TCRAP_Public/190312.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 12, 2019, Vol. 22, No. 51

                           Headlines



A U S T R A L I A

A.M.I.E INVESTMENTS: Second Creditors' Meeting Set for March 19
AP HUMAN: First Creditors' Meeting Set for March 21
MICKIM INVESTMENTS: First Creditors' Meeting Set for March 18
ONTERRAN LIMITED: First Creditors' Meeting Set for March 20
PARKHURST FARM: Administrator to Sell Little River Poultry Farm

SECURICOM NSW: First Creditors' Meeting Set for March 19
SHOES OF PREY: Online Retailer Enters Liquidation
SPECIAL ONE: Creditors Vote to Put Company into Liquidation
THINKHOLDINGS LIMITED: First Creditors' Meeting Set for March 19


I N D I A

A H MALLICK: CARE Migrates 'D' Ratings to Not Cooperating
ACARA BIOHERB: CARE Lowers Rating on INR8.50cr ST Loan to D
AGRAWAL DISTILLERIES: Ind-Ra Rates INR40MM Loan 'BB+'
AGRI VENTURE: CARE Keeps D on INR5.95cr Loans in Non-Cooperating
AURAD SOLAR: Ind-Ra Keeps BB on INR129MM Loan in Non-Cooperating

BKD INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating
BRIAR KNOLL: CARE Moves D on INR4.95cr Loan on Non-Cooperating
BROADWAY MEGAAPLEX: CRISIL Assigns B Rating to INR70cr LT Loan
CONSOLIDATED CONSTRUCTION: CARE Moves D Ratings to Not Cooperating
D.R.J. IMPEX: CRISIL Reaffirms B+ Ratings on INR6.75cr Loans

DAULATRAM INDUSTRIES: CARE Moves D Rating to Not Cooperating
DHANASHREE AGRO: CRISIL Reaffirms D Ratings on INR122.7cr Loans
EMDEE DIGITRONICS: Ind-Ra Moves BB Debt Rating to Non-Cooperating
GMW PRIVATE: Ind-Ra Affirms 'BB+' Rating on INR55MM Loans
GOPAL CHAKRABORTY: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating

INNOVATIVE TEXTILES: Ind-Ra Rates INR528MM Loans 'BB+'
JCBL LIMITED: Ind-Ra Rates INR165MM Term Loan 'BB-'
JET AIRWAYS: Secures INR2,050 crore Loan from PNB, Mint Reports
K.S. PIPE: Ind-Ra Affirms 'B+' Rating on INR70MM Loan
KAMACHI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating

KANUPAT HIMGHAR: CARE Migrates 'D' Ratings to Not Cooperating
LEITWIND SHRIRAM: CARE Migrates 'D' Ratings to Not Cooperating
M P AGARWALA: Ind-Ra Affirms BB Rating on INR105MM Loans
M.R. GUPTA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
MAISON DE COUTURE: CARE Migrates 'D' Ratings to Not Cooperating

MANIK COMMERCIAL: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
MANIYAR REFINARY: Ind-Ra Rates INR80MM Loan 'BB'
MAXWELL AUTO: CRISIL Withdraws D Ratings on INR15.5cr Loans
MEGH CONSTRUWELL: CRISIL Lowers Ratings on INR5cr Loans to D
PATNA SAHIB: Ind-Ra Keeps D on INR217MM Loan on Non-Cooperating

PUNJ LLOYD: NCLT Admits ICICI Bank's Insolvency Plea
RATTAN POLYCHEM: CARE Migrates 'D' Ratings to Not Cooperating
SAGA AUTOMOTIVE: CARE Migrates 'D' Ratings to Not Cooperating
SAHDEV JEWELLERS: CARE Migrates 'D' Ratings to Not Cooperating
SAI LEASING: CARE Moves D on INR10cr Debt to Not Cooperating

SAMRAT IRONS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SANGAM RICE: CRISIL Retains B Ratings in Not Cooperating Category
SARA SPINTEX: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SARVESH RICE: CRISIL Maintains 'D' Ratings in Not Cooperating
SCT PRIVATE: Ind-Ra Affirms 'BB-' Rating on INR70MM Loan

SPRINGFIELD SHELTERS: CARE Migrates D Rating to Not Cooperating
SVM CERA: CARE Keeps D Rating on INR7.0cr Loans in Not Cooperating
SWADESHI TEXTILES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
TERA SOFTWARE: Ind-Ra Affirms BB+ Rating on INR430MM Loans
TISSORI INDIA: CARE Migrates 'D' Ratings to Not Cooperating

WORLDSTAR FABRICS: CARE Moves D on INR42cr Loans to Not Cooperating
WORSTED OVERSEAS: CARE Migrates 'D' Ratings to Not Cooperating
ZEPHYR FABRIC: CARE Moves D on INR25cr Loans to Not Cooperating


P H I L I P P I N E S

CENORE CORP: Big Hotel Workers to Lose Jobs as Hotel Set to Close


S I N G A P O R E

RYOBI KISO: Placed Under Interim Judicial Management
STATS CHIPPAC: Moody's Raises CFR to 'B2', Outlook Stable


X X X X X X X X

BOND PRICING: For the Week March 4, 2019 to March 8, 2019

                           - - - - -


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

A.M.I.E INVESTMENTS: Second Creditors' Meeting Set for March 19
---------------------------------------------------------------
A second meeting of creditors in the proceedings of A.M.I.E
Investments Pty Ltd has been set for March 19, 2019, at 12:00 p.m.
at Level 9, 440 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2019, at 4:00 p.m.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of A.M.I.E Investments on
Feb. 13, 2019.


AP HUMAN: First Creditors' Meeting Set for March 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of AP Human
Resources Pty Ltd will be held on March 21, 2019, at 11:00 a.m. at
the offices of HoganSprowles Pty Ltd, at Level 2, 152 Marsden
Street, in Parramatta, NSW.

Christian Sprowles and Michael Andrew Hogan of HoganSprowles were
appointed as administrators of AP Human on March 11, 2019.


MICKIM INVESTMENTS: First Creditors' Meeting Set for March 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mickim
Investments Pty. Ltd., trading as XCEL Real Estate, will be held on
March 18, 2019, at 11:00 a.m. at Level 7, 175 Eagle Street, in
Brisbane, Queensland.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of Mickim Investments on March 7,
2019.


ONTERRAN LIMITED: First Creditors' Meeting Set for March 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Onterran
Limited will be held on March 20, 2019, at 10:30 a.m. at Christie
Spaces, Conference Room E, 320 Adelaide Street, in Brisbane,
Queensland.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Onterran Limited on March 8,
2019.


PARKHURST FARM: Administrator to Sell Little River Poultry Farm
---------------------------------------------------------------
Property Observer reports that a poultry farm in the Werribee area
has hit the market, with industry interests and land bankers tipped
to be interested.

Colliers International's Jesse Manuel and Jock Grimshaw have been
appointed to sell Parkhurst Farm at 925 Bulban Road, Little River,
on the outskirts of Werribee, Victoria, the report says.

Property Observer relates that the appointment has been made by
Richard Hughes of Deloitte in his capacity as Deed Administrator of
Parkhurst Farm Pty Ltd (Subject to Deed of Company Arrangement).

According to the report, Mr. Manuel said with its proximity to the
amenity of Melbourne's west and its expanding urban boundary, the
Little River property will be sought-after by a diverse range of
buyers.

"It represents an excellent opportunity for existing poultry
industry participants to expand their holdings and geographically
diversify, as well as opportunists looking to acquire land in close
proximity to major development activity," Property Observer quotes
Mr. Manuel as saying.

"Historically we've seen chicken meat processors look at these
types of farms to convert to breeder farms, the egg industry to
rear pullets or install laying infrastructure, as well as the broad
acre sector looking to store grain and fertiliser."

The property is located about 11 kilometres south-west of Werribee,
38 kilometres north-east of Geelong and 47 kilometres south-west of
the Melbourne CBD via the West Gate and Princes Freeways.

The area of Little River was famously the inspiration for the name
of the classic Australian rock band Little River Band.

Parkhurst Farm is a well developed poultry farm that has a history
of both poultry meat and egg production and comprises a total shed
production area of over 20,000 square metres.

Property Observer says the property contains a total land area of
115 hectares (approx.) and has been developed to eight tunnel
ventilated grower sheds complete with automated climate-control,
feeding, drinking and lighting systems. The sheds were developed
from 2003 to 2006, with a key feature being their concrete wall
construction.

Property Observer relates that associated improvements include
manager's residence, various farm shedding, grain silos, extensive
water storage tanks, office/control rooms, backup diesel generators
and a desalination plant to treat groundwater from the onsite bore.
Three phase electricity and reticulated town water are connected to
the property.

Mr. Grimshaw said the region was characterised by cropping and
grazing enterprises and is also a nationally recognised region for
commercial chicken meat production with a significant number of
broiler farms located in the region, adds Property Observer.

Offers are due March 27, Property Observer discloses.


SECURICOM NSW: First Creditors' Meeting Set for March 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Securicom
(NSW) Pty. Limited, trading as "Microlatch" & "Magnetic Head
Recording Equipment", will be held on March 19, 2019, at 1:00 p.m.
at the offices of Chifley Advisory, at Level 2, 9 Phillip Street,
in Parramatta, NSW, and The Glass House Meeting Room, at Level 2,
194 Varsity Parade, in Varsity Lakes, Queensland.

Gavin Moss of Chifley Advisory was appointed as administrator of
Securicom (NSW) on March 7, 2019.


SHOES OF PREY: Online Retailer Enters Liquidation
-------------------------------------------------
Tess Bennett at Which-50 reports that after failing to gain
traction in a mass market and an ultimately unsuccessful pivot
attempt, liquidators have been appointed to online retailer Shoes
of Prey.

Launched in 2009, Shoes of Prey was a darling of the Australian
start-up scene, enjoying strong organic growth and pioneering
customisation in ecommerce. The business attracted venture capital
investment from Khosla Ventures and Blue Sky Capital and formed
strategic distribution partnerships with department stores David
Jones and Nordstrom in the US.

However the company failed to gain mass market traction and in
August 2018, the company announced it was no longer taking orders
while it paused "to consider our options for the future," Which-50
relates.    

FTI Consulting was appointed liquidator earlier this month, after
attempts to find a buyer or improve the business failed, Which-50
reports citing The Australian.

According to Which-50, Shoes of Prey co-founder Michael Fox on
March 10 penned a post on Medium titled The Shoes of Prey Journey
Ends, chronicling the rise and fall of the Australian ecommerce
company.

Which-50 relates that Mr. Fox said the business had attempted to
pursue two new strategies: selling footwear to customers who have
small, large, wide and narrow feet or using its factory to
providing short, fast run manufacturing runs for other retailers
and brands. However, complicated operations, high fixed costs and
price competition from Chinese factories worked against the 10 year
old company.

"As with our customisation business, while there are strong early
signs that the sizing and short run manufacturing markets might
work for us, we've not been able to clearly prove that these
customers are willing to pay us enough at a large enough scale to
cover our fixed costs. And with the money we've already raised to
date it hasn't been possible to raise a round of funding to pursue
these avenues," Mr. Fox, as cited by Which-50, wrote.   

A key learning, Mr. Fox wrote, was to better understand the
consumer psychology when attempting to change their behaviour.

While early market research suggested the Shoes of Prey model would
scale, ultimately designing your own shows failed to gain traction
it needed to keep the business afloat.

"The customisation niche are creative people who enjoy spending the
time to create something unique which they can wear. We learnt the
hard way that mass market customers don't want to create, they want
to be inspired and shown what to wear," Mr. Fox wrote, Which-50
relays.

