/raid1/www/Hosts/bankrupt/TCRAP_Public/190305.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, March 5, 2019, Vol. 22, No. 46

                           Headlines



A U S T R A L I A

COOLGARDIE MINERALS: Enters Voluntary Administration
GGS AUTOMOTIVE: First Creditors' Meeting Set for March 13
HALCYON II: First Creditors' Meeting Set for March 13
HIGGINS SIGNS: First Creditors' Meeting Set for March 11
JN & RS PTY: Second Creditors' Meeting Set for March 12

LOXFORD DEVELOPMENT: Second Creditors' Meeting Set for March 12
NT ENTERTAINMENT: Second Creditors' Meeting Set for March 11
RESIMAC BASTILLE 2016-1NC: Moody's Hikes Class F Debt Rating to Ba3


B H U T A N

ROYAL INSURANCE: A.M. Best Cuts Finc'l. Strength Rating to B-(Fair)


C H I N A

GUANGYANG ANTAI: Fitch Cuts LongTerm Foreign Currency IDR to 'B+'
GUORUI PROPERTIES: Fitch Rates USD160MM Sr. Notes Due 2022 'B'
HENGDA REAL ESTATE: Fitch Rates Proposed USD Unsec. Notes 'B+(EXP)'
HENGDA REAL ESTATE: Moody's Rates Proposed Notes 'B2'
HENGDA REAL ESTATE: S&P Rates New U.S.-Dollar Sr. Unsec. Notes 'B'

MIE HOLDINGS: S&P Lowers ICR to 'CC' On Distressed Exchange
WALCOM GROUP: Warns of Liquidation Amid Pressure on China Revenue
ZHAOJIN MINING: Fitch Gives Final BB Rating to USD300MM Sr. Notes
ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes 'B3'


I N D I A

AAACORP EXIM: CARE Lowers Rating on INR3cr Cash Loan to D
AARYAMAN RECREATION: CARE Moves D on INR7cr Loans to NonCooperating
BRAJESH CONSTRUCTION: Insolvency Resolution Process Case Summary
CHEETAH APPARELS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
CISCONS PROJECTS: Insolvency Resolution Process Case Summary

EARTH GRACIA: Insolvency Resolution Process Case Summary
GIG MOTORS: CARE Reaffirms B+ Rating on INR13.31cr LT Loan
GLASS BUILD: CARE Reaffirms 'B' Rating on INR10cr LT Loan
GLOABTEL CONVERGENCE: Insolvency Resolution Process Case Summary
GREAT INDIAN: Insolvency Resolution Process Case Summary

H K LUMBERS: CARE Moves D on INR5.85cr Loans to Non-Cooperating
H K TIMBERS: CARE Moves D on INR13.5cr Loans to Non-Cooperating
HYGIENE FEEDS: Insolvency Resolution Process Case Summary
INDIAN TREAT: Insolvency Resolution Process Case Summary
KAARU COLLECTIONS: Insolvency Resolution Process Case Summary

KASTURI K12: CARE Assigns B+ Rating to INR14.50cr LT Loan
KIRAN GLOBAL: CARE Lowers Rating on INR93.15cr Loan to D
L M COTEX: CARE Reaffirms B+ Rating on INR10.16cr LT Loan
MBE COAL: CARE Lowers Rating on INR8.50cr LT Loan to D
MUKTESHWAR SUGAR: CARE Assigns 'B' Rating to INR25cr LT Loan

NEW SAPNA: CARE Keeps D on INR7.84cr Loans in Non-Cooperating
ORCHID PHARMA: NCLT Annuls Ingen's Resolution Plan
P.M. IMPEX: CARE Assigns B+ Rating to INR4.95cr LT Loan
PARIKH FABRICS: Insolvency Resolution Process Case Summary
PEARLS INFRASTRUCTURE: Insolvency Resolution Process Case Summary

PRIMROSE INFRATECH: Insolvency Resolution Process Case Summary
PROTON POSITIVE: Insolvency Resolution Process Case Summary
RADHADAMODAR MULTIPURPOSE: CARE Rates INR7.34cr LT Loan 'B+'
SAWA CLAY: CARE Lowers Rating on INR16.27cr LT Loan to D
SHIVA STEEL: CARE Assigns B+ Rating to INR12.26cr LT Loan

SHREE BALAJI: CARE Maintains 'D' Rating in Not Cooperating
SHRI MARUTHI: Insolvency Resolution Process Case Summary
SRI MADAN: CARE Moves D on INR10cr Loans to Non-Cooperating
STAR SCHOOL: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
SUSHEE IVRCL: CARE Lowers Rating on INR234cr LT Loan to D

THOMSAN NUSA: Insolvency Resolution Process Case Summary
TRIMAX DATACENTERS: CARE Lowers Rating on INR21.11cr LT Loan to D
TRIMAX IT: CARE Lowers Rating on INR863.40cr LT Loan to 'D'
VARDHMAN BUILDTECH: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

MAINZEAL GROUP: Jenny Shipley Quits China Construction Bank Board
[*] NEW ZEALAND: More Construction Cos. Will Fail, Economist Says


S I N G A P O R E

HYFLUX LTD: Posts SGD916MM Impairment for Tuaspring, Other Assets


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 25, 2019 to March 1, 2019

                           - - - - -


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

COOLGARDIE MINERALS: Enters Voluntary Administration
----------------------------------------------------
Vanessa Zhou at Australian Mining reports that Coolgardie Minerals
has entered voluntary administration just months after gold
production launched at its Geko project in Western Australia.

The miner will put its Geko project up for sale while exploring
other debt restructuring and capital raising alternatives, the
report says.

According to Australian Mining, mining issues at Geko had led to
delays and significant additional costs, which were not budgeted
and are unfunded, voluntary administrators Pitcher Partners said.

In September last year, Coolgardie had an offtake agreement with
Northern Star Resources for 100,000 ounces of gold from Geko at
AUD1,650 per ounce. This was expected to generate AUD10 million in
revenue, Australian Mining relays.

Australian Mining relates that Coolgardie managing director Bradd
Granville said at the time, "This agreement is a significant
milestone for the company, . . . locking in consistent revenue
through to the second quarter of 2019."

However, two 10,000 tonne mined stockpiles of Geko oxide ore in
November and December 2018 did not meet 2.75 grams per tonne of
gold minimum grade requirement of the ore sale agreement with
Northern Star, the report notes.

Coolgardie's outstanding invoices with SMS Innovative Mining,
totalling AUD9.39 million, were also extended by the latter,
subject to several conditions, Australian Mining discloses.

Australian Mining adds that the company's listed securities were
suspended from trading last month, "pending the release of an
announcement regarding the sale of mined ore stockpiles, amendments
to the agreement with its mining contractor and short term funding
arrangements."

Coolgardie's joint venture (JV) partner at Geko, Bulletin
Resources, will retain its royalty, profit share and JV interests
in the project regardless of Coolgardie's sale outcome, adds
Australian Mining.

Australian Mining says Bulletin is considering its options with
regards to the 2.5 million shares of Coolgardie it purchased in
August 2018.

No further updates will be released until mid-April 2019, says
Australian Mining.


GGS AUTOMOTIVE: First Creditors' Meeting Set for March 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of GGS
Automotive Pty Ltd will be held on March 13, 2019, at 4:00 p.m. at
the offices of Veritas Advisory, at Level 5, 123 Pitt Street, in
Sydney, NSW.

Vincent Pirina and Steve Naidenov of Veritas Advisory were
appointed as administrators of GGS Automotive on March 1, 2019.


HALCYON II: First Creditors' Meeting Set for March 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Halcyon II
Pty Ltd will be held on March 13, 2019, at 3:30 p.m. at the offices
of Ferrier Hodgson, at Level 43, 600 Bourke Street, in
Melbourne, Victoria.

George Georges and John Ross Lindholm of Ferrier Hodgson were
appointed as administrators of Halcyon II on Feb. 28, 2019.


HIGGINS SIGNS: First Creditors' Meeting Set for March 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Higgins
Signs & Plastics Pty Ltd will be held on March 11, 2019, at 10:00
a.m. at the offices of Hall Chadwick Chartered Accountants, at
Level 4, 240 Queen Street, in Brisbane, Queensland.

Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of Higgins Signs on Feb. 27,
2019.


JN & RS PTY: Second Creditors' Meeting Set for March 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of JN & RS Pty
Ltd, trading as Nargis Gourmet Food and Star Cafe & Grill, has been
set for March 12, 2019, at 11:00 a.m. at the offices of Hall
Chadwick Chartered Accountants, at Level 40, 2 Park Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 11, 2019, at 4:00 p.m.

David Allan Ingram and David Ross of Hall Chadwick Chartered
Accountants were appointed as administrators of JN & RS Pty on Feb.
19, 2019.


LOXFORD DEVELOPMENT: Second Creditors' Meeting Set for March 12
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Loxford
Development Holdings Pty Ltd has been set for March 12, 2019, at
11:00 a.m. via Telephone Conference Facilities.

Creditors wishing to attend by electronic means are advised they
can utilise the following facility:

   Facility Number: +61(3)8594-7267
   Password: 586892#

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 11, 2019, at 3:00 p.m.

Christopher Hill and Philip Carter of PricewaterhouseCoopers were
appointed as administrators of Loxford Development on Dec. 20,
2018.


NT ENTERTAINMENT: Second Creditors' Meeting Set for March 11
------------------------------------------------------------
A second meeting of creditors in the proceedings of NT
Entertainment Solutions Pty Ltd has been set for March 11, 2019, at
10:00 a.m. at the offices of Hall Chadwick Chartered Accountants,
Paspalis Centrepoint, at Level 1, 48-50 Smith Street, in Darwin,
NT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 8, 2019, at 5:00 p.m.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of NT Entertainment on Feb. 27, 2019.


RESIMAC BASTILLE 2016-1NC: Moody's Hikes Class F Debt Rating to Ba3
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by RESIMAC Bastille Trust 2016-1NC and RESIMAC
Bastille Trust Series 2017-1NC.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust 2016-1NC

Class F, Upgraded to Ba3 (sf); previously on Apr 20, 2018 Upgraded
to B1 (sf)

Issuer: RESIMAC Bastille Trust Series 2017-1NC

Class C, Upgraded to Aa3 (sf); previously on May 14, 2018 Upgraded
to A1 (sf)

RATINGS RATIONALE

The upgrade is prompted by an increase in the credit enhancement
available to the affected notes.

Sequential amortization of the notes since closing led to the
increase in notes subordination in both transactions. RESIMAC
Bastille Trust 2016-1NC switched to pro-rata principal repayments
in January 2019.

The performance of the transactions have been within Moody's
expectations.

RESIMAC Bastille Trust 2016-1NC

The notes subordination available for the Class F Notes has
increased to 2.9% from 2.0% at the time of the last rating action
in April 2018.

While RESIMAC Bastille Trust 2016-1NC has switched to pro-rata
principal repayments in January 2019, the Class F Notes will
continue to receive excess principal repayments through the
retention mechanism.

As of January 2019, 3.6% of the outstanding pool was 30-plus day
delinquent, and 1.3% was 90-plus day delinquent. The portfolio has
incurred AUD28,935 of losses to date.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.5% of the original
pool balance.

Moody's has increased its MILAN CE assumption to 11.6% from 11.2%
since the last rating action, based on the current portfolio
characteristics.

RESIMAC Bastille Trust Series 2017-1NC

The notes subordination available for the Class C Notes has
increased to 8.2% from 6.0% at the time of the last rating action
in May 2018.

As of January 2019, 2.0% of the outstanding pool was 30-plus day
delinquent, and 0.6% was 90-plus day delinquent. The portfolio has
incurred no losses to date.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.6% of the original
pool balance.

Moody's has increased its MILAN CE assumption to 14.1% from 13.1%
since the last rating action, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by RESIMAC Limited, a large
Australian non-bank mortgage lender. A portion of the portfolios
consist of loans extended to borrowers with impaired credit
histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Please note that on November 14, 2018, Moody's released a Request
for Comment, in which it has requested market feedback on potential
revisions to its Methodology for RMBS. If the revised Methodology
is implemented as proposed, the Credit Rating on RESIMAC Bastille
Trust 2016-1NC and RESIMAC Bastille Trust Series 2017-1NC may be
neutrally affected.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement and (3) a deterioration in the credit quality of the
transaction counterparties.



===========
B H U T A N
===========

ROYAL INSURANCE: A.M. Best Cuts Finc'l. Strength Rating to B-(Fair)
-------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B- (Fair)
from B+ (Good) and the Long-Term Issuer Credit Rating to "bb-" from
"bbb-" of Royal Insurance Corporation of Bhutan Limited (RICB)
(Bhutan). Additionally, AM Best has placed these Credit Ratings
(ratings) under review with negative implications.

The rating downgrades reflect deterioration in AM Best's view of
RICB's balance sheet strength fundamentals. While RICB has yet to
finalize its year-end 2018 financial statements, AM Best expects
the company to record an operating loss for the year, driven by a
provision held against non-performing loans arising from its credit
finance business. The impact of the operating loss is anticipated
to result in a significant reduction in RICB's reported
shareholders' equity, which AM Best expects will lead to weakened
risk-adjusted capitalization at year-end 2018, as measured by
Best's Capital Adequacy Ratio (BCAR). In addition, the latest
rating actions reflect concern over the company's liquidity
position and its ability to strengthen its capital base, as well as
to comply with local regulatory solvency requirements.

The under review with negative implications status reflects the
uncertainty that remains around the finalization of RICB's year-end
2018 financial position and prospective expectations. In order to
resolve the under review status, AM Best expects to conduct a full
assessment of RICB's 2018 and forward-looking balance sheet
strength and operating performance fundamentals. In addition, AM
Best will undertake a further review of the company's risk
management practices and consider any remedial actions being
implemented to manage its exposure to non-performing loans.

The ratings reflect RICB's balance sheet strength, which AM Best
categorizes as adequate, as well as its strong operating
performance, neutral business profile and marginal enterprise risk
management.




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C H I N A
=========

GUANGYANG ANTAI: Fitch Cuts LongTerm Foreign Currency IDR to 'B+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Guangyang Antai Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B+' from
'BB-'. The Outlook is Stable. Fitch has also downgraded Guangyang
Antai's senior unsecured rating to 'B+' from 'BB-'. The Recovery
Rating is 'RR4'.

The downgrade is driven by Fitch's assessment that Guangyang
Antai's substantial amounts of external guarantees carry an
elevated level of risk and render the company vulnerable to
liquidity issues under tight credit conditions. Guangyang Antai's
ratings are more commensurate with 'B+' as Fitch does not expect
the increased risks associated with its substantial external
guarantees to decrease materially in the near term.

Fitch believes Guangyang Antai's core steelmaking operations remain
stable and its ratings continue to be supported by its strong
market position in China's stainless-steel sector, its diversified
product offerings, and solid financial metrics. These allow the
company to have more stable profitability than pure carbon-steel
producers under weakening industry fundamentals.

KEY RATING DRIVERS

Significant External Guarantees: Guangyang Antai's external
guarantees fell marginally to around CNY3.4 billion by end-2018,
from CNY3.5 billion at end-2017, a decline that was slower than
Fitch's previous rating-case assumption of a reduction to CNY2.8
billion by end-2018. Guangyang Antai's total external guarantees at
end-2018 exceeded the company's total interest-bearing debt of
about CNY3 billion.

Guangyang Antai's exposure to external guarantees can constrain its
financial flexibility as its financial profile may be exposed to
uncertain events, including the credit deterioration of the
counterparties to which it has provided guarantees. One of the
company's major counterparties, Zhongrong Xinda Group Co., Ltd.
(B-/Negative), has experienced significant deterioration in its
credit profile over the last six months. Zhongrong Xinda accounts
for about CNY900 million, or 26%, of Guangyang Antai's total
external guarantees.

Limited Funding Sources: Guangyang Antai relies heavily on
short-term financing from banks to refinance its debt obligations,
and has limited alternative methods of financing immediately
available. The single source funding channel is a constraint on
Guangyang Antai's ratings as its liquidity position is heavily
dependent on the credit lines from banks, which leaves the company
vulnerable and exposed to changing credit-market conditions.

Leading Stainless-Steel Producer: Guangyang Antai, through its 91%
ownership of Shandong Taishan Steel Co., Ltd., is one of the
leading stainless-steel producers and the second-largest 400 series
stainless-steel producer in China with 1 million tonnes (mt) of 400
series production capacity, about 13% of the nation's total. In
2017, Guangyang Antai produced 866 thousand tonnes of 400 series
stainless steel, accounting for 17% of China's total production.
The company has a key cost advantage over other 400 series
producers as it has a unique patented process that allows for
continuous casting of its products, which allows it to cut
production costs by 8%-10% compared with conventional methods.

