not increase leverage or put pressure on
liquidity. We believe that these factors will support cash flow
generation, such that the FFO cash interest coverage is likely to
be more than 1.5x and FFO to debt around 7%-8%.

"We may lower the rating if RPL RG's operating performance is
weaker than our estimates, its receivables position considerably
worsens, or the company suffers material project execution delays.
These factors could lead to FFO cash interest cover of less than
1.5x on a sustainable basis. A deterioration in liquidity, such
that its sources of cash will be unable to meet its debt service
could also pressure the rating.

"We may also lower the rating if group support weakens or there are
concerns over group support from RPL being timely and adequate. A
weaker group credit profile could also result in a downgrade,
resulting from higher leverage at the ultimate parent entity

"We believe an upgrade is unlikely over the next 12-24 months as we
expect that advances will be made to the parent such that leverage
remain stable. Nevertheless, we may raise the rating on RPL RG if
we raise the group credit profile on RPL. This could happen if FFO
to debt at RPL increases above 9% on a sustained basis."

RENEW RG II: Fitch Rates Proposed USD Sr. Secured Notes 'BB(EXP)'
Fitch Ratings has assigned an expected rating of 'BB(EXP)' to the
proposed US dollar senior secured notes of ReNew RG II, which is a
restricted group of subsidiaries owned by ReNew Power Limited

The rating of the proposed notes reflects the credit profile of the
restricted group of eight entities with an operating capacity of
636MW in solar (56%) and wind (44%) power generation in India. The
proposed US dollar notes represent joint and several obligations of
the eight operating entities. ReNew RG II plans to use the proceeds
from the proposed notes mainly to refinance existing debt at the
operating entities within the restricted group. The rating benefits
from restrictions on cash outflow and on additional indebtedness of
the restricted group and reflects the restricted group's
diversified portfolio of operating solar and wind power assets and
an improving financial profile.

The final rating is contingent upon the receipt of final documents
conforming to information already received.


Strong Structural Enhancements: ReNew RG II's credit is supported
by structural enhancements to the notes. It would issue US dollar
notes directly from the asset-owning entities and the transaction
structure includes a static pool of fully operational assets with
no additional indebtedness permitted except for working capital.
The proposed notes will be secured by a pledge of at least 51%
equity share in each of the operating entities and substantially
all of the assets in the operating entities. The security to the
notes is shared on a pari passu basis with Indian rupee lenders, if
any, at the operating entities.

The proposed notes also include a six-month interest service
reserve account (ISRA) and restrictions on cash outflows. The cash
outflows are constrained by a minimum debt-service coverage ratio
(DSCR) to be achieved in light of the amortising nature of rupee
debt and the receipt of interest income on proposed advances to be
extended to the parent out of the proposed note proceeds.

Seasoned, Majority Solar Portfolio: All assets of the restricted
group are fully operational with over one-third of capacity
operating for more than two years and almost all projects operating
for more than a year. The majority is solar capacity (354 MW),
which has lower yield volatility and seasonal variation arising
from weather conditions (relative to other renewable energy
sources), and is therefore likely to result in relatively stable
cash flows. The restricted group consists of 10 projects
diversified among five Indian states, though two of the projects
constitute 38% of the total capacity, leading to some concentration

Price Certainty, Volume Risks: Fitch believes the long-term
power-purchase agreements (PPAs) for all of the restricted groups'
assets offer price certainty and long-term visibility of cash
flows. The restricted group's assets have an average PPA life of
19.4 years, reflecting tenor of 10-25 years with state-owned
power-distribution companies for nearly 75% of their capacity. PPAs
for the balance capacity have relatively shorter duration, ranging
from 8-10 years. Although the long-term PPAs provide protection
from price risk, production volumes will vary based on resource
availability, which is affected by seasonal and climatic patterns.

Weak Counterparty Profile: The rating reflects the weak credit
profile of the key counterparties of the restricted group -
state-owned power distribution utilities - which account for about
75% of the restricted group's offtake. The rest of the offtake is
sold directly to corporate customers, increasing the diversity of
counterparties. There is some concentration for the state
utilities' offtake, with Rajasthan (24%) and Telangana (22%)
utilities accounting for 46% of offtake. State utilities have not
defaulted on their payments to the renewable sector to date,
despite payment delays.

Improving Financial Profile: Fitch expects ReNew RG II's financial
profile to improve, supported by positive cash flows from
operations together with repayment of rupee debt and restrictions
on additional indebtedness. Fitch expects the restricted group's
EBITDAR net interest coverage to remain above 2.0x till the
financial year ending March 2023 (FY23) from 2.0x in FY20 and
improve to around 2.5x by FY24 while the net leverage (net adjusted
debt/ operating EBITDAR) is expected to fall below 4x by FY24 from
around 6x currently.

Fitch's financial profile assessment incorporates ReNew's
commitment to maintain sufficient liquidity within the restricted
group, including retaining all cash generated after meeting debt
obligations during the last two years before maturity of the
proposed US dollar notes. It also factors in ReNew's policy of not
using the balance in the ISRA for the payment of coupons.

Forex Hedging, Some Refinancing Risk: The restricted group's
earnings will be in rupees, but the notes will be denominated in US
dollars, resulting in exposure to foreign-exchange risk. However,
management plans to substantially hedge the foreign-exchange risk
covering the entire semi-annual coupon payments and the majority of
the principal of its US dollar notes. In Fitch's view, full
amortisation of rupee debt over the life of the notes together with
ReNew's strong access to funding in banking and capital markets
reduce the refinancing risks.

ReNew Guarantee: The rating on the notes is not linked to ReNew's
credit quality. ReNew is providing a guarantee to the notes at the
inception of this transaction, but the guarantee may not be
available throughout the life of the notes as it is due to fall
away once the restricted group's gross debt to EBITDA drops below
5.5x. The guarantee does not enhance the assigned expected rating
of the notes as the credit risk profile of ReNew is assessed as
weaker than that of ReNew RG II. However, Fitch expects the
restricted group to benefit from ReNew's strong capabilities and
track record in development and maintenance of renewable power


Greenko Dutch B.V (GBV, US dollar notes: BB) and Azure Power Energy
Ltd. (APEL, US dollar notes: BB-) are ReNew RG II's closest peers,
in Fitch's view.

GBV's credit profile benefits from a more diversified portfolio
with a total capacity of 1,075MW spread across wind (41%), solar
(37%) and hydro (22%) with a long operating history. GBV's rating
also benefits from Fitch's expectation of improvement in its
financial profile, supported by management's commitment to
deleverage by retaining cash in the restricted group or using it to
add new renewable assets with little or no additional debt. Fitch
expects GBV's EBITDAR net interest cover to exceed 2x in the next
couple of years and net leverage, measured by net adjusted
debt/operating EBITDAR, to below 3.5x by FY22.

ReNew RG II has a higher proportion of solar assets, which are more
stable in nature compared with wind and hydro. Fitch expects ReNew
RG II to benefit from higher initial EBITDAR net interest cover of
2x, to some extent helped by covenanted interest income on initial
advances to its parent, which will improve to around 2.5x by 2024.
This together with restrictions on any additional indebtedness
(excluding working capital debt), the proposal to maintain the ISRA
and the amortisation of rupee borrowings (about 20% of initial
total borrowings post the proposed US dollar note funding) over the
life of the bonds lead to a similar overall financial-profile
assessment, resulting in the same rating for the US dollar notes of
GBV and ReNew RG II.

ReNew RG II's stronger financial profile, driven by Fitch's
expectations of stronger credit metrics and more stringent
restrictions on additional indebtedness, leads to its rating being
one notch higher than that of APEL despite the latter's fully solar
asset portfolio and stronger counterparties for nearly one-third of
its capacity.