"If we'd been able to understand that the mass market customer
didn't want to customise, we shouldn't have gone down the path of
raising venture capital and instead focused on building a strong
but smaller business serving our niche of women who wanted to
customise, as we did for the first 2.5 years of the business."

Mr. Fox offered an alternative lesson to start-up founders: "to
pick a business that doesn't require changing consumer behaviour."

Co-founder Jodie Fox is currently writing a book on the Shoes of
Prey journey, Mr. Fox wrote, which is scheduled to be released this
year, adds Which-50.


SPECIAL ONE: Creditors Vote to Put Company into Liquidation
-----------------------------------------------------------
Liz Wells at Grain Central reports that a meeting of Special One
Grain Accumulator's creditors in Dubbo on March 6 has voted to put
the company into liquidation, with unsecured creditors estimated to
get 9 cents in the dollar for the AUD10.3 million they are
collectively owed.

According to Grain Central, Special One's board voted last year to
put the company into voluntary administration, and Andrew Spring
and Trent Devine of Jirsh Sutherland were appointed administrators
on October 18.

Last month, they provided Special One's creditors with an outline
of the company's financial situation, Grain Central relates.

It includes a AUD5.6 million debt to NAB as the secured creditor
which looks likely to be paid in full when the company is wound up,
the report says.

With proof of debt totalling AUD1,659,921, Walgett Special One
Co-operative is at the top of the unsecured creditors list.  It is
followed by Allied Pinnacle with AUD748,000 owing, and Louis
Dreyfus Company Australia, which is owed AUD593,491.

Other unsecured creditors include Australian traders, millers and
growers.

"We're managing the wind-down of the company's affairs, and we're
going through the process of maximising the value that can be
returned to creditors," Grain Central quotes Mr. Spring as saying.
"There's still a fair bit of work to do."

A committee of inspection of four parties, all unsecured creditors,
was formed at the meeting to provide guidance to the liquidator,
the report notes.

According to Grain Central, the administrators' report said Special
One Grain had a significant trading loss in the year to June 30,
2018, and declining working-capital ratios, both indicators of
insolvency.

Special One's directors are Walgett farmers James Moore and David
Berrell, Walgett farmer and agronomist Greg Rummery, and Cryon
farmer Fiona Denyer, Grain Central discloses.

They advised the administrators the current drought, legacy issues
from Special One's 2010 wheat and chickpea pools, trading losses
and breaching of its banking covenants were reasons for its
insolvency, Grain Central relates.

The administrators have also cited under-capitalisation, and
shrinking margins due to market forces as contributing to the
company's inability to trade on, the report adds.

Trent Andrew Devine of Jirsch Sutherland was appointed as
administrator of Special One on Oct. 18, 2018.


THINKHOLDINGS LIMITED: First Creditors' Meeting Set for March 19
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Thinkholdings Limited;
   -- Mortron Pty. Ltd.;
   -- Pay Smart Plus Pty Ltd;
   -- Thinktrading Pty Ltd; and
   -- Thinkprocurement Pty Ltd

will be held on March 19, 2019, at 11:00 a.m. at Level 9, 1
Castlereagh Street, in Sydney, NSW.

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporat
were appointed as administrators of Thinkholdings Limited on March
7, 2019.




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

A H MALLICK: CARE Migrates 'D' Ratings to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of A H
Mallick Agro Services and Cold Storage Pvt. Ltd. (AMASCS) to Issuer
Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.56      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable
                                  based on best available
                                  information

   Short-term Bank      0.26      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 based on
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AMASCS to monitor the
ratings vide e-mail communications/letters dated November 8, 2018,
January 8, 2019, February 6, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on AMASCS'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.

The revisions in the ratings take into account the on-going delay
in debt servicing of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt Servicing: There is an on-going delay in
debt servicing of the company as confirmed by banker.

A H Mallick Agro Services and Cold Storage Pvt. Ltd. (AMASCS) was
incorporated in January 2012 by Mallick family of Hooghly, West
Bengal to provide cold storage services with the facility being
located at village: Gholsara, Hooghly, West Bengal. However, the
commercial operation has been started from March 2013. The company
is currently engaged in the business of providing cold storage
facility at the same location primarily for potatoes and is
operating with a storage capacity of 15,650 metric ton (MT). This
apart, the company is in potato trading business during last two
years.

Liquidity position: The liquidity position of entity was stressed
as reflected by its high utilisation of working capital limits and
there is on-going delay in the debt servicing of the company.


ACARA BIOHERB: CARE Lowers Rating on INR8.50cr ST Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Acara Bioherb Private Limited (ABPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short-term Bank      8.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ABPL to monitor the rating
vide e-mail communications/letters dated January 31, 2019, February
1, 2019, February 5, 2019, February 6, 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 rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Acara Bioherb Private
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in servicing interest: There are On-going delays in
servicing of interest and bills for over two months and over-drawls
since July 2018.

Small scale of operations with declining profitability margins
albeit remained moderate: The scale of operations continued to
remain small, however marginally improved during FY18. PBILDT
margin decline and stood at 12.94% in FY18 as against 18.34% in
FY17. The PAT margin decline and stood at 0.54% in FY18 as compared
to 5.50% in FY17.

Leveraged capital structure and weak debt coverage indicators: The
capital structure marked by overall gearing has deteriorated to
4.25x as on March 31, 2018 as compared to 2.76x as on March 31,
2017.

Working capital intensive nature of operations: The working capital
cycle stood at 311 days in FY18 as compared to 315 days in FY17.

Risk associated with foreign exchange fluctuations and
international market regulations: ABPL derives approximately 90% of
its income from exports to countries like UAE, Saudi Arabia, Oman,
Bahrain, Egypt and UK. However, ABPL does not hedge its foreign
currency exposure which exposes its margins to foreign exchange
price fluctuations. Further, companies engaged in global trade are
subject to both international and regional customs requirements
concerning quotas, tariffs and licensing obligations. Dealing with
international customs can impact the business, particularly in
markets with high tariffs, strict quality regulations or
export-import quotas.

Competitive nature of industry: ABPL operates on a small scale of
operations in a fragmented and highly competitive cosmetic industry
which is characterized by the presence of many established players
who have global presence. Due to high competition, ABPL has limited
flexibility over pricing of their products which may result in low
profit margins. However, ABPL with its diversified product range
carved a niche for itself in the middle-eastern countries.

Key Rating Strengths

Experienced promoters in the trading of herbal aromatic oils,
extracts and incense sticks: The promoters, Mr H.R.Hanumantha Kumar
and Mr H.Pawan have an experience of 48 years and 20 years
respectively in the business of trading of herbal aromatic and
essential oils, herbal extracts and incense sticks. The experience
and knowledge gained from this business helped the promoters in
setting up of the manufacturing of the herbal cosmetics and
extracts and establishing relationships with suppliers and
customers.

Growth in operating income and moderate order book position: The
TOI of the company has increased from INR11.76 crore in FY17 to
INR17.03 crore in FY18.

Encouraging market for herbal cosmetics around the world: Consumers
worldwide prefer herbal beauty products such as skin care products,
hair care products, make-up products and others. The market share
for herbal beauty products has been increasing considerably as
compared to synthetic beauty products. Companies manufacturing
herbal beauty products are primarily focused towards mitigating the
adverse effects of synthetic beauty products. There is increasing
demand of herbal beauty products owing to the rising consumer
awareness regarding harmful effects of the chemical added to the
beauty products. Also, there is a rising trend of using herbal
medicines in the skin care industry, which is predicted to bolster
the growth of the herbal beauty products market. Thus, the domestic
and international markets for the products of ABPL look encouraging
in the coming years.

Diversified product portfolio: ABPL is involved in manufacture of
various products like henna, hair cream, shampoos, scrubs and
moisturizers, body sprays, hair oils and herbal extracts for use in
the pharmaceutical, food and dietary supplement industry. Further,
the company also intends to launch 13 variants of henna hair colour
and hair colour creams in the coming years. The diversified product
portfolio helps ABPL to expand its market reach and mitigate risk
associated with failure of any product.

Bangalore based Acara Bioherb Private Limited (ABPL) is a private
limited company started by Mr H.Pawan in the year 2012. ABPL is
involved in the business of manufacturing and exporting of herbal
cosmetics and extracts. Some of the main products of ABPL are
henna, hair cream, shampoos, scrubs, moisturisers, herbal health
supplements. The company procures most of its raw materials like
glycerine, harinol IPM and fragrances locally from Maharashtra.
ABPL exports majority (about 90%) of its produce to Middle East and
United Kingdom. While the herbal cosmetics are sold on business to
customer model in Middle Eastern Countries (under the brand name
'Acara'), the herbal extracts used in pharmaceutical, food and
dietary industry are sold on business to business model in United
Kingdom. ABPL manufactures its products in a plant taken on job
work bases in Mumbai from M/s.Glint Cosmetics Pvt. Ltd. The
company, apart from outsourcing the research work, also has an own
R&D team of 10 members.


AGRAWAL DISTILLERIES: Ind-Ra Rates INR40MM Loan 'BB+'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Agrawal
Distilleries Private Limited (ADPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits assigned with IND BB+/Stable
     rating;

-- INR23.8 mil. Term loan due on April 2023 assigned with IND
     BB+/Stable rating; and

-- INR20 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect the company's modest scale of operations, as
indicated by revenue of INR503 million in FY18 (FY17: INR459
million). The revenue rose due to an increase in sales. As per
interim financials, the company achieved a revenue of INR444
million in 9MFY19. The management plans to set up a 144 lakh bulk
liters per annum grain-based distillery to increase its production
capacity. The expansion would entail a capex of INR540 million,
which will be funded through a mix of debt and equity in the ratio
of 4:1 in the coming years.

Moreover, the company's operates in a highly regulated business
environment, as the state government tightly controls the
manufacturing and supply of liquor. Any changes in state government
policies towards liquor consumption or prohibition would
significantly impact ADPL's revenue.

In addition, the company's operations are restricted to four
districts in Madhya Pradesh, which has led to high geographical
concentration.

The ratings, however, benefit from ADPL's comfortable credit
metrics because of healthy EBITDA margins. The interest coverage
(operating EBITDA/gross interest expense) improved to 8.1x in FY18
(FY17: 6.1x) and the net financial leverage improved to 0.8x (1.3x)
due to low financial cost and also because the EBITDA increased to
INR63 million (INR53 million) owing to a drop in raw material costs
(molasses). Nonetheless, the agency expects the credit metrics to
deteriorate in the medium term due to the infusion of secured and
unsecured debt of INR430 million for the planned capex. The
company's RoCE was 29% in FY18 (FY17:30%), and the EBITDA margin
rose to 12.6% (11.3%). As per interim financials, the EBITDA margin
stood at 15.96% in 9MFY19.

The ratings are also supported by the comfortable liquidity
profile. ADPL's average utilization of fund-based limits was less
than 90% during the 12 months ended January 2019. Its cash and cash
equivalent stood at INR24 million in FY18 (FY17: INR7 million), and
the cash flow from operations amounted to INR19 million (INR18
million).

Furthermore, the promoter has an experience of more than three
decades in the liquor industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining the credit metrics at comfortable levels, on a
sustained basis, will be positive for the ratings.

Negative: A substantial deterioration in the credit metrics or
liquidity profile, on a sustained basis, will be considered
negative for the ratings.

COMPANY PROFILE

ADPL manufactures portable spirit (country liquor) and has a
bottling unit in Khargone, Madhya Pradesh.


AGRI VENTURE: CARE Keeps D on INR5.95cr Loans in Non-Cooperating
----------------------------------------------------------------
CARE had, vide its press release dated January 25, 2018, placed the
ratings of Agri Venture under the 'Issuer noncooperating' category
as Agri Venture had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. Agri Venture
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and letter/emails
dated November 13, 2018, December 4, 2018,
January 21, 2019 and January 25, 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/Short-term      5.95       CARE D/CARE D; Issuer not
   Bank Facilities                 cooperating; 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.