Product Diversification Enhances Stability: Guangyang Antai
produces both carbon steel and stainless steel. Within the
stainless-steel category, the company produces a variety of 300 and
400 series products with the 400 series being its core product. The
average selling prices (ASPs) of these two products can vary quite
significantly due to the differences in their applications and the
major raw materials used (other than iron ore). The 300 series are
mostly used in industrial sectors, such as equipment manufacturing,
industrial storage and pressure storage, while 400 series are
mostly used in consumer appliances.

As for carbon-steel products, the company produces hot-rolled
plates and sheets, as well as cold-rolled sheets rather than low
value-added long products. These steel products are mostly used in
the construction and auto industries and their ASPs can also differ
from stainless-steel products. The company's carbon steel ASP
dropped by 28% in a sector-wide downturn in 2015, but its stainless
steel ASP fell by only 14%.

Production Concentration, Diversified Sales: Guangyang Antai's main
production base is located in Shandong province to take advantage
of the product value chain within the region. However, its sales
are more diversified on a national basis, mostly driven by its
stainless-steel segments. Around 60% of its carbon-steel sales are
regional, while regional sales of its 400 series made up less than
13% of the total 400 series sales. Fitch does not expect to see a
reduction in the concentration in the next two-three years as the
company's new stainless-steel cold-rolling facility will mostly be
servicing customers in Shandong due to the regional shortage.

Strong Financial Metrics: Guangyang Antai has fairly strong
financial metrics despite being in a highly cyclical sector. Its
leverage in 2015 was around 3.7x when the rest of the rated peers
were averaging 5.5x-6.5x. Its leverage improved to around 2.0x in
2017 and Fitch expects the company to continue maintaining a low
net leverage (2018 estimate: 2.0x) due to strong cash flow
generation ability. Much of its leverage is driven by its high
amount of external guarantees, which it expects to remain in the
near term.

DERIVATION SUMMARY

Guangyang Antai's ratings are supported by its strong industry
position among Chinese stainless-steel producers, a diversified
product offering in both stainless and carbon steel and robust
financial metrics. The ratings are constrained by its substantial
amount of external guarantees, some of which were made to high-risk
counterparties, and its limited funding sources.

Chinese aluminium producer China Hongqiao Group Limited
(BB-/Stable) has a stronger business profile than Guangyang Antai.
Its EBITDA is significantly larger at USD3.4 billion compared with
Guangyang Antai's USD340 million. Hongqiao is a clear cost leader
in its industry, though it has a weaker financial profile.
Hongqiao's ratings are also constrained by weak internal controls.
United States Steel Corporation (BB-/Positive), another steel
producer, had larger EBITDA of USD1 billion in 2017, but Guangyang
Antai has more stable profitability and less volatile financial
metrics.
Guangyang Antai also has better product offerings within a growing
market.

KEY ASSUMPTIONS

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

  - Steelmaking gross margin to remain at around 7%-8% between 2019
and 2020.

  - Capex of CNY450 million in 2019 and 2020

  - No dividend payouts in the near term

  - External guarantees to remain at around CNY3.4 billion per year


Recovery Rating Assumptions:

  - Fitch assesses Guangyang Antai as a going-concern entity in the
event of a bankruptcy

  - 10% administrative claims

  - Going-concern through-the-cycle EBITDA of about CNY2 billion,
which is lower than Fitch's estimated 2018 EBITDA of CNY2.6 billion
as Fitch expects profitability of Chinese steelmakers to decrease
in 2019 from peak levels in 2017 and 2018.

  - Enterprise-value multiple of 4x, which is in line with
valuation of industry peers

RATING SENSITIVITIES

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

  - More diversified funding sources to reduce its reliance on
cross-guarantee debt and exposure to external guarantees without
Guangyang Antai anticipating a material deterioration in its
current financial profile. (Fitch estimate of 2018 net leverage:
2.0x)

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

  - FFO adjusted net leverage sustained above 3.5x (2018 estimate:
2.0x)

  - Steelmaking gross profit sustained below CNY300/tonne (2018
estimate: CNY535/tonne)

LIQUIDITY

Sufficient Liquidity: As of end-2018, Guangyang Antai has total
interest-bearing debt of about CNY3 billion, of which CNY2.1
billion was short term, and total external guarantees of about
CN3.4 billion, bringing its total adjusted debt to CNY6.4 billion.
Guangyang Antai has around CNY2 billion in readily available cash
and another CNY2 billion in unused facilities.

The company's debt structure is short-term heavy and over-reliant
on bank loans as its only refinancing source as the company
currently does not have immediate access to bond and equity
markets.


GUORUI PROPERTIES: Fitch Rates USD160MM Sr. Notes Due 2022 'B'
--------------------------------------------------------------
Fitch Ratings has assigned Guorui Properties Limited's (Guorui;
B/Rating Watch Negative (RWN)) USD160 million 13.5% senior notes
due 2022 a final rating of 'B' and a Recovery Rating of 'RR4' on
RWN.

The notes are issued by Guorui and rated at the same level as the
company's senior unsecured rating because they represent direct and
senior unsecured obligations of the company. 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 21 February 2019.

Guorui's ratings were placed on RWN in February 2019 to reflect the
risk that the China-based homebuilder will not be able to refinance
its offshore debt of USD550 million (CNY3.6 billion) that it may
have to repay in March 2019, and the execution risk of its
refinancing plan. The issuance of the USD160 million in senior
notes has given Guorui sufficient funds to repay its US dollar
notes due March 1 but it needs to raise additional funds for the
repayment of other US dollar notes on March 20. Management has
informed Fitch of its plan to raise the remaining funds, which it
believes remains feasible. Resolution of the RWN will depend on
completing the refinancing plan with sufficient funds to meet the
repayment of its senior notes in March.

Guorui's credit profile is supported by Fitch's expectation that
its sales proceeds remain sufficient to meet its operational and
refinancing cash flow needs. Guorui's business performance has
improved with higher contracted sales of CNY21.9 billion in 2018,
stable investment-property rental income and a quality land bank
that is large enough to support sustained improvement in contracted
sales. Fitch also expects Guorui's leverage, measured by net
debt/adjusted inventory, to decrease to around 50%-55% by 2019-2020
from 59% at end-2017 as growth in contracted sales accelerated in
2H18.

KEY RATING DRIVERS

March Debt-Refinancing Risk: The offshore debt that needs to be
repaid in March 2019 consists of a USD250 million bond maturing 1
March and a USD300 million bond with a put option that may be
exercised on March 20. Management said the principal and interest
for the USD250 million in senior notes were transferred to and
received by the trustee on February 28, 2019, and has communicated
to Fitch the details of its refinancing plan for the remaining
USD300 million in senior notes. Fitch will closely monitor the
progress of the plan. Failure to execute any of the steps required
may derail the refinancing of its offshore debt, which will lead to
a multiple-notch downgrade on Guorui's ratings.

Improving Business, Onshore Bonds Repaid: Guorui's total contracted
sales rose 48% yoy to CNY21.9 billion in 2018, higher than Fitch's
expectation of CNY18 billion, driven by a 43% yoy increase in gross
floor area sold to 1.3 million square metres (sq m), and a 4% rise
in contracted average selling price (ASP) to CNY16,804 per sq m.
Guorui had land reserves of over 14.3 million sq m as of end-June
2018, of which over 50% in saleable value is in China's top-tier
cities, where housing demand is resilient. These should allow
Guorui to maintain annual contracted sales at CNY20 billion per
year in 2019-2020.

In November and December 2018, Guorui completed the repayment of
CNY3 billion of onshore bonds that were issued in 2015 after
investors exercised their option to sell these bonds to the issuer.
Guorui used internal funds, supported by its growing sales, to
repay the bonds.

Manageable Debt Profile After Refinancing: Fitch believes Guorui's
sales collection from its CNY12 billion of contracted sales in the
last quarter of 2018 will strengthen its liquidity position in
1H19. This, together with undrawn credit facilities of CNY10
billion as of end-December 2018, appear sufficient for Guorui to
repay another CNY5 billion-6 billion of capital-market and
project-financing debt due in the next six to 12 months, as well as
to meet its operating cash flow needs.

DERIVATION SUMMARY

Fitch has compared Guorui with several small- to mid-scale
homebuilding peers with similar contracted sales, size of land bank
and geographical diversification in the 'B-', 'B' and 'B+'
categories. The peers include Ronshine China Holdings Limited
(B+/Stable), Hong Yang Group Company Limited (B/Positive) and
Oceanwide Holdings Co. Ltd. (B-/Stable).

The factors that support Guorui's 'B' rating relative to its peers
are its improving recurring EBITDA/interest coverage due to the
ramp-up of its high-quality investment-property portfolio,
especially in Beijing. Its recurring EBITDA interest coverage ratio
is low, but compares favourably with that of other property
developers rated at the same level. At the same time, Guorui's 'B'
rating relative to its peers is constrained by its higher
leverage.

In terms of contracted sales and profitability, the closest peer is
Oceanwide. Both have large land banks to support future sales.
However, Oceanwide has a lower churn rate than Guorui. Both
companies have high leverage, but Guorui's leverage of 55% is lower
than Oceanwide's more than 80% at end-2017.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for Guorui Include:


  - Contracted sales of CNY20 billion per year in 2019-2020 (2018:
CNY21.9 billion)

  - EBITDA margin remains at over 30% in 2018-2019 (2017: 39%)

  - Land premiums (net) of CNY11 billion per year in 2019-2020

Recovery Rating Assumptions (using end-December 2017 estimated
values)

  - Guorui would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 25% on adjusted inventory, which is
higher than that applied to its domestic peers as its EBITDA margin
is higher than the industry norm and reflects the high quality and
low cost of its land reserves

  - Fitch applied a haircut of 40% to investment properties

  - Fitch applied a haircut of 50% to property, plant and
equipment

Based on Fitch's calculation of Guorui's estimated liquidation
value after administrative claims of 10%, it estimates the recovery
rate of the offshore senior unsecured debt to be 100%, which
corresponds to a Recovery Rating of 'RR1'. However, Guorui operates
in China, which Fitch classifies as under Group D of jurisdictions
where the law is not supportive of creditor rights or there is
significant volatility in application of law and enforcement of
claims. As a result, the Recovery Rating for Guorui's senior debt
is capped at 'RR4'.

RATING SENSITIVITIES

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

  - Repayment of offshore debt maturing in March, resulting in a
better debt maturity profile without sacrificing onshore liquidity
position

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

  - Failure to progress towards refinancing offshore debt maturing
in March as per plans communicated to Fitch

LIQUIDITY

Tight Liquidity: Guorui had roughly CNY1.8 billion in cash on hand
at end-June 2018, which was insufficient to cover its short-term
debt of about CNY16.8 billion. Guorui is highly reliant on secured
bank borrowings (80% of total borrowings) and the assets pledged to
secure certain borrowings amounted to CNY35.4 billion (compared
with gross debt of roughly CNY30.2 billion) at end-June 2018.

According to Guorui, the company still has an approved undrawn
credit line of about CNY10 billion at end-December 2018.


HENGDA REAL ESTATE: Fitch Rates Proposed USD Unsec. Notes 'B+(EXP)'
-------------------------------------------------------------------
Fitch Ratings has assigned China-based Hengda Real Estate Group
Co., Ltd's (Hengda; B+/Positive) proposed US dollar senior
unsecured notes a 'B+(EXP)' expected rating with a Recovery Rating
of 'RR4'.

The proposed notes will be issued by Scenery Journey Limited and
guaranteed by Tianji Holding Limited, a 100%-owned subsidiary of
Hengda. Hengda has granted a keepwell deed and a deed of equity
interest purchase undertaking to ensure that the guarantor has
sufficient assets and liquidity to meet its obligations for the
senior unsecured notes. The final rating is contingent on the
receipt of final documents conforming to information already
received.

Hengda's rating is equalised with that of its parent, China
Evergrande Group (Evergrande, B+/Positive), under the top-down
rating approach taken in line with Fitch's Parent and Subsidiary
Rating Linkage criteria.

KEY RATING DRIVERS

Ratings Linked to Parent's: Fitch has equalised Hengda's rating
with that of its parent and rates Hengda based on the consolidated
profile of the Evergrande Group. This reflects the very strong
linkages between the two entities as well as Evergrande's weaker
credit profile than Hengda. Evergrande continues to exercise
control over Hengda even though its stake in the subsidiary fell to
63.5% from 100% after Hengda issued new shares. This is because
there is a large number of new shareholders who are unconnected,
with the second-largest shareholder having only a 5.7% stake. Fitch
also expects Hengda to continue to be the sole platform for
Evergrande to expand its core China homebuilding business.

Improving Leverage: Evergrande's leverage, measured by net
debt/adjusted inventory, fell to 42% by end-June 2018 from 50% at
end-2017. The company's total and net debt dropped by around CNY60
billion and CNY26 billion, respectively, in 1H18. The deleveraging
was mainly driven by a rise in construction payables and increased
participation in joint venture (JV) projects that raised the equity
contributions from its non-controlling interests.

Evergrande's payables-to-inventory ratio increased to 0.44x by
end-June 2018 from 0.38x at end-2017 as the company used more
working capital to fund its property-development operations in
1H18. Fitch will assess Evergrande's deleveraging plan in
conjunction with its trade payable changes to ensure that the
company is not merely increasing its reliance on its contractors
and suppliers to extend more credit to help it deleverage.

Strong Sales Performance: Evergrande remains one of China's three
largest property developers, with 10% yoy growth in total sales to
CNY551 billion in 2018, driven by a 4% increase in gross floor area
sold and a 6% rise in average selling price (ASP) to CNY10,515/sq
m. Nevertheless, Evergrande's sales growth on an attributable basis
may be slower in 2019, even if total contracted sales growth can be
sustained because of an increase in investment in projects with JV
partners or associates.

Sufficient Low-Cost Land Reserves: Evergrande has land reserves of
305 million sq m with a low cost of CNY1,683/sq m, of which Tier
1-2 cities with average land cost of CNY2,092/sq m accounted for
68% and Tier 3 cities with average land cost of CNY1,196/sq m made
up 32%. Fitch thinks Evergrande's land reserves are sufficient for
around five years of development.

Shareholder-Friendly Measures: Evergrande bought back shares
totalling HKD6.3 billion (CNY5.6 billion) in 2017. It has also
declared a high dividend of 50% of distributable profit since 2016.
These measures will exhaust liquidity at the holding-company level
and weaken its debt-servicing capacity.

Positive Outlook: Fitch revised the Outlook on Evergrande's Issuer
Default Rating to Positive from Stable in May 2018 on its
expectation that the company's leverage can be sustained below 50%,
if management follows through with its commitment to lower the
company's gearing. The Positive Outlook takes into consideration
the uncertainty over management's commitment to lower the company's
leverage while keeping control of its payable-to-inventory ratio to
prevent a material increase and reduce its reliance on suppliers'
credit.

DERIVATION SUMMARY

Hengda's rating is equalised with that of its parent, Evergrande,
using the top-down approach because of very strong linkages between
the two entities. Hengda accounts for essentially all of
Evergrande's profit and supports Evergrande's capacity to pay
dividends.

Evergrande's business profile is more reflective of 'BB' category
peers, as the company has a diversified footprint across the
country and products. This is offset by its very aggressive
financial profile, which is in line with that of Chinese
homebuilders rated in the weak 'B' category.

Its peers, like Country Garden Holdings Co. Ltd. (BBB-/Stable),
Greenland Holding Group Company Limited (BB-/Stable) and Sunac
China Holdings Limited (BB-/Stable) operate with similar
aggressiveness in expansion and are of similar size, except for
Sunac, which is growing very rapidly to match these peers.