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

  - Plant-load factors ranging from 19% to 29% for all assets

  - Plant-wise tariffs in accordance with respective PPAs

  - EBITDA margins of 81%-94% for all assets over the medium term

  - Average receivable period of around three months

  - No new assets to be added in the restricted pool

  - ReNew (parent) to pay coupon of 8% per annum on USD120 million
to the restricted group

  - Rupee loan amortisation of about USD103 million over the life
of the bond, including USD28 million of scheduled amortisation and
prepayments of USD75 million subject to DSCR of more than or equal
to 1.3x

  - Sufficient cash for operations to be maintained in the
restricted group over and above the ISRA of USD28 million

  - No cash outflow to parent assumed in the fourth and fifth years
of the bond tenor even if DSCR of 1.3x is satisfied to preserve
cash for the bond refinancing


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

  - Positive rating action is unlikely over the medium term as the
rating reflects anticipated improvement in credit metrics. The
business profile is not expected to change either due to the
restricted nature of the pool.

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

  - Failure to reduce net leverage, measured by net adjusted
debt/operating EBITDAR, to below 4.0x by FY24
  - EBITDA net fixed-charge coverage of below 2.0x on a sustained
basis, or failure to improve it towards 2.2x or higher by FY22.

  - Significant increase in refinancing risk, including that caused
by major weakening of the parent's credit profile.

  - Failure to adequately mitigate foreign-exchange risk


Liquidity to Improve: The refinancing of the majority of ReNew RG
II's project debt by the proposed US dollar notes, resulting in
minimal debt maturities in the medium term, would improve its
liquidity. Fitch expects the operating cash flows of the restricted
group to be more than adequate to meet its rupee debt maturities
following the refinancing. Management plans to pass on the cash
flows generated by ReNew RG II to the parent as interest on
related-party loans, repayment of related-party loans or
inter-company loans subject to the covenants of the notes - mainly
DSCR of more than 1.3x - after the servicing and prepayment of the
rupee loans and servicing of the US dollar bond during the initial
three years. Fitch also expects the restricted group to maintain
minimum cash of about USD20 million over and above the ISRA

S.S.T. PACKAGING: CRISIL Reaffirms B Ratings on INR5.9cr Loans
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of S. S. T. Packaging Private Limited (SSTPL).

   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.2       CRISIL B/Stable (Reaffirmed)

   Term Loan             5.2       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the small scale of SSTPL's
operations and the exposure to intense competition and to
fluctuation in raw material price. These weaknesses are partially
offset by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description


* Small scale of operations: As operations commenced only from
February 2018, revenue was modest at INR2.73 crore in fiscal 2018.

* Exposure to intense competition and to fluctuation in raw
material price: Intense competition may continue to constrain
scalability, pricing power, and profitability. Further, since cost
of procuring the major raw material accounts for a bulk of the
production expense, even a slight variation in price can
drastically impact the business.


* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades through other group
companies, his strong understanding of local market dynamics, and
healthy relations with customers and suppliers should continue to
support the business.


* Cash accrual and debt obligation: Cash accrual is expected to be
over INR0.26 crore in fiscal 2019, barely sufficient to meet the
maturing debt of INR0.71 crore. However, unsecured loans extended
by the promoter should aid in servicing debt repayment.

* Moderate current ratio: The ratio was 0.55 time as on March 31,

Outlook: Stable

CRISIL believes SSTPL will continue to benefit from the extensive
experience of the promoter. The outlook may be revised to
'Positive' if a substantial and sustainable increase in
profitability along with prudent working capital management
strengthens the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if a stretch in the working capital cycle
or any large, debt-funded capital expenditure weakens the financial
risk profile.

SSTPL was incorporated in January 12, 2016, by the promoter, Mr
Tanmay Kumar; it commenced operations from February 2018. The
company manufactures polystyrene-based disposable plastic glasses,
cups and other similar products. The manufacturing facility in
Govindpur (Kolkata) has capacity of 8,500 tonne per annum.

SADHANA NITRO: CRISIL Withdraws B Rating on INR14cr Cash Loan
CRISIL has migrated the ratings on bank facilities of Sadhana Nitro
Chem Limited (SNCL) from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating to 'CRISIL B/Stable/CRISIL A4'. The rating action is in
line with CRISIL's policy on withdrawal of bank loan ratings.

   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         14       CRISIL B/Stable (Migrated from
                                'CRISIL B/Stable Issuer Not
                                Cooperating'; Rating Withdrawn)

   Letter of credit    10       CRISIL A4 (Migrated from   
   & Bank Guarantee             'CRISIL A4 Issuer Not
                                Cooperating'; Rating Withdrawn)

   Proposed Long Term   3.32    CRISIL B/Stable (Migrated from
   Bank Loan Facility           'CRISIL B/Stable Issuer Not
                                Cooperating'; Rating Withdrawn)

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of SNCL to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL has withdrawn
its rating on bank facility of SNCL following a request from the
company and on receipt of a 'no dues certificate' from the bankers.
Consequently, CRISIL is migrating the ratings on bank facilities of
SNCL from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating to
'CRISIL B/Stable/CRISIL A4'. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

SNCL is engaged in the manufacturing of various chemical
intermediates, heavy organic chemicals and performance chemicals,
focused primarily on benzene based compounds like nitro benzene,
metanilic acid, meta amino phenol (MAP), etc. The products have
diverse applications in several industries including paper,
pharmaceutical, agro chemicals, thermal dyes, light stabilizers,
aerospace dyes and dye intermediates.

SAIKRUPA FIBRE: CARE Reaffirms 'D' Rating on INR15.40cr Loan
CARE Ratings reaffirmed ratings on certain bank facilities of
Saikrupa fibre Private Limited (SFPL), as:

   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       15.40      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SFPL
factors in overdrawal of cash credit limit by SFPL due to its
stressed liquidity position. The rating strengths are also tempered
by weakened financial risk profile marked by decline in total
operating income in FY18 (FY refers to the period April 1 to March
31), net loss in FY18 resulting in depletion of net worth and
deterioration in capital structure and debt coverage indicators as
on March 31, 2018.

The rating however continues to derive strength from the long track
record of the company in the cotton ginning industry.
Going forward, the ability of the company to maintain on time
repayment track record and within limit utilization of working
capital would be key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Delays: There are continuous overdrawal in cash credit account.

Weakened financial risk profile marked by net loss in FY18
resulting in depletion of net worth leading to weakened leverage
profile and debt coverage indicators as on March 31, 2018: During
FY18, SFPL has reported net loss of INR2.19 crore as against PAT of
INR0.07 crore in FY17 owing decline in total operating income by
48% from INR70.09 crore in FY17 to INR36.37 crore in FY18. This was
primarily on account of lower production and sales of cotton bales
due to un-availability of raw cotton. The gross cash accruals
remain negative during FY18. The capital structure of the company
has deteriorated further with overall gearing at 3.73x as on March
31, 2018 as against 1.00x as on March 31, 2017. Further, debt
coverage parameters (term debt/GCA and total debt/GCA) have also
weakened and remained negative at (1.03x) and (5.94x) as on March
31, 2018 as against 22.92x and 44.26x respectively as on March 31,

Seasonal availability of raw material leading to higher working
capital requirement: SFPL purchases high amount of raw material
during the period from October to February in order to take
advantage of the seasonal availability and cheaper price of the
cotton. The process results in heavy inventory build-up with
elongated working capital cycle.

Fragmented cotton ginning industry with low entry barriers leading
to stiff competition: Cotton ginning industry business is
characterized by low entry barriers leading to high degree of
competition with a large numbers of units operating in cotton
ginning business.

Customer concentration risk: The customer profile is concentrated
with top 10 customers accounting for 94.56% of total sales in

Saikrupa Fibers Private Limited (SFPL) is a Wani (Maharashtra)
based company engaged in cotton ginning and pressing. SFPL is
promoted by Mr. Satish Bhatgare who has an experience of 6 years
with SFPL in the cotton ginning industry. SFPL procures its raw
material i.e. cotton from local farmers and brokers in the Wani
region, Maharashtra. SFPL sells its products to traders based in
Maharashtra state.