Detailed description of the key rating drivers

At the time of last rating done on January 25, 2018, the following
was the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: Agri venture has been irregular in
servicing its debt obligation due to its weak liquidity position
and account has become NPA on the back of on-going delay in its
debt servicing.

Rajkot-based (Gujarat), Agri Venture was incorporated in 2014. Agri
Venture is merchant exporter of Agri commodities such as Sesame
Seeds, Turmeric Finger, Groundnut and Cumin seeds. Mr. Chirag
Mahesh Sangani, proprietor, who has an experience of more than
thirteen years, manages the overall operations of the firm. They
majorly export to countries like Vietnam, Greece, Turkey, Israel
and Egypt.


AURAD SOLAR: Ind-Ra Keeps BB on INR129MM Loan in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aurad Solar
Private Limited's (ASPL) Long-Term Issuer Rating in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- The 'IND BB' rating on the INR129.2 mil. Term Loan due on
     August 2031 maintained in the non-cooperating category and
     withdrawn; and

* Maintained in 'IND BB (ISSUER NOT COOPERATING)' before being
   withdrawn

KEY RATING DRIVERS

ASPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings, as the agency has received a no objection
certificate from the rated facilities' lenders.

COMPANY PROFILE

ASPL is a special purpose vehicle formed in November 2015 to
develop, own and operate a 3MW solar power plant in Jonnikeri
Village, Karnataka; it is promoted by Mr. Niraj Gelli and Mr.
Girish Gelli. The total project cost of INR210 million is being
funded in a debt-equity ratio of 62:38.


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

The instrument-wise rating actions are:

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

-- INR120 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BIPL was incorporated in April 2008 and has a registered office in
Sambalpur, Odisha. The company, promoted by Braja Kishore Das and
Monalisa Das, executes civil construction works.

BRIAR KNOLL: CARE Moves D on INR4.95cr Loan on Non-Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Briar
Knoll Mills Private Limited (BKM) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4.95      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BKM to monitor the rating
vide e-mail communications dated December 31, 2018, February 4,
2019, a letter dated 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
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Briar Knoll Mills
Private Limited bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 28, 2017, the following were
the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

NPA Classification from Bank: CARE is in receipt in a communication
from the bank that the account has been classified as
Non-performing asset.

Small scale of operations: BKM commenced its operations during
November 2014 and the scale of operations of the company remained
small with a total income of INR30.49 cr and PBIDT of INR 4.53
during FY17.

Key Rating Strengths

Promoter's experience in the textile business: BMK is a 100%
subsidiary of Briar Knoll Textile Private Limited (BKT). The
Company is managed by a team of professionals with vast experience
in their functional areas of Production, Marketing and Finance.

Briar Knoll Mills Private Limited (BKM) was incorporated in
August 1, 2012 and started commercial operations during November
2014. BTM is engaged in manufacture and sale of fine linen fabrics
for home decor both domestic and internationally which is used as
input to produce Bed Sheets, Duvets, Curtains and Upholsteries. As
on November 30, 2017, BKM had 24 Rapier looms with installed
capacity to produce 12.8 lakh metres of fabrics per annum at its
facility in Madurai, Tamilnadu.


BROADWAY MEGAAPLEX: CRISIL Assigns B Rating to INR70cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Broadway Megaaplex Private Limited (BMPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan       70       CRISIL B/Stable (Assigned)

The ratings reflect BMPL's exposure to risks related to
implementation and timely completion of its ongoing project and the
risks related to successful ramp up of operations at the facility
after the project completion. These weaknesses are partially offset
by the extensive entrepreneurial experience of the promoters and
their high financial flexibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to implementation and timely completion
of its ongoing project: BMPL is yet to start operations and the
company is setting up a family entertainment center in Coimbatore.
The company is in the nascent stages of the project development.
Timely implementation and completion of the ongoing project shall
remain a key risk. Any delay in the implementation, shall result in
time and cost over runs for BMPL, which shall adversely impact the
financial risk profile, particularly, liquidity.

* Exposure to risks related to successful ramp up of operations
after the project completion: Post the timely completion of the
project, successful stabilisation and ramp up of operations at the
project shall remain a key monitorable. During the initial stages
of operations, footfalls might be lower which might constrain the
revenue, however with increasing awareness  due to extensive
marketing to be undertaken,  the footfalls is expected to
increase.

Strength

* Promoter's extensive entrepreneurial experience and their funding
support: The promoters have been engaged in the film exhibition
industry for over 2 decades. The promoters have also extended
funding support in the form of equity and unsecured loans, which
stood at around INR7.04 crore and INR7.5 crore respectively as on
March 31, 2018. CRISIL believes that BMPL shall benefit from the
extensive industry experience and funding support of its promoters,
over the medium term.

Liquidity
The project is funded through a term loan of INR70 crore and the
remaining through equity infusion and unsecured loans from the
promoters. The company's liquidity shall be supported with fund
infusion from the promoters in the form of unsecured loans and
equity, till the completion of the project. Further the repayments
are expected to commence only from fiscal 2022, providing cushion
to the liquidity.

Outlook: Stable

CRISIL believes that BMPL shall continue to benefit over the medium
term, from the extensive entrepreneurial experience of the
promoters. The outlook may be revised to "Positive" in case of
timely construction progress of the project that shall result in
timely completion and stabilisation of operations. Conversely, the
outlook may be revised to "Negative, if any delay in the progress
results in time and cost over runs, that shall impact BMPL's
liquidity adversely.

Broadway Megaaplex Private Limited was incorporated in 2016 and is
currently setting up a family entertainment Centre at Coimbatore
Chennai. The entertainment centre shall consist of 10 movie
screens, a gaming arena, shopping area, restaurants, a hotel and
banquet halls. The company is yet to commence commercial
operations.


CONSOLIDATED CONSTRUCTION: CARE Moves D Ratings to Not Cooperating
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Consolidated Construction Consortium Limited (CCCL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     597.89      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank    602.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CCCL to monitor the ratings
vide e-mail communications dated September 19, 2018, December 21,
2018 and February 6, 2019 and a letter dated 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 best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on CCCL'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.

The ratings take into account the on-going delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on March 14, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies and stock exchange):

Ongoing delays in debt servicing: CCCL has ongoing delays in
servicing of interest on account of tight liquidity position due to
its elongated operating cycle.

Weak financial profile: The financial profile of CCCL is
characterised by net losses and elongated working capital cycle.
The company reported loss during FY18. The collection period stands
high due to delayed payments from clients.

Moderate order book position: The contracts are secured primarily
on tender basis. The company participates in the bidding on its own
or through joint venture route to secure a contract. The order book
has been declining over the years and the size of the order being
executed has also been reduced. The company had orders worth of
INR903.60 crore at the beginning of FY19. The company has reported
total revenue of INR349.5 crore during 9 months period of FY19.

Key Rating Strengths

Significant experience of the promoters & track record of project
execution: CCCL was promoted by first-generation entrepreneurs - Mr
R. Sarabeswar, Mr S Sivaramakrishnan, and Mr V.G. Janarthanam. The
promoters are well qualified and had worked with L&T-ECC and
Shobakshi Group with an experience of around three decades in the
construction business. The technical experience gained over the
years has enabled them to execute various projects across different
sectors.

CCCL was incorporated in 1997 by first-generation entrepreneurs Mr
R Sarabeswar, Mr S Sivaramakrishnan and Mr V G Janarthanam. CCCL is
primarily engaged in construction activities in commercial,
infrastructure, industrial and residential domain. CCCL has other
subsidiaries, namely, Consolidated Interiors Ltd (interior
contracts and fit out services), Noble Consolidated Glazing Ltd
(Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders
for Power Projects and food processing).


D.R.J. IMPEX: CRISIL Reaffirms B+ Ratings on INR6.75cr Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of D. R. J. Impex Private Limited (DRJIPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan     1.25       CRISIL B+/Stable (Reaffirmed)
   Overdraft          5.50       CRISIL B+/Stable (Reaffirmed)

The rating reflects DRJIPL's modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Small scale of operations (revenue
was INR7.54 crore in fiscal 2018) and intense competition limit
pricing power with suppliers and customers, thereby constraining
profitability. Capacity utilisation, however, may increase from the
current 55-60% over the medium term because of healthy demand for
dried and roasted chicory.

* Large working capital requirement: Gross current assets were 365
days as on March 31, 2018, driven by high inventory of 313 days.
The trend may continue over the medium term.

Strength:

* Experience of promoters: The benefits derived from the promoter's
experience of over two decades in contract farming, and healthy
relationships with industry stakeholders, will, likely, continue to
ensure regular inflow of raw material and orders.

Liquidity
Liquidity is adequate marked by expected cash accruals of INR0.97
crore, against repayment obligation of INR0.6 crore in fiscal 2019.
Bank limits of INR5.5 crore is highly utilized at 86.59% for 10
months ended January 2019. Further, bank limits are enhanced to
INR6.9 crore, against INR5.5 crore previously, that will give extra
cushion to the liquidity. Further, liquidity is supported by the
unsecured loan of INR1.64 crore in fiscal 2018 from promoter and
family members.

Outlook: Stable

CRISIL believes DRJIPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if a
substantial increase in revenue, profitability, and cash accrual,
and prudent working capital management strengthen financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
delays in realisation of receivables or a sizeable withdrawal of
capital weakens the financial risk profile.

DRJIPL, incorporated in 2014 by Mr Dev Rishi Jain, manufactures
chicory. The manufacturing plant at Etah (Uttar Pradesh) has
installed capacity of 45 tonne per day and produces dried chicory
cubes, roasted chicory and other derivatives of chicory. Commercial
production began in 2015 and by 2017, the company achieved 40-45%
of capacity; revenue was INR6.58 crore in fiscal 2017.


DAULATRAM INDUSTRIES: CARE Moves D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Daulatram Industries (DI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      16.97      CARE D; Issuer not cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DI to monitor the ratings
vide e-mail communications dated November 13, 2018, December 24,
2018 and January 8, 2019 and numerous phone calls. E-mail
communications and letter dated February 1, 2019 seeking
information are attached as Annexure II. 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, DI has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on DI's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of Daulatram Industries
continues to remain constrained by Irregularity in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on January 25 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Delay in debt servicing owing to stress liquidity position: Banker
has confirmed in written that there are instances of delay in long
term accounts as it has not repaid the installments for the month
of November and December 2017. Further CC accounts were overdrawn
during the year due to interest application. The management has
confirmed the same and delay in debt servicing was mainly due to
late receipt of payment from Railways. Late payments from railways
resulted in stressed liquidity position reflected by elongated
operating cycle of 379 days in FY17.

Bhopal (Madhya Pradesh) based Daulatram Industries (DI) was
incorporated in 1973 as a partnership firm. The firm is a
manufacturer and supplier of dynamic braking systems for diesel and
electric locomotives and cooling systems (air conditioners) to
Indian Railways.


DHANASHREE AGRO: CRISIL Reaffirms D Ratings on INR122.7cr Loans
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Dhanashree Agro Products Private Limited (DAPPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       1.2        CRISIL D (Reaffirmed)
   Cash Credit         60          CRISIL D (Reaffirmed)
   Letter of Credit     1.5        CRISIL D (Reaffirmed)
   Long Term Loan      60          CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delay in servicing
term debt because of stretched liquidity following operational
losses and large working capital requirement. The rating also
factors in large working capital requirement and a weak financial
risk profile. However, the company benefits from the extensive
experience of the promoters in the sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt: There have been continuous delays in
servicing interest and principal, on account of weak liquidity
resulting from large working capital requirement and operating
losses.