Country Garden's leverage of around 30% and churn rate of over 1.5x
is commensurate with an investment-grade profile and explains the
multiple-notch rating difference it has with Evergrande.
Greenland's leverage is higher than Evergrande's but Greenland has
a large level of uncollected sales and lower payables to offset its
high leverage. Greenland, a state-owned enterprise, has a strong
position in acquiring land at low cost, especially in new city
districts that local governments are keen to develop. Fitch expects
Sunac's leverage to fall below 50% in 2018 and it does not have
high payables risk, unlike Evergrande.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Evergrande (as
its analytical approach is driven by Evergrande's ratings)

  - Low single-digit total growth in land bank over the next three
years

  - Increase in average selling price in 2018 but falling back to
the 2017 level by 2020; gross floor area sold to increase by
between 5% and 10%, with single-digit contracted sales growth from
2019

  - Land cost to increase by 5% per annum resulting in EBITDA
margin narrowing towards 25%

Recovery Rating assumptions for Hengda:

  - Hengda will be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

  - The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors

  - Fitch applied a haircut of 30% on its receivables and 50% on
its investment properties

  - Fitch applied a higher haircut of 40% on adjusted inventory
despite Hengda's high margin, which would otherwise support a lower
25% to 30% discount rate, because it believes there will be a
leakage of its recoverable value to its very high level of trade
creditors

  - Fitch also assumed Hengda will be able to use 100% of the
restricted cash to pay debt

Fitch estimates the recovery rate of the offshore senior unsecured
debt at 86%, which corresponds to a Recovery Rating of 'RR2'.
However, Hengda's Recovery Rating is capped at 'RR4', which is the
cap for Group D countries that include China, in accordance to
Fitch's Country-Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Evergrande is upgraded, provided linkages between Hengda and
its parent remain intact

For Evergrande, Developments that May, Individually or
Collectively, Lead to Positive Rating Action Are:

  - Net debt/adjusted inventory sustained below 50.0% (2017:
49.6%)

  - Contracted sales/gross debt sustained above 0.8x (2017: 0.7x)

As the Outlook on Evergrande is Positive, no negative action is
envisaged. However, the Outlook on Hengda may revert to Stable if
the same happens to Evergrande. Developments that may lead to the
Outlook on Evergrande reverting to Stable are:

  - Failure to achieve the above positive rating sensitivities over
the next 12 months

  - Change in management strategy to refocus on aggressive
expansion  from stated objective to reduce gearing ratio

  - Failure to reduce short-term debt to below 35% of total debt
(end-2017: 48%; end-June 2018: 44%)

LIQUIDITY

Liquidity Remains Adequate: Hengda had a large cash balance
totalling CNY223 billion at end-June 2018, including CNY99 billion
of restricted cash. It had CNY273 billion of debt maturing before
June 2019 that can be funded by ongoing contracted sales and
existing cash. Fitch expects Hengda's working capital investment to
reduce sufficiently to generate positive cash flow from operations
in 2018 to support debt repayment.


HENGDA REAL ESTATE: Moody's Rates Proposed Notes 'B2'
------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed notes to be issued by Scenery Journey Limited and
guaranteed by Tianji Holding Limited (B2 positive).

The proposed notes will also be supported by a deed of equity
interest purchase undertaking and a keepwell deed between Hengda
Real Estate Group Company Limited (B1 positive), Tianji, Scenery,
and the bond trustee.

The note proceeds will be used mainly for offshore debt refinancing
by Hengda.

RATINGS RATIONALE

Moody's expects that the proposed notes issuance will slightly
lengthen the debt maturity profile of Hengda and Tianji and will
not materially affect the credit metrics of the two companies,
because it expects that the proceeds from the issuance will be
mainly used to refinance their existing debt.

Tianji's B2 CFR reflects the company's standalone credit profile
and a one-notch rating uplift, based on Moody's expectation that
Hengda will provide financial support to Tianji in a situation of
financial stress.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji, (2) Tianji's status as the primary offshore platform for
Hengda to invest in property projects and raise offshore funds, and
(3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in its moderately large
scale, weak liquidity, and weak credit metrics relative to B-rated
Chinese property developers.

Tianji's liquidity position is weak, and it has to rely on support
from Hengda. Its cash holdings of RMB20.6 billion at June 30, 2018
was inadequate to cover its short-term debt of RMB57.1 billion.

Moody's expects Tianji's EBIT/interest will fall to around 1.5x
over the next 12-18 months from 1.9x in 2017, because of increased
interest cost.

On the other hand, Tianji's debt leverage — as measured by
revenue/adjusted debt — will remain largely stable at around 25%
over the next 12-18 months from 27% at the end of 2017.

Tianji's positive rating outlook reflects the positive outlook on
Hengda's rating, as well as Hengda's strengthened capability to
provide support to Tianji in times of need.

Moody's expects that Hengda will have the ability to provide
support, if needed. Hengda's B1 CFR reflects its status as an
onshore flagship subsidiary of China Evergrande Group (B1
positive), and as the platform that owns and manages Evergrande's
core property development business in China.

Hengda accounted for 94.6% of Evergrande's revenue in 1H 2018 and
88.1% of Evergrande's total assets at 30 June 2018.

Hengda's B1 CFR reflects its strong sales execution.

The company's large scale, as measured by contracted sales, will
continue to position it among the top residential developers in
China (A1 stable). This situation will support Hengda's access to
the domestic bank and debt markets.

In addition, the B1 CFR reflects Hengda's good profitability,
underpinned by a low-cost land bank and economies of scale.

However, Hengda's rating is constrained by its private company
status, because information disclosure is less transparent than
that of its listed peers.

The positive outlook on Hengda's rating reflects Moody's
expectation that Hengda will continue to improve its debt leverage
over the next 12-18 months.

The B2 senior unsecured rating of the proposed notes reflects
Moody's expectation that Hengda will provide financial support
through honoring its obligations under the Deed of Equity Interest
Purchase Undertaking rather than through a payment guarantee.

The B2 senior unsecured rating is also unaffected by subordination
to claims at the operating companies because Moody's expects
support from Hengda to Tianji to flow through the holding company
rather than directly to the main operating companies; thereby
mitigating any differences in expected loss that could result from
structural subordination.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Hengda Real Estate Group Company Limited is among the top property
developers in China by sales volume, with a standardized operating
model. Founded in 1996 in Guangzhou, Hengda has rapidly expanded
its business across the country over the past few years. At June
30, 2018, Hengda's land bank totaled 258 million square meters in
gross floor area across 228 cities in China.

Hengda is the property arm and the flagship subsidiary of China
Evergrande Group. At 30 June 2018, Evergrande owned 63.5% of
Hengda's shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters.


HENGDA REAL ESTATE: S&P Rates New U.S.-Dollar Sr. Unsec. Notes 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Scenery Journey Ltd.'s proposed U.S. dollar-denominated senior
unsecured notes. Under the current issuance structure, the notes
are guaranteed by Tianji Holding Ltd. (B+/Positive/--), with Hengda
Real Estate Group Co. Ltd. (B+/Positive/--) providing support via a
keepwell agreement. Tianji is Hengda's offshore operating and
financing platform. The issue rating is subject to S&P's review of
the final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Tianji to reflect significant structural subordination
risk. As of June 30, 2018, Tianji's capital structure consists of
RMB85 billion of priority debt at both project and group levels,
including its cash-pledged offshore borrowing. It also has about
RMB19.7 billion of unsecured debt at the group level, which is
adjusted for the U.S.-dollar senior notes it issued in the fourth
quarter of 2018. As such, Tianji's priority debt ratio is over 80%.


"We believe the issuance may slightly improve Hengda's capital
structure if the company issues at longer maturity and uses it to
refinance short-term obligations such as cash-pledged offshore
borrowing or entrusted loans. It may also mildly enhance Hengda's
liquidity, which we assess as less than adequate, with liquidity
sources marginally covering uses over the next 12 months. However,
the impact on Hengda's credit profile will unlikely be significant
due to the China-based developer's large-scale short-term and
overall debt size."

Hengda's large short-term debt position and its significant
alternative financing position remain its key rating constraints.
They also weigh on the company's liquidity profile, although S&P
believes these areas have a reasonable chance to improve, as
reflected in its positive outlook on Hengda.


MIE HOLDINGS: S&P Lowers ICR to 'CC' On Distressed Exchange
-----------------------------------------------------------
S&P Global Ratings noted that MIE Holdings Corp. has announced an
exchange offer for its senior unsecured notes due April 2019 that
S&P considers tantamount to a default after completion.

On March 1, 2019, S&P lowered its long-term issuer credit rating on
MIE to 'CC' from 'CCC-'. S&P said, "We also lowered our long-term
issue rating on MIE's outstanding senior unsecured notes due 2019
to 'C' from 'CC'. The negative outlook reflects the likelihood that
we will lower our rating on MIE to 'SD' (selective default) and our
issue rating on the notes to 'D' (default) when the distressed
exchange is complete."

S&P lowered the ratings because it views the proposed transaction
as a distressed exchange since investors will receive significantly
less than what they were promised for the original securities on
the maturity date.

Under the terms of the offer, MIE will issue new 13.75% senior
unsecured three-year notes to replace any and all of its
outstanding 7.50% senior notes due 2019.

For each US$1,000 principal amount of 2019 notes that is validly
tendered before the early participation deadline (March 15, 2019),
bondholders will receive a cash payment of US$100 plus US$900 in
principal amount of new notes. For notes validly tendered after the
early participation deadline but prior to the exchange expiration
deadline (March 22, 2019), bondholders will receive a cash payment
of US$20 for every US$1,000 principal amount of existing notes
exchanged plus US$980 in principal amount of new notes.

The exchange offer is conditional on having no less than 90% in
aggregate of the outstanding principal amount of the US$316 million
existing notes accepting the offer.

S&P said, "We will review MIE's credit profile after the tender
offer is completed. The exchange offer will be settled on March 26,
2019. We believe MIE's default risk is likely to remain high over
the next six to 12 months even after the exchange offer is
completed because the company still has a substantial amount of
other short-term debt maturities and interest payable. We believe
the company will need to further optimize its debt structure to
restore the sustainability of its capital structure.

"In our view, MIE will continue to face a material liquidity
deficit over the next 12 months. We estimate the company will need
to repay at least US$184 million in loans by the first half of
2020, of which US$104 million is payment on demand. The company
also needs to repay at least US$70 million-US$80 million interest
annually, depending on the interest rate of the new loan secured
for the exchange offer.

"We note that MIE's disposal of its Canadian asset Canlin Energy is
still in progress. The company estimated to receive net cash
proceeds of US$150 million following completion of the asset sale.
However, it is still uncertain whether the disposal would be
successful since the purchaser, Far East Energy International Ltd.,
wholly owned by chairman of MIE Mr. Zhang Ruilin, is still trying
to obtain sufficient funding to complete the purchase.
In our opinion, MIE's cash on hand (excluding the proceeds from
potential disposal) and cash flow generated from its small-scale
operations, under our Brent oil price assumption of US$55 per
barrel in 2019-2020, will not be able to cover its debt due in the
next 12 months.

"The negative outlook for the next 12 months reflects the
likelihood that we will lower our issuer credit rating on MIE to
'SD' and our issue-level rating on the company's senior unsecured
notes to 'D' when the distressed exchange is complete on March 26,
2019.

"Following the conclusion of the exchange, we will reassess MIE's
financial and liquidity position before revising the ratings again,
based on the amount of notes tendered."


WALCOM GROUP: Warns of Liquidation Amid Pressure on China Revenue
-----------------------------------------------------------------
StockMarketWire.com reports that Walcom Group warned that it may be
forced into liquidation as slowing growth in China and a bout of
African swine fever crimped sales.

Trading in the first two months of the financial year had been
significantly below budget, the company said, StockMarketWire.com
relates.

According to StockMarketWire.com, Walcom said it had received
CNY200,000 of payments owed by its largest customer.  However, it
had still not received payment of an outstanding amount of CNY4.76
million and was therefore was still pursuing legal proceedings.

'As a result of these matters, Walcom's working capital position is
severely constrained such that the company may not be able to meet
its liabilities as they fall due by the end of March 2019,' Walcom
said.

'The company is taking all possible steps to mitigate this position
by means of cost savings, negotiating with suppliers on extended
payment schedules and other actions the company could take to
generate additional cash resources.

'The actions outlined above are subject to a number of variables
which are not wholly within the company's control.'

In the event that the company is unable to address its working
capital shortfall, the company may be unable to continue its
operations and may be forced into liquidation with a consequential
diminution in value to shareholders.'

Walcom Group Limited, an investment holding company, researches,
develops, commercializes, produces, and markets animal feed
additive products. The company offers chemical feed additive
products for pigs, cows, poultries, beef cattle and sheep, and
aquatic. It operates in the People's Republic of China, Thailand,
South Korea, and internationally. Walcom Group Limited is
headquartered in Shanghai, the People's Republic of China.


ZHAOJIN MINING: Fitch Gives Final BB Rating to USD300MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Zhaojin Mining Industry Company
Limited's (Zhaojin Mining; BB/Stable) USD300 million 5.5% senior
notes due 2022 a final rating of 'BB'. The notes are issued by
Zhaojin Mining International Finance Limited, a wholly owned
subsidiary of Zhaojin Mining. The notes are guaranteed by Zhaojin
Mining and are rated at the same level as Zhaojin Mining's senior
unsecured rating as they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on 25 February 2019.

Zhaojin Mining is the fourth-largest integrated gold producer in
China with annual production of about 16 tonnes in 2017. The
company is based in the gold-rich region of Zhaoyuan in eastern
Shandong province, and has high-quality gold assets as well as
production costs in the first quartile on the global cost curve.

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by the Zhaoyuan municipality. Fitch assesses Zhaojin Group's
ratings on four factors set out in its Government-Related Entities
Rating Criteria. As a result, Fitch takes a top-down approach to
the rating and notches Zhaojin Group's profile below its internal
assessment of the credit profile of Zhaoyuan municipality.

Zhaojin Mining's rating is equalised with the credit profile of
Zhaojin Group as Fitch assesses the linkage between the two
entities as strong, underpinned by solid strategic and operational
ties, as per the agency's Parent and Subsidiary Rating Linkage
criteria.

KEY RATING DRIVERS

Strong State Control and Support: Fitch assesses Zhaojin Group's
status, ownership and control by Zhaoyuan municipality as 'Strong'
as the company is economically and strategically important to the
city. Zhaojin Group is wholly owned by the municipality and is the
largest producer in a city where gold is a major economic
contributor. Fitch assesses Zhaojin Group's support record as
'Moderate'. Zhaojin Mining has received financial subsidies from
the municipality in the past, but the group's financial profile
remains weak.

Strong Incentive to Support: Fitch assesses the socio-political
effect of a default by Zhaojin Group on Zhaoyuan as 'Strong'
because Zhaojin Group is the largest gold producer in the city and
accounts for 80% of the city's gold refining capacity and 100% of
its processing capacity. Fitch also assesses that the financial
implications of a default by Zhaojin Group on Zhaoyuan are 'Very
Strong' because Zhaojin Group accounts for around 70% of the
state-owned assets in Zhaoyuan and it is the largest debt issuer in
the city.

Strong Parent-Subsidiary Linkage: Zhaojin Mining is 33.74%-owned by
Zhaojin Group and holds the majority of the group's core assets. It
is also the group's only publicly listed subsidiary. Zhaojin Mining
accounts for over 90% of Zhaojin Group's EBITDA and shares key
board members and senior management. Zhaojin Group also guarantees
some of Zhaojin Mining's bonds issued on the domestic market.

Low-Cost Gold Producer: Zhaojin Mining's gold-mining business has
cash costs in the first quartile on the global cost curve, with
average cash cost of about USD660/oz, thanks to its high-quality
assets. Zhaojin Mining's gold profitability is comparable with that
of highly rated gold peers such as Goldcorp Inc. (BBB/Rating Watch
Positive), Kinross Gold Corporation (BBB-/Stable) and Yamana Gold
Inc. (BBB-/Stable), and is higher than the gold business of
domestic peer Zijin Mining Group Co., Ltd (BBB-/Stable). This
contributed to Zhaojin's strong EBITDA margin of 43% in 1H18.

High Leverage, Healthy Coverage: Zhaojin Mining's standalone credit
profile is constrained by its high financial leverage, which is
driven by its large capex. Fitch expects Zhaojin Mining's FFO
adjusted net leverage to remain high at around 5.6x between 2018
and 2019, compared with 6.0x in 2017. However, the company's
interest coverage is ample at around 4.0x due to its low cost of
funding.

Haiyu Mine to Boost Output: Zhaojin Mining acquired 53% of the
Haiyu gold mine for CNY2.7 billion in 2015. Haiyu is the largest
undersea gold mine in China, with estimated reserves of around 500
tonnes. Fitch expects commercial production to commence around
2021, which will add around 14 tonnes of annual gold production to
the group's existing 20 tonnes, significantly boosting the size of
its gold-mining business. Fitch has not factored in contribution
from the Haiyu mine in its financial forecasts for 2018-2021, as it
does not expect commercial production to begin in the near term.

DERIVATION SUMMARY

Zhaojin Mining's rating is equalised with the credit profile of
Zhaojin Group, based on strong linkage between the two entities as
per Fitch's Parent and Subsidiary Rating Linkage criteria. Zhaojin
Group's profile is notched down two times from Fitch's internal
assessment of the credit profile of Zhaoyuan municipality, due to
the high likelihood of support from the local government as per
Fitch's Government-Related Entities Rating Criteria.

Zhaojin Group's notching from its parent is similar to that of
steel producer HBIS Group Co., Ltd.'s (BBB+/Stable) from Hebei
State-owned Assets Supervision and Administration Commission. HBIS
is the largest steelmaker in Hebei and steel is a major economic
driver for the province, accounting for 40% of the total assets of
state-owned enterprises in the province. Similarly, Zhaojin Group
is the largest gold miner in Zhaoyuan, where gold production is a
significant contributor to economic activity. Zhaojin Group
accounts for 70% of Zhaoyuan's total state-owned assets.

KEY ASSUMPTIONS

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

  - Gold gross margin to remain at around 40% between 2018 and 2021
(2017: 40%)

  - Gold price to be maintained at around USD1,200/oz between 2018
and 2021.