SANDHA HEEMGHAR: CRISIL Reaffirms B+ Rating on INR11.27cr Loan
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Sandha Heemghar Private Limited (SHPL).

   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.12      CRISIL A4 (Reaffirmed)

   Cash Credit           11.27      CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan      .21      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility               2.00      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile, susceptibility to regulatory changes and to
delay in payments by farmers because of adverse market conditions,
and exposure to intense competition. These weaknesses are partially
offset by the extensive experience of its promoters in the cold
storage business.

Key Rating Drivers & Detailed Description


* Vulnerability to delay in payments by farmers because of adverse
market conditions: As part of the West Bengal government's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold storages,
against pledge of cold-storage receipts. Cold storages obtain loans
from banks on behalf of farmers and traders. However, the primary
responsibility to repay the bank loan is of cold storages. During
adverse market conditions and decline in potato prices, farmers do
not find it profitable to pay rental and interest charges along
with loan obligation, and hence, do not retrieve potatoes from cold
storages. This affects profitability of cold storages.

* Susceptibility to regulatory changes and intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association. Furthermore, there are 400
cold storages in the state, and the resulting competition
constrains bargaining power of players, which also have to offer
discounts to ensure healthy capacity utilisation.

* Weak financial risk profile: The financial risk profile remained
modest because of small networth, high gearing, and weak debt
protection metrics. Networth was INR2.99 crore and gearing was 4.55
times as on March 31, 2018, on account of large borrowing. Debt
protection metrics remained weak, with net cash accrual to total
debt and interest coverage ratios estimated at 0.04 time and 0.5
times, respectively, in fiscal 2018.


* Extensive experience of the promoters: The promoters' extensively
industry experience and healthy relationships with traders and

Liquidity profile of the company is adequate marked by adequate
accruals in absence of any large repayment obligation. Further cash
credit limit of INR11.48 crore is used at an average of 69% in last
12 months through October, 2019.

Outlook: Stable

CRISIL believes SHPL will continue to benefit from the extensively
experience of its promoters. The outlook may be revised to
'Positive' if there is efficient management of farmers' financing,
ramp-up in operations, and increase in cash accrual leading to
higher networth. The outlook may be revised to 'Negative' if delay
in repayment by farmers, low cash accrual, or debt-funded capital
expenditure weakens the company's liquidity.

SHPL was incorporated in 2003 to provide cold storage facility to
potato farmers and traders. The company has two cold storages in
Paschim Medinpur (West Bengal). SHPL is owned by the Nayak family,
which has extensive experience in the cold storage industry.

SENBO ENGINEERING: CARE Migrates D Ratings to Not Cooperating
CARE Ratings has migrated the rating on bank facilities of Senbo
Engineering Limited (SEL) to Issuer Not Cooperating category.

   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     142.68       CARE D; Issuer not cooperating;
   Facilities                      Based on best available

   Short-term Bank    157.32       CARE D; Issuer not cooperating;
   Facilities                      Based on best available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SEL to monitor the ratings
vide e-mail communications/letters dated January 17, 2019,
January 24, 2019 & January 28, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, Senbo Engineering Limited has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on Senbo Engineering Limited's bank facilities will now

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

The ratings take into account the on-going delays in debt servicing
arising out of stretched working capital cycle.
Detailed description of the key rating drivers
At the time of last rating on April 6, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from interaction with the bankers):

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing and the account has been reported as Non Performing Asset
by the bankers.

Stretched working capital cycle in FY17: SEL has high working
capital requirement due to elongated operating cycle at 1440 days.
The average collection period and average inventory period was high
in view of delays in receiving payments from the customers and
delay in execution of projects respectively.

Improved financial performance in FY17: SEL's operating income
increased by 42.55% y-o-y to INR70.29 crore in FY17. PBILDT margin
also increased from 23.76% in FY16 to 49.73% in FY17. This led to
improvement in interest coverage ratio from 0.56x in FY16 to 1.38x
in FY17. The company reported GCA of INR9.05 crore in FY17.
Analytical approach: Standalone

Senbo Engineering Limited (SEL) was initially established as Senbo
& Company, a proprietorship entity by one Mr. Kajal Sengupta in
Kolkata, West Bengal. The entity was reconstituted as private
limited company on July 13, 1990 and later incorporated as a public
limited company in April, 2005. SEL is engaged in construction of
underground tunnelling, station for metro railways, flyovers and
bridges. Over the decades, it has executed few medium sized metro
railways contracts in Kolkata and New Delhi, besides completing few
flyover projects. Further, SEL also execute work orders in joint
venture with other companies.

Currently, the day to day affairs of the company is looked after by
Mr. Kajal Sengupta (chairman and managing director) well supported
by other directors.

SHREE RAM: CRISIL Reaffirms B Ratings on INR8.75cr Loans
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Shree Ram Cotex (SRC).

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         6         CRISIL B/Stable (Reaffirmed)
   Term Loan           2.75      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average financial
risk profile, initial stage of operations, and vulnerability to
fluctuations in raw material prices. These weaknesses are partially
offset by the extensive experience of its partners in the cotton
industry and established relationship with customers.

Key Rating Drivers & Detailed Description


* Below-average financial risk profile: Networth was small at
INR2.66 crore as on March 31, 2018, due to low initial paid-up
capital and minimum accretion to reserve; while total outside
liabilities to tangible networth ratio was high at 4.95 times. Debt
protection metrics were subdued, with interest coverage and net
cash accrual to adjusted debt ratios of 1.67 times and 0.04 time,
respectively, for fiscal 2018.

* Start-up phase and vulnerability to fluctuations in raw material
prices: Operations commenced in January 2016 with installed
capacity of 7000 tonne per annum, which is expected to operate at
40-50% over the medium term. Profitability, modest at 4.1% in
fiscal 2018, is expected to fluctuate on account of low
value-addition, and exposure to volatility in cotton prices, and
intense competition.


* Extensive experience of the partners: Benefits from the partners'
experience of over two decades in the cotton ginning segment and
established relationship with suppliers and customers should
continue to support the business. The benefits include steady
profitability even in times of industry slowdown.

Liquidity is stretched , driven by expected cash accrual of around
INR0.5 crore per annum in fiscals 2019 and 2020 against repayment
obligation of Rs, 0.44 Cr each for the same period and cash and
cash equivalents of INR0.11 crore as on March 31, 2018. Fund-based
bank limit of INR6 crore was utilised at 97% during the 12 months
through October 2018.

Outlook: Stable

CRISIL believes SRC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if higher-than expected accrual and effective working
capital management strengthen financial risk profile. The outlook
may be revised to 'Negative' if lower-than-expected accrual or
stretch in working capital cycle weakens financial risk profile.

Established in 2015 as a partnership firm, SRC gins and presses
cotton at its facility in Wardha (Maharashtra). The partners, Mr
Sanjay Goyal and Mr Dilip Goyal, manage the operations.

SHRI SHARAN: CRISIL Moves B on INR11.5cr Loan From Not Cooperating
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its rating on the
long-term bank facility of Shri Sharan Solar Private Limited
(SSSPL) to 'CRISIL B/Stable Issuer Not Cooperating'. However,
management has started sharing information necessary for a
comprehensive rating review. Consequently, CRISIL is migrating its
rating from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           11.5      CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT

The rating reflects limited track record of SSSPL's solar plant
operations, susceptibility to counterparty payment and regulatory
risks, and dependence on favourable climatic conditions for power
generation. These weaknesses are partially offset by assured sales
through long-term power purchase agreement (PPA), which mitigates
demand risk.

Key Rating Drivers & Detailed Description


* Limited track record of operations: Production commenced in
December 2016 and was in stabilization phase during fiscal 2018,
leading to lower plant load factor (PLF). Moreover, any delay in
receipt of payment from counterparty, Gulbarga Electricity Supply
Company (GESCOM), will affect SSSPL's credit risk profile.