* Large working capital requirement: Gross current assets were high
at 316 days, driven by large inventory and moderate receivables of
255 and 35 days, respectively, as on March 31, 2018. However,
stretched payables of 286 days partially aids working capital
management.

* Weak financial risk profile: The networth was a negative INR82.64
crore as on March 31, 2018, owing to substantial losses incurred
over the past few fiscals; this also led to weak debt protection
metrics. The capital structure remains highly leveraged due to
sizeable debt and may weaken in case of any increase in working
capital requirement.

Strength:

* Extensive industry experience of the promoters: Benefits from the
promoters' experience of seven decades in the sugar industry,
established relationships with customers and suppliers, and the
professional management of manufacturing activities and product
marketing should continue to support the business.

Liquidity

Liquidity is stretched. There have been recent instances of
overdrawing of the cash credit limit owing to large working capital
requirement. Also, cash accrual is insufficient against repayment
obligation, which, however, is supported by unsecured loans from
the promoters.

DAPPL (formerly, Lakshmi Sugar Mills Company Pvt Ltd), incorporated
in September 1940, is promoted by the Sawhney family. It is one of
the oldest sugar manufacturing companies in Uttarakhand. It has a
sugar factory at Iqbalpur in Haridwar.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR35 mil. Proposed fund-based working capital limits*
     migrated to non-cooperating category with Provisional IND BB
     (ISSUER NOT COOPERATING) rating;

-- INR96.5 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR83.5 mil. Proposed non-fund-based limits* migrated to non-
     cooperating category with Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed as a partnership firm in 1995, Emdee Digitronics was
reconstituted as a private limited company in 2005. It provides
several data and manpower services to government entities. The
directors are Mr. Manash Das, Mr. Malay Das, and Mrs. Jaya Das
Chatterjee.


GMW PRIVATE: Ind-Ra Affirms 'BB+' Rating on INR55MM Loans
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GMW Private
Limited's (GMW) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR155 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR725 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects GMW's modest liquidity as a result of its
stressed working capital cycle. The company's average utilization
of fund-based facilities was about 94% during the 12 months ended
January 2019. Moreover, from January 2019, the company's drawing
power of its fund-based limits has reduced to INR50 million from
INR135 million. The cash flow from operations remained weak at
INR0.99 million in FY18 (FY17: negative INR8.83 million). The cash
and cash equivalents stood at INR1.77 million at end-FY18
(end-FY17: INR4 million).

The net cash cycle was 230 days in FY18 (FY17: 229 days). Debtor
days ranged between 263 days and 268 days over FY15-FY18 (FY18:264
days; FY17: 263 days, FY16: 268 days) due to slow realization and
the company's requirement of maintaining retention money for up to
12-24 months post project completion. GMW had an inventory holding
period of 60-80 days during FY15-FY18 (FY18: 68 days; FY17: 94
days, FY16: 80 days). The company's creditor period reduced to102
days in FY18 (FY17: 128 days, FY16: 140 days).

Additionally, the company's scale of operations remained moderate
in FY18, as indicated by revenue of INR620 million (FY17: INR564
million). The revenue increased in FY18 because of higher execution
of orders during the period. GMW achieved gross revenue of
INR260.30 million in 9MFY19. The company expects revenue to
increase in the near term, given the order book of INR2,632 million
(4.2x of FY18 revenue) as of February 2019. The same will be
executed over FY19-FY23. The company has historically been
generating higher amount of revenues from its engineering,
procurement, and construction segment (revenue share of about 53%
in FY18). However, from FY19, GMW has begun to focus more on its
product manufacturing segment (revenue share of about 59.4% in
9MFY19) to improve its overall cash conversion cycle. Furthermore,
the RoCE was 11.85% in FY18 (FY17:10.38%) and the EBITDA margin was
modest at 14.57% (15.47%) on account of the inherent nature of the
business. The margin declined slightly because of an increase in
raw material costs.

The ratings factor in the moderate credit metrics. The
EBITDA/interest coverage increased to 2.22x in FY18 (FY17: 2.09x)
and net leverage reduced to 1.65x (1.83x), as interest and finance
costs decreased to INR41 million (INR42 million) owing to partial
repayment of debts and growth in absolute EBITDA to INR90 million
(FY17: INR87 million).

The ratings are supported by the promoters' experience of more than
30 years in executing engineering, procurement, and construction
contracts.

RATING SENSITIVITIES

Positive: A substantial, sustained improvement in the revenue
and/or operating profitability, leading to an improvement in the
overall credit metrics, along with an improvement in financial
flexibility will be positive for the ratings.

Negative: Any decline in the revenue or operating profitability,
leading to deterioration in the liquidity position or its overall
credit metrics, and the inability to improve its financial
flexibility could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1986, GMW installs hydro mechanicals equipment such
as hydel gates, stop log gates, piping work and penstock piping for
various power projects. The company is promoted by Mr. Onkar Singh,
Mr. Nagindar Singh, Mr. Jasbir Singh, and their family.


GOPAL CHAKRABORTY: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gopal Chakraborty
Charitable Trust's bank loans' ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR292.66 mil. Bank loans migrated to non-cooperating category

     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
9, 2018. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Gopal Chakraborty Charitable Trust runs the Indus Valley World
School, which is spread over 170,000 square feet, offers K-12
education and is affiliated to the Central Board of Secondary
Education. The trust was established in 2008 in Kolkata and is
registered under the Indian Trust Act, 1882.


INNOVATIVE TEXTILES: Ind-Ra Rates INR528MM Loans 'BB+'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Innovative
Textiles Limited (ITL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR528.89 mil. Term loans due on March 2024 assigned with IND
     BB+/Stable rating;

-- INR210 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR130 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ITL's medium scale of operations, as indicated
by revenue of INR2,494.26 million in FY18 (FY17: INR2,155.23
million). The revenue rose because of an increase in sales volume
as well as realizations due to a favorable demand scenario.

The ratings also factor in the volatile and modest EBITDA margins
due to fluctuations in raw material prices and the highly
fragmented nature of the industry. The margin increased to 10.11%
in FY18 (FY17: 9.84%) due to a fall in raw material costs, and the
RoCE was 4.40% (4.11%).  The company's ability to earn returns on
capital is subdued due to the low capacity utilization of the new
garment manufacturing facility in Nagpur.

Also, the company's credit metrics are moderate. The interest
coverage (EBITDA/gross interest expenses) improved to 2.01x in FY18
(FY17: 1.86x) owing to the increase in operating profits to
INR252.18 million (INR212.18 million). The net leverage improved to
7.83x in FY18 (FY17: 9.45x) due to repayment of long-term loans.
The debt-to-equity ratio has been high owing to the infusion of
high amounts of debt for the capex incurred to set up the garments
manufacturing plant in Nagpur. However, the ratio improved slightly
to 3.85x in FY18 (FY17: 3.98x) due to the debt repayments.

The ratings also factor in PAPL's tight liquidity position, as
evident from the low cash flow from operations and around 99%
average peak utilization of the working capital limits. The cash
flow from operations turned positive at INR70.01 million in FY18
(FY17: negative INR250.25 million) due to the shortening of the net
working capital cycle to 145 days (158 days)

In addition, the ratings reflect the high customer concentration
risk, as 39% of the revenue in FY18 (FY17: 29%) was derived from
the top five customers.

The ratings, however, are supported by the promoter's experience of
more than a decade in the textile industry.

RATING SENSITIVITIES

Positive: A substantial growth in revenue along with sustaining of
the EBITDA margins, leading to an improvement in the credit
metrics, all on a sustained basis, could lead to a positive rating
action.

Negative: A decline in the EBITDA margin, leading to deterioration
in the credit metrics, all on a sustained basis, could result in a
negative rating action.

COMPANY PROFILE

Incorporated in 1993, ITL was previously engaged in the
manufacturing of yarn, fabric and garments. However, the company
sold its yarn plant in January 2019 and is now focusing only on
fabric and garments manufacturing in Nagpur.


JCBL LIMITED: Ind-Ra Rates INR165MM Term Loan 'BB-'
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JCBL Limited
(JCBL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR340 mil. Fund-based working capital limit assigned with IND

     BB-/Stable/INDA4+ rating;

-- INR230 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating; and

-- INR165 mil. Term loan due on March 2025 assigned with IND BB-
     /Stable rating.

KEY RATING DRIVERS

The ratings reflect JCBL's moderate scale of operations. The
company's revenue rose to INR2,123.32 million in FY18 (FY17:
INR1,494.99 million) due to an increase in the number of orders.

Also, the company's credit metrics are weak because of the average
EBITDA margins. The interest coverage improved to around 1.50x in
FY18 (FY17: 1.43x) on account of a decrease in interest expenses.
The net leverage improved to 3.47x in FY18 (FY17: 3.69x) because
the total debt declined to INR543.46 million (INR579.66 million).
JCBL's EBITDA margins have been average because of fluctuations in
raw material costs. The margin declined to 7.26% in FY18 (FY17:
10.28%) because of an increase in raw material prices; the RoCE
stood at 13% in FY18 (FY17: 11%).

The ratings factor in JCBL's moderate liquidity position. The
company's working capital cycle is elongated owing to high
inventory days. However, it improved to 89 days in FY18 (FY17: 114
days) due to a decline in the inventory and debtor days. The cash
flow from operations rose to INR103.56 million in FY18 (FY17:
INR95.26 million) because of the improvement in the working capital
cycle. However, the cash and cash equivalent declined to INR8.96
million in FY18 (FY17: INR12.65 million). Moreover, the company's
average use of the working capital limits was 99.65% during the 12
months ended January 2019.

The ratings, however, are supported by the promoter's experience of
three decades in the bus manufacturing segment.

RATING SENSITIVITIES

Positive: Improvement in the revenue, EBITDA margin or liquidity,
leading to an improvement in the credit metrics, all on a sustained
basis, and sustained credit metrics, will be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in 1989, JCBL is engaged in bodybuilding and
fabrication of buses and containers for original equipment
manufacturers such as Swaraj Mazda Limited, Eicher Motors Limited,
Tata Motor Limited, Ashok Leyland Limited and state transport
undertakings. The company also provides transport solutions to
prime fleet operators, schools and other institutions in the
country.


JET AIRWAYS: Secures INR2,050 crore Loan from PNB, Mint Reports
---------------------------------------------------------------
Livemint reports that Jet Airways (India) Ltd has secured fresh
credit facilities of INR2,050 crore from state-run Punjab National
Bank (PNB) that could provide a temporary lifeline to the
cash-strapped airline. The Mumbai-based airline has raised foreign
currency term loans worth INR1,100 crore and a non-fund based
credit facility of INR950 crore from PNB, according to loan
documents, copies of which were reviewed by Mint.

Although the documents mention that Jet Airways will use the credit
facility for its working capital needs, a person directly aware of
the airline's plans said on condition of anonymity that the money
would be primarily used to pay rental dues to aircraft lessors and
salary arrears, Livemint relates.

If the loan proceeds are used to pay dues to lessors and pare the
company's debt, then this may improve Jet Airways' credit rating
and also help it resume flights it stopped after at least 49 leased
planes were grounded since February 8 because of non-payment of
rents, Livemint says.

"The bank is a part of the consortium of lenders led by the State
Bank of India (SBI) which has lent to the airline in the past. The
consortium partners continue to be in talks with the Jet Airways
management to explore different ways of resolving its issues,"
Livemint quotes a PNB spokesperson as saying.

A spokesperson for Jet Airways did not respond to an emailed
questionnaire, Livemint notes.

Livemint relates that in an emailed response to queries, a
spokesperson for Abu Dhabi-based Etihad Airways PJSC, which has a
24% stake in Jet Airways, said: "As a minority shareholder, Etihad
continues to work constructively with the Jet Airways board,
management team and other stakeholders."