  - Capex of CNY2.2 billion each year between 2018 and 2021 (2017:
CNY1.5 billion)

  - Dividend payout ratio of around 20%-30% in the future.

RATING SENSITIVITIES

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

  - An upgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Increase in the likelihood of support from the Zhaoyuan
government

  - Stronger standalone credit profile of Zhaojin Group, which may
be evident from interest coverage ratios at the group
holding-company level exceeding 2.0x on a sustained basis. (2017:
1.5x)

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

  - A downgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Weakening of likelihood of support from the Zhaoyuan
government

  - Weaker standalone credit profile of Zhaojin Group, which may be
evident from liquidity issues.

LIQUIDITY

Adequate Liquidity: As of end-1H18, Zhaojin Mining had around
CNY13.3 billion in unused credit facilities and CNY2.3 billion in
cash, against around CNY10.7 billion in short-term debt. Zhaojin
Mining also has access to offshore equity markets and domestic bond
markets, and maintains good relationships with major domestic
financial institutions.


ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will not materially change Zhenro's
credit metrics in the next 12 to 18 months, and will help address
its short-term refinancing needs," says Cedric Lai, a Moody's
Assistant Vice President and Analyst.

Moody's forecasts that Zhenro's debt leverage — as measured by
revenue/adjusted debt — will improve to around 50%-60% over the
next 12-18 months from 48% for the 12 months ended 30 June 2018 and
44% in 2017, as revenue increases on the back of strong contracted
sales in the past 1-2 years.

At June 30, 2018, Zhenro had short-term debt of RMB26 billion,
including RMB2 billion in puttable bonds, compared to cash holdings
(including restricted cash) of RMB21 billion. The proposed bond
issuance will improve Zhenro's liquidity profile and alleviate its
short-term refinancing needs.

Zhenro's B2 corporate family rating reflects the company's quality
and geographically diversified land reserve, large scale, and
strong sales execution.

On the other hand, the rating is constrained by its weak financial
metrics, as a result of its debt-funded rapid growth, weak
liquidity position, and limited access to funding.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward ratings pressure could emerge if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong contracted
sales growth.

Credit metrics indicative of upward ratings pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained
basis.

The ratings could be downgraded if: (1) Zhenro fails to deleverage
or if its EBIT/interest coverage falls below 1.25x-1.50x due to
aggressive land acquisitions; (2) its contracted sales or revenues
fall short of Moody's expectations; or (3) its liquidity position
weakens or cash/short-term debt falls below 0.8x on a sustained
basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2018, Zhenro had 121 projects in 24
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.70% of Zhenro Properties at August 27, 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company as
of the same date.




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

AAACORP EXIM: CARE Lowers Rating on INR3cr Cash Loan to D
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of AAACorp
Exim India Private Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank Facilities-     3.00      CARE D; Issuer Not Cooperating;
   Fund Based                     Revised from CARE BB; Issuer
   (Cash Credit)                  Not Cooperating based on best
                                  Available information

   Short-term Bank     19.40      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE A4; Issuer
   Non-fund-based                 Not Cooperating based on best
                                  Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AAACorp Exim to monitor the
rating(s) vide e-mail communications/letters dated February 7,
2019, February 1, 2019, January 7, 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 available information. The rating on AAACorp
Exim India Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING/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 have been revised on account of classification of one
of the group companies into non performing asset (NPA) category as
per banker interaction owing to liquidity constraints faced by the
company and at the group levels.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stressed Liquidity Position faced by the company and its group
companies: The ratings have been revised on account of
classification of one of the group companies into non performing
asset (NPA) category as per banker interaction owing to liquidity
constraints faced by the company and at the group levels.

Moderate financial risk profile: Overall gearing of the group
(combined basis) is moderately high at 2.39x as on March 31, 2018.
The Interest coverage Ratio turned negative owing to losses at
operational level. The overall gearing of AAACorp Exim India
Private Limited (consolidated basis) was at 1.15 times as on
March 31, 2018 with interest coverage ratio of 0.33.

Thin profitability margins due to majority of operations in trading
segment: The PBILDT margins of the group reduced to -1.12% in FY18
as compared to 4.23% in FY17.

Operating margins are susceptible to raw material price
fluctuation:  The operating margins of the JJ group remain
susceptible to volatility in the cost of traded goods, that are
dependent on plastic granules and plastic scrap, which is a
derivative of crude oil. Thereby any adverse fluctuation in crude
oil prices is likely to impact the profitability margins of JJ
group. Furthermore, due to stiff competition any inability to pass
on the volatility may put pressure on the profit margins.

Highly competitive and fragmented industry: The plastic bag
manufacturing industry is highly fragmented with the presence of a
large number of unorganized players in domestic market and faces
stiff competition from China in the international market. The
intense competition is also driven by low entry barriers in terms
of capital and technology requirements and limited product
differentiation.

Foreign exchange fluctuation risk: The group hedges about 70% of
its creditors by way of entering into forward contracts, while the
remaining 30% remain exposed to forex fluctuation risk. Hence, any
adverse or favorable movements in forex rate and the economic
conditions could have an impact on the profitability of the group
as majority of the raw materials and traded goods are imported
from overseas suppliers.

Key Rating Strengths

Established track record of promoters in the plastic business
The JJ group's founder Mr Joseph Parakkott, is the chairman and
Managing director of AAACorp Exim India Private Limited. The
promoter of the company has rich and valuable experience of more
than two decades in the business of trading of plastic
raw-materials. JJ Group has been engaged in the business of trading
of Plastic Polymers - LLDPE, LDPE, HDPE, PP & Specialty Polymers -
PVC Resin & EVA for more than two decades.

Geographically diversified customer base of the group: JJ group has
established a diversified customer base in different geographies in
the domestic markets, through its group company JJ Poly Impex,
while it caters to export markets of UK and other countries through
AAACorp Exim India Pvt Ltd. It caters to the Western and Southern
India by renting warehouses for storage of imported polymers.

Analytical approach: As AAACorp Exim India Pvt Ltd and JJ Poly
Impex Private Limited and have a similar line of business and are
held by the same promoter Joseph Parakkott of JJ Group and
operations are supported by the group companies, we have taken a
combined view of the financials of the two companies.

JJ Group has been engaged in the business of trading of Plastic
Polymers - LLDPE, LDPE, HDPE, PP & Specialty Polymers - PVC Resin &
EVA for more than two decades. The group has diversified into
trading of Specialty Polymers since 2005. The group is also into
manufacturing of plastic bags and polymer granules from plastic
waste imported from US, Europe, UK, Middle East etc. The group has
its marketing offices located with adequate infrastructure at
Mumbai, Delhi and Chennai for overseeing its domestic trading
operations. The group also exports its product mainly plastic bags
to UK.


AARYAMAN RECREATION: CARE Moves D on INR7cr Loans to NonCooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Aaryaman
Recreation Club Limited (ARCL) to Issuer Not Cooperating category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     7.50       CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

CARE has been seeking information from ARCL to monitor the ratings
vide e-mail communications/letters dated October 24, 2018, November
14, 2018, December 13, 2018, December 21, 2018,
January 4, 2019, January 16, 2019, January 24, 2019 February 4,
2019, February 06, 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 publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on ARCL'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 July 30, 2018, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing on account of weak liquidity position of ARCL.

Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is
a closely held company, incorporated in 2014 is promoted by
Mr.Vimal Kalsariya, Mr.Ishwarlal Gehi , Mr. Kanaiyalal Gehi, Mr.
Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and
Mr. Jayantilal Godhadara. ARCL is setting up a project to establish
a Recreational club. The club will have various amenities such as
follows Theatres, Eateries, Beauty salon/Spa/Wellness centre, Guest
rooms, Conference hall, Party hall. The project will be executed in
two phases wherein three buildings namely Ruby, Sapphire and
Emerald will be constructed. In the first phase, ARCL is
constructing Ruby building for which the estimated cost is INR16.76
crore and the same is expected to completed by September 2019. The
Sapphire and Emerald will be constructed in the second phase which
is envisaged to start from October 2019 and expected to be
completed by March, 2021. Total cost of project is INR29.93 crore
which will be funded through term loan of INR7.50 crore, equity
capital of INR3.20 crore, unsecured loans of INR0.44 crore and the
rest amount will be obtained through membership fees.


BRAJESH CONSTRUCTION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Brajesh Construction Private Limited
        2348/Bldg. No. 49, Shree Sai Krupa CHS Ltd.
        Gandhi Nagar, Near Apna Bazar
        Bandra (East), Mumbai 400051

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 31, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti, 2nd Floor
                         49 A, Dr. Annie Besant Road
                         Above Corporation Bank, Worli
                         Mumbai 400018
                         Tel.: +91(22)-6611-9696
                         Direct Extn: 604
                         Mobile: +91-9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    February 22, 2019


CHEETAH APPARELS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cheetah Apparels
(CA) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit assigned with IND
     BB-/Stable/IND A4+ rating;

-- INR39.28 mil. Term loan due on March 2026 assigned with IND
     BB-/Stable rating; and

-- INR9.69 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect CA's small scale of operations, and modest
operating margins and credit metrics. Revenue increased to INR59.1
million in FY18 (FY17: INR43.2 million), driven by an increase in
the number of work orders obtained and executed. EBITDA margin
fluctuated between 19.0%-23.6% over FY15-FY18 due to raw material
price volatility. Net leverage (adjusted net debt/operating EBITDA)
deteriorated to 3.2x in FY18 (FY17: 1.9x), driven by an increase in
total debt, and interest coverage (operating EBITDA/gross interest
expenses) improved to 5.7x (4.2x), due to an increase in the
absolute EBITDA. The return on capital employed was 11% in FY18
(FY17: 10%).

CA is present in the highly fragmented embroidery industry, and
faces intense competition from both organized and unorganized
players. It also faces forex risk, given export sales account for
10%-to 20% of its revenue.

The ratings however are supported by CA's comfortable liquidity,
indicated by its 65% fund-based limit utilization during the 12
months ended January 2019. Its cash and cash equivalent stood at
INR3.7 million in FY18 (FY17: INR6.6 million).  

The ratings are also supported by CA's locational advantage. The
firm procures raw materials at a competitive price because its
facility is located in Tirupur, Tamil Nadu. Moreover, the company's
promoter has an experience of over two decades in the embroidery
business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or the operating
profitability, leading to deterioration in the credit metrics and
liquidity, all on a sustained basis, will be negative for the
ratings.

Positive: Any rise in the revenue, along with an increase in the
profitability, leading to an improvement in the credit metrics,
will lead to a positive rating action.

COMPANY PROFILE

CA was incorporated in 2006, and has an installed capacity of 14
machineries. The company executes embroidery work on hosiery
garments.


CISCONS PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ciscons Projects Private Limited

        Registered office:
        Flat No. 604, Tirumala Shah Residency 6th Floor
        Yellareddyguda, Ameerpet
        Hyderabad TG 500016 IN

        Site office:
        C/o YTPS, Yermaras, Raichur, Karnataka and
        C/o BTPS, Manuguru, Bhadradri, Kothagudem dist
        Telangana 507117

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 29, 2019

Insolvency professional: Sandhya Tadla

Interim Resolution
Professional:            Sandhya Tadla
                         EzResolve LLP
                         402B, 4th Floor, Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: Sandhya@EzResolve.in

Last date for
submission of claims:    February 13, 2019


EARTH GRACIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Earth Gracia Buildcon Private Limited
        Registered office:
        B-100, Second Floor
        Nariana Industrial Area
        Phase-1 Delhi
        West Delhi DL 110028

Insolvency Commencement Date: January 17, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 4, 2019
                               (180 days from commencement)

Insolvency professional: Manisha Rawat

Interim Resolution
Professional:            Manisha Rawat
                         A-1/B, Third Floor
                         T-02, Sector 16
                         Noida 201301
                         E-mail: manisharawatfcs@gmail.com
                                 egb.cirp@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan, Shanker Market
                         Connaught Circus, New Delhi 110001

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Amit Sharma
                         H.No. 3311, 2nd Floor, Gali No. 2
                         Laxman Vihar, Phase-1
                         Gurgaon 122001
                         Haryana, India
                         E-mail: amitsharmaaca@rediffmail.com

                         Ms. Vandana Pankaj
                         E-7/12, Basement
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: fcsvandana@gmail.com

                         Mr. Sanjay Khandelwal
                         E-7/12 LGF Malviya Nagar
                         New Delhi 110017
                         E-mail: sanjay918@gmail.com

Last date for
submission of claims:    February 19, 2019


GIG MOTORS: CARE Reaffirms B+ Rating on INR13.31cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GIG Motors, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           13.31      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale and short track record of operation along with low
profit margins: GIG Motors is a small player in automobile industry
with a PAT of INR0.53 crore on total operating income of INR21.17
crore in FY18. The small size restricts the financial flexibility
of the entity in times of stress and deprives it from economies of
scale. Due to its small scale of operation the absolute profit
levels of the entity also remained low. The profitability margins
also remained low marked by PBILDT and PAT margins of 5.69% and
0.53% respectively. Further the entity has
achieved revenue of INR71.80 crore during 9MFY19.

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

Risk of non-renewal of dealership agreement: The entity has entered
into a dealership agreement with Maruti Suzuki India Limited.
Furthermore, the agreements may get terminated at any time on
violation of certain clauses. The aforesaid risk is mitigated to a
certain extent as the scale of operations of the entity is
increasing year on year.

Low bargaining power with OEM and reliance for volume for growth:
GIG Motor's business model is purely in the nature of trading,
wherein profit margins are very thin and bargaining power over the
Original Equipment Manufacturer (OEM) is also low. As GIG Motor's
margin on products is pre-decided at a particular level by the
principal manufacturers, it has a limited scope to enhance its
profitability margins. Hence, the entity's growth prospects depend
on the ability to increase its sales volume and capitalize on the
spares and service segment.

Working capital intensive nature of operation: The business of
wheeler dealership is having inherent high working capital
intensity due to high inventory holding period. The entity has to
maintain the fixed level of inventory for display and to guard it
against supply shortages. Furthermore, Maruti Suzuki India Limited
having its association, demands payment in advance, resulting in
higher working capital requirements. Accordingly, the average fund
based working capital utilisation remained high at 90% during the
last 12 months ended January, 2019.

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

Key Rating Strengths

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

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

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

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

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

Liquidity
The liquidity position of the company remained comfortable marked
by current ratio of 1.66x and quick ratio of 0.12x as on March 31,
2018. The Gross cash accruals also remained high at INR3.03 crore
as on March 31, 2018.


GLASS BUILD: CARE Reaffirms 'B' Rating on INR10cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Glass Build Industry (GBI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           10.00      CARE B; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of GBI is tempered on
account of project execution risk with debt yet to be tied up, its
presence in fragmented and competitive industry and constitution of
entity as a proprietorship firm limiting financial flexibility in
times of stress.

The ratings, however, draw support from the experience of the
proprietor and long standing business relations with suppliers
through group concern.

The ability of the firm to complete the project as per schedule
timeline without any cost overrun is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution risk with debt yet to be tied up: The entity is
in process of setting up a glass manufacturing facility at Kamtee,
Nagpur (Maharashtra). The total cost of the project is INR 13.72
crore which is proposed to be funded by DER of 4.12x. As on January
8, 2019, the firm has incurred a cost of INR0.30 crore toward civil
construction which was funded through proprietor's contribution.
The entity is expected to commence its operations from December
2020. However, financial closure for the project has not yet been
achieved. The ability of firm to complete the project within
envisaged cost and timeline will be critical from credit
perspective.

Presence in competitive and fragmented nature of industry: GBI
operates in an industry characterized by competition due to low
entry barriers, fragmentation and the presence of a large number of
players in the organized and unorganized sector.

Proprietorship nature of constitution: Being a proprietorship firm,
GBI is exposed to the risk of withdrawal of capital by proprietor
due to personal exigencies, dissolution of firm and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential. This also limits
the firm's ability to meet any financial exigencies.

Key Rating Strengths

Experienced proprietor along with long standing business relations
with suppliers: GBI is promoted by Mr. Sachin Jagmohan Pachisia. He
is associated with glass industry for more than a decade through
its group entity "Glass Guard India Private Limited". He will look
after overall management of the entity with adequate support from a
team of experienced professionals to support the growth of
operations of the entity. Further, as the proprietor is associated
with glass manufacturing industry for approximately a decade he has
longstanding relationship with the suppliers. Being in the industry
for more than a decade has helped the promoter in gaining adequate
acumen about the business which will aid in smooth operations of
GBI.