* Exposure to regulatory risk and dependence on favourable climatic
conditions for power generation: A change in tariff rates by the
regulators could adversely impact credit risk profile. Also,
successful track record of solar panel efficiency depends on
exogenous factors and hence actual PLF over the medium term will
remain a rating sensitivity factor.

* Assured sales through long-term PPA: The company has entered into
a 10-year PPA with GESCOM at a tariff of INR8.4 per unit, which
mitigates demand risk and supports viability of the project.

SSSPL's liquidity is adequate with average debt service coverage
ratio (DSCR) of over 1.2 times over tenure of loan. Further it
maintains debt service reserve account (DSRA) of one quarter of
interest and principal repayment obligation which further supports

Outlook: Stable

CRISIL believes SSSPL will benefit from its long-term PPA with
GESCOM. The outlook may be revised to 'Positive' if power
generation is adequate with moderate and sustained PLF and timely
payment track record from counterparty. The outlook may be revised
to 'Negative' if PLF is lower than expected or if delays in receipt
of bills results in stretched liquidity.

Incorporated in May 2016 and promoted by ACS Logistics, Mr
Mallikarjun, Dr Vamdana Kamshetty, and Dr Santosh Kamshetty, SSSPL
operates a 2.2 megawatt (DC) solar photovoltaic power plant near
Gokak, Karnataka.

SUPER SEALS: CRISIL Reaffirms B+ Rating on INR10cr Loans
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Super Seals India Limited (SSIL).

   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       2        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the small scale of operations,
large working capital requirement, and average financial risk
profile. These weaknesses are partially offset by extensive
experience of the promoter in the automotive components industry,
and the moderate profitability.

Analytical Approach

Unsecured loans (outstanding at INR1.4 crore as on March 31, 2018)
extended to SSIL by its promoter, have been treated as neither debt
nor equity. That's because these loans are low interest bearing,
and are likely to remain in the business over the medium term.

Key Rating Drivers & Detailed Description


* Modest scale of operations: Intense competition may continue to
restrict scalability of operations and pricing power with suppliers
and customers. Revenue has thus, been modest at INR19.3 crore in
fiscal 2018.

* Large working capital requirement: Gross current assets were
high, in the range of 220-250 days over the three years ended March
31, 2018, driven by large inventory of 214 days. This trend may
continue over the medium term due to the ad-hoc demand from
dealers, and quarterly production schedules shared by original
equipment manufacturers.

* Average financial risk profile: Financial risk profile remains
constrained by a small networth and high gearing of INR5.8 crore
and 2.5 times, respectively, as on March 31, 2018. Interest
coverage and net cash accrual to total debt ratios stood at 1.6
times and 0.05 time, respectively, in fiscal 2018, due to average
profitability and large working capital debt.


* Extensive experience of the promoter: The five decade-long
experience of the promoter, and his healthy relationships with
customers (Mahindra & Mahindra Ltd, Ashok Leyland Ltd,
International Tractor Ltd and Escorts Group) and suppliers, should
continue to support the business risk profile.

* Moderate operating margin: Operating margin has been moderate,
and stable in the range of 11-12% over the five fiscals through
March 2018.


Expected cash accrual of INR1.2 crore and INR1.4 crore in fiscals
2020 and 2021, respectively, will suffice to cover debt of INR1.0
crore and INR1.2 crore, respectively. Fund-based bank limit
utilisation was high, averaging 97.5% for the 12 months ending
November 30, 2018. However, the promoter is likely to provide
timely funding support via unsecured loans.

Outlook: Stable

CRISIL believes SSIL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if a substantial growth in revenue, profitability and
cash accrual, along with prudent working capital management,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if significant decline in revenue and profitability,
any large capex, or sizeable working capital requirement, weakens
the financial risk profile, especially liquidity.

SSIL was incorporated in 1960, at Faridabad (Haryana). The company
manufactures oil seals, fuel line hose, timing belt and wiper
blades, primarily used in automobiles. Mr Kamal Talwar manages the
daily operations.

TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7.75cr Loan
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Tan-B Constructions (TBC).

   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee       1.25      CRISIL A4 (Reaffirmed)

   Overdraft            7.75      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.00      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations amid intense competition, geographical concentration in
revenue, average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the partners in the civil construction industry and
moderate revenue visibility for the next two years.

Key Rating Drivers & Detailed Description


* Modest scale of operations amid intense competition: Intense
competition in the civil construction segment and tender-based
business have kept the firm's scale of operations modest, as
indicated by revenue of INR14.6 crore in fiscal 2018 and networth
of INR6.69 crore as on March 31, 2018.

* Geographical concentration in revenue: The firm derives its
revenue almost entirely from projects in Kerala.

* Average financial risk profile: The financial risk profile is
constrained by modest networth of INR6.69 crore as on March 31,
2018, down from INR7.3 crore as on March 31, 2017, because of
capital withdrawal. Gearing was low at 0.67 time as on March 31,
2018. Interest coverage was 2.7 times for fiscal 2018. The interest
coverage ratio should remain stable around 3 times over the medium

* Large working capital requirement: Sizeable inventory of around a
year and stretched receivables have led to large working capital
requirement, as indicated by gross current assets of 287 days as on
March 31, 2018. However, working capital management is eased by
bill discounting, based on promissory notes from the Kerala

* Extensive experience of the partners in the civil construction
industry and moderate revenue visibility for the next two years:
The partners' experience of two decades in the civil construction
industry, and track record of executing high-quality projects
within the stipulated timeline have helped TBC win government
tenders. The firm mainly undertakes construction of roads and
bridges for the Public Works Department and Central Public Works
Department of Kerala.

The firm was recently awarded an order of INR70 crore from KITCO
Ltd to be executed over 18 months, providing moderate revenue

Sufficient cash accrual to cover debt obligation, and moderate bank
limit utilisation will keep liquidity adequate. Large working
capital requirement is funded through bill discounting, based on
promissory notes from the Kerala government. The firm has an
overdraft facility of INR7.75 crore utilised at an average of 60%
over the 12 months through December 2018. There have been capital
withdrawals by the partners in the past. CRISIL expects the capital
withdrawals will be capped so that they do not impact financial
metrics and financial flexibility of the firm.

Outlook: Stable

CRISIL believes TBC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if growth in revenue and sustained profitability lead to
sizeable cash accrual, and the working capital cycle is managed
efficiently. The outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or any large,
debt-funded capital expenditure weakens the financial risk profile
and liquidity.

Set up in 2012, TBC undertakes civil construction projects,
especially road and irrigation, in Palakkad, Kozhikode, and
Malappuram districts of Kerala for the central and state
governments. Mr Aboobacker V P, Mr Babu K Nayeem, Mr Mohammed Abdul
Nazer, and Mr Tom C Kavalkkal are partners in the firm, and are
contractors with individual licences.

CRISIL has withdrawn its rating on the bank facilities of Tarini
Infrastructure Limited (TIL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      11       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan               19       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with TIL for obtaining
information through letters and emails dated January 21, 2019 and
January 25, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for TIL 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, CRISIL
has migrated the ratings on the bank facilities of TIL to 'CRISIL D
Issuer not cooperating'.

Incorporated in 2005 and promoted by Mr Vellore Subramaniyan Suresh
and Mr V Chandrashekhar, TIL generates hydropower through two small
plants, Daman I and Daman II, with capacity of 3.00 megawatt (MW)
and 2.65 MW, respectively.

UD SOLUTION: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
India Ratings and Research (Ind-Ra) has migrated UD Solution
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 the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's

The instrument-wise rating actions are:

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

-- INR140 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 21, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.


Incorporated in 2014, UD Solution commenced commercial operations
from November 2014 as a national distributor of Gionee mobile


DELTA MERLIN: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable
S&P Global Ratings assigned its 'BB-' long-term preliminary issuer
credit rating to Indonesia-based textile weaving company PT Delta
Merlin Dunia Textile. S&P also assigned its 'BB-' long-term
preliminary issue rating to the company's proposed US$300 million
senior unsecured notes.