The credit facility has been raised in two lots through separate
agreements with PNB. Under one agreement, Jet Airways received a
credit facility of INR1,050 crore, including a term loan in dollars
worth INR350 crore (at a notional rate of INR67 per dollar) and a
non-fund based facility of INR700 crore. The second agreement, a
credit facility of INR1,000 crore, includes a term loan of INR750
crore and a non-fund based facility of INR250 crore.

"The loan has been raised in dollars at a stronger rupee as
compared to the value of rupee now. So, there is a cost arbitrage,
which could help the company to repay larger amounts of rupee
loans," said the person cited earlier.

According to Livemint, both the term loans have a five-year
repayment tenure, although their interest rates vary. The INR750
crore loan has been sanctioned at a rate of 12-month Libor plus 5%,
with a yearly reset. The rate for the INR300 crore term loan is
6-month Libor plus 3.5%, with a half-yearly reset. The loan
agreement was signed on January 14, the report says.

Jet Airways has an option to sell down as much as INR250 crore of
the term loan to other investors, according to the loan agreements
with PNB. "The non-fund based facility can be later converted to
current account credit facility and be used to fund operations or
meet other dues," said the person cited earlier, Livemint relays.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries. As of November 22, 2018, the company had a
fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus
A330-200/300, the latest Boeing 737 Max 8, Next Generation Boeing
737s, and ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA revised the ratings on certain bank facilities
of Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.


K.S. PIPE: Ind-Ra Affirms 'B+' Rating on INR70MM Loan
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn K.S.
Pipe Fittings Private Limited's (KSPF) Long-Term Issuer Rating of
'IND B+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND B+' rating on the INR70.00 mil. Fund-based working
     capital limits* affirmed and withdrawn; and

-- The 'IND A4' rating on the INR50.0 mil. Non-fund-based limit^
     affirmed and withdrawn.

* Affirmed at 'IND B+'/'IND A4' before being withdrawn

^ Affirmed at 'IND A4' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects KSPF's continued medium scale of
operations, as indicated by revenue of INR225 million in FY18
(FY17: INR169.08 million). The rise in revenue, which was driven by
demand growth, boosted the EBITDA to INR26.21 million (INR20.35
million).

The company's RoCE stood at around 12.6% in FY18 (FY17: 9.11%) and
the operating margin remained modest at 11.62% (12.04%) because of
fluctuations in raw material costs.

Additionally, the working capital cycle is elongated; however, it
improved to 425 days in FY18 (FY17: 490 days) due to a decline in
debtor and inventory days. The cash flow from operations was around
INR32.97 million (negative INR5.53 million), and the cash and cash
equivalent amounted to around INR0.91 million (INR0.37 million).

The company's credit metrics improved but remained weak in FY18.
The net financial leverage (total adjusted net debt/operating
EBITDAR) improved to 3.85x in FY18 (FY17: 4.76x) because of the
increase in the EBITDA. The interest coverage deteriorated to 1.50x
(1.53x) as interest expenses rose to INR17.46 million (INR13.30
million).

The ratings, however, are supported by the promoter's experience of
more than 10 years in the pipe and fittings industry, which has led
to established relationships with customers such as Bharat Heavy
Electricals Limited ('IND AA+'/Stable), Hindustan Petroleum
Corporation Limited ('IND AAA'/Stable), and Indian Oil Corporation
Ltd ('IND AAA'/Stable).

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

COMPANY PROFILE

Incorporated in 2007, KSPF company manufactures a large variety of
butt-weld forged pipe–fittings, all types of flanges, fabricated
pipes and fittings in stainless steels, carbon steel, alloy steel
metals etc. The company is located in Faridabad, Haryana. Its
directors are Bhagwan Dass Sharma and Kavita Sharma.


KAMACHI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kamachi Industries
Limited's (KIL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR7,131.1 bil. Term loans (long-term) due on June 2022
     affirmed with IND D rating;

-- INR2,119.8 bil. Fund-based working capital limits (long-
     /short-term) affirmed with IND D rating; and

-- INR4,476.8 bil. Non-fund-based working capital limits (short-
     term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in the servicing of term
loan obligations during the 12 months ended January 2018 because of
a tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
would result in a positive rating action.

COMPANY PROFILE

Incorporated in 2003, KIL manufactures and trades sponge iron, mild
steel billets, and thermo mechanical-treated (TMT) bars. The
company has an integrated steel plant, with facilities to
manufacture 120,000 metric tons (MT) of sponge iron, 205,000MT of
steel billets and 500,000MT of TMT bars.

In addition, it operates a 10MW waste heat recovery plant and a
70MW thermal power plant. The company's debt was restructured under
corporate debt restructuring in February 2013.


KANUPAT HIMGHAR: CARE Migrates 'D' Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of from
Kanupat Himghar Private Limited (KHPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.09       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank      0.09       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale and key rating drivers

CARE has been seeking information from KHPL to monitor the rating
vide e-mail communications/letters dated Feb. 5, 2019, Feb. 6, 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 rating on Kanupat
Himghar Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in December 28, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Ongoing delays in debt servicing: There are on-going delays in
servicing of debt obligations by the company due to its stressed
liquidity position.

Kanupat Himghar Private Ltd (KHPL) was incorporated in May 1997 by
Mr Nemai Charan Ghosh, Mr Sanjay Kumar Ghosh and Mr Dhananjoy
Ghosh. After remaining dormant for around one and half decade, it
has commenced operations of cold storage services and trading of
potatoes in May 2013. The cold storage facility of KHPL is located
at Udaynarayanpur, Howrah (West Bengal) with aggregated storage
capacity of 16789 metric ton. KHPL earned revenue of around 68%
from trading activities and rest from rental business in FY16.

Liquidity position: Comment on liquidity is not available due to
non cooperation and also banker could not be contacted.


LEITWIND SHRIRAM: CARE Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Leitwind
Shriram Manufacturing Private Limited (LSML) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      470.86      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     162.01      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LSML to monitor the ratings
vide e-mail communications dated August 3, 2018, August 6, 2018,
November 13, 2018 and November 17, 2018 and a letter dated February
11, 2019. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on LSML's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the instances of delays in servicing
debt obligations.

Detailed description of the key rating drivers

At the time of last rating on September 19, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Instances of delays in debt servicing: With low order book in hand
during FY17 and non-availability of working capital, the company
witnessed decline in total operating income during FY17 at INR153
crore as against INR269 crore during FY16. On account of higher
material and employee costs including volatile nature of raw
material prices, the company reported net loss of INR181 crore in
FY17.

Continuing losses during the period FY15-FY17 along with cash flow
mismatches has led to tight liquidity position for the company
resulting in instances of delays in servicing of debt obligations.
LSML's operations are working capital intensive, in FY17, given the
slow execution of orders and non-availability of working capital
limits there has been accumulation of inventory; higher inventory
holding and receivables resulted in high operating cycle for the
company.

Key Rating Strength

Part of non-financial vertical of Shriram group: Chennai based
Shriram group came into existence in 1974 and has significant
presence in financial services industry including Commercial
Vehicle Finance, Consumer & Enterprise Finance, Life & General
Insurance and Financial product distribution. LSML has been
supported by the holding companies in terms of funding
requirements. During the period FY15-FY16, LSML has received
capital infusion from its shareholders to the tune of INR228 crores
to part fund the working capital requirement and meet repayment
obligations.

LSML is a joint venture between Shriram Group's SVL limited
[Formerly known as Shriram Industrial Holding Ltd. (SIHL)] and
Italy based Windfin BV, was incorporated to provide wind power
solution on turnkey basis.

LSML is engaged in the manufacturing, installation, commissioning
of Wind Electric Generators (WEG), creating infrastructure such as
site development and proving power evacuation facility for wind
power projects, and their maintenance. The company has a fully
integrated manufacturing facility in Chennai with a capacity of 144
WEG per annum and offers 1.5MW/1.8 MW WEG with different variants.


M P AGARWALA: Ind-Ra Affirms BB Rating on INR105MM Loans
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M P Agarwala's
(MPA) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR105 mil. (increased from INR70 mil.) Fund-based facilities
     affirmed with IND BB/Stable/IND A4+ rating; and

-- INR270 mil. (increased from INR110 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects MPA's continued medium scale of
operations. Revenue grew to INR638 million in FY18 (FY17: INR556
million), driven by higher execution of orders. The firm achieved
revenue of INR581 million in 9MFY19. As on January 1, 2019, the
firm had an order book of INR2,103.7 million (3.3x of FY18
revenue), to be executed by FY21.  

The ratings continue to factor in the firm's modest credit metrics
as indicated by interest coverage (operating EBITDA/gross interest
expense) of 4.9x in FY18 (FY17: 3.6x) and net leverage (total
adjusted net debt/operating EBITDAR) of 1.8x (1.3x). The
improvement in interest coverage was on account of an increase in
absolute EBITDA to INR54 million in FY18 (FY17: INR42 million).
While, the net leverage deteriorated owing to a rise in total debt
to INR104 million in FY18 (FY17: INR66 million), resulting from
higher use of its fund-based limits at FYE18.

The ratings are constrained by the proprietorship nature of the
business.

The ratings also reflect the MAP's modest liquidity position as
indicated by 92.4% and 93.6% average utilization of the fund-based
and non-fund-based limits, respectively, during the 12 months ended
January 2019. Fund flow from operations remained positive during
FY15-FY18 (FY18: INR50 million, FY17: INR36 million). The net cash
conversion cycle improved to 31 days in FY18 (FY17: 62 days), on
account of a reduction in inventory holding period to 69 days (90
days).

However, the ratings benefit from MAP's healthy EBITDA margins of
8.4% in FY18 (FY17: 7.5%). The improvement was because of a
decrease in raw material cost. Its return on capital employed was
29% in FY18 (FY17: 24%).

The ratings remain supported by the firm's founder's more than
three decades of experience in executing engineering, procurement
and construction contracts.

RATING SENSITIVITIES

Negative: A decline in the operating profitability or elongation of
the working capital cycle, resulting in deterioration of the credit
metrics on a sustained basis could be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
while maintaining the credit metrics could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2010, MPA is a proprietorship firm set up by Mr.
Mahabir Prasad Agarwala. The firm undertakes civil construction of
roads, bridges, and building for the Public Works Departments of
Assam and Meghalaya.


M.R. GUPTA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.R. Gupta &
Company Private Limited's Long-Term Issuer Rating of 'IND BB-' to
the non-cooperating category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR488.50 mil. Fund-based working
     capital limit* migrated to Non-Cooperating Category and
     withdrawn; and

-- The 'IND A4+' rating on the INR50.00 mil. Bank guarantee#
     migrated to Non-Cooperating Category and withdrawn.

* Migrated to 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

# Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra has simultaneously withdrawn the ratings as it has received
no objection certificates from the lenders. This is consistent with
the Securities and Exchange Board of India's circular dated March
31, 2017, for credit rating agencies.

COMPANY PROFILE

Formed in 1992, M.R. Gupta & Company is engaged in the trading of
plastic raw materials and polymer products such as high-density
polyethylene, linear low-density polyethylene, and low-density
polyethylene and polyvinyl chloride resins. The company has a
presence in Delhi, Haryana, and Uttar Pradesh.


MAISON DE COUTURE: CARE Migrates 'D' Ratings to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Maison
De Couture Fabrics Private Limited to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.70      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Term Loan)                    information

   Long-term Bank      28.82      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Cash Credit)                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Maison De Couture Fabrics
Private Limited to monitor the ratings vide e-mail communications
dated January 4, 2019; January 14, 2019; January 22, 2019 and
January 29, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the company's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders, there are on-going delays in
servicing of interest payment and overdrawls in fund based limits
due to stretched liquidity position of the company. The company
operates in a working capital intensive nature of business and
stretched recoveries from customers further tightened the liquidity
position of the company.