GBI is a Nagpur based firm promoted by Mr. Sachin J Pachisia and
was established in September 2017. The entity is expected to be
engaged in the business of manufacturing of laminated and toughened
glass to be used in Auto and Construction Industry at its
manufacturing facility located at Kamtee, Nagpur (Maharashtra). The
proposed capacity of the facility for Toughened glass (5MM) will be
270000 Lakhs Square Meters per month, 60000 Square Meters per month
for Laminated Glass, and 1800 Pieces per month for Bus Glass. The
entity is expected to commence its operations from December 2020.


GLOABTEL CONVERGENCE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gloabtel Covergence Limited

        Present Address:
        Office No. 8, First Floor, Apollo House
        Haji Kasam Building
        84, Mumbai Samachar Marg, Fort Mumbai
        Mumbai City MH 400001

        Earlier Address:
        190 R K Building Ground Floor
        9th Khetwadi Road
        Mumbai 400004
        Maharashtra

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 2, 2019

Insolvency professional: Rajendra K. Bhuta

Interim Resolution
Professional:            Rajendra K. Bhuta
                         1207, Yogi Paradise
                         Yogi Nagar, Borivali (West)
                         Mumbai 400092
                         E-mail: rkbhuta@gmail.com

                            - and -

                         303, Raghuveer Tower
                         Chamunda Circle, Borivali (West)
                         Mumbai 400092
                         E-mail: gloabtel.ip@gmail.com

Last date for
submission of claims:    February 25, 2019


GREAT INDIAN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Great Indian Nautanki Company Private Limited
        M 77/118, Connaught Circus
        New Delhi 110001

Insolvency Commencement Date: January 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 29, 2019

Insolvency professional: Radhey Shyam Yadav

Interim Resolution
Professional:            Radhey Shyam Yadav
                         Flat No. 2, Aakriti Aptts
                         62 IP Extn, Patparganj
                         New Delhi 110092
                         E-mail: rsyadav01@gail.com

                            - and -

                         1203, Vijaya Building
                         17 Barakhamba Road, Connaught Place
                         New Delhi 110001
                         E-mail: irp.ginc@gmail.com

Last date for
submission of claims:    February 18, 2019


H K LUMBERS: CARE Moves D on INR5.85cr Loans to Non-Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of H K
Lumbers LLP (HKLL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       1.35      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank      4.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HKLL to monitor the ratings
vide e-mail communications/letters dated October 5, 2018,
October 30, 2018, November 14, 2018, November 20, 2018, November
30, 2018, December 12, 2018, December 21, 2018, January 4, 2019,
January 7, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on HKLL'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 June 14, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position
of the firm.

Gandhidham (Gujarat) based HKLL was incorporated in 2014 by Rudani
and Patel Family and currently managed by Mr. Rajeshkumar Rudani
and other family members. Mr. Rajeshbhai Rudani possesses 10 years
of experience in wood and wood products industry. HKLL is engaged
into saw milling and planning of wood. H K Timbers Private Limited
is the group entities of HKLL, which is engaged in manufacturing of
veneer sheets, manufacturing of plyboard, particle board and other
plyboard products.


H K TIMBERS: CARE Moves D on INR13.5cr Loans to Non-Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of H K
Timbers Private Limited (HTPL) to Issuer Not Cooperating category.

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

   Short-term Bank     7.50       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

CARE has been seeking information from HTPL to monitor the ratings
vide e-mail communications/letters dated October 5, 2018,
October 30, 2018, November 14, 2018, November 20, 2018, November
30, 2018, December 12, 2018, December 21, 2018, January 4, 2019,
January 7, 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
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on HTPL'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 June 14, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing on account of weak liquidity position of HTPL.

Gandhidham (Gujarat) based HTPL was incorporated in 2012 by Rudani
and PatelFamily and currently managed by Mr. RajeshkumarRudani and
other family members.Mr. Rajeshbhai Rudani possesses 10 years of
experience in wood and wood products industry. HTPL is engaged into
manufacturing of veneer sheets, manufacturing of plyboard, particle
board and other plyboard products. H K Lumbers LLP Is the group
entities of HTPL, which is engaged in same line of business saw
miling and planning of wood.


HYGIENE FEEDS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Hygiene Feeds & Farms Private Limited
        Village Adiyana, Tehsil Madlauda
        Panipat, Haryana 132113
        India

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: July 30, 2019

Insolvency professional: Karuna Sharma

Interim Resolution
Professional:            Karuna Sharma
                         G-13, First Floor, South City-2
                         Sector-50, Gurgaon Haryana 122018
                         E-mail: sharma.karuna@gmail.com
                         Mobile: 9871145777

Last date for
submission of claims:    February 18, 2019


INDIAN TREAT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Indian Treat Limited
        A-522 TTC Industrial Area, Vill-Mahape
        Navi Mumbai Thane 4000701 Maharashtra

Insolvency Commencement Date: January 30, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 8, 2019
                               (180 days from commencement)

Insolvency professional: CA. Sameer Kakar

Interim Resolution
Professional:            CA. Sameer Kakar
                         105, Gulmohar Complex
                         Near Bus Depot
                         Station Road, Goregaon East
                         Mumbai 400063
                         E-mail: sameerkakar@gmail.com
                                 ip.indiantreat@gmail.com

Last date for
submission of claims:    February 25, 2019


KAARU COLLECTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kaarau Collections Private Limited
        23 A/5 Tilak Nagar
        New Delhi 110018

        Also at:
        Plot No. 682, Sector-37
        Place City-II, Industrial Area
        Gurgaon 122001

Insolvency Commencement Date: January 24, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 3, 2019

Insolvency professional: Sunita Umesh

Interim Resolution
Professional:            Sunita Umesh
                         M/s. UCC & Associates LLP
                         Chartered Accountants
                         1315, Ansal Tower
                         38 Nehru Place
                         New Delhi 110019
                         E-mail: sunita.umesh@uccglobal.in
                                 Id-cirp.kaaru@gmail.com

Last date for
submission of claims:    February 18, 2019


KASTURI K12: CARE Assigns B+ Rating to INR14.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kasturi
K12 Services Private Limited (KSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          14.50       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of KSPL are tempered by
short track and small scale of operations with low net worth base,
leveraged capital structure during review period, working capital
intensive nature of business operations, geographical concentrated
revenue profile coupled with customer concentration risk and highly
fragmented industry with intense competition from large number of
players.

However, the ratings are underpinned by qualified & vast experience
of promoters with more than five decades, growth
in total operating income and PBILDT margins during the review
period and comfortable debt coverage indicators.

Going forward, ability of the company to increase its revenue while
improving the profitability margins amidst competition, ability of
the company to improve its capital structure and improve working
capital requirements effectively and ability of the company
diversify its clientele are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track and Small scale of operations with low net worth base:
The scale of operations of the company remained small and marked by
total operating income of INR22.20 crore in FY18 coupled with low
net worth base of INR3.93 crore as on March 31, 2018 as compared to
other peers in the industry. The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. The firm is also having short operational track record of
two years of operations as it started the commercial operations in
2016.

Geographically concentrated revenue profile, with high customer
concentration risk: The company majorly derives its revenue from
students of Viswa Bharathi Educational Society in the state of
Andhra Pradesh, particularly from Gudivada, which exposes the
company to geographical concentration risk and customer
concentration risk.

Leveraged capital structure during review period: The company has
leverage capital structure during review period. Though, the debt
equity debt equity ratio & overall gearing ratio has improved from
14.56x and 14.56x as on March 31, 2017 to 4.36x and 4.36x as on
March 31, 2018 due to repayment of term loan installments coupled
with accretion of profits which they didn't reported in FY17.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in hostel services, which
is highly fragmented industry due to presence of large number of
organized and unorganized players in the industry.

Key Rating Strengths

Qualified & vast experience of promoters with more than five
decades: KSPL was incorporated in 2016 by Mr. R. Praneeth (Managing
Director), Mr. P. Sreemannarayana(Director), Mrs. R.
Manjula (Director) & Mrs. R. Sreeharsha(Director). Mr. P.
Sreemannarayana is a graduate and remaining are post graduates by
qualification. Mr. P. Sreemannarayana has more than five decades of
experience in educational services industry and rest all promoters
have more than a decade in the same industry. Also the promoter of
the company is Secretory of M/s Vishwabharthi Educational Society.

Growth in total operating income and PBILDT margins during the
review period: The total operating income of the company has been
increasing y-o-y during the review period. The same has increased
from INR4.92 crore in FY17 to INR22.20 crore in FY18 due to
increase in hostel capacity from 500 students to 3400 students   in
FY17 & FY18 respectively, through internal cash accruals and term
loan. Also, during FY17 the building was under construction for
increasing the capacity for students for hostel, which got
completed in FY18, due the above said factors the TOI of the
company increased.  During 9MFY19, the firm has achieved total
operating income of INR18.50 crore.  The margins of the company has
increasing y-o–y during review period. KSPL margin increased from
1.59%in FY17 to 32.32% in FY18 due to increase in scale of
operations and increase in capacity of rooms of hostels for
students. The company has incurred net losses in FY17 due to under
absorption of fixed costs at the back of constructions for
building. However, the company has reported profit in FY18 with PAT
of 11.56% in FY18 due healthy PBILDT in absolute terms.

Comfortable debt coverage indicators: The debt coverage indicators
of the firm stood comfortable in FY18. The TD/GCA also stood
improved to 4.00x in FY18 due to accretion of profits and higher
cash accruals. Total debt/Cash flow from operations stood at 1.28 x
as on March 31, 2018 due to increase in cash flow from operating
activities along with increase in creditors. The PBILDT interest
coverage ratio improved from 0.05x in FY17 to 3.17x in FY18 due to
increase in PBILDT levels in absolute terms, still remained
satisfactory.

Liquidity Analysis
The current ratio of the firm is below unity during the review
period and stood at 0.81x as on March 31, 2018 due to relatively
lower current assets as compared to current liabilities, on account
of higher amount of creditors. The cash and cash equivalents of the
firm stood at INR5.01 crore as on March 31, 2018.

Kasturi K12 Services Private Limited (KSPL) was incorporated in
January 2015, promoted by Mr. P. Sreemannarayana (Director), Mr. R.
Praneeth (Managing Director) and family members for the purpose of
providing hostel services to students, with facilities i.e., mess,
internet facility, dry cleaning amount others. The company renders
its services to students of Viswa Bharathi Educational Society, in
which the promoter of the company is Secretory. The promoters of
the company are qualified post graduate and Mr. P. Sreemannarayana
has more than five decades of experience in education industry,
where as other directors has more than a decade of experience in
the same industry. The company has started its commercial operation
in April 2016. The company purchases the raw material from local
traders in and around Krishna Dist., Andhra Pradesh.


KIRAN GLOBAL: CARE Lowers Rating on INR93.15cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kiran Global Chem Limited (KGCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       93.15      CARE D Revised from
   Facilities                      CARE BB Stable

   Short-term Bank     108.50      CARE D/ CARE D Revised
   Facilities                      from CARE BB; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of KGCL
takes into account delays in servicing of debt obligations due to
tight liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: CARE as part of its due diligence
exercise interacts with various stakeholders of the company
including lenders to the company and as part of this exercise has
ascertained that there are delays in debt servicing by the
company.

KGCL, in June 2018, sold its entire stake in its Indian subsidiary
viz Allied Silica Limited (ASL; KGCL held 99.51% of ASL and
remaining was held by promoters of KGCL) by way of a slump sale to
Tata Chemicals Ltd (CARE AA+; Stable/ CARE A1+) for a total
consideration of INR123 crore. As indicated by the management, a
portion of the sale proceeds were utilised to repay ASL's bank debt
in full and the remaining was utilised to repay part of KGCL's bank
debt. However, despite this, KGCL's liquidity position remained
stretched.  

Established in 1989, Chennai based KGCL is one of India's leading
manufacturer of sodium silicate. KGCL is the flagship company of
the MS Jain group which is engaged in various businesses such as
manufacturing and trading of chemicals, food processing and
shipping and logistics.


L M COTEX: CARE Reaffirms B+ Rating on INR10.16cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
L M Cotex Private Limited (LMCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.16      CARE B+; Stable Reaffirmed
   Facilities           

Rating Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LMCPL continues to
remain constrained on account of its fluctuating scale of
operations with thin profitability margins, weak solvency, moderate
liquidity position, susceptibility of its margins to cotton price
fluctuation and presence in the highly fragmented industry with
limited value addition and prices and supply for cotton being
highly regulated by the government. The rating however, continues
to derive strength from the promoters' experience.

The ability of LMCPL to further increase its scale of operations,
improve profitability and capital structure would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Fluctuating scale of operations with thin profitability margins:
During FY18, TOI of the company has declined significantly by
24.76% over FY17 mainly on account of decrease in sales of cotton
seeds and achieved TOI of INR43.72 Crore. The profitability margins
of the company remained thin marked by PBILDT and PAT margin of
2.52% and 0.24% respectively in FY18. During FY18, PBILDT margin of
the company has increased by 93 bps over FY17 mainly due to lower
raw material cost. However, PAT margin of the company has improved
marginally by 4 bps over FY17 owing to higher interest expenses.

Weak solvency position: The capital structure of the firm stood
leveraged with an overall gearing of 3.40 times as on March 31,
2018, increased from 1.02 times as on March 31, 2017 mainly on
account of higher utilization of Working capital bank borrowings.
Further, debt coverage indicators of the firm stood weak marked by
total debt to GCA of 29.80 times as on March 31, 2018, increased
from 7.89 times as on march 31, 2017 mainly on account of increase
in debt. Moreover, interest coverage ratio remained at 1.90 times
in FY8, deteriorated from 2.65 times in FY17 on account of high
interest expenses.

Working Capital intensive nature of operations: The company is
engaged in cotton ginning and pressing, where working capital limit
are generally utilized during the season i.e. from October to March
and reduces during off-season. The business of the company is
working capital intensive in nature with high collection period and
inventory days. The company purchase raw material directly from
farmers through cash basis or a credit period of 10 to 15 days. The
operating cycle stood at 62 days in FY18, deteriorated from 26 days
in FY17 mainly on account of higher inventory maintained by the
company. The current ratio and quick stood below unity at 0.93
times and 0.40 times respectively as on March 31, 2018. Further,
LMCPL has fully utilized its cash credit limits in last twelve
month ended January 2018.

Susceptibility of profit margins to fluctuations in raw material
prices: The cotton industry is cyclical with prices driven by
demand and supply scenario in the market. The prices are driven
primarily by the existing demand and supply conditions with strong
linkage to weather conditions and availability of raw material.
This results into risk of price fluctuations.

Presence of operations in highly fragmented and competitive cotton
industry: Coting ginning segment is a highly fragmented and
unorganized market with presence of large number of small sized
players. The industry is characterized by low entry barriers due to
modest capital required and easy access to clients and
suppliers.

Key Rating Strengths

Experienced Promoters: LMCPL is promoted by Mr Harish Agrawal, Mr
Nitin Agrawal and Mr Pawan Agrawal. All the directors have one
decade of experience in the same line of business. Mr Pawan Agrawal
handles overall operations of the company.

Rayagada-based (Odisha) L.M. Cotex Private Limited (LCPL) is a
Private Limited Company incorporated in 2008 by three directors
namely Mr Harish Agarwal, Mr Nitin Agarwal and Mr Pawan Agarwal to
undertake the business of cotton ginning and pressing from cotton
seeds. LCPL has installed manufacturing plant at Gunupur, Odisha
with total installed capacity of cotton bales of 350 bales per day
and for cotton seeds of 1280 quintal per day as on March 31, 2017.
However, since 2008, the company operated from its leased
manufacturing plant located at Sillod (Maharashtra) with a total
installed capacity of 350 cotton bales per day and 1280 quintal
cotton seed per day. However, from June 2013, the company has
closed their leased plant and shifted their operations to a new
unit at Gunupur, Odisha and started manufacturing operations from
November 2013.


MBE COAL: CARE Lowers Rating on INR8.50cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MBE Coal & Mineral Technology India Private Ltd (MCMT), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   a. Long-term          8.50     CARE D Revised from CARE B+;
   Bank Facilities                Stable

   b. Long-term         10.00     CARE C; Stable Revised from
   Bank Facilities                CARE B+; Stable

   c. Long/Short-       10.00     CARE C; Stable/CARE A4
   term Bank                      Revised from CARE B+;
   Facilities                     Stable/CARE A4

Detailed Rationale and Key Rating Drivers

The revision in the rating assigned to the bank facilities (a)
above of MBE Coal & Mineral Technology India Private Ltd (MCMT)
takes into account the delays in debt servicing of the facilities
by the company. The revision in the ratings for facilities (b) and
(c) factors in the stretched liquidity position of the company due
to deterioration in the financial performance in FY18 (refer to the
period April 1 to March 31). The ratings continue to be constrained
by the small scale of operation of the company, volatility in raw
material prices and working capital intensive nature of operations
with stretched operating cycle.

The ratings also take note of the moderate order book position and
proven project execution capability.

Timely execution of the outstanding order book and realisation of
dues from debtors resulting in improvement in the liquidity
position is the key rating sensitivity.

