TCRAP_Public/190416.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, April 16, 2019, Vol. 22, No. 76

                           Headlines



A U S T R A L I A

ELYPSYS RESIDENTIAL: Second Creditors' Meeting Set for April 26
FLEXONICS PACIFIC: First Creditors' Meeting Set for April 26
GOOD HOPE: First Creditors' Meeting Set for April 29
ICM ELECTRICAL: First Creditors' Meeting Set for April 26
LITTLE TOKYO: Placed Into Voluntary Liquidation



C H I N A

GUANGZHOU FINELAND: Moody's Rates Proposed USD Notes 'B3'
MIE HOLDINGS: S&P Cuts ICR to 'SD' on Completion of Exchange Offer
RED STAR: S&P Cuts ICR to BB+ on Weak Liquidity; Outlook Stable
SHANDONG HAIYOU: Plans Restart After Government Bailout
ZHAOJIN MINING: Fitch Places 'BB' LT IDR on Watch Positive

ZHENRO PROPERTIES: S&P Alters Outlook to Positive & Affirms 'B' ICR


I N D I A

ADITYA ULTRA: ICRA Withdraws D Rating on INR15cr Loan
ALLIANCE GRANIMARMO: ICRA Maintains D Rating in Not Cooperating
ARNAV TECHNOSOFT: ICRA Maintains D Rating in Not Cooperating
BAMBINO PASTA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
BINA TUBE: ICRA Assigns B+ Rating to INR8.08cr LT Term Loan

CHHAPRA HAJIPUR: ICRA Reaffirms D Rating INR933.99cr Term Loan
DOLPHIN MARINE: ICRA Lowers Rating on INR9cr Loan to D
ELECTROPATH SERVICES: ICRA Maintains D Rating in Not Cooperating
FLORIDA ELECTRICAL: ICRA Migrates D Rating in Not Cooperating
GILLCO CONSTRUCTION: ICRA Migrates B+ Rating to Not Cooperating

HIRA AUTOMOBILES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
JET AIRWAYS: Pilots Appeal to SBI for Funds, Asks PM to Save Jobs
JET AIRWAYS: Striking Pilots Raise Fears of Collapse, FT Reports
JYOTI GENERAL: ICRA Maintains B+ Rating in Not Cooperating
LALITA FOAMEX: ICRA Maintains D Rating in Not Cooperating

LALL MINERALS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
LENORA VITRIFIED: ICRA Lowers Rating on INR16.39cr Loan to D
MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR544.73cr Loan
MAITHAN ISPAT: ICRA Maintains 'C' Rating in Not Cooperating
MANGALA CASHEW: ICRA Withdraws B+ Rating on INR10cr LT Loan

MARTCO EXPORT: ICRA Assigns B Rating to INR8cr Loans
NAGESHWARI CERAMIC: ICRA Lowers Rating on INR3.0cr Loan to D
PRIME INSULATORS: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
R.K. CITY: ICRA Migrates D Rating to Not Cooperating Category
RADIANT TEXTILES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.40cr Loan
SHRIRAM TRANSPORT: Fitch Rates New Sr. Sec. USD Notes 'BB+(EXP)'
TAMIL NADU: ICRA Reaffirms D Rating on INR127.10cr Term Loan
TOUCH TONE: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR219.10cr Loan

VIBRANT COTFAB: Ind-Ra Raises Long Term Issuer Rating to 'BB'
VIJAY TRADING: ICRA Migrates D Rating to Not Cooperating


N E W   Z E A L A N D

QUEST INSURANCE: A.M. Best Affirms B (Fair) Fin. Strength Rating
RESIMAC VERSAILLES 2019-1: S&P Assigns Prelim BB Rating to E Notes


S O U T H   K O R E A

KUMHO ASIANA: To Hold More Talks on Self-Rescue Plan


X X X X X X X X

BOND PRICING: For the Week April 8, 2019 to April 12, 2019

                           - - - - -


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

ELYPSYS RESIDENTIAL: Second Creditors' Meeting Set for April 26
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Elypsys
Residential Pty Ltd and Elypsys Pty Ltd has been set for April 26,
2019, at 11:00 a.m. and 12:00 p.m., respectively at Surfair Beach
Hotel, 923 David Low Way, Marcoola QLD

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 April 24, 2019, at 5:00 p.m.