Analytical approach: Combined

A combined view is considered for ‘Oneworld Group' companies
which includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz. Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis).

Maison De Couture Fabrics Private Limited was incorporated on
August 10, 2015 to establish and undertake business of trading of
shirting fabrics in India under the brand name ‘Tissori' on stock
and sales basis.


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


The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating;

-- INR49 mil. Term loans due on September 2023 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR2.46 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, West Bengal-based Manik Commercial is a
trader of agro products. The company’s day-to-day operations are
managed by Mithun Bose and Manik Chandra Bose.


MANIYAR REFINARY: Ind-Ra Rates INR80MM Loan 'BB'
------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maniyar Refinary
Private Limited (MRPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR80 mil. Fund-based working capital limits assigned with IND

     BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect MRPL's medium scale of operations, as indicated
by revenue of INR740.6 million in FY18 (FY17: INR1,065.4 million).
The revenue declined in FY18 mainly due to the absence of trading
activities. The company has indicated revenue of INR467 million in
9MFY19.

The ratings also factor in the company's modest and volatile
margins, as a result of no major value addition in the business and
fluctuations in raw material prices. EBITDA margin was 1.5% in FY18
(FY17: 0.9%) and RoCE was 6.7% ( 5.9%).

The ratings also factor in MRPL's moderate credit metrics. Net
leverage improved to 7.0x in FY18 (FY17: 7.8x), on account of a
decrease in short-term debt and an increase in absolute EBITDA, on
the back of improved EBITDA margin. However, interest coverage
(operating EBITDA/gross interest expense) remained at 1.3x in FY18
(FY17: 1.3x), because of an increase in interest cost and a decline
in revenue.

The ratings are constrained by the company's tight liquidity. Its
peak utilization of the working capital limits was around 96.7% on
average during the 12 months ended January 2019. Cash and
equivalent were INR1.7 million in FY18 (FY17: INR4.9 million).
However, the working capital cycle was short at 58 days in FY18
(FY17: 41 days), and there is no term debt obligation over the
medium term.

The ratings, however, are supported by the promoters' experience of
more than two decades in the edible oil industry, which has enabled
the company to establish strong relationships with customers and
suppliers.

RATING SENSITIVITIES

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

Positive: A substantial increase in the revenue, along with a rise
in the absolute EBITDA, leading to an improvement in credit
metrics, all on a sustained basis, will lead to a positive rating
action.

COMPANY PROFILE

Incorporate in 2007, MRPL is engaged in the blending and packaging
of edible oils. The unit is in Gaganpahad (Telangana) and is
managed by Mr. Maniyar's sons, Mr. Vijay Kumar Maniyar and Mr.
Vinay Kumar Maniyar.


MAXWELL AUTO: CRISIL Withdraws D Ratings on INR15.5cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Maxwell
Auto Components Private Limited (MACPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5.75      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Cash Term Loan      8.00      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Proposed Long       1.75      CRISIL D (ISSUER NOT   
   Term Bank Loan                COOPERATING; Rating Withdrawn)
   Facility                      

CRISIL has been consistently following up with MACPL for obtaining
information through letters and emails dated April 25, 2018, May 9,
2018, June 8, 2018 and June 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MACPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of MACPL to
'CRISIL D Issuer not cooperating'.

Incorporated in 2011, MACPL manufactures grey and spheroidal
graphite (SG) iron casting products for customers in the
automobile, heavy vehicle, and transmission industries. It is
promoted by Mr. A Chandrasekaran.


MEGH CONSTRUWELL: CRISIL Lowers Ratings on INR5cr Loans to D
------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Megh
Construwell (Megh) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      2         CRISIL D (Downgraded from
                                 'CRISIL A4')

   Cash Credit         1.5       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Term Loan           1.5       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The rating downgrade reflects recent delays in repayment of term
loan obligations on account of weak liquidity. The delayed
realization of payment from government agencies has led to strained
liquidity.

The ratings also reflect Megh's modest scale and geographic
concentration in operations, large working capital requirement and
weak financial risk profile. These weaknesses are partially offset
by healthy experience of the proprietor in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and geographical concentration: The
scale remained modest at INR5.35 crore in fiscal 2018 (Rs 6 crore
in fiscal 2017). Megh undertakes civil contracts majorly for Nashik
Municipal Corporation. Geographic and customer concentration risks
are, therefore, high. Revenue growth is dependent on regional
impetus on infrastructure development

* Large working capital requirement: Gross current assets were high
at about 376 days, with inventory and debtors of 166 and 52
respectively, as on March 31, 2018. Stretching creditors partially
supports working capital.

* Weak financial risk profile: A small networth, high gearing and
low accruals constrain the financial risk profile.

Strengths:

* Extensive experience of the proprietor: The proprietor has
experience of more than two decades in the civil construction
business, having executed various projects for the government in
the past.

Liquidity

Liquidity remained weak driven by delays in payments from customers
leading to insufficient cash flows to service term loan
obligations. Working capital bank line has also been almost fully
utilised.

Megh was set up in 1993 as a proprietorship firm by Mr Meghraj
Suresh Avadh and got its present name in 2008. It undertakes
projects in civil construction for Municipal Corporation for laying
pipes, construction of drainage systems, elevated water tanks and
reservoirs primarily for Nashik Municipal Corporation.


PATNA SAHIB: Ind-Ra Keeps D on INR217MM Loan on Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patna Sahib
Charitable Educational Trust’s bank loan rating of 'IND D (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- The 'IND D' rating on the INR217.5 mil. Term loans* due on
     January 2019 maintained in non-cooperating category and
     withdrawn.

* Maintained in 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Patna Sahib Charitable Educational Trust did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Ind-Ra is no longer required to maintain the rating, as the
agency has received a no objection certificate from the lenders.
This is consistent with The Securities and Exchange Board of
India's circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Patna Sahib Charitable Educational Trust was established in
December 2010 under the Societies Registration Act XXI of 1860. The
trust manages Patna Sahib Group of Colleges that was established in
FY12 and is based in Vaishali, Bihar.

Patna Sahib Charitable Educational Trust offers B.Tech and diploma
courses in engineering, which are approved by All India Council for
Technical Education and affiliated to Aryabhatt Knowledge
University, Patna.


PUNJ LLOYD: NCLT Admits ICICI Bank's Insolvency Plea
----------------------------------------------------
Livemint reports that in a setback to Punj Lloyd Ltd, National
Company Law Tribunal (NCLT) on March 8 admitted an insolvency plea
against the engineering and construction firm filed by ICICI Bank
Ltd. A two-member principal bench headed by president Justice M.M.
Kumar has admitted the lender's plea to initiate insolvency
proceedings against Punj Lloyd for a default of INR853.83 crore,
the report says.

Confirming the development, Punj Lloyd said in a regulatory filing
that the company was waiting for the copy of the full order to
provide further details, Livemint relates.

"We hereby inform you that NCLT Principal Bench, New Delhi vide
order pronounced on March 8, 2019, has admitted the petition filed
by ICICI Bank under Section 7 of the Insolvency and Bankruptcy
Code, 2016 in respect of an alleged default amount of INR853.83
crore," Punj Lloyd, as cited by Livemint, said in the filing.

ICICI Bank had in June 2018 filed an application before NCLT
against Punj Lloyd alleging default by the company. However, at
that time, its other lenders—including the State Bank of
India—opposed the insolvency plea, saying that the company has
several ongoing projects and favoured restructuring of its debts.

Punj Lloyd has total debt of around INR6,000 crore, of which ICICI
Bank accounts for around INR854 crore.

Punj Lloyd Ltd is an engineering & construction company in India,
providing integrated design, engineering, procurement, construction
(EPC) and project management services for oil & gas, process
industry and infrastructure sector projects. PLL has various
subsidiaries operating in multiple geographies and engaged in EPC
in the field of oil and gas and infrastructure sector.


RATTAN POLYCHEM: CARE Migrates 'D' Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rattan
Polychem Private Limited (RPPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      13.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB; Stable
                                  On the basis of best available
                                  information

   Short-term Bank      5.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

   Long-term/Short-    12.00      CARE D; Issuer not cooperating;
   Term Bank                      Revised from CARE BB; Stable/
   Facilities                     CAREA4 on the basis of best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPPL to monitor the ratings
vide e-mail communications/letters dated February 8, 2019, February
4, 2019, February 1, 2019, December 24, 2018, November 22, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on RPPL'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.

The rating has been revised on account of ongoing delays in
servicing the debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in servicing debt obligation: There are ongoing
delays in servicing of debt obligations on account of stretched
liquidity position.

Faridabad (Haryana) based, RPPL incorporated in December 3, 2009 is
promoted by Mr. Yashvir Singh Dagar and Mrs. Darshana Dagar. The
company is engaged in manufacturing of Expandable polystyrene (EPS)
of various grades ranging from RPCL 1218 to RPCL 9100. The
manufacturing facility of the company is located at Faridabad,
Haryana.


SAGA AUTOMOTIVE: CARE Migrates 'D' Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Saga
Automotive (India) Private Limited (SAIPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      21.21       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      0.50       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from SAIPL to monitor the ratings
vide email communications/letters dated November 29, 2018, December
5, 2018, and January 7, 2019 and February 4, 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 ratings on the basis of the available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, SAIPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on KPPL'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.

The rating continues to take into account delay in debt servicing
in the past.

Detailed description of the key rating drivers

Key rating weaknesses

Irregularity in debt servicing: There were instances of delay in
debt servicing in the past.

Jaipur (Rajasthan) based Saga Automotive India Private Limited
(SAIPL) was incorporated in 2006 by Mr. Sanjay Maheshwari, Mrs.
Kanak Biyani, Mr. Harmeet Singh Anand and Mr. Naveen Maheshwari.
SAIPL is an authorized dealer of Skoda Auto India Private Limited
(Skoda) since the beginning of incorporation and currently, the
company operates four showrooms, two at Jaipur, one at Sikar and
Kota respectively and has two workshops at Jaipur and one at Kota.
The company has been awarded with respect to "Best Dealership",
"Most Fastest Dealer Award" etc in many a times in previous years.
It also has highest market share in Rajasthan for D-segment.


SAHDEV JEWELLERS: CARE Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sahdev
Jewellers (SJW) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short term Bank     13.20       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
   (Fund Based)                    Information

   Short term bank     38.20       CARE D; Issuer Not Cooperating;

   Facilities                      Based on best available
   (Non-fund based)                Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SJW to monitor the rating(s)
vide e-mail communications/letters dated February 1, 2019, January
31, 2019, January 23, 2019, January 16, 2019, January 7, 2019,
December 31, 2018, November 30, 2018, October 25, 2018, August 9,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Sahdev
Jeweller's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

The ratings assigned to the bank facilities of SJW takes into
account on-going delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2018, the following were the
rating weakness.

Key Rating Weaknesses

Delays in the servicing of debt obligations: The weak financial
profile is marked by the delays in the servicing of debt
obligations in the PCFC account. The company has defaulted on the
debt servicing in the PCFC account and has ongoing LC devolvements.
The company has ongoing delays as per bankers.

SJW was established in 1998 as a partnership firm by Mr. Vasdev
Sahdev and Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners.
During FY17, the constitution of the firm has been changed to a
proprietorship firm following demise of Mr. Vasdev Sahdev. The firm
is an export oriented unit and is engaged in manufacturing, trading
and export of plain gold Jewellery. The firm has a manufacturing
unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has
a wholesale outlet in Karol Bagh, Delhi.