Detailed description of Key Rating Drivers

Key Rating Weaknesses

Delays in debt servicing: The company has delayed in servicing
interest for more than 30 days in one of its cash credit limits.
Stretched liquidity due to deterioration in financial performance
in FY18 The scale of operations of MCMT continue to remain small
and operating income reduced by about 27% during FY18 on account of
significant decline in contract revenue due to slower execution of
contracts. Further, PBILDT margin also deteriorated significantly
to 1.09% during FY18 from 15.74% in FY17 on account of significant
decline in sales which led to under-absorption of fixed overheads.
The company incurred cash loss during FY18 due to lower PBILDT and
moderate capital charges. Interest coverage deteriorated
significantly and was below unity. The liquidity position has been
impacted adversely and the company met its obligations by
stretching working capital.

Working capital intensive nature of operations and stretched
operating cycle: The operations of MCMT are working capital
intensive with long collection period. The working capital cycle of
MCMT deteriorated to 250 days during FY18 from 177 days during FY17
and continued to remain elongated. The overall gearing continued to
remain high at 3.35x as on Mar.31, 2018 on account of significant
amount of working capital borrowings and erosion of networth due to
loss.

Exposure to volatility in the prices of raw materials: The company
is exposed to volatility in prices of raw materials and finished
goods as majority of the contracts of the company are on fixed
price basis.

Key Rating Strengths

Moderate order book position: The outstanding order book as on
December 31, 2018 stood at INR120.11 crore as against INR111.28
crore as on October 31, 2017. The order book includes new orders
worth INR45.77 crore received during April 2018 to December 2018.
However, orders worth INR55.67 crore are delayed or have been kept
on hold due to various reasons.

Proven project execution capability with updated technology: MCMT
has technical tie-ups with various overseas entities for design and
development of equipment for the filtration, thickening,
dewatering, washing of solid-liquid suspensions, wet-mechanical
preparation of minerals and environmental technology giving it
access to technology with latest engineering advances, apart from
helping in securing orders.

Liquidity
The liquidity position of the company is stressed with cash loss in
FY18 and delay in realisation of receivables. The company is
meeting its obligations by stretching creditors.

MCMT belongs to B.M. Khaitan Group of Kolkata. It is a subsidiary
of McNally Sayaji Engineering Ltd. The company is engaged in
turnkey engineering & project execution of coal and mineral
beneficiation plants, manufacturing of various material handling
equipment, trading of material handling equipments and providing
technical services.


MUKTESHWAR SUGAR: CARE Assigns 'B' Rating to INR25cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mukteshwar Sugar Mills Limited (MSML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          25.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MSML is constrained
by its modest scale of operations with moderate profit margins,
weak debt coverage indicators and working capital intensive nature
of operations. The rating is further constrained by cyclicality,
seasonality and agro-climatic risk associated with the sugar
industry The above constraints outweigh the comfort derived from
the experience of the promoters with association to different group
companies operating in diversified line of business and location of
the plant in a sufficient cane availability zone. The ability of
the company to increase its scale of operations along with
profitability margins and efficient management of working capital
requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operation and moderate profit margins: The scale of
operation of the company remained small with total operating income
(TOI) of INR53.88 crore in FY18. The TOI of the company declined
during FY18 at a y-o-y rate of ~8.90% in FY18. However, the company
reported profit after registering loss during past three years
ended FY17. Furthermore, the profit margins remained low during
FY18.

Weak debt service coverage indicators: Due to continuous losses
reported during FY15-FY17 (audited); the net worth of the company
eroded resulting in a negative net worth as on March 31, 2018 (A).
Moreover, due to low accruals and high debt profile, the debt
coverage indicators of the company remained weak as reflected by
interest coverage ratio of 2.20x.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature with gross
current asset days of 309 days during FY18 owing to funds majorly
blocked in inventory. The working capital requirements are met by
cash credit facility, average utilization of which remained high.
Cyclicality, seasonality and agro-climatic risk associated with the
sugar industry: Sugarcane is the key raw material used for the
manufacture of sugar and sugar-related products. The availability
and yield of sugarcane depends on factors like rainfall,
temperature and soil conditions, demand-supply dynamics, government
policies etc. The production of sugarcane and hence sugar is
cyclical in nature. Sugar-season (SS) typically extends from
November to April and may extend in case of surplus sugarcane
production. The cyclical and seasonal nature of the industry has
significant impact on the profitability and sustainability of sugar
mills.

Key Rating Strengths

Experienced promoters with association to different group companies
operating in diversified line of business: MSML is promoted by Mr.
Sachin Nikam (founder promoter). Mr. Sachin Nikam has a rich
experience in operating sugar production unit of over two decades.
Prior to MSML he was associated with Ulka Sugar Mills Private
Limited, Ulka Engineers Pvt Limited, Ulka Instruments and Controls
Private Limited, Ulka Industries Private Limited, Re-Form
Mercantile Private Limited, Mudra Mercantile Private Limited, Mukam
Finvest Limited, Ulka International Private Limited as Managing
Director. With experience in diversified line of business has
supported the business risk profile of the company to a large
extent.

Location of the plant in a sufficient cane availability zone: One
of the primary factors that determine the viability of a sugar
project is the availability of sugarcane for crushing on a
sustainable basis which will result in increased sugar production.
The sugar factory of MSML is located in village Damori BK, Taluka-
Gangapur, Aurangabad, Maharashtra. The command area of MSML
comprises of total irrigated land under sugar cultivation of about
4840 hectare. This cane availability fares well with MSML's
crushing capacity of 1250 Metric ton of sugarcane crushing per day
with expected operations working at 145-175 season days. Also, the
region has moderate recovery rate on account of favorable climatic
conditions for growing sugarcane.

MSML was incorporated in January 2017 to undertake sugar & sugar
related production business with its operational facility located
in Gangapur, Aurangabad (Maharashtra). Presently, the company is
spearheaded by Mr. Sachin Nikam as Chairman and Mr. Prashant M
Sharma as the Managing Director (MD). MSML's sugar mill plant has
installed capacity of 1250 tons of cane crushed per day (TCD) and
Licensed capacity of 2500 TCD.


NEW SAPNA: CARE Keeps D on INR7.84cr Loans in Non-Cooperating
-------------------------------------------------------------
CARE had, vide its press release dated December 1, 2017, placed the
rating of New Sapna Granite Industries (NSGI) under the 'issuer
non-cooperating' category as NSGI had failed to provide information
for monitoring of the rating for the rating exercise as agreed to
in its Rating Agreement.  NSGI continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and emails dated November 13, 2018, November 20, 2018,
November 22, 2018, December 4, 2018 and February 5, 2019. 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.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.84      CARE D; Issuer not cooperating;
   Facilities                     Based on Best Available
                                  Information

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 done on December 1, 2017, the following
were the rating weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: NSGI has been irregular in
servicing its debt obligation and there are on-going delays, due to
weak liquidity position of the firm.

Godhra-based NSGI established in 2011 is a proprietorship firm
engaged in cutting and polishing of raw granite stones. The
installed capacity of the plant is processing 6,00,000 square feet
of stone per annum. The proprietor has an experience of over a
decade in stone cutting and polishing. He was earlier engaged in
cutting and polishing of marble, granite and kota stone through a
firm named Sapna Kota Stone. The granite stones are sold to traders
and real estate builders in and around Gujarat, Rajasthan and
Maharashtra.


ORCHID PHARMA: NCLT Annuls Ingen's Resolution Plan
--------------------------------------------------
Financial Express reports that the Chennai bench of National
Company Law Tribunal (NCLT) has annulled the approved resolution
plan by the US-based lngen Capital Group for Orchid Pharma and
ordered fresh corporate insolvency resolution process (CIRP) for
the beleaguered pharma company.

FE relates that the NCLT order came after Ingen failed to bring in
the promised money, even after the stipulated time and despite the
bench giving it an option to pay one-third of the amount to take
the proceedings further.

According to FE, the NCLT bench of SV Prakash Kumar, judicial
member, and S Vijayaraghavan, member-technical, came down heavily
on Ingen for failing to comply with the procedures after a
resolution plan of the company was approved by the bench.

The tribunal observed that since there is no second resolution plan
available, it ordered to undergo CIRP from the stage of invitation
of expression of interest and complete it in another 105 days, the
report says.

The report relates that the resolution professional, who sought
going in for fresh bid process yet again, informed the NCLT that he
had received e-mails from Divis' Laboratories, Gland Celsus
Biochemicals and Fidelity Trading Corporation.

Apart from this, he submitted that he has received oral enquiries
from ART Capital, Everstone Group, Aion Capital, Piramal Capital
and Finquest group, expressing interest in proposing resolution
plans in respect of Orchid Pharma, FE relays.

FE recalls that the resolution plan by Ingen Capital Group was
approved by the NCLT on September 17, 2018, after the committee of
creditors (CoC) cleared it. As per the resolution plan, which was
for INR1,490 crore, Ingen was to infuse INR1,060 crore within five
days of the plan approval, FE notes.

When the company failed to pay the amount, the resolution
professional moved the NCLT and it on October 10, 2018, ordered
Ingen to deposit one-third of the amount - INR334 crore - into the
financial creditors' escrow account, FE states. Ingen appealed the
NCLAT against this order, but the appellate tribunal remanded the
case back to NCLT to pass appropriate orders.

When the RP as well as CoC realised that Ingen has no intention to
implement the plan and it was difficult to manage the going concern
(Orchid) running with 1,500 employees, the RP sought going in for
fresh CIRP, according to FE. Prior to this, the CoC had in April
2018 rejected three bids received when the lenders' panel was not
satisfied with the 'quality of offering', and subsequently
authorised the RP to initiate fresh bidding process, FE relates.
Orchid has a total debt of around INR3,200 crore from a slew of
banks.

Admitting a petition filed by one of the operational creditors,
Lakshmi Vilas Bank, the NCLT had in August 2017 issued an order to
begin the process of insolvency of Orchid Pharma, once a key player
in injectables and active pharmaceutical ingredients, according to
FE.

FE notes that Orchid Pharma had been facing severe financial crisis
with lenders and investors approaching legal fora for a remedy and
was brought under the corporate debt restructuring scheme,
initiated during 2013, for the revival of its operations.

The CoC has considered the resolution plan of Ingen Capital Group
in its meeting on June 4, 2018 and the plan received an affirmative
vote of 78.64% of the CoC by value in its favor, FE says.

Orchid Pharma Limited is an integrated pharmaceutical company with
presence in bulk drug manufacturing, formulations and drug
discovery.  Orchid commenced its operations as a cephalosporin
Active Pharmaceutical Ingredient (API) manufacturer and largely
remained so till 2004 before moving to formulations.


P.M. IMPEX: CARE Assigns B+ Rating to INR4.95cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of P.M.
Impex Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       4.95       CARE B+; Stable Assigned
   Facilities           

   Long Term/Short      0.05       CARE B+; Stable/CARE A4   
   Term Bank                       Assigned
   Facilities           
                                   
Detailed rationale and key rating drivers

The rating assigned to the bank facilities of P.M. Impex Private
Limited is constrained by its small scale of operations, low
profitability margins, leveraged capital structure, weak coverage
indicators, high inventory holding period and raw material price
variability. The ratings are further constrained on account of
competitive nature of industry and susceptible to cyclicality of
steel industry. The ratings, however, draw comfort from experienced
promoters and growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations, improve its profitability margins, capital structure
and coverage indicators shall be its key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The scale of operations of the company
stood small marked by a total operating income and gross cash
accruals of INR21.26 crore and INR0.56 crores respectively for FY18
(refers to the period April 1 to March 31).Further the company's
net worth base was relatively small at INR1.53 crore as on March
31, 2018. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale benefits.
Further, during 9MFY19 (refers to the period April 1 to December
31; based on provisional results) the company has achieved total
operating income of INR 18.00 crores.

Weak financial risk profile: The financial risk profile of the
company stood weak as marked by low profitability margins,
leveraged capital structure and weak coverage indicators. The
profitability margins of the company has remained low owing to its
presence in the competitive nature of industry as marked by PBILDT
margin of 4.53% in FY18 as against 6.08% in FY17. The decline in
the PBILDT margin was on higher cost of sales. Further high
interest cost and depreciation charges restricted the net
profitability of the company below unity at 0.77% for FY18. The
capital structure of the company stood leveraged owing to higher
total debt as against small net worth base of INR 1.53 crores. The
overall gearing ratio of around 6x as on the balance sheet date of
the past three financial years ending March 31, '16-18'. Further,
due to low profitability and high debt levels, the coverage
indicators stood weak marked by total debt to GCA and interest
coverage of 14.80x and 1.32x respectively for FY18.

Working Capital intensive nature of operations and weak liquidity
indicators: The operations of the company are working capital
intensive nature as marked by operating cycle of 112 days for
FY18.The company generally maintains inventory in the form of raw
material for smooth running of its production process and finished
goods to meet the immediate demand of its customers. Further the
company also maintains inventory in the form of work in progress as
usually the manufacturing time is high as the raw material has to
pass through so many processes such as profiling, vending etc. for
the manufacturing to take place resulting in an average inventory
holding of 107 days in FY18. The company allows a credit period of
around 2 months to its customer due to competitive nature of
industry and receives a similar credit period from its creditors
resulting in an average collection period and creditor period of 66
days and 61 days respectively for FY18. The average working capital
borrowings of the company remained fully utilized during the past
12 months ending December 31, 2018.The current ratio and quick
ratio stood low at 1.42x and 0.86x as on March 31, 2018.

Raw material price volatility: The raw material prices of steel are
highly volatile in nature and depend on the fortunes of steel
industry. Since the raw material cost is the major cost driver and
any southward' movement of finished goods price with no decline in
raw material price is likely to result in adverse performance. The
risk is more evident now that the market has considerable
volatility and could leave the company carrying costly inventory in
case of sudden appreciation.

Susceptible to cyclicality of steel industry: Prospects of steel
industry are strongly co-related to economic cycles. Demand for
steel products is sensitive to trends of particular industries such
as automotive, construction, infrastructure, cement, sugar, pipes
and consumer durables, which are the key consumers of steel
products. These key user industries in turn depend on various
macroeconomic factors, such as consumer confidence, employment
rates, interest rates and inflation rates, etc in the economies in
which they sell their products. When downturns occur in these
economies or sectors, steel industry may witness decline in demand,
which may lead to decrease in steel prices putting pressure on the
entire value chain.

Competitive nature of industry: The spectrum of the steel industry
in which the company operates is highly fragmented and competitive
marked by the presence of numerous players in northern India. Apart
from players in unorganized sector, the company also faces
competition from large and mid-sized players in the organized
sector with established brands. Given the fact that the entry
barriers to the industry are low, the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability.

Key Rating Strengths

Experienced management: The operations of P.M. Impex Private
Limited (PIPL) are currently being managed by Mr. Prashant Aggarwal
and Mr. Mahesh Aggarwal. Mr. Prashant is a graduate and has an
experience of around a decade in the trading of sanitary ware and
tiles business. Mr. Mahesh is an undergraduate by qualification and
has an experience of around four decades in the
trading of family run business.

Growing scale of operations: The company witnessed growth in its
TOI over the past three years (FY16 to FY18) at a CAGR of 108%.
During FY18, the firm registered growth of 4.42% in its total
operating income which stood at INR21.26 crore as against INR20.36
crore in FY17. The growth was attributed due to increase in number
of contracts.

Delhi based PM Impex Private Limited was incorporated in 2012 by
Mr. Prashant Aggarwal and Mr. Mahesh Aggarwal. The company is
engaged in the manufacturing of metal products viz. roofing System,
ceiling system, and pre-engineered building at its manufacturing
facility located in Noida with an installed capacity of 60000 MT
per annum as on December 31, 2018. The product manufactured by the
company finds application in iron and steel industry. The company's
main raw materials are iron and steel which it procures from local
dealers based in Ghaziabad region. The company supplies its
manufactured goods to retailers and customers based in Delhi, Uttar
Pradesh and Haryana.


PARIKH FABRICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Parikh Fabrics Private Limited
        H.No.4-3-338, Bank Street
        Hyderabad 500095
        Telangana

Insolvency Commencement Date: February 8, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Manivannan J.