Blair Pleash and Glenn Shannon of Hall Chadwick were appointed as
administrators of Elypsys Residential on March 22, 2019.

FLEXONICS PACIFIC: First Creditors' Meeting Set for April 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Flexonics
Pacific Pty Ltd, trading as Flexible Piping Systems, will be held
on April 26, 2019, at 9:30 a.m. at the offices of Mackay Goodwin,
at Level 2, 10 Bridge Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Flexonics Pacific on
April 11, 2019.

GOOD HOPE: First Creditors' Meeting Set for April 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Good Hope
Pty Ltd will be held on April 29, 2019, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, at Level 8,
102 Adelaide Street, in Brisbane, Queensland.

Nikhil Khatri of Worrells Solvency was appointed as administrator
of Good Hope on April 15, 2019.

ICM ELECTRICAL: First Creditors' Meeting Set for April 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of ICM
Electrical Services Pty Ltd will be held on April 26, 2019, at
10:00 a.m. at Level 18, 324 Queen Street, in Brisbane, Queensland.

Mohammed Shahin Hussain of HH Advisory was appointed as
administrator of ICM Electrical on April 12, 2019.

LITTLE TOKYO: Placed Into Voluntary Liquidation
-----------------------------------------------
Business News Australia reports that serial entrepreneur Jock
Fairweather's incubator and co-working space Little Tokyo Two (LT2)
has been placed into voluntary liquidation.

According to the report, the four-year-old project has apparently
suffered from new competition in the space, leading Mr. Fairweather
to announce the liquidation of the business.

In a letter to supporters Mr. Fairweather sadly farewelled the
project, the report relates.

"Little Tokyo Two started as a place where a group of friends could
get together, do business and drink beers. Almost four years later,
LT2 has become one of the largest and most dynamic communities of
entrepreneurs, innovators and creators in South East Queensland,"
Mr. Fairweather wrote.

"Despite the success of our incubation process the business of
running a co-working space has been struggling, with increased
competition in the market and new entrants, who under cut prices to
attract new members.  After stress testing our future financial
model and the financial difficulty, we have recently faced we have
concluded that the viability of the LT2 as a co-working space is an
unsustainable option for our future."

"It has been an amazing journey working with all of the incredible
and talented community in South East Queensland. I sincerely
apologize to everyone that has been impacted by this change, and I
wish you every success in the future."

Earlier in 2019 Mr. Fairweather detailed the "future" of LT2 on
LinkedIn, one with a prioritised focus on supporting businesses
rather than managing co-working spaces, the report says.

"What we have truly learnt--is that where we really deliver value
and change lives is through helping businesses hire the right
people at the right time, finding AUD10,000 for a same-day loan so
that the company doesn't go liquid overnight and developing hedging
strategies for volatile B2C companies by closing a big BD deal,"
Mr. Fairweather, as cited by Business News Australia, wrote.
"Where we do no NOT deliver value is by spending a whole day
figuring out how to fix the Aircon or find a bolt that's come out
of a chair."

As part of that announcement Mr. Fairweather detailed how 42
development plans for early, growth, and scale stage startups were
on offer with LT2, Business News Australia relays. It is unclear
how those who picked up one of these new plans in February have
been impacted by the shock liquidation.



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

GUANGZHOU FINELAND: Moody's Rates Proposed USD Notes 'B3'
---------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Guangzhou Fineland Real
Estate Development Co., Ltd. (B2 stable).

The proceeds from the proposed issuance will be used mainly to
refinance existing onshore debt.