SAI LEASING: CARE Moves D on INR10cr Debt to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sai
Leasing Company to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sai Leasing Company to
monitor the ratings vide letter dated February 7, 2019, e-mail
communications dated February 6, 2019; February 5,2019;
February 2, 2019; January 22, 2019;  January 8, 2019 etc. and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requiste information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on Sai Leasing Company'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.

The rating takes into account delays in debt servicing due to
stretched liquidity of Sai leasing Company. The prospects of the
firm are also exposed to cyclicality in the real estate and
construction sector and risk of being partnership nature of
constitution. However, the firm has experienced partners in the
construction industry. Going forward, the ability of the firm to
improve its liquidity position and achieve envisaged sales while
achieving profitability would remain the key rating
sensitivity.

Detailed description of the key rating drivers

At the time of last rating on March 6, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity position as the firm started its commercial operations in
April, 2017 and is unable to generate sufficient funds.

Exposure to cyclicality in the real estate and construction sector:
The prospects of the firm are primarily dependent upon the demand
of real estate and construction sector across the globe. The real
estate industry is cyclical in nature and is exposed to various
external factors like the deposable income, interest rate scenario
etc. Any adverse movement in the macro economic factors may affect
the real estate industry which in turn would impact the demand for
SLC's products. The credit outlook for the sector remains weak
until demand picks up which depends on the improvement in the
affordability.

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

Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players. This
coupled with tendering process in order procurement results into
intense competition within the industry. Despite these road blocks
faced by the industry, the sector is expected to grow, given huge
economic significance associated with it and rising investor
interest. Also, the outlook for Indian construction sector
continues to be stable in the medium to long-term on account of
increased thrust of Government on development of infrastructure to
support economic growth.

Key Rating Strengths

Experienced partners in the construction industry: Mr. Mohit Dabra
has total work experience of 8 years which he gained through his
association with Dabra Weighbridge, engaged in manufacturing
weighbridges (capital goods) and Jai Financing Company, engaged in
providing financial services, as an employee. On the other hand,
Mrs. Pakija Arora has total work experience of around one decade in
the construction industry. She gained this experience through her
association with R K City Developers Private Limited (RKC) as
employee. Both the partners have adequate acumen about various
aspects of business.

Sai Leasing Company (SLC) was established in September, 2016 as a
partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing
profit and losses equally. SLC is engaged in providing of
construction material like aluminum scaffoldings, shuttering
plates, planks and other equipment such as cranes to various
contractors, builders and developers located in the Chandigarh
Tricity area (Chandigarh, Panchkula and Mohali) on rental basis.
The premises of the firm are based in Zirakpur, Punjab. The firm
started its commercial operations in April 2017.


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

The instrument-wise rating actions are:

-- INR660.0 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR12.5 mil. Term loan due on February 2020 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in FY12, Samrat Irons is engaged in the trading of
steel products.


SANGAM RICE: CRISIL Retains B Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sangam Rice Private
Limited (SRPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Long Term Loan         .55      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Term Loan    1.45      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Warehouse Receipts   11.00      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SRPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

SRPL, set up in 2008, mills, processes, and markets rice. Its plant
is in Patran, Punjab. The company is managed by Mr. Sanjiv Kumar
and Mr. Deepak Garg.


SARA SPINTEX: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sara Spintex
India Pvt Ltd.'s (SSIPL) Long-Term Issuer Rating to 'IND D' from
'IND B-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR287.3 mil. Long-term loan (Long Term) due on December 2021
     downgraded with IND D rating;

-- INR150 mil. Fund-based working capital limits (Long Term)
     downgraded with IND D rating; and

-- INR20 mil. Non-fund-based working capital limits (Short Term)

     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects SSIPL's delays in the repayment of term loan
installment since December 2018, owing to a tight liquidity
position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Formed in 2013, SSIPL is promoted by Jalal Gilani and Muniza
Gilani. The company manufactures cotton yarn at its installed
capacity of 50,400 quintals per annum located in Yavatmal,
Maharashtra.


SARVESH RICE: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sarvesh Rice Mill
Private Limited (SRMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Bank Guarantee      0.5      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         5.25     CRISIL D (ISSUER NOT COOPERATING)

   Proposed Term       3.55     CRISIL D (ISSUER NOT COOPERATING)
   Loan

   Term Loan          10.70     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SRMPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SRMPL, incorporated in 2009, processes par-boiled rice at its
facility in Bardhaman, West Bengal. Its operations are managed by
Mr. Ritesh Agarwal and Ms. Vasudha Agarwal.


SCT PRIVATE: Ind-Ra Affirms 'BB-' Rating on INR70MM Loan
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SCT Private
Limited's (SCTPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable/IND A4+ rating; and

-- INR80 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SCTPL's continued small scale of
operations as reflected by revenue of INR162.34 million in FY18
(FY17: INR244.90 million). The decline in revenue was on account of
lower execution of orders. The company booked revenue of INR124
million as of 10MFY19.

The company's return on capital employed was 5% and EBITDA margin
was modest at 18.87% in FY18 (FY17: 13.41%). Despite the revenue
decline, the margin improved on account of a decline in the cost of
raw materials consumed.

The ratings continue to factor in SCTPL's modest credit metrics as
indicated by gross interest coverage (operating EBITDA/gross
interest expense) of 1.92x in FY18 (FY17: 1.78x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 4.56x
(2.94x). The deterioration in net financial leverage was due to a
decline in absolute EBITDA and an increase in debt. While, the
interest coverage improved to a decline in bank charges and
commission.

The ratings are constrained by the company's tight liquidity
position as reflected by 89.86% average use of its fund-based
facilities for the 12 months ended January 2019. The working
capital cycle elongated to 462 days in FY18 (FY17: 262 days), owing
to an increase in inventory holding period to 433 days in FY18
(FY17: 231 days). Cash flow from operations remained low at
INR15.19 million in FY18 (FY17: INR16.04 million). Cash and cash
equivalents stood at INR7.44 million at FYE18 (FYE17: INR11.94
million).

However, the ratings continue to benefit from SCTPL's promoter's
experience of more than four decades in the transformer business.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the EBITDA margin, leading to a sustained deterioration in the
credit metrics.

Positive: A positive rating action could result from a substantial
rise in the EBITDA margin, leading to an improvement in the credit
metrics.

COMPANY PROFILE

Incorporated on June 26, 1979, SCTPL was incorporated as a System
Controls & Transformers Private Limited. On March 21, 2016, the
company was renamed as SCTPL. It manufactures current and potential
transformers at its facility in Ghaziabad (Uttar Pradesh). The site
has an annual production capacity of 3,000 transformers.


SPRINGFIELD SHELTERS: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Springfield Shelters Private Limited (SSPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      36.85      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSPL to monitor the rating
vide e-mail communications dated December 31, 2018, January 14,
2019, a letter dated 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
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Springfield
Shelters Private Limited bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 22, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delay in Servicing of Debt Obligations: The Company has delayed in
servicing of its debt obligations.

Moderate Booking Status & Slowdown in Execution: Due to slowdown in
the real estate market, the booking status for the company's units
has been low for the past 2 years. There has been very little
improvement in both sales and execution of the ongoing projects

Project implementation Risk: The company executes all the projects
with its own construction team, without subcontracting the work.
This exposes the overall project costs to fluctuations in raw
material prices.

Key Rating Strengths

Promoter's experience in the industry: SFS is promoted by Mr. C
Raja John and Mr. C Venkateswara Rao, both alumni of Anna
University. All the residential projects of the company are
executed by its own team, which gives it complete control
on the project timelines and enables it to complete projects on
time.

Spring Field Shelters Private Limited (SFS) is a Coimbatore-based
company engaged in the development of residential real estate
projects. SFS was incorporated in May 2006 by Mr. C Raja John and
Mr. C Venkateswara Rao, both having more than two decades of
industrial experience. SFS is a closely held company with the
entire shareholding held amongst Mr. C Raja John, Mr. C
Venkateswara Rao and their family members.


SVM CERA: CARE Keeps D Rating on INR7.0cr Loans in Not Cooperating
------------------------------------------------------------------
CARE had, vide its press release dated January 24, 2018, placed the
ratings of SVM Cera Private Limited (SCPL) under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the ratings for the rating exercise as agreed to
in its Rating Agreement. SCPL continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and emails dated November 13, 2018, November 20, 2018,
December 4, 2018 and February 5, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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      4.50       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank     2.40       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 January 24, 2018 the following
were the rating weaknesses:

Key Rating Weaknesses

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

Ankleshwar-based (Gujarat), SCPL (formerly known as SVM Cera Tea
Limited and SVM Cera Limited) was incorporated in January, 1986.
The registered office of the company is located at 2, Biplabi
Tarilokya Maharaj Sarani, Kolkata. The management of the company is
handled by Mr K.M. Bhandari (Director) under the leadership of Mr
S.V. Mohta (Director) and Mr Ghanshyam Chomal (Director). Initially
the company was engaged into the real estate business. In 1994, the
  company diversified its area of operations by entering into the
manufacturing of ceramic glaze frit by setting up a manufacturing
unit in Ankleshwar, spread across 14,000 Sq. Metres with total
installed capacity of 14,490 metric tons per annum (MTPA) as on
March 31, 2016.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Incorporated in 2001, Mumbai-based Swadeshi Textiles manufactures
interlining and wide width fabrics.


TERA SOFTWARE: Ind-Ra Affirms BB+ Rating on INR430MM Loans
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Tera Software
Limited's (Terasoft) Outlook to Stable from Negative while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are

-- INR430 mil. Fund-based limits affirmed; Outlook revised to
     Stable from Negative with IND BB+/Stable/IND A4+ rating; and

-- INR880 mil. Non-fund-based limits affirmed; Outlook revised to

    Stable from Negative with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects Terasoft's increased revenue
visibility and collection of receivables overdue for more than 365
days as of September 2018. As on 31 December 2018, the company had
an order book of INR10,246 million (7.04x of FY18 revenue), of
which INR7,660 million worth of orders are to be executed by FY21.
Of the INR584.6 million of receivables, Terasoft received INR192.3
million from Andhra Pradesh State Fibrenet Limited and INR57.6
million from Electronics Corporation of India Limited for a project
during January-February 2019. Since Terasoft's clients are
government agencies, the receivable risk is mitigated to some
extent. Ind-Ra expects the revenue to increase from FY20 on account
of the strong order book, leading to an improvement in its credit
metrics.

The ratings continue to reflect Terasoft's medium scale of
operations as indicated by revenue of INR687.2 million in 3QFY19
(FY18: INR1,455.3 million, FY17: INR2,503.4 million). Terasoft's
EBITDA margin was moderate at 10.5% in 9MFY19 (FY18: 6.6%, FY17:
8.0%)). Its return on capital employed was 5.1% in FY18
(FY17:13.6%). Ind-Ra expects the company to book around INR1,000
million in revenue during 4QFY19 as it is required to complete
APSFL's project worth INR2,175.1 million, funded by the central
government, by September 2019. The credit metrics remain modest.
Interest cover improved marginally to 1.4x in 9MFY19 (FY18: 1.3x).
The company's net leverage was 4.4x in FY18 (FY17: 2.3x).

The company's net working capital cycle stretched to 240 days in
FY18 (FY17: 124 days) on account of an increase in collection
period to 292 days (206 days) and inventory holding period to 34
days (10 days). However, on an absolute level, the receivables
decreased INR245.6 million to INR1,163.9 million in FY18 (FY17:
INR1,409.5 million).

The ratings remain constrained by the company's tight liquidity
position to fund the working capital intensive nature of
operations. Its average peak use of the fund-based working capital
facilities was 96%% during the 12 months ended February 2019. Cash
flow from operations turned positive to INR13.8 million in FY18
from negative INR121.5 million in FY17 owing to a decline in
receivables. The absence of term loans and receipt of payments
worth INR249.9 million during January-February 2019, helps in
easing the stress on the liquidity to some extent.