The preliminary rating on PT Delta Merlin Dunia Textile (DMDT)
reflects our view of the creditworthiness of the broader PT
Duniatex Group. S&P assesses the company as a core subsidiary and
having a stronger stand-alone credit profile (SACP). The
preliminary rating assumes DMDT's successful issuance of its
proposed notes.

S&P said, "We view DMDT as core to the group's operations, given
its substantial revenue and profit contribution. The company is a
key player in the group's weaving business, and plays an important
role by connecting the upstream spinning business with the
midstream dyeing and finishing business. Given the closely
intertwined operations and brand name, DMDT's weaving operation is
integral to the broader group, in our view.

"Our assessment of Duniatex Group reflects its higher leverage and
dependence on short-term working capital debt. At the same time,
the group has a strong market position in the domestic textile
market with strong and stable profitability. In contrast, DMDT has
lower leverage than the wider group and a much better liquidity
position. We expect the company's liquidity to improve because it
plans to use its proceeds from the notes largely to refinance
short-term working capital debt."

Duniatex Group is the largest vertically integrated textile
manufacturing group in Indonesia, with revenue of Indonesian rupiah
(IDR) 19 trillion and EBITDA of IDR6 trillion. It is twice the size
of PT Sri Rejeki Isman Tbk., its closest competitor. Duniatex Group
has a strong market presence domestically, especially in the
weaving business. The group has a good ability to manage costs,
with above-average EBITDA margins of more than 30%. We similarly
expect DMDT to have EBITDA margins of marginally above 20%.

While Duniatex Group has a larger scale than DMDT's, it is small
relative to global peers such as Shandong Ruyi Technology Group Co.
Ltd., which has revenue almost 4x Duniatex Group's. The group's
business is still highly dependent on the domestic market, with
only about 10% of sales to the export market. The small scale and
limited geographic diversification leaves the group vulnerable to
volatile demand in a downturn, in our view.

While DMDT has adequate debt-servicing capability on a stand-alone
basis, the group's weaker credit profile, due to its higher
leverage and weaker liquidity, constrains the ratings to 'BB-'. S&P
sees some liquidity risk at the group level, given it needs to roll
over approximately IDR5.4 trillion of short-term working capital
every 12 months. However, management has a track record of
successfully rolling over these short-term loans, which tempers the

S&P also expects stable operating performance at the group level,
which should mitigate some of the liquidity risks. Overall, the
group is likely to maintain stable growth over the next three
years, resulting in moderate cash flow generation. The group has a
track record of stable top-line growth and prudent expansion, in
line with market's ability to absorb the supply. However, the group
has historically faced volatile working capital movements, which
hampers its ability to convert earnings to cash.

Leverage across the group is higher than at DMDT, with debt mainly
geared toward expanding facilities. S&P sees some risk that the
group will undertake larger capital spending than we expect,
driving up leverage. However, S&P believes the group has some
headroom to tolerate some debt increases, given that its credit
ratios are supported by strong top-line earnings. Barring any
outsize debt-funded capital expenditure, S&P expects the group to
maintain its ratio of funds from operations (FFO) to debt at about
18% (including shareholder loans). DMDT should maintain this ratio
at 21%-26% for the next two to three years.

Duniatex Group has a track record of shareholder support, which
could help bolster liquidity in the case of stress. S&P sees a
demonstrated commitment by key shareholders to help shore up
capital through infusion of shareholder loans. Up to IDR2.7
trillion of non-interest bearing subordinated loans have been
injected across the group. However, the business remains
fundamentally family-owned, and shareholders do not have any public
commitment or obligation to maintain liquidity levels.

S&P said, "The stable outlook on DMDT reflects our expectations
that Duniatex Group will maintain its leading market position and
have steady operating performance over the next 12-24 months, while
keeping its financial leverage at or below the current level. We
also expect the group to not face challenges in rolling over its
short-term working capital debt.

"We could downgrade DMDT if we lower our assessment of Duniatex
Group's credit profile. This could happen if the group's
FFO-to-debt ratio deteriorates below 15%, possibly on account of
outsized debt-funded capital expenditure or significant adverse
working capital movements. Our group assessment could also come
under pressure if we believe the group faced challenges in rolling
over its working capital facilities.

"We may lower our assessment of DMDT's SACP by one notch if we
anticipate that the company's FFO-to-debt ratio will fall below
20%. This may happen if the company undertakes higher-than-expected
capital spending or faces significant adverse working capital
movements. However, this would not affect the final rating.

"We could raise the rating on DMDT if we raise our assessment of
Duniatex Group's credit profile. However, upside potential is
limited over the next 12 months, given the high level of short-term
debt in the group's capital structure. However, we could raise our
assessment if the group significantly reduces its dependence on
short-term debt. In addition, we would expect some improvement in
the group's financial position, with the FFO-to-debt rising to stay
above 20%." This assumes that DMDT will maintain its strong
relationship with the group.

SRI REJEKI: Fitch Affirms BB- Issuer Default Rating, Outlook Stable
Fitch Ratings has affirmed Indonesia-based integrated fabric and
garment manufacturer PT Sri Rejeki Isman Tbk's (Sritex) Long-Term
Issuer Default Rating (IDR) at 'BB-'. Fitch Ratings Indonesia has
also affirmed the National Long-Term Rating at 'A+(idn)'. The
Outlook is Stable.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.


Normalising Working Capital; Increasing Scale: The affirmation
reflects Sritex's robust operating performance, stemming from a
normalising working-capital cycle and increasing operating scale.
Net sales rose by 33% yoy in 9M18, strengthening bargaining power
with suppliers. Net working-capital days also improved, declining
to 195 days as of September 2018 (based on annualised 9M18
figures), from a peak of 254 days at end-2017. This saw leverage,
as measured by net adjusted debt/adjusted EBITDAR, reach 3.2x, and
Fitch forecasts leverage to fall below 3.0x, the level at which it
would consider negative rating action, in 2019.

Fitch expects the working-capital cycle to gradually improve in the
medium term, as Sritex's recently acquired yarn-spinning companies
have shorter working-capital cycles. The utilisation rate of the
company's finishing segment rose to around 80% in 2018, from 64% in
2017, and Fitch expects it to gradually improve to above 90% in the
next 12-24 months, which will help to further improve the
working-capital cycle. Fitch sees the company's ability to manage
its overall working capital over the short- to medium-term as a key
rating driver.

Capex Risk; Limited Rating Headroom: Fitch believes Sritex's
leverage limits its rating headroom over the next two to three
years and any capacity expansion, either organic or via M&A -
especially if it is aggressively debt-funded - may keep leverage
elevated for longer than it expects, leading to negative rating
action. The company has an annual production capacity of 1.1
million bales of yarn, 180 million metres of greige cloth, 240
million yards of finished fabric and 30 million pieces of garments.
Its capacity utilisation rate could reach its optimal level in the
next 12-24 months despite its recent expansion. It may consider
another expansion phase in the short-to-medium term, although this
is not currently factored into Fitch's forecast.

Vertical Integration; Export-Oriented: Fitch expects more than half
of Sritex's revenue (9M18: 53%) to come from exports over the
medium term, up from an average of 47% in 2014-2016, providing the
company with a partial natural hedge over its foreign-currency
liabilities. The company also benefits from its vertically
integrated operations; Sritex sources yarn and raw fabric from its
own mills and produces speciality garments, such as military
uniforms, which have higher profit margins. The company is also a
nominated supplier to several of its main buyers, which promotes
demand and revenue sustainability. This is also supported by its
established record of punctual delivery to customers' required
quality and cost.