RATINGS RATIONALE

"The proposed notes will lengthen Guangzhou Fineland's debt
maturity profile and will not materially affect the company's
financial profile, because the proceeds will be used to refinance
existing debt," says Kaven Tsang, a Moody's Senior Vice President.

Guangzhou Fineland's B2 corporate family rating (CFR) reflects its
long track record and established brand in Guangdong Province. The
rating also considers the company's ability to foster relationships
with domestic banks to support its property development business.

However, the company's B2 CFR is constrained by its: (1) small
scale; (2) high geographical concentration; (3) exposure to
low-tier cities; and (4) execution risk over the next two to three
years associated with the company's fast growth plan.

Moody's expects Guangzhou Fineland's leverage, as measured by
revenue/adjusted debt, will fall to 45%-50% over the next 12-18
months from an estimated 51% in 2018, due to the company's debt
funding needs to support its business growth.

At the same time, the company's interest-servicing ability, as
measured by adjusted EBIT/interest, will weaken to 2.0x-2.5x over
the next 12-18 months from an estimated level of around 2.7x in
2018 due to higher debt and increased interest costs.

Moody's expects the company's contracted sales will grow by 10%-15%
to RMB14-15 billion over the next 12-18 months, after registering
robust 68.8% year-on-year growth to RMB12.8 billion in 2018.

The expected sales growth will be supported by robust housing
demand in Guangzhou Fineland's core markets in Guangdong Province,
and will also support future revenue growth.

The development of the Greater Bay Area and the solid economic
fundamentals in Guangdong Province also partly mitigate concerns
over Guangzhou Fineland's concentrated operation in the province.

Guangzhou Fineland's liquidity is marginally adequate. The
company's reported cash balance of RMB2.0 billion at the end of
September 2018 could cover its short-term debt of RMB1.3 billion
and unpaid land premiums.

The B3 senior unsecured rating on the proposed notes reflects the
risk of structural subordination, given the fact that the majority
of claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination, reducing the expected recovery rate
for claims at the holding company level.

The stable outlook on Guangzhou Fineland's ratings reflects Moody's
expectation that the company will maintain sufficient liquidity,
grow its scale as planned and maintain a disciplined approach to
land acquisitions.

Upward ratings pressure could emerge if Guangzhou Fineland (1)
executes its business plan to grow its scale; (2) strengthens its
financial profile; and (3) maintains sufficient liquidity.

Financial ratios indicative of upward ratings pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 70%-75%
and EBIT/interest above 3.0x on a sustained basis.

Conversely, downward ratings pressure could emerge if (1) Guangzhou
Fineland suffers from weaker contracted sales; or (2) accelerates
its land acquisitions beyond Moody's expectation, in turn weakening
its financial metrics and liquidity.

Financial metrics indicative of downward ratings pressure include
(1) EBIT/interest coverage below 1.5x-2.0x; or (2) a weakening
liquidity position or rising refinancing risk, such that
cash/short-term debt falls below 1.0x.

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

Founded in 1995, Guangzhou Fineland Real Estate Development Co.,
Ltd. is a property developer based in Guangdong Province targeting
mid to high-end customers. The company adopts Eastern-style design
within its development to cater for different customers. At the end
of September 2018, it had 38 property projects with an aggregate
gross floor area of 5 million square meter, with most projects
located in Guangdong Province. At the end of 2018, the company was
wholly owned by Fang Ming, who is also the founder and chairman of
the company.

MIE HOLDINGS: S&P Cuts ICR to 'SD' on Completion of Exchange Offer
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
MIE Holdings Corp. (MIE) to 'SD' from 'CC'. S&P also lowered its
long-term issue rating on MIE's outstanding senior unsecured notes
due 2019 to 'D' from 'C'.

S&P lowered the ratings because MIE has completed an exchange offer
for its senior unsecured notes due April 25, 2019. S&P views the
transaction as a distressed exchange since investors will receive
significantly less than what they were promised for the original
securities on the maturity date.