RATING SENSITIVITIES

Negative: A decline in the revenue coupled with deterioration in
the credit metrics and further stress on the liquidity position,
all on a sustained basis, could result in a negative rating
action.

Positive: An increase in the revenue leading to an improvement in
the credit metrics and liquidity position, all on a sustained
basis, could lead to a positive rating action.

COMPANY PROFILE

Hyderabad-based Terasoft provides hardware and software services
through long-term contracts on a build-own-operate-transfer basis
to government organizations. Its three business segments are
projects, technical services, and systems integration.


TISSORI INDIA: CARE Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Tissori
India Fabrics Private Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     17.51       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Term Loan)                    information
      
                                  
   Long-term Bank     32.51       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Cash Credit)                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Tissori India Fabrics
Private Limited to monitor the ratings vide e-mail communications
dated January 4, 2019; January 14, 2019; January 22, 2019 and
January 29, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the company's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders, there are on-going delays in
servicing of interest payment and overdrawls in fund based limits
due to stretched liquidity position of the company. The company
operates in a working capital intensive nature of business and
stretched recoveries from customers further tightened the liquidity
position of the company.

Analytical approach: Combined

A combined view is considered for ‘Oneworld Group' companies
which includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments.  

Owing to increase in the scale of operation over the years, the
group was re-christened as Oneworld group and the business carried
under the partnership firm was transferred to a private limited
companies incorporated in the year 2012 viz. Oneworld Industries
Private Limited. Consequently, many other companies were
incorporated to carry on trading of various textile products.
Currently, the group is engaged in the business of trading in
fabric materials and readymade garments (manufactured on job work
basis).

Tissori India Fabrics Private Limited was incorporated on July 20,
2015 to establish and undertake business of trading of shirting
fabrics in India under the brand name 'Tissori' on confirmed order
basis.


WORLDSTAR FABRICS: CARE Moves D on INR42cr Loans to Not Cooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Worldstar Fabrics LLP to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      42.25      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Cash Credit)                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Worldstar Fabrics LLP to
monitor the ratings vide e-mail communications dated January 4,
2019; January 14, 2019; January 22, 2019 and January 29, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on the company's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders, there are on-going delays in
servicing of interest payment and overdrawls in fund based limits
due to stretched liquidity position of the firm. The firm operates
in a working capital intensive nature of business and stretched
recoveries from customers further tightened the liquidity position
of the firm.

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
Worldstar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz. Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis).

Worldstar Fabrics LLP was incorporated on September 15, 2015 to
establish and undertake business of trading of men's bottom wear in
India.


WORSTED OVERSEAS: CARE Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Worsted
Overseas Trading LLP to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.85      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
   (Term Loan)                     information

   Long-term Bank       28.67      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
   (Cash Credit)                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Worsted Overseas Trading LLP
to monitor the ratings vide e-mail communications dated January 4,
2019; January 14, 2019; January 22, 2019 and
January 29, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the company's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders, there are on-going delays in
servicing of interest payment and overdrawls in fund based limits
due to stretched liquidity position of the firm. The firm operates
in a working capital intensive nature of business and stretched
recoveries from customers further tightened the liquidity position
of the firm.

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz. Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis).

Worsted Overseas Trading LLP was incorporated on September 11, 2015
to undertake business of trading of premium fabrics on confirmed
order basis.


ZEPHYR FABRIC: CARE Moves D on INR25cr Loans to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Zephyr
Fabric Trading LLP to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      25.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
   (Cash Credit)                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Zephyr Fabric Trading LLP to
monitor the ratings vide e-mail communications dated January 4,
2019; January 14, 2019; January 22, 2019 and January 29, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on the company's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders, there are on-going delays in
servicing of interest payment and overdrawls in fund based limits
due to stretched liquidity position of the firm. The firm operates
in a working capital intensive nature of business and stretched
recoveries from customers further tightened the liquidity position
of the firm.

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz. Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis).

Zephyr Fabric Trading LLP was incorporated on September 15, 2015 to
establish and undertake business of trading of men's bottom wear in
India.




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

CENORE CORP: Big Hotel Workers to Lose Jobs as Hotel Set to Close
-----------------------------------------------------------------
BusinessWorld Online reports that at least 300 workers stand to
lose their jobs as Big Hotel, owned by Cenore Corp., is stopping
operations following the closure order issued earlier by the
Mandaue City government over the sublease contract on the property.


BusinessWorld relates that Cenore subleased the property from
Katumanan Hardware, which has the original lease contract with the
city government during the administration of former mayor Jonas
Cortes.  The present city administration has questioned the
agreement because it did not have the authority from the City
Council.

According to BusinessWorld, Cenore President Roderick Ngo said the
company is shutting down operations within three months.

Mr. Ngo said the members of the board of Cenore have nothing to
discuss on the new terms demanded by the city government of its
lease contract for the lot where Big Hotel stands.

"After yesterday's [March 7] board meeting, Cenore has decided
instead that it will direct the hotel management operator Travelbee
Management Corporation to close the operations of Big Hotel
effective three months from today," the report quotes Mr. Ngo as
saying. He also said that the hotel management has been loosing at
least PHP3 million every day since the city government served the
notice last week.

"On the business sense, Cenore believes that the bleeding from
Travelbee's hotel operations of Big Hotel has to be stopped, taking
into account the cancellations of hotel bookings, programs and
events, and recorded daily loss of PHP3,000,000 caused by the
Notice of Closure and the news about hotel closure," Mr. Ngo, as
cited by BusinessWorld, said.




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

RYOBI KISO: Placed Under Interim Judicial Management
----------------------------------------------------
Lee Meixian at The Business Times reports that Ryobi Kiso on
March 8 said that the High Court, after hearing the interim
judicial managers' applications, has ordered the company and its
subsidiary, Ryobi Kiso (S) Pte Ltd, to be placed under interim
judicial management, pending the determination of the judicial
management applications.

Goh Thien Phong and Chan Kheng Tek from PricewaterhouseCoopers
Advisory Services were appointed the joint interim judicial
managers (JM) of the company and its subsidiary until the
applications are determined, or until further order, BT discloses.

They are empowered and authorised to exercise all such functions,
powers and duties which are exercisable by a JM, and can take steps
as they deem appropriate to manage the business of the company and
its subsidiary, the report relates.

BT says a pre-trial conference for the JM applications will be held
on March 28 at the High Court of Singapore. The interim JMs will
provide further updates on material developments as and when
appropriate, the report notes.

Ryobi Kiso Holdings Ltd. -- http://www.ryobi-kiso.com/-- an  
investment holding company, provides ground engineering solutions
in Singapore, Australia, Malaysia, Vietnam, and Indonesia. Its
Bored Piling segment offers piling works to carry heavy vertical
loads from structures, such as buildings and bridges; and
horizontal loads in earth retaining structures for deep excavation,
including MRT tunnels and basements of buildings.


STATS CHIPPAC: Moody's Raises CFR to 'B2', Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded STATS ChipPAC Pte. Ltd.'s
corporate family rating to B2 from B3. The rating outlook is
stable.

RATINGS RATIONALE

"The upgrade reflects the significant reduction in debt following
the sizeable cash injection from its parent Jiangsu Changjiang
Electronics Tech Co., Ltd (JCET) which funded the early redemption
of its senior secured notes," says Annalisa Di Chiara, a Moody's
Vice President - Senior Credit Officer.

In January, JCET injected $479 million of cash into STATS ChipPAC
which was used to redeem the $425 million senior secured notes due
2020 at 104.25%. As a result, leverage, as measured by adjusted
debt/EBITDA, is expected to remain around 3.0x-3.25x as compared to
Moody's original expectations of around 4.5x for FYE2019.

"This injection is significant as it came in as equity -- not as a
shareholder loan -- and accounts for around half of the $950
million funding STATS ChipPAC has received from JCET since 2016,"
adds Di Chiara.

JCET has shown a track record of consistent financial and
operational support.

With the inclusion of the $780 million acquisition cost paid in
2015, JCET has invested close to $1.8 billion in STATS ChipPAC over
the last 3 years.

JCET's financial support for STATS ChipPAC has in part been funded
through the additional investments in JCET itself by its key
shareholders, National Integrated Circuit Industry Investments Fund
Co, Ltd (IC Fund) and Semiconductor Manufacturing Int'l Corp.
(SMIC, Baa3 stable).

Neither IC Fund nor SMIC have a direct interest in STATS ChipPAC
although both have direct stakes in JCET. In fact, both
participated in JCET's private placement -- which raised around
RMB3.6 billion in late 2018 -- resulting in IC Fund's ownership in
JCET climbing to 19.0% (from 9.54%) while SMIC contributed RMB517
million to maintain its 14.28% shareholding. The proceeds from
JCET's private placement were ultimately used to fund the most
recent $479 million cash injection into STATS ChipPAC.

"We view the shareholders' investments as evidence of STATS
ChipPAC's and JCET's strategic importance to China's integrated
circuit industry. And we expect such shareholder support and
commitment to continue over the next 12-24 months, particularly
considering STATS ChipPAC's debt-service obligations through August
2020", adds Di Chiara.

STATS ChipPAC reported just $116 million in cash on its balance
sheet at September 30, 2018, and the company has no additional
availability under its existing working capital facilities. Through
March 2019, the company has around $100 million of amortization
payments due on its $315 million syndicated bank loan. This bank
loan matures in August 2020.

The B2 rating also reflects the company's leading market position
in the global outsourced semiconductor assembly and test (OSAT)
industry.

The outlook is stable, reflecting the expectation of continued
financial support from JCET to help ensure adequate liquidity --
with a minimum cash balance of around $50 million -- and compliance
with bank loan covenants. Moody's also expects leverage, as
measured by adjusted debt/EBITDA, to remain under 4.0x.

Furthermore, the stable outlook assumes timely refinancing of the
company's syndicated bank loan in August 2020.

Upward rating pressure is unlikely over the near term, given the
recent upgrade. However, the rating could be upgraded over the
longer term if (1) if STATS ChipPAC successfully refinances its
upcoming debt maturities -- including bank debt and shareholder
loan - in a way that improves the company's liquidity profile, (2)
there is evidence of continued financial support from JCET, or (3)
significantly improves free cash flow generation.

Downgrade rating pressure could arise if (1) the company's cash
levels are sustained below $50 million as a result of weak
profitability, or (2) continued financial support from JCET fails
to materialize. In addition, downward pressure could arise if
EBITDA trends below $180 million or if a debt restructuring were to
materialize, resulting in a failure by STATS ChipPAC to meet its
debt service obligations as outlined in its original debt
agreements.

The principal methodology used in this rating was Semiconductor
Industry published in July 2018.

STATS ChipPAC Pte. Ltd. is a leading service provider of
semiconductor packaging design, assembly, test and distribution
solutions in diverse end market applications including
communications, digital consumer and computing. With global
headquarters in Singapore, STATS ChipPAC has design, research and
development, manufacturing or customer support offices throughout
Asia, the United States and Europe.

STATS ChipPAC is a business unit of Jiangsu Changjiang Electronics
Tech Co., Ltd. (JCET, unrated), a publicly-traded company on the
Shanghai Stock Exchange. JCET is 19.0% owned by the National
Integrated Circuit Industry Investments Fund Co, Ltd and 14.3%
owned by SilTech Semiconductor (Shanghai) Corporation Limited
(SilTech), an indirect, wholly owned subsidiary of Semiconductor
Manufacturing Int'l Corp. (Baa3 stable).



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

BOND PRICING: For the Week March 4, 2019 to March 8, 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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