Interim Resolution
Professional:            Manivannan J.
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar, Fourth Cross Street
                         Santhosapuram, Chennai
                         Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    February 22, 2019


PEARLS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Pearls Infrastructure Projects Limited
        2nd Floor, A-Wing, Statesman House
        Barakhamba Road, New Delhi

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 29, 2019

Insolvency professional: Vinod Tarachand Agrawal

Interim Resolution
Professional:            Vinod Tarachand Agrawal
                         204, Wall Street-1
                         Near Gujarat College
                         Ellis bridge
                         Ahmedabad 380006
                         E-mail: ca.vinod@gmail.com

                            - and -

                         1105A, Pearl Best Heights-1
                         B/h Max Hospital
                         Netaji Subhash Palace
                         New Delhi 110034
                         E-mail: cirp.pipl@gmail.com

Last date for
submission of claims:    February 14, 2019


PRIMROSE INFRATECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Primrose Infratech Private Limited
        Flat No. 251-B, First Floor
        LIG Flats Pkt-12 Jasola
        New Delhi 110025

Insolvency Commencement Date: January 4, 2019

Court: National Company Law Tribunal, New Delhi Bench-II

Estimated date of closure of
insolvency resolution process: July 3, 2019
                               (180 days from commencement)

Insolvency professional: CA Anil Matta

Interim Resolution
Professional:            CA Anil Matta
                         Matta & Associates, Chartered Accountants
                         308, RG Trade Tower, Plot No. B-7
                         Netaji Subhash Place, Pitampura
                         Delhi 110034
                         E-mail: mattaassociates@gmail.com

Classes of creditors:    One class of creditors i.e. The Alloitees
                         under the Reals Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Navneet Arora
                         E-8/1, LGF, Near Geeta Bhawan Mandir
                         Malviya Nagar, New Delhi
                         New Delhi 110017
                         E-mail: info@navneetaroracs.com

                         Mr. Rabindra Kumar Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi 110034
                         E-mail: goelmintri_ca@rediffmail.com

                         Ms. Rashmi Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi 110034
                         E-mail: mintri59@gmail.com

Last date for
submission of claims:    February 22, 2019


PROTON POSITIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Proton Positive Health Care India Limited
        Registered office:
        Plot No. 8-2-686/B/1/A
        Road No. 12, Banjara Hills
        Hyderabad 500034
        Telangana

Insolvency Commencement Date: January 28, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 26, 2019
                               (180 days from commencement)

Insolvency professional: Dr. K Lakshmi Narasimha, Ph.D (Law)

Interim Resolution
Professional:            Dr. K Lakshmi Narasimha, Ph.D (Law)
                         H.No. 16-11-20/13, Saleem Nagar-2
                         Opp Tahsildar Office/Revenue Bhavan
                         Malakpet, Hyderabad 500036
                         Telangana State: India
                         E-mail: ipdrkln17@gmail.com

Last date for
submission of claims:    February 25, 2019


RADHADAMODAR MULTIPURPOSE: CARE Rates INR7.34cr LT Loan 'B+'
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Radhadamodar Multipurpose Cold Storage Private Limited (RMCSPL),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.34       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RMCSPL are
constrained by its small scale of operations along with moderate
profit margins, moderately leveraged capital structure and
moderately debt coverage indicators, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in loans
extended to farmers, competition from other local players and
working capital intensive nature of operation. However, the
aforesaid constraints are partially offset by its experienced
promoters, proximity to potato growing area. The ability of the
company to grow its scale of operations and ability to manage
working capital effectively would be the key rating sensitivities.


Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation along with moderate profit margins:
Radhadamodar Multipurpose Cold Storage Private Limited (RMCSPL) is
small player vis-à-vis other players in the cold storage industry
marked by its total operating income of INR3.24 crore (Rs.3.23
crore in FY17) with a PAT of INR0.40 crore (Rs.0.29 crore in FY17)
in FY18. Moreover, the company has reported turnover of INR2.80
crore during 10MFY19. The profitability margins of the company
remained moderate marked by PBILDT margin of 47.85% (49.32% in
FY17) and PAT margin of 12.34% (8.82% in FY17) in FY18. The total
capital employed was low at INR12.31 crore as on March 31, 2018.
The small size restricts the financial flexibility of the company
in times of stress.

Moderately leveraged capital structure and moderate debt coverage
indicators: The capital structure of the company remained
moderately leveraged marked by overall gearing ratios of 1.73x as
on March 31, 2018 and expected to improve over the medium term with
gradual repayment of term loan. The debt coverage indicators
remained moderate marked by total debt to Gross cash accruals ratio
of 7.32x in FY18 and satisfactory interest coverage ratio of 4.29x
in FY18 on account of decline in interest and financial charges.

Seasonality of business with susceptibility to vagaries of nature:
RMCSPL's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of February
and lasts till March. Additionally, with potatoes having a
perceivable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, RMCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Working capital intensive nature of operation: RMCSPL extend loans
to farmers and traders against receipts of stock of potatoes and
thus the operations of the company remained working capital
intensive in nature. Accordingly the utilization of the fund based
limit remained moderately high at 80% during last 12 months ended
January, 2019.

Key Rating Strengths

Experienced Promoters: The key promoters, Mr. Dilip Kumar Pal (aged
about 50 years), and Mr. Anath Bandhu Pal (aged about 75 years) has
experience of more than three decades in cold storage industry,
looks after the overall management of the company. They are
supported by other director Mr.Goutam Kumar Pal (aged about 45
years) and Mr. Sutapa Pal (aged about 52 years) who also has more
than a decade of experience in this line of business. The promoters
are supported by a team of experienced professionals.

Proximity to potato growing area: RMCSPL's storage facility is
located at Hooghly, which is one of the major potato growing
regions of the state. The favourable location of the storage unit,
in close proximity to the leading potato growing areas provides it
with a wide catchment and making it suitable for the farmers in
terms of transportation and connectivity.

Radhadamodar Multipurpose Cold Storage Private Limited (RMCSPL) was
incorporated as a private limited company in 2011. RMCSPL is owned
by the Hooghly (West Bengal) based family having experience more
than a decade in cold storage industry. Since its inception, the
company provides cold storage services for potatoes. The cold
storage unit of the company is located at Hooghly, West Bengal with
aggregated storage capacity of 235000 Quintal Per Annum (QPA). Mr.
Goutam Kumar Pal, Mr. Dilip Kumar Pal, Mr. Anath Bandhu Pal, and
Mr. Sutapa Pal are directors of the company. Operations are
primarily managed by Mr. Dilip Kumar Pal and Mr. Goutam Kumar Pal.
The promoters are supported by a team of experienced
professionals.

Liquidity
The liquidity position of the entity remained moderate marked by
the cash and bank balance at INR0.51 crore as on March 31, 2018.
The Gross cash accrual was INR1.06 crore in FY18. Current ratio and
quick ratio was at 0.99x and 0.94x respectively, as on March 31,
2018.


SAWA CLAY: CARE Lowers Rating on INR16.27cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MS Sawa Clay and Minerals Private Limited (MSSCM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      16.27       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+: Stable
                                   On the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

MSSCM have not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on MSSCM's bank facilities will now be
denoted as CARE D; Stable; ISSUER NOT COOPERATING.

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

The revision in the ratings of MSSCM takes into account on-going
delays in servicing of debt obligations.

Detail description of the key rating drivers

Key rating weaknesses

Irregularity in debt servicing: The banker of MSSCM has verbally
confirmed delay in debt servicing by the company owing to delay in
debt servicing.

Chittorgarh (Rajasthan) based M S Sawa Clay & Minerals Private
Limited (MSSCM) was incorporated in 2012. The company is managed by
Mrs. Tamana Begam along with her sons, Mr. Juned Khan, Javed Khan
and Mr. Saeed Khan. The project of MSSCM is completed in April 2016
and started commercial operation. The company will purchase silica
sand and kaolin from its group company, Progressive and Popular
Minerals Private Limited (PPMPL). PPMPL has eight mines on lease
having mineral reserve of red ochre, silica sand and china clay
spread across Chittorgarh region. Further, it has two clay washing
plant and two grinding powder plants for processing of minerals to
produce more finesse products and minerals which find its
applications in various industries.


SHIVA STEEL: CARE Assigns B+ Rating to INR12.26cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shiva
Steel and Power Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          12.26       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Shiva Steel is
constrained by its, short track record and small scale of
operations with low profitability margins, project implementation
risk, exposure to volatility in raw material prices, working
capital intensive nature of business, intensely competitive nature
of the industry with presence of many unorganized players, sluggish
growth in user industry and cyclicality in the industry and
leveraged capital structure with moderate debt coverage indicators.
However, the aforesaid constraints are partially offset by its
experienced management.

The ability of the company to improve its scale of operations along
with profitability margins and efficient management of working
capital are the key rating sensitivities.

Detailed Rationale& Key Rating Drivers

Key rating Strength

Experienced management: Mr. Neeraj Aggarwal (Director), Mr. Ramesh
Aggarwal (Director) and Mr. Gaurav Aggarwal (Director) who has
around 5 years, 35 years and 15 years of experience in similar line
of business look after the day to day operation of the company.

They are further supported by a team of experienced professionals.
The benefit derived from the experience directors and healthy
relation with customers and suppliers are continuing to support the
company.

Key Rating Weaknesses

Short track record and small scale of operation with low
profitability margin: The company incorporated on January 2017. The
company started commercial operation from July 2017. Hence, it has
short track record of operation. The company is a small player
vis-a-vis other players in the Ingot manufacturing business marked
by its total operating income of INR26.76 crore with a PAT of
INR0.25 crore in FY18. The tangible net worth of the company was at
INR3.17 crore as on March 31, 2018. The small size restricts the
financial flexibility of the company in terms of stress and
deprives it from benefits of economies of scale. Due to its
relatively small scale of operations, the absolute profit levels of
the company also remained low. Furthermore, the profitability
margins of the company remained low marked by PBILDT margin of
3.48% and PAT margin of 0.92% in FY18. This apart, the company
achieved sale of around INR58.00 crore during 9MFY19.

Project implementation risk: The company is currently setting up a
new induction furnace with production capacity of 10 metric tons
per annum with aggregate cost of INR4.96 crore, which is proposed
to be financed by way of promoters' contribution of INR3.21 crore
and term loan of INR1.75 crore. The company already invested around
INR2.00 crore till February 5, 2019 which is met through promoters'
contribution. The term loan of INR1.75 crore has already been
sanctioned; however INR0.26 crore has been disbursed till February
04, 2019. The new furnace is expected to be operational from April
2019.

Exposure to volatility in raw material prices: The company is
engaged in manufacturing of MS Ingot. The major raw materials
required for the same are MS scrap, sponge iron etc. The company
purchases raw materials from the domestic market at spot prices.
Since, the prices of the raw materials are volatile in nature and
it is basically determined by demand and supply situation at a
particular time.  Thus the company is exposed to volatility in raw
materials prices.

Working capital intensive nature of business: Sivana Steel and
Power Private Limited's business, being manufacturer of MS Ingot.,
is working capital intensive by nature. The company maintains
adequate inventory of raw materials for smooth running of its
production process. The average utilization of working capital was
around 95% during the last 12 months ended January, 2019.

Intensely competitive nature of the industry with presence of many
unorganized players: MS Ingot manufacturing industry is highly
fragmented and competitive in nature due to presence of many small
and medium players in this sector owing to its low entry barriers
and due to low capital requirement. High competition restricts the
pricing flexibility of the industry participants and has a negative
impact on the profitability.

Sluggish growth in user industry and cyclicality in the industry:
The fortune of companies like Sivana Steel and Power Private
Limited from the iron & steel industry are heavily dependent on
the, engineering, infrastructure industries and construction
companies. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to decline
in demand of steel. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Leveraged capital structure with moderate debt coverage indicators:
Capital structure of the company remained leveraged as marked by
long term debt-equity ratio of 1.10x and overall gearing ratio of
2.48x as on March 31, 2018. Furthermore, the debt coverage
indicators remained moderate as marked by total debt to GCA ratio
of 14.81x in FY18. However, the interest coverage ratio remained
satisfactory at 2.01x in FY18.

Sivana Steel and Power Private Limited was incorporated on
January 11, 2017 with an objective to enter into manufacturing of
MS Ingot. The company started its commercial operation from July
2017. The manufacturing unit of the company is located at Plot No:
192, O. P. Jindal Industrial Park, Punjipathra, Dist: Raigarh,
Chhatisgarh-496109 with an installed capacity of 60000 metric tons
per annum. The company is currently setting up a new induction
furnace with production capacity of 10 metric tons per annum with
aggregate cost of INR4.96 crore, which is proposed to be financed
by way of promoters' contribution of INR3.21 crore and term loan of
INR1.75 crore. The company already invested around INR2.00 crore
till February 05, 2019 which is met through promoters'
contribution. The new furnace is expected to be operational from
April 2019. Mr. Neeraj Aggarwal (Director), Mr. Ramesh Aggarwal
(Director) and Mr. Gaurav Aggarwal (Director) who has around 05
years, 35 years and 15 years of experience in similar line of
business look after the day to day operation of the company. They
are further supported by a team of experienced professionals.

Liquidity
The liquidity position of the company remained moderate marked by.
Cash and bank balance amounting to INR0.19 crore remained
outstanding as on March 31, 2018. The Gross cash accruals also
remained at INR0.40 crore in FY18. Current ratio and quick ratios
of 0.95x and 0.36x as on March 31, 2018.


SHREE BALAJI: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE had, vide its press release dated September 15, 2017, placed
the rating of Shree Balaji Steel (SBS) under the 'issuer
non-cooperating' category as SBS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SBS continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a letter
dated January 3, 2019. 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.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      4.80       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

The rating takes into account the continuous delay in servicing of
debt obligations by the firm.

Detailed description of the key rating drivers

At the time of last rating on September 15, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Delay in servicing of debt obligations: As per the interaction with
the banker, there are continuous delays in repayment of term loan
and overdrawals in cash credit facility and the account has been
classified as NPA.

SBS is based out of Nagpur, Maharashtra is a proprietorship entity
promoted by Mr. Radheshyam Sarda and commenced operation in January
1981. SBS is engaged in trading of iron &steel products such as
Thermo Mechanically Treated (TMT) bars, round bars, angles,
channels, beams, flats, sheets, etc. which find application in
industries like construction, infrastructure and engineering.


SHRI MARUTHI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shri Maruthi Textiles Limited
        Railway Station Road
        Keelapattu, Nagari
        Chittor District 517590
        Andhra Pradesh, India

Insolvency Commencement Date: February 7, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 6, 2019

Insolvency professional: Narender Gandhari

Interim Resolution
Professional:            Narender Gandhari
                         403, Naina Residency
                         Srinivasa Nagar (East), Ameerpet
                         Hyderabad 500038, Telangana
                         E-mail: narenderg99@gmail.com
                                 ip.maruthitextiles@gmail.com

Last date for
submission of claims:    February 21, 2019

SRI MADAN: CARE Moves D on INR10cr Loans to Non-Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sri
Madan Gopal Bhikamchand Marketing Private Limited (SMPL) to Issuer
Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/Short-     10.00      CARE D/CARE D; Issuer not
   Term Bank                       cooperating; On the basis
   Facilities                      of best available information

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

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

The rating assigned to the bank facilities of PAPL is continue to
be remained constrained on account of delay in debt servicing.

Key Rating Weakness

Delay in debt servicing: As per banker interaction, the account has
turned NPA.

Jaipur (Rajasthan) based, Sri Madan Gopal Bhikam Chand Marketing
Private Limited (SMPL) was established in 2006 as a private limited
company by Mall Family. SMPL is engaged in trading and exports of
agricultural products, such as spices, animal feeds, and herbs. It
also trades in lac, used in bangles and paints, in the domestic
market. SMPL exports to Srilanka, Bangladesh and Dubai. In domestic
market SMPL serving mainly Rajasthan and Madhya Pradesh.


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

The instrument-wise rating actions are:

-- INR89.5 mil. Term loan (long-term) due on December 2021
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR20 mil. Fund-based working capital facility (long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Star School Samiti was established in 1980 to provide technical and
allied education services. It manages two institutes (Shiv Kumar
Singh Institute of Technology and Science and Shiv Kumar Singh
College of Professional Studies) and two schools (SKS International
School and Star Public School) in Indore.


SUSHEE IVRCL: CARE Lowers Rating on INR234cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sushee IVRCL ArunachalHighways Limited (SIAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      234.00      CARE D Revised from CARE BB;
   Facilities                      Stable

   Long-term/Short-     74.30      CARE D/CARE D Revised from
   term Bank                       CARE BB; Stable/CARE A4
   Facilities           
   
Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of SIAL is
on account of delays in debt servicing owing to delay in project
completion.

Key Rating Weaknesses

Delays in debt servicing: Due to heavy rains and land sliding in
the project area, the project completion has been delayed beyond
envisaged Scheduled Commercial Operation Date (SCOD) of
January 2018, while interest and principal obligations commenced as
per the original sanctioned terms resulting in cash flow mismatches
and hence delays in debt servicing. However, subsequently, the
company has received approval for shift in repayments.

Key rating strengths

Experienced promoters: SIAL is a special purpose vehicle formed by
Sushee - 74% and IVRCL Limited (IVRCL)-26%.

Incorporated in 1986, Sushee has been engaged in the business of
construction for three decades. Sushee has a welldefined
organization structure in place and the directors are supported by
a team of qualified and experienced professionals. IVRCL is one of
the established Infrastructure companies in the country with
interests in a variety of infrastructure projects, including water
& environment, roads & bridges, railways, buildings & industrial
structures, mining, oil & gas exploration as well as power
transmission.