MIE has received valid tenders of about US$265 million of the
existing notes, representing approximately 84% of the US$316
million total outstanding principal amount. Some noteholders did
not consent to the exchange, leaving approximately US$50.7 million
of the 2019 notes outstanding. Under the terms of the offer, the
company will issue US$248 million of new 13.75% senior unsecured
notes due in 2022 for the existing notes.

MIE will need to pay a total of US$78 million for the exchange
offer consideration of US$26.5 million on April 12, 2019, and the
remaining outstanding amount of US$50.7 million on April 25, 2019.
The company will repay through the loans secured from private
lenders and its internal cash.

MIE, together with its subsidiaries, primarily explores, develops,
produces, and sells crude oil, gas, and other petroleum products
under production sharing contracts in North America and China.

RED STAR: S&P Cuts ICR to BB+ on Weak Liquidity; Outlook Stable
---------------------------------------------------------------
On April 15, 2019, S&P Global Ratings lowered the issuer credit
rating on Red Star Macalline to 'BB+' from 'BBB-'. At the same
time, S&P lowered its long-term issue rating on the company's
guaranteed notes to 'BB' from 'BB+'.

S&P said, "We downgraded Red Star because the company's liquidity
profile has weakened because of its persistently high amount of
short-term maturities. We also believe the company's leverage will
continue to increase due to accelerated growth targets." At the
same time, the credit profile of Red Star's parent, Shanghai-based
Red Star Macalline Holdings Group (RSH), is also deteriorating as
the group transitions into the debt-heavy property development
segment.

Red Star's lumpy and sizable short-term maturities will put
pressure on its liquidity profile. The company's short-term
maturities amounted to Chinese renminbi (RMB) 10 billion for 2019,
including a RMB1.5 billion puttable bond, that's against operating
cash flow that we estimate at about RMB5 billion in 2019. In 2018,
Red Star faced a similarly large maturity wall because RMB5 billion
in bonds were puttable. The company repaid more than 90% of bonds
after bondholders exercised the put option, reducing its cash to
RMB8 billion from RMB10 billion the prior year.

S&P said, "That said, we do not believe the company has significant
refinancing risk because nearly 70% of its assets are unpledged,
providing funding flexibility. We believe Red Star's liquidity
could gradually improve as the company intends to reduce its
reliance on the domestic bond market." This would lower the impact
from short-term maturities because puttable options due in one or
two years are usually embedded.

S&P said, "Red Star's increasing growth appetite will further
stretch its balance sheet, in our view. To avoid losing market
share, the company's appetite for expansion has increased. Red Star
lifted its capital expenditure to grow its asset-heavy business
(including mergers and acquisitions) to RMB5.7 billion in 2018,
including the repurchase of two malls from its franchise partner
and landlord in Chongqing and Ningbo.

"We expect Red Star to continue to spend about RMB8 billion-RMB9
billion in 2019. As a result, the debt-to-EBITDA ratio is likely to
increase to 5.7x-6.2x in 2019 and 2020, from 5.6x in 2018. We
therefore expect total debt to reach RMB42 billion-RMB48 billion in
2019 and 2020, from RMB36.3 billion in 2018.

"In our view, Red Star will continue to face counterparty risks in
its franchise business. The company bought back one shopping mall
from a franchise partner because it wanted to exit the partnership
amid last year's particularly tight liquidity environment. The
company also reported increasing bad debt provisions of RMB1.1
billion in 2018, from RMB600 million-RMB700 million in the two
years prior, mainly related to its franchise business and
accounting changes.

"We expect Red Star to face mild operating headwinds, and
profitability should compress to about 46% in 2019 and 42% in 2020,
from 46.3% in 2018. This is because of higher selling, general, and
administrative expenses from new mall openings, and lower margins
when the company continues to expand into lower-tier cities. Margin
compression also stems from lowering initial and consultation fee
in these lower-tier cities.