Sritex sits comfortably in between its main peers: 361 Degrees
International Limited (BB/Rating Watch Negative) and PT Pan
Brothers Tbk (PB, B/Stable). 361 Degrees is an established
sportswear brand-owner and producer in China, bearing the status as
the country's fourth-largest domestic brand. It has a slightly
smaller operating scale and lower profit margin than Sritex, but a
significantly stronger financial profile, with cash reserves
exceeding its debt. This justifies the one-notch difference between
the two companies' ratings.

PB is the largest publicly listed garment manufacturer in
Indonesia. It has high leverage due to an expansion of its
production capacity over the last two years. The two notch
difference between the ratings of Sritex and PB is mainly driven by
Sritex's considerably larger operating scale, wider profit margin,
stronger financial profile and better business-risk profile from
its vertically integrated operations.

Within the National Rating scale, Sritex's rating is comparable
with that of PT Sumber Alfaria Trijaya Tbk (Alfamart;
AA-(idn)/Stable), PT Astra Otoparts Tbk (AUTO, AA-(idn)/Stable,
standalone: A+(idn)/Stable), PT Tunas Baru Lampung Tbk (TBLA;
A(idn)/Stable) and PB (A(idn)/Stable). Alfamart is Indonesia's
second-largest mini market operator by store number and Fitch
believes its larger EBITDAR operating scale, stronger leverage
profile and less-cyclical cash flow warrant a one-notch rating
difference against Sritex. Compared with AUTO, a leading
manufacturer and trader of 2W and 4W parts, Fitch believes Sritex's
larger operating scale, wider profit margin and stronger
Fitch-expected free cash-flow generation in the medium-term offset
its weaker financial profile.

TBLA is an integrated upstream and downstream palm oil and sugar
producer. Fitch believes its smaller operating scale, greater
exposure to commodity-price fluctuation - which leads to more
volatile cash flow - and higher capex risk - as evident from its
previously higher-than-Fitch-expected capex - warrant a one-notch
rating difference to Sritex. Relative to PB, it believes Sritex's
vertically integrated operations, wider profit margin, larger
operating scale, stronger financial profile and superior bargaining
power with suppliers warrant the rating difference between the two


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

  - Revenue growth of 4%-7% in 2019-2021 (2018 estimate: 34%)

  - EBITDAR margin of 18%-19% in 2018-2021 (2017: 21%)

  - Capex/revenue ratio of around 4% in 2019-2021 (2018 estimate:

  - Net working capital cycle of around 203-209 days in 2019-2021


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

Fitch does not expect positive rating action for the next two
years, as Sritex's leverage, measured by net adjusted debt/EBITDAR,
is likely to remain high for its ratings

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

  - Inability to lower leverage, as measured by net adjusted
debt/EBITDAR, to around or below 3.0x on a sustained basis (2019F:

  - A sustained weakening in EBITDAR margin


Sufficient Liquidity: Sritex had a cash balance of around USD101
million at end-September 2018 against around USD113 million of debt
maturities over the next 12 months, out of which USD103 million are
short-term debt facilities. The company attained a three-year
USD350 million senior unsecured committed syndicated loan facility
in January 2019 - split into a term loan and revolving facility -
to partially refinance its outstanding USD350 million 2021 bond and
some bank loans, effectively extending its maturity profile and
allowing more flexibility to manage cash flow.


PT Sri Rejeki Isman Tbk

  - Long Term IDR affirmed at 'BB-'; Outlook Stable

  - Senior unsecured rating affirmed at 'BB-'

  - National Long-Term Rating affirmed at 'A+(idn)'; Outlook

  - USD40 million senior unsecured 5.800% medium-term notes due
2020 affirmed at 'A+(idn)'

Golden Legacy Pte Ltd (subsidiary)

  - USD175 million senior unsecured 8.250% bond due 2021 affirmed
at 'BB-'

  - USD150 million senior unsecured 6.875% bond due 2024 affirmed
at 'BB-'

N E W   Z E A L A N D

EBERT CONSTRUCTION: Commerce Commission Probes Long Holdings
Catherine Harris at reports that the Commerce
Commission is looking into whether the sale of a company with links
to failed construction firm Ebert Construction has curbed
competition in the building sector.

According to Stuff, the commission is investigating
Christchurch-headquartered insulation business Bondor New Zealand's
purchase of Long Holdings in December.

Stuff relates that Long Holdings, which has since changed its name
to NZLHL, has two subsidiaries, Palmerston North-based company Long
Panel and The Insulation Panel and Door Co.

The sole director and a partial shareholder of all three companies
is Philip Julian, but other shareholders include Beatrice Ebert and
Bronwyn Hale, the wife of Ebert managing director Kelvin Hale, who
each own 24.14 per cent, Stuff discloses.

According to Stuff, Ebert Construction collapsed in August last
year owing NZ$33.8 million although it's believed its debts have
risen substantially higher.

Kelvin Hale was managing director and a director of Ebert
Construction, before it went into liquidation last year, owing
upwards of NZ$33.8 million, Stuff relates.

Ebert's founders were Denis Ebert, who had resigned from the board
four years ago, and Kelvin Hale, its Wellington-based managing
director and director, Stuff discloses.

Stuff relates that records later revealed that Messrs. Ebert and
Hale retained control of a string of companies with millions of
dollars tied up in assets, and whose shareholders commonly included
Beatrice Ebert and Bronwyn Hale.

Ebert's liquidation was originally placed in the hands of Grant
Thornton but creditors overturned its appointment in favor of
another liquidator, BDO, which has yet to make its six monthly
creditors report, Stuff notes.

Meanwhile, the receiver PWC has since dished out about
NZ$2.2 million of the nearly NZ$4 million held in retentions, Stiff

Stuff says the collapse was considered the first major test of New
Zealand's new retentions law for sub-contractors.

According to Stuff, the Commerce Commission said it was
investigating whether Bondor's acquisition of Long Holdings would
lessen competition in the marketplace.

"Bondor and Long are both suppliers of insulated panels for the
construction of controlled temperature industrial and commercial

Stuff adds that the focus of the investigation was competition and
"the extent to which the merged entity will likely be constrained
from raising prices or lowering the quality of either its products
or associated services".

                     About Ebert Construction

New Zealand-based Ebert Construction Limited provided construction
management services. It offered design management, value
engineering, cost planning, programming, construction management,
health and safety management, quality management, and
project reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were appointed
receivers to Ebert Construction Limited in July 2018 as a result of
a request made by the Ebert Board of Directors to its bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover of
NZ$171 million in the year through March 2019, according to NZ

Some NZ$640,000 was owed to staff as preferential creditors, with a
further NZ$1.3 million owed to employees on an unsecured basis, NZ
Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale is
also a secured creditor, owed NZ$3.5 million, which he loaned to
the business on July 24 as a short-term measure before new capital
was raised from other shareholders.


CHARISMA ENERGY: Expects to Report Q4, Full-Year Losses
The Strait Times reports that Charisma Energy expects to report a
net loss for its fourth quarter and full year ended Dec. 31, 2018,
based on a preliminary review of the draft unaudited management
results to-date, the Catalist-listed company said in a regulatory
filing on Feb. 25.

According to the Strait Times, the group said that its business
focus is in a transition phase from the marine and offshore oil and
gas industry to the renewable energy business. As the operating
environment for the group "remains very challenging", it is in the
midst of finalising an assessment of the impairment of its assets.

Although the value of the impairments are yet to be finalised, the
group is expecting to record a net loss for the fourth quarter and
fiscal 2018, it added, the report relays.

The Strait Times says the group will furnish more details on its
financial performance for both periods when it announces its
unaudited consolidated financial results, scheduled for release no
later than March 1, 2019.

The company requested a suspension in the trading of its shares
"with immediate effect" on Feb. 7, following disclosure on Feb 4
that it was in discussions with certain stakeholders such as bank
lenders and creditors in relation to its financing and
capitalisation structure, the Strait Times discloses.

Based in Singapore, Charisma Energy Services Limited owns and
leases power and energy assets in Asia, the Middle East, and
Australia. The company is involved in the ownership and leasing of
hydropower generation equipment and accommodation modules; trading
of oil and gas related products; and development, ownership, and
operations of solar power plants. It also offers ship owning and
chartering services; and shipping agency services.