SIAL is a SPV floated by Sushee Infra & Mining Limited (Sushee)
[erstwhile Sushee Infra Private Limited] - 74% and IVRCL Limited
(IVRCL) - 26% to undertake execution of project awarded by MoRTH.
The project involves widening of the existing road to 2-lane NH
standards along with improvement and re-alignment from Nechipu to
Hoj via Seppa, Khodaso, Saggalee (part of Trans Arunachal Highway)
in Arunachal Pradesh under Arunachal Pradesh package of roads and
highways of SARDP-NE on NH 229 on Design, Build, Finance, Operate
and Transfer (DBFOT) Annuity basis. The concession period for the
project is 17 years from the appointed date, ie, July 18, 2013,
including a 4 ½ years of construction period.


THOMSAN NUSA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Thomsan Nusa Metals Private Limited
        No. 77, SIDCO Industrial Estate
        Thirumazhisai, Thiruvallur
        Tamil Nadu 600124

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019
                               (180 days from commencement)

Insolvency professional: Mrs. Satyadevi Alamuri

Interim Resolution
Professional:            Mrs. Satyadevi Alamuri
                         23 Lake Area, 3rd Cross Street
                         Rear Entrance, Opposite Corporation Zonal
                         Office, Nungambakkam
                         Chennai 600034
                         E-mail: satyadevifcs@gmail.com

Last date for
submission of claims:    February 20, 2019


TRIMAX DATACENTERS: CARE Lowers Rating on INR21.11cr LT Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Trimax Datacenters Services Limited (TDSL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      21.11      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BBB (SO);
                                  ISSUER NOT COOPERATING on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TDSL to monitor the ratings
vide email communications dated January 23, 2019, January 31, 2019,
February 1, 2019, February 5, 2019, and February 7, 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 publicly available
information. The ratings on TRIMAX bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING The ratings assigned to
the bank facilities of TRIMAX have been revised on account of
specific mention of instances of delays in servicing of the debt
obligations by the company in the auditors' report (taken from MCA
Website) for the financial year FY18.

Detailed description of the key rating drivers

The revision in the ratings of bank facilities of TDSL factors in
instances of delays in servicing of its debt obligations mentioned
in audit report (taken from MCA website) for the financial year
FY18. Analytical approach: For arriving at the ratings, CARE has
combined the business and financial risk profiles of Trimax and its
100% subsidiary TDSL, as both the companies have significant
operational linkages and are under a common management.
Furthermore, Trimax has granted a corporate guarantee for the bank
facilities availed by TDSL.

Trimax Datacenter Services Limited (TDSL), a wholly-owned
subsidiary of Trimax and incorporated in July 2008, is engaged in
the business of providing data centre, managed IT, networking and
software development services. The company operates and manages a
Tier-III plus 75,000 sqft datacentre facility at Bangalore. The
datacentre is solely established by TDSL in a revenue sharing model
with ITI Limited, a telecom products and solutions provider. The
datacenter services are provided to government organizations and
corporate entities. Trimax has extended corporate guarantee to the
bank facilities availed by TDSL.


TRIMAX IT: CARE Lowers Rating on INR863.40cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Trimax IT Infrastructure and Services Limited (TRIMAX), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      863.40     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BBB; ISSUER
                                  NOT COOPERATING on the basis
                                  of best available information

   Short term Bank     650.28     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A3 ISSUER
                                  NOT COOPERATING on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TRIMAX to monitor the
ratings vide e-mail communications dated January 23, 2019, January
31, 2019, February 1, 2019, February 5, 2019, and February 7, 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
publicly available information. The ratings on TRIMAX bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING
The ratings assigned to the bank facilities of TRIMAX have been
revised on account of specific mention of instances of delays in
servicing of the debt obligations by the company in the auditors'
report (taken from MCA Website) for the financial year FY18.

Detailed description of the key rating drivers

The revision in the ratings of bank facilities of Trimax IT
Infrastructure and Services Limited factors in instances of
delays in servicing of its debt obligations mentioned in audit
report (taken from MCA website) for the financial year
FY18.

Analytical approach: For arriving at the ratings, CARE has combined
the business and financial risk profiles of Trimax and its 100%
subsidiary Trimax Datacenter Services Ltd (TDSL), as both the
companies have significant operational linkages and are under a
common management. Furthermore, Trimax has granted a corporate
guarantee for the bank facilities availed by TDSL.

Trimax IT Infrastructure & Services Ltd. (TRIMAX), incorporated in
1995, is engaged in the business of implementing solutions for
System Integration (SI), networking services, software development
services, Information Technology (IT) services including facility
management, annual maintenance and remote infrastructure
management. In FY08, the company moved away from the
sub-contracting model and commenced implementing IT infrastructure
projects on its own on Build-Own-Operate-and-Transfer (BOOT) basis.
Thus, the company now provides comprehensive infrastructure
assessment and consulting, implementation and migration, project
and program management, security and support services.

Headquartered in Mumbai, it has presence in USA, Europe, Middle
East, China and Singapore through its representative offices.
Trimax also operates a data centre in Navi Mumbai.


VARDHMAN BUILDTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vardhman Buildtech Private Limited
        Office No. 211, 2nd Floor, SPTS Tower C-58
        Community Centre, Janakpuri
        New Delhi West
        Delhi 110058

Insolvency Commencement Date: January 29, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: July 27, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Manish Gupta

Interim Resolution
Professional:            Mr. Manish Gupta
                         M P R & Co.
                         E-62, LGF, Lajpat Nagar-II
                         New Delhi 110024
                         E-mail: ip.manishgupta31@gmail.com
                                 irp.vardhman@gmail.com

                           - and -

                         Insolvency & Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Home buyers under the Real Estate Project
                         (Financial Creditors) of the Corporate
                         Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sanjeet Kumar Sharma
                         Mr. S. Prabhakar
                         Mr. Sunil Kumar

Last date for
submission of claims:    February 19, 2019




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

MAINZEAL GROUP: Jenny Shipley Quits China Construction Bank Board
-----------------------------------------------------------------
NZ Herald reports that former Prime Minister Dame Jenny Shipley
will step down from the board of China Construction Bank New
Zealand in the wake of the Mainzeal court decision where she and
other directors were found liable for creditor losses.

In a statement she said she believed it was in the best interests
of the bank that she retire from the board at the end of March,
which coincided with the end of the current reporting cycle, the
Herald relates.

She said she intends putting her energy into dealing with personal
and legal matters related to the Mainzeal case and to spending more
time on her private business and philanthropic interests, the
report recalls.

Last week, Shipley was ordered to pay NZ$6 million to creditors of
Mainzeal, as part of a NZ$36 million award by the High Court
against the company's directors.

Mainzeal was one of the country's largest construction companies
when it went under in February 2013, owing unsecured creditors
NZ$110 million.

Just under half of the money was owed to unpaid subcontractors,
including tradespeople working on Mainzeal projects.

According to the Herald, Ms. Shipley was a director of Mainzeal
from 2004, and chair of the company when receivers were appointed.

The Herald relates that in his 178-page judgment, Justice Francis
Cooke said Mainzeal directors were reckless, "had adopted a policy
of trading while insolvent", and "used money owed to trade
operators, particularly sub-contractors, as working capital".

The directors also relied on assurances that the millions of
dollars Mainzeal had lent to its China-based parent company Richina
Pacific would be paid back if Mainzeal got into trouble, the Herald
says.

"The assurances relied upon were ambiguous, conditional, and
subject to the constraints of Chinese law, which restricted the
ability to return money to New Zealand from China," the judgment
said.

Justice Cooke decided on total compensation of NZ$36 million, with
Shipley and two other directors - Peter Gomm and Clive Tilby -
expected to pay up to NZ$6 million each. The rest must be made up
by Richina founder and boss Richard Yan.

Ms. Shipley served as a director of the Hong Kong and Shanghai
listed China Construction Bank global board for six years from 2007
to 2013, the Herald notes.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.


[*] NEW ZEALAND: More Construction Cos. Will Fail, Economist Says
-----------------------------------------------------------------
Duncan Bridgeman at NZ Herald reports that more building and
construction firms are destined to fail following the voluntary
administration of Arrow International, an economist says.

"You are going to see more failures within that sector, we haven't
seen the last of it," the Herald quotes Cameron Bagrie, an
independent economist based in Wellington, as saying.

"What you have at the moment is a nasty combination where the
sector is basically maxed out capacity wise, access to credit is
becoming an issue because the banks are looking at everything
closer, and costs keep moving up.

"And if you look at some pockets of the market, particularly up in
Auckland, residential property prices are falling."

There were also specific issues relating to contracts and who bears
the risk, while many projects have become uneconomic, he said, the
Herald relays.

According the Herald, Arrow was placed in voluntary administration
after a contractual dispute left it with insufficient cashflow to
meet operating costs.

BDO partners Andrew Bethell, Andrew McKay, and Colin Gower were
appointed joint administrators.

It's understood Arrow had earlier been on the losing end of a
NZ$4.2 million dispute with subcontractor March Construction, a
Christchurch-based company now owned by France-based Vinci
Construction, the Herald relates.

"This is not the outcome we wanted or expected, but in light of a
recent adjudicator's decision, we had no choice but to take this
course of action," Arrow's board, as cited by the Herald, said in a
statement.  "We have managed the tough trading conditions which
have stressed the entire sector, but this unexpected result has
affected solvency to the point that we could not sustain trading as
we have been."

The Herald notes that Arrow follows other firms into financial
difficulty including the liquidation of Hawkins subsidiary Orange H
and receiverships at construction companies Ebert's and
subsequently Accent.

Arrow, one of New Zealand's larger builders with a national spread,
works on retail, commercial, Government, tourism, education,
retirement sports and recreation and residential work.

Arrow's work includes Queenstown's new iFLY flight simulator, a
NZ$28 million 18-level apartment project on Auckland's Airedale St
and a NZ$40 million 21-level apartment block on Beach Rd, Parnell.
It was founded by Ron Anderson and Bob Foster in Dunedin in 1984.




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

HYFLUX LTD: Posts SGD916MM Impairment for Tuaspring, Other Assets
-----------------------------------------------------------------
Marissa Lee at The Business Times reports that Hyflux Ltd has taken
a SGD916 million impairment for the nine months ended Sept. 30, to
adjust for a fall in carrying value of the Tuaspring water and
power plant and other write-downs.

This figure was released on March 2, after Hyflux submitted its
latest statement of financial position to the High Court, the
report notes.

"The impairment loss . . . relates predominantly to the impairment
loss arising from the assessment of the carrying value of Tuaspring
and the impairment of receivables for previously completed
projects," the water cleaning company wrote, BT relays.

According to BT, Hyflux had asked a valuer to conduct an up-to-date
valuation of the Tuaspring plant, but no exact figure was shared in
the submission.

The report says the plant is part of the Tuaspring disposal group,
classified under "held for sale" assets. At the end of March 2018,
these assets were assigned a value of SGD1.47 billion. In a court
affidavit filed last June, Hyflux chief Olivia Lum said that the
Tuaspring plant had a book value of SGD1.3 billion.

At the end of September 2018, the value of Hyflux's held-for-sale
assets was SGD651 million, or SGD824 million lower, the report
discloses.

"This valuation is based on the most recent market study conducted
by K4K Training & Advisory SL, the same consultant who did a
similar market study in 2016 (which supported the valuation then).
The view taken in this most recent market study is significantly
different from that in 2016 due to . . . the losses in the
electricity market in the recent years and the projected lower
spark spreads for the remaining concession period," Hyflux, as
cited by BT, said.

Noting that the current valuation is "significantly lower" than
that adopted in 2016, Hyflux said that it intends to commission a
further valuation to be undertaken by a different valuer for the
purposes of finalising the 2018 full-year financial results, BT
relays.

"As the carrying value is a reflection of the current depressed
market, in the event that the Singapore power market recovers to
provide generation companies with sufficient spark spread margins,
the valuation might then be revised," Hyflux said.

BT relates that David Gerald, president of the Securities Investors
Association (Singapore) or Sias, said that the provision for
impairment was needed to reflect the "true value" of Hyflux's
assets amid the restructuring exercise.

The impairment has put the Hyflux group in a net liability position
of SGD136 million, indicating that the group is insolvent. "Hyflux
will thus be valueless if no restructuring is done," BT quotes Mr.
Gerald as saying.

However, if creditors consent to haircuts under its proposed
restructuring scheme, Hyflux will return to a net asset position of
SGD1.1 billion, according to the group's pro forma calculations.
Mr. Gerald said: "This means that the company may have positive
value post restructuring," BT relays.

BT says post-restructuring, Hyflux's pro-forma net tangible assets
(NTA) per share would be 4.2 Singapore cents, based on an NTA of
SGD815.3 million distributed across an enlarged share base after an
equity injection and various debt-for-equity swaps.

According to the report, Indonesia's Salim Group and Medco Group
had earlier agreed to give Hyflux a SGD400 million equity injection
in exchange for a 60 per cent stake in the company
post-restructuring. Effectively, Salim-Medco is buying into Hyflux
at 3.4 Singapore cents a share.

If the Salim-Medco deal goes through, Hyflux's debt securities
holders and senior unsecured lenders will be cleaned off the
balance sheet, BT notes.

Retail perpetual and preference share holders will have their
SGD900 million in claims swapped for SGD27 million in cash and
SGD69.2 million shares, assuming that the shares are valued at 3.4
cents apiece. That works out to a 10.7 per cent recovery rate on
their principal, BT states.

BT says Hyflux noted that the pro forma unaudited financials are
for "illustrative purposes" and may not reflect the actual
consolidated financial information of Hyflux after the
restructuring. No cashflow projections have been shared yet.

Hyflux will hold a third round of town hall meetings with retail
creditors on March 13 to discuss the restructuring scheme. At a
scheme meeting on April 5, creditors will decide whether Hyflux
should be restrcutured or liquidated, BT discloses.

                           About Hyflux

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

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

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




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

[*] BOND PRICING: For the Week Feb. 25, 2019 to March 1, 2019
-------------------------------------------------------------
Issuer                    Coupon     Maturity   Currency  Price
------                    ------     --------   --------  -----


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

HEUNGKUK FIRE & MARINE       5.70      12/29/46    KRW     50.43
INDUSTRIAL BANK OF KORE      3.84      03/10/45    KRW     40.22
KIBO ABS SPECIALTY CO L      5.00      02/26/21    KRW     66.89
KIBO ABS SPECIALTY CO L      5.00      12/25/19    KRW     72.53
KIBO ABS SPECIALTY CO L      5.00      08/29/19    KRW     73.44
KIBO ABS SPECIALTY CO L      5.00      02/26/19    KRW     74.76
KIBO ABS SPECIALTY CO L      5.00      02/25/19    KRW     75.05
SAMPYO CEMENT CO LTD         7.50      04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.30      04/12/15    KRW     70.00
SAMPYO CEMENT CO LTD         7.30      06/26/15    KRW     70.00
SINBO SECURITIZATION SP      5.00      12/21/20    KRW     65.80
SINBO SECURITIZATION SP      5.00      03/21/21    KRW     66.82
SINBO SECURITIZATION SP      5.00      02/23/22    KRW     68.79
SINBO SECURITIZATION SP      5.00      01/26/22    KRW     68.93
SINBO SECURITIZATION SP      5.00      09/27/21    KRW     70.72
SINBO SECURITIZATION SP      5.00      08/25/21    KRW     70.98
SINBO SECURITIZATION SP      5.00      06/23/20    KRW     71.19
SINBO SECURITIZATION SP      5.00      07/27/21    KRW     71.20
SINBO SECURITIZATION SP      5.00      03/15/20    KRW     71.93
SINBO SECURITIZATION SP      5.00      02/28/21    KRW     72.38
SINBO SECURITIZATION SP      5.00      01/27/21    KRW     72.64
SINBO SECURITIZATION SP      5.00      12/22/20    KRW     72.91
SINBO SECURITIZATION SP      5.00      09/23/20    KRW     73.65
SINBO SECURITIZATION SP      5.00      08/26/20    KRW     73.88
SINBO SECURITIZATION SP      5.00      06/24/19    KRW     73.95
SINBO SECURITIZATION SP      5.00      07/28/20    KRW     74.10
SINBO SECURITIZATION SP      5.00      03/13/19    KRW     74.82


MALAYSIA
--------

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


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

PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


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

BAYAN TELECOMMUNICATION     13.50      07/15/06    USD     22.75
BAYAN TELECOMMUNICATION     13.50      07/15/06    USD     22.75
PHILIPPINE GOVERNMENT B      3.63      03/21/33    PHP     68.00
PHILIPPINE GOVERNMENT B      4.63      09/09/40    PHP     70.57


SINGAPORE
---------

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


SRI LANKA
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

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

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



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