"On the other hand, we believe Red Star's growing stable recurring
rental income from an enlarged portfolio, improved diversification,
and growing market share remain key credit strengths. We expect
recurring income from self-owned malls and franchise management fee
(excluding one off initiation fee) to reach RMB10 billion-RMB 11
billion in 2019. We expect Red Star to open seven portfolio
shopping malls and 50-60 franchised malls in 2019. The company's
revenue grew by 30% to RMB14 billion in 2018, thanks to both
organic growth and higher rents on lease expiry, the opening of six
new malls, and additional income from mall buybacks.

"We anticipate that Red Star can maintain its strong market
position, with the largest portfolio of furniture and home
improvement malls in China. Its unique distribution platform with
stronger bargaining power over tenants, brand awareness, and active
management underpin its competitive advantage. The operating
performance of Red Star's malls remains solid, with strong and
stabilized occupancy rates of about 97% in the past two years.

"The elevated leverage of RSH, Red Star's holding company and
parent, is likely to continue to constrain the rating on Red Star.
We expect RSH's debt-to-EBITDA ratio to hover at 10x-11x in 2019, a
similar ratio to last year, due to its growth appetite. The group
is transitioning to become principally a mixed-use property
developer from one led by rental income. That said, we believe
rental will continue to contribute the majority of the group's
EBITDA. If the development business grows beyond our expectation,
the group will be exposed to a more volatile development sector,
and that would further constrain the rating on Red Star. We assess
the group credit profile of RSH as 'bb+'. We continue to consider
Red Star as a core member of RSH, and equate the credit quality of
Red Star with our assessment of RSH's group credit profile.

"The stable outlook reflects our view that Red Star's recurring
income will remain strong over the next 12 months to support its
financial metrics, despite its aggressive growth and acquisition
appetite. We also expect Red Star to maintain its leading market
position in China's home improvement and furniture mall business
and to achieve consistent growth from both its self-operated and
franchise mall models.

"We may downgrade Red Star if we consider that parent group RSH's
more volatile property development segment has become the key
driver of the risk profile the parent group. This would happen if
RSH's recurring rental income reduces and contributes to less than
the majority of EBITDA. We may also downgrade Red Star if RSH's
debt serviceability weakens substantially, an indication of which
would be its EBITDA interest coverage deteriorating below our
expectation of 1.5x on a sustained basis."

Rating downside could also occur if Red Star's debt-to-EBITDA ratio
weakens to above 7.5x and its ratio of funds from operations (FFO)
to debt deteriorates to below 9% on a sustained basis. At the same
time, S&P would see downward pressure if Red Star's liquidity
profile continues to be less than adequate with sources over uses
of liquidity being consistently less than 1.2x.

S&P may raise the rating if parent group RSH can maintain its
contribution from recurring income as the majority of its EBITDA
while reducing its debt burden. An indication of this would be the
group's debt-to-EBITDA ratio improving towards 7.5x. This
deleveraging could require either sizable asset sales, non-debt
fundraising, or material deceleration of debt-funded expenditure.

SHANDONG HAIYOU: Plans Restart After Government Bailout
-------------------------------------------------------
Reuters reports that Shandong Haiyou Petrochemical Group aims to
restart its key crude oil unit in June, a year after it was idled
following a bankruptcy filing, according to four sources with
knowledge of the matter.

Reuters relates that the refinery in Juxian county in the eastern
province of Shandong is preparing to restart a 70,000 barrels per
day crude unit shut since last May after local government-led
investment helped the firm clear most of its debts.

"The dead is returning . . . after the local government injected
funds and became its new shareholder," Reuters quotes a trading
executive active in the Shandong crude oil market who was briefed
on the matter as saying.

Two local government-backed companies in June 2017 injected a total
CBY300 million ($44.7 million) into Haiyou Petrochemical for a
combined 60 percent stake, Reuters relates citing official business
credit information portal, the National Enterprise Credit
Information System.

The local government also helped Haiyou raise about 2.8 billion
yuan using its assets such as raw materials and inventories as
collateral, said a statement posted on the local government's
website last December, Reuters relays.