CHENG SHIN: S&P Lowers ICR to 'BB+' on Elevated Financial Leverage
S&P Global Ratings said it had lowered its ratings on Taiwan-based
tire manufacturer Cheng Shin Rubber Ind. Co. Ltd. (CST) to 'BB+'
from 'BBB-'. The outlook on the rating is stable.

"The downgrade reflects our view that the company is unlikely to
materially lower its debt leverage over the next two years, due to
slowing demand growth in China's automotive industry," said S&P
Global Ratings credit analyst David Hsu. "We also expect intense
competition to keep the company's profitability and cash flow
relatively weak over the same period."

CST's weakened profitability, high capital expenditures and
dividend payments, as well as elevated debt to support a longer
cash conversion cycle have significantly increased CST's ratio of
debt to EBITDA to about 2.7x over the past few quarters. This level
exceeds our rating trigger of 2x, with a low likelihood of a
material decline in the ratio over the next two years, in our
opinion. S&P said, "We maintain a conservative view of the
likelihood for CST's profitability to make a significant recovery
over the next one to two years, given our expectation of continued
low utilization rates, particularly for the company's passenger car
radial (PCR) and motorcycle product lines."

"We assess the slowdown in China's auto market as a major risk for
CST, given that China provided about 60% of CST's revenue over past
few years," said Mr. Hsu. "We expect annual growth of 0%-2% in
China's auto market in 2019-2020, following the first annual year
of declining growth in 2018."

The slowdown in the sale of mass-market cars in China has
significantly affected CST's utilization and sales growth, which
are concentrated in this segment. Slowing demand has also
intensified competition and significantly eroded product margins.
Meanwhile, S&P remains uncertain over the effectiveness of CST's
strategy to expand its high-performance products into other markets
such as to Europe, in order to regain growth rates and diversify
the company's geographic exposure.

In addition, production rates at CST's new motorcycle tire
factories in India and Indonesia ramped up at a slower pace than we
previously expected. S&P attributes weaker demand to slow order
growth from its major downstream clients. Furthermore, the China
government's tightening controls on the use of motorcycles in most
cities along with a mature motorcycle market in Taiwan also
negatively affected CST's performance in this business sector.

S&P said, "However, we still expect CST to improve its EBITDA
margin slightly to 18%-20% over the next one to two years, up from
17.8% in 2017. Our expectation of relatively stable raw material
prices will partly support this improvement. In addition, improving
market conditions for truck and bus tire demand in China amid
diminishing supply also support CST's overall performance in
2019-2020, in our view."

"We do not expect CST to lower its elevated debt leverage over the
next two years," added Mr. Hsu. "That's because the company's
lengthened cash conversion cycle is unlikely to improve over the
period, given CST's business expansion plan that might further
increase its receivables and lengthen inventory days.

S&P said, "However, we expect several factors to help the company
sustain debt leverage at the current level. These include CST's
planned reduction in capital expenditures amid weakening demand and
relatively low utilization, as well as lower projected cash
dividend payouts under weaker earnings. Based on these factors, we
expect CST to stop its negative discretionary cash outflow and
maintain its ratio of debt to EBITDA at about 2.5x in 2019-2020,
down from 2.7x as at the end of third quarter 2018 on a rolling
12-month basis.

"The rating outlook is stable, based on our expectation that CST's
sustained market position, satisfactory product diversity, and
efficient cost controls will enable the company to sustain its
EBITDA margin at 18%-20% and maintain a debt-to-EBITDA ratio of
about 2.5x over the next one to two years. This is despite our view
that the slowing passenger car market in China will continue to
limit CST's sales growth and pressure the company's utilization and
margin recovery. Besides, the company's declining capital
expenditures and cash dividend payout are also likely to prevent
its debt leverage from further deteriorating, in our view.

"We may lower the rating if CST takes on more aggressive capital
expenditure than we previously expected, or if the company's
profitability and cash flow weaken, such that its credit ratios
weaken substantially. A ratio of debt to EBITDA above 3x on a
sustainable basis would indicate such deterioration. We may also
lower the rating if the company fails to maintain its cost
competitiveness or brand strength. A substantial decline in CST's
EBITDA margin relative to its peers' or an EBITDA margin below 15%
for an extended period would indicate such deterioration.

"We may raise the rating if CST strengthens its profitability and
cash flow and lowers its debt, such that we believe that the
company can sustain its ratio of debt to EBITDA below 2x on a
sustainable basis. The company could achieve this if a recovery in
sales of passenger car tires in China was accompanied by higher
utilization in other product lines, especially motorcycle tires. At
the same time, CST needs to improve its free cash flow consistently
such as through lowering its working capital needs or lowering cash
dividends without taking on aggressive capacity expansion."


TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
On Feb. 22, 2019, S&P Global Ratings affirmed its 'B-/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Tajikistan. The outlook remains stable.

S&P also affirmed the 'B-' long-term issue rating on the senior
unsecured debt.


S&P said, "The stable outlook reflects our expectation over the
next 12 months that Tajikistan will maintain strong growth and low
government debt-service costs owing to the high component of
concessional borrowing in the government's debt stock.

"We could take a negative rating action if we were to assess
Tajikistan's ability to service its commercial debt as weakening.
This could be as a result of widening fiscal deficits or the
government borrowing substantial amounts to fund infrastructure

Pressure on the rating may also build if current account imbalances
widened significantly and gross external financing needs increased

S&P could consider an upgrade if Tajikistan's external balances
improved significantly, translating into noticeably and lower gross
external financing needs. A lower level of dollarization
accompanied by more effective monetary policy and stronger economic
growth, resulting in higher GDP per capita, could also lead us to
take a positive rating action.


S&P said, "The ratings on Tajikistan are supported by our opinion
of its robust growth prospects, underpinned by continued recovery
in private consumption and still strong public investments. The
ratings are constrained by Tajikistan's narrow export base
(primarily cotton, processed alumina, minerals, and electricity)
and its weak external position due to a large trade deficit and a
high reliance on workers' remittances. At $830 in 2018,
Tajikistan's per capita GDP is among the lowest of all the
sovereigns we rate. Despite the relatively moderate level of
general government debt, public finances are still weak, with
material contingent liability risks stemming from financially weak
state-owned enterprises (SOEs). We estimate total outstanding debt
of SOEs at about 19% of GDP.

"Our assumptions about the financing of the Rogun Dam hydropower
project (HPP) have a significant effect on our forecasts. We
understand that financing of the planned six turbines will cost
about $4 billion over the 10 years covering 2017-2027, about 5% of
GDP on average each year. The government's $500 million Eurobond
issuance in 2017 was largely to fund the Rogun project's first
turbine. Over our 2019-2022 forecast horizon, we estimate project
financing needs will remain high at about $1.8 billion. It is
currently unclear how these financing needs will be met in full.
We currently do not assume any additional government external debt
issuance to finance the project."

Institutional and Economic Profile: Relative political stability
and strong GDP growth amid still-low economic wealth levels

-- Political stability has endured under the long-serving

-- Decision-making remains highly centralized, which reduces
policymaking predictability, in S&P's view.

-- S&P expects economic growth rates to be much stronger than
peers', yet insufficient to materially raise GDP per capita.

Tajikistan has been politically stable since the late 1990s, when
it ended a long civil war and recovered from a substantial economic
decline following the collapse of the Soviet Union. S&P sees this
stability as centered on President Emomali Rahmon, who has ultimate
decision-making power. President Rahmon is currently serving his
fourth consecutive term, which is likely to end in 2020.

S&P said, "Decision-making remains highly centralized, which can
reduce policymaking predictability, in our view. The president's
administration controls strategic decisions and sets the policy
agenda. Given the centralized nature of Tajikistan's political
power, we view accountability and checks and balances as weak. We
do not currently see immediate risks to domestic political
stability that would undermine policy predictability." Relations
with Russia are constructive; financial links with China are
increasing; and economic relations with Uzbekistan are improving.