"The restructuring is still underway, but things are looking up," a
Haiyou Petrochemical manager based in Shandong, who declined to be
named as he's not authorized to speak to press, told Reuters.

The plant aims to restart the crude facility in June, but the final
decision hinges upon when Haiyou receives further funding for
operational matters, the manager, as cited by Reuters, added.

Haiyou Petrochemical, established in 2006, filed for bankruptcy
last July, the first teapot refiner to file for bankruptcy in
recent years, Reuters recalls.

A Juxian county official told Reuters the local government has set
up a special panel to restructure debts held by Haiyou and its
previous parent Shandong Sunrise Group.

Sunrise, a soybean crusher, also filed for bankruptcy last July
after failing to pay back loans, adds Reuters.

Shandong Haiyou Petrochemical, established in 2006, is the first
teapot refiner to file for bankruptcy in recent years, Reuters
notes. Its crude oil distillation unit with capacity of around
70,000 barrels per day has been shut since May.  The other company,
Shandong Hongju New Energy Co, is a fuel and chemicals dealer based
in the same county and was set up in 2013.

ZHAOJIN MINING: Fitch Places 'BB' LT IDR on Watch Positive
----------------------------------------------------------
Fitch Ratings has placed Zhaojin Mining Industry Company Limited's
(Zhaojin Minnig) Long-Term Foreign-Currency Issuer Default Rating
(IDR) and senior unsecured rating of 'BB', on Rating Watch Positive
(RWP).

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by the Zhaoyuan municipality. The RWP reflects a review of
Fitch's internal assessment of the creditworthiness of the Zhaoyuan
municipality, which was prompted by a revision in the criteria that
govern the ratings of international local and regional governments.
The linkage between Zhaojin Group and the Zhaoyuan municipality
remains unchanged.

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

KEY RATING DRIVERS

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

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

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

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

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

Haiyu Mine to Boost Output: Zhaojin Mining has a stake of 63.86% in
the Haiyu gold mine, the largest undersea gold mine in China, with
estimated reserves of around 500 tonnes, at end-2018. Fitch
expects commercial production to commence around 2021, which will
add around 14 tonnes of annual gold production to the group's
existing 20 tonnes, significantly boosting the size of its
gold-mining business. Fitch has not factored in contribution from
the Haiyu mine in its financial forecasts for 2019-2021, as it does
not expect commercial production to begin in the near term.

DERIVATION SUMMARY

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

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

KEY ASSUMPTIONS

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

  - Gold gross margin to remain at around 40% between 2019 and 2021
(2017: 40%)

  - Gold price to be maintained at around USD1,200/oz between 2019
and 2021.

  - Capex of CNY2.2 billion each year between 2019 and 2021 (2017:
CNY1.5 billion)

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

RATING SENSITIVITIES

Fitch expects to resolve the RWP upon completion of the review of
its internal assessment of Zhaoyuan municipality's
creditworthiness, given that the likelihood of government support
to Zhaojin Group remains unchanged under Fitch's Government Related
Entities Rating criteria.

LIQUIDITY

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

FULL LIST OF RATING ACTIONS

Zhaojin Mining Industry Company Limited

  - Long-Term Foreign-Currency IDR of 'BB' placed on RWP

  - Senior unsecured rating of 'BB' placed on RWP

Zhaojin Mining International Finance Limited

  - 'BB' rating on USD300 million 5.5% senior notes due 2022 placed
on RWP

ZHENRO PROPERTIES: S&P Alters Outlook to Positive & Affirms 'B' ICR
-------------------------------------------------------------------
On April 12, 2019, S&P Global Ratings revised its rating outlook on
Zhenro Properties to positive from stable.

S&P said, "We also affirmed our 'B' long-term issuer credit rating
on Zhenro and our 'B-' long-term issue rating on the company's
senior unsecured notes.

"We revised the outlook because we expect Zhenro's leverage to
improve over the next 12 months due to strong sales and revenue
growth, moderate margin improvement, and controlled debt growth via
disciplined land acquisitions. We also expect the company to
significantly strengthen its capital structure and liquidity
profile by the end of 2019, provided the current good funding
conditions sustain."

The easing of funding conditions in both the onshore and offshore
markets should allow Zhenro to further improve the structure and
maturity profile of its debt. Since it listed on the Hong Kong
stock exchange in 2018, the company has reduced its non-bank
borrowings such as trust loans, through tapping the domestic and
offshore bond markets. As of end-2018, Zhenro's non-bank borrowings
declined to 35.8% of its total debt, from 54% in 2017.

S&P said, "We also believe the improvement in the company's capital
structure has extended to a lengthening of maturity profile, which
was still sub-optimal in 2018 at just 1.9 years. Since funding
conditions improved in 2019, Zhenro has already issued US$1.2
billion of senior notes for refinancing purposes, including a
US$200 million three-year bond and a US$420 million 3.8-year bond.

"In our view, the company is likely to continue to take advantage
of the good funding conditions to enhance its short-term debt and
liquidity profiles. It intends to lower its ratio of short-term
debt to total debt to below 30% from 51% as of end-2018, and ratio
of cash to short-term debt to about 2x from 1.2x.

"In our view, Zhenro should be able to keep its debt growth well
managed by making controlled land acquisitions in 2019, despite an
acceleration from a low base in 2018. We expect the company to
incur Chinese renminbi (RMB) 30 billion-RMB32 billion of land costs
in 2019, or about 55% of its cash proceeds from sales. Its land
costs in 2018 were lower than our expectation due to a lack of land
parcels with competitive margins. Zhenro is also likely to increase
its attributable interest in its land investments. Therefore, we
estimate the company's adjusted debt to grow only moderately to
RMB50 billion–RMB52 billion in 2019, from RMB47 billion in 2018.

"We estimate Zhenro's revenue will increase about 30% in 2019,
lowering its debt-to-EBITDA ratio to 5.4x-5.7x, from 6.5x in 2018.

"We affirmed the rating on Zhenro to reflect the company's
relatively large short-term debt maturities than higher rated
peers. In our view, further improvements to the company's debt
maturity profile will hinge on the sustainability of the good
funding conditions, which could be uncertain. In addition, Zhenro
has a relatively small land bank and a shorter track record after
listing. Therefore, a longer track record of strategic and
financial consistency against its goals would be important to our
assessment."

Zhenro's business position is also strengthening. The company's
strong exposure in higher-tier cities, stabilized margins, and good
product quality should continue to support its business growth.
Zhenro is also successful in running a fast-churn model and has
good assets and inventory turnover. In S&P's view, the company is
more defensive than some of its peers during market volatility as
most of its projects are in cities that have a strong economic
base, high-income class, and population inflow. S&P therefore
raised its overall assessment on the company's business strength.

S&P said, "The positive outlook reflects our view that Zhenro will
continue to improve its leverage over the next 12 months through
strong revenue growth and controlled land acquisitions. At the same
time, we expect the company to strengthen its liquidity and debt
maturity profile by refinancing with longer-term borrowings.

"We could raise the rating if Zhenro improves its leverage and
capital structure over the next 12 months. Indications of such
improvement would be the debt-to-EBITDA ratio (both on a
consolidated and proportionate consolidated basis) staying
sustainably below 5.5x, and a lengthening of the weighted average
debt maturity to materially above two years.

"We could revise the outlook to stable if Zhenro's debt-funded
expansion is more aggressive than we expect, such that its
debt-to-EBITDA ratio does not improve to below 5.5x (both on a
consolidated and proportionate consolidated basis). We could also
revise the outlook back to stable if the company's liquidity and
debt maturity profile do not improve from the current slightly less
than two years."