S&P said, "Following strong economic growth of 7.3% in 2018, we
expect economic expansion will slow to 6.5% in 2019 and stabilize
at about 6.0% in 2020-2022. In our view, spending on public
projects will taper off from the peak in 2017 on the back of
expected fiscal consolidation. Consequently, the contribution of
public investments to overall economic growth will reduce over the
forecast period. The steady inflow of remittances from Russia, on
the other hand, will continue to support economic activity by
stimulating private consumption. On the supply side, we expect the
industrial sector to expand on account of new capacity in the food
processing, mining and metallurgy, and energy sectors. The
construction sector will continue to spur growth despite reduced
public investment.

"We forecast Tajikistan's GDP per capita to remain low, at $860, on
average, in 2019-2022 due to high population growth and the ongoing
depreciation of the local currency. In our view, there may be some
inconsistencies with regard to economic data, with the actual
growth rate being lower than that reported in some years.

"We understand that the Tajik authorities are in the advanced
stages of negotiation with the International Monetary Fund (IMF)
regarding a financial support program. In our view, the signing of
an IMF program is also likely to help the authorities attract
additional foreign aid.  Flexibility and Performance Profile: Net
general government debt will increase moderately due to modest
fiscal deficits We expect the current account deficit (CAD) to
narrow slightly in 2019-2022, largely due to slower growth in
imports of capital goods related to the curtailment of public
infrastructure projects. We project the fiscal deficit to reduce to
3.6% of GDP, on average, in 2019-2022, compared with 4.7% in 2018,
due to the government's fiscal consolidation measures."

Despite the still-moderate level of general government debt, the
high indebtedness of loss-making SOEs--in particular in the energy
sector--poses contingent risks to the government.

Tajikistan's external sector performance deteriorated markedly in
2018 despite the continued growth in exports of minerals,
electricity, and raw cotton and in remittance inflows. The current
account deficit widened to about 3.9% of GDP from a surplus of 2.1%
a year ago due to intensified imports of capital goods needed for
infrastructure projects. S&P projects the current account deficit
will gradually narrow to 2.7% of GDP by 2022. This reflects our
view that the growth of imports of capital goods will taper off on
the back of lower fiscal spending; import-driven private
consumption will remain steady; and exports of key commodity
products, including gold, cotton, and minerals, will expand

S&P believes that foreign direct investment (FDI) will be the
primary source of financing for the CAD. In 2019-2022, net FDI
should average about 1.3% of GDP, given ongoing Chinese investment
in a broad array of sectors, including materials, aluminum,
metallurgy, and retail. Concessional borrowing will be limited to
the financing of infrastructure projects. Although not in S&P's
base-case scenario, the government might consider further
commercial borrowing for the timely construction of the Rogun HPP.

The government's $500 million Eurobond placement in September 2017
and the National Bank of Tajikistan's (NBT) purchase of gold,
resulted in usable reserves nearly doubling to four months of
current account payments (CAPs) in the forecast period, compared
with two months in 2017. This is the highest seen over the past
several years. S&P said, "We believe that about $120 million in
Eurobond proceeds not utilized in 2018 will be fully deployed to
finance the Rogun HPP in 2019. We expect usable reserves will
remain stable at about four months of CAPs throughout the forecast
horizon as they will be regularly replenished through the purchase
of monetary gold from the domestic market in local currency. We
estimate Tajikistan's narrow net external debt net of liquid assets
to average 80% of current account receipts (CARs) in 2019-2022,
which is relatively high for a developing economy. At the same
time, we project gross external financing needs will exceed 100% of
CARs plus usable reserves over the same period."

Monetary policy effectiveness remains constrained by the still-weak
domestic banking system, underdeveloped capital markets, high
dollarization, and the NBT's lack of operational independence, in
our view. However, monetary policy has recently seen some positive
developments, with the NBT introducing new instruments. These
include overnight and intraday lending facilities, overnight
deposits, and credit and certificates of deposit auctions. S&P
understands that the NBT intends to implement inflation targeting
and a fully flexible exchange rate by 2023. In preparation for
this, it has introduced a medium-term inflation goal of 7% +/-2
percentage points.

In 2018, consumer price inflation stood at 5.4% (compared with 6.7%
in 2017) according to official statistics. The effective management
of excess liquidity in the interbank market, relatively stable
exchange rate, and cheaper agriculture imports from Uzbekistan
helped to contain inflation.

Tajikistan's economy relies on agriculture, mineral resources,
remittances from abroad, and key export prices. Given low incomes,
consumption is also highly sensitive to key import prices,
particularly of food and fuel. S&P projects that inflation will
stay within the NBT's target of 7% over the next few years. Despite
the ongoing increases in regulated electricity tariffs, high
inflationary pressures will be contained by the lower oil prices
and moderate somoni depreciation.

According to the preliminary data, the fiscal deficit reduced to
4.7% of GDP in 2018 from 5.6% a year ago. The narrower budget
deficit was largely a result of budgetary cuts and delays
associated with non-priority infrastructure facilities and
purchases of public goods and services. The financing shortfalls
reduced public investment across almost all sectors, except for in
energy and fuel.

S&P said, "We expect the government budget deficit to narrow to 4%
of GDP in 2019 and average 3.5% of GDP in 2020-2022, from closer to
6.0% in 2017, due to further expenditure constraints. We think that
spending on infrastructure projects may be reduced. Although
construction of the Rogun HPP will be prioritized, its funding may
also be cut resulting in potential delays." According to the
government, in 2019, the fiscal deficit will be financed by the
remaining balance of Eurobond proceeds; the issuance of government
securities to the NBT; monetization of the government's gold
deposits; and the limited amount of concessional borrowing from
bi-/multilateral creditors. The country's budget law does not
envision new Eurobond issuance.

S&P said, "We expect that budget deficits and moderate currency
depreciation (as over 80% of the debt stock is denominated in
foreign currency) will result in further government debt
accumulation of about 5% of GDP over 2019-2022. As a result,
Tajikistan's general government debt net of liquid assets will
reach 50% of GDP in 2022, from 45% in 2018. Due to a high share of
concessional loans in the total debt stock, cost of debt will
remain low, at about 5.2% of budget revenues.

"Our assessment of the government's fiscal profile includes
contingent liabilities from SOEs. These enterprises account for 30%
of employment and more than 40% of GDP, and are regularly involved
in quasi-fiscal activities. In our view, high debt levels at
loss-making SOEs', in particular in the energy sector, pose
contingent risks to the government." The authorities estimate that
their outstanding debt amounted to approximately 19% of GDP in
2018. About 80% of total SOEs' debt is attributed to national power
company Barki Tojik, which also generates over 95% of SOEs'
operating losses. The second biggest debtor is an aluminum company
TALCO, which contributes about 12%.

Although nonperforming loans (NPLs) in the banking system are
declining, NPLs as a percentage of total loans remain high, at
about 30% in 2018. However, we note that the NBT uses a relatively
conservative reporting standard for NPLs, recording loans overdue
by more than 30 days instead of the more internationally comparable
90 days. NPLs stemmed largely from the unfavorable economic and
financial situation in the region, which in turn decreased the
population's purchasing power and hit private sector income. Bank's
asset quality continues to be weighed down by the two troubled
banks--TSB and AIB--which the government recapitalized in 2016.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision. After the
primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

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

  Ratings Affirmed

   Sovereign Credit Rating                  B-/Stable/B           
   Transfer & Convertibility Assessment     B-                   
    Senior Unsecured                        B-      

[*] BOND PRICING: For the Week Feb. 18 to Feb. 22, 2019
Issuer                    Coupon     Maturity   Currency  Price
------                    ------     --------   --------  -----


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


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


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


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


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


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


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


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


PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


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


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


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


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


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,

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
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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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