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

ADITYA ULTRA: ICRA Withdraws D Rating on INR15cr Loan
-----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D Issuer Not
Co-operating (pronounced ICRA D ISSUER NOT CO-OPERATING) assigned
to the INR15.00 crore bank facilities of Aditya Ultra Steel Private
Limited (AUSPL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          8.00      [ICRA]D ISSUER NOT CO-
   Cash Credit                    OPERATING; Withdrawn

   Fund based-          7.00      [ICRA]D ISSUER NOT CO-
   Term Loan                      OPERATING; Withdrawn

Rationale

The ratings assigned to Aditya Ultra Steel Private Limited have
been withdrawn at its request based on the no due certificate
provided by its banker.

Incorporated in July 2011, Aditya Ultra Steel Private Limited
(AUSPL) is engaged in the business of manufacturing of TMT bars at
its manufacturing facility located in Rajkot district of Gujarat
having an installed capacity of 1,20,000 MTPA of TMT bars. The
founder promoters of the company, namely Mr. Dipen Faldu, Mr.
Chirag Lakhani and Mr. Bharat Pandey had sold the business and
handed over management in 2014 to the seven new promoters.
Currently, the business is taken over by Jain family consisting of
Mr. Manoj Jain and his son Mr. Varun Jain. The Jain family has
taken over the management of the company from May 2016 onwards. The
company has dropped 'Private' from its name.

In FY2017, the company reported a net loss of INR0.97 crore on an
operating income of INR19.86 crore, as compared to a net loss of
INR2.53 crore on an operating income of INR23.94 crore in FY2017.

ALLIANCE GRANIMARMO: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the bank facilities of Alliance Granimarmo
Private Limited continues to be in non-cooperating category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      17.97      [ICRA]D; ISSUER NOT
   based/Term Loan                COOPERATING, rating continues
                                  to remain in Issuer Not
                                  Cooperating category

   Short-term-Fund     33.50      [ICRA]D; ISSUER NOT
   Based                          COOPERATING, rating continues
                                  to remain in Issuer Not
                                  Cooperating category

   Short Term-Non-      2.00      [ICRA]D; ISSUER NOT
   Fund based                     COOPERATING, rating continues
                                  to remain in Issuer Not
                                  Cooperating category

   Unallocated          4.53      [ICRA]D; ISSUER NOT
                                  COOPERATING, rating continues
                                  to remain in Issuer Not
                                  Cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 1998, Alliance Granimarmo Private Limited is
engaged in quarrying and processing of rough granite blocks into
slabs and tiles. The Company exports the granites slabs and tiles
to the USA, Europe, Africa, and Middle East. The company's
manufacturing facility is located in Tada, Andhra Pradesh, with a
processing capacity of 38 lakh square foot of granite slabs per
year. AGPL is part of the Gimpex group, which is mainly engaged in
sales of barite, coal, iron ore, mill scale, clinker, and
bentonite. The company's name was changed from Alliance Minerals
Private Limited to Alliance Granimarmo Private Limited, in November
2014.

ARNAV TECHNOSOFT: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR15.0 crore bank facilities of Arnav
Technosoft Private Limited (ATPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA] D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        15.0       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building in
Sector 16 A in Noida. ATPL is part of the SDS group which is
engaged into real estate construction spanning across group housing
projects, integrated townships, commercial space and IT park in
Noida and Greater Noida regions of Uttar Pradesh. The group is
headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.

BAMBINO PASTA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bambino Pasta Food
Industries 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:

-- INR500 mil. Term loan due on March 2024 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR30 mil. Proposed fund-based working capital limit migrated
     to non-cooperating category with Provisional IND BB+ (ISSUER
     NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 3, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2000, Bambino Pasta Food Industries manufactures and
sells pasta and wheat products under the Bambino brand. The company
has a 30,492 metric tons per annum pasta plant in Bibinagar near
Hyderabad, Telangana.

BINA TUBE: ICRA Assigns B+ Rating to INR8.08cr LT Term Loan
-----------------------------------------------------------
ICRA has assigned ratings to the bank facilities of Bina Tube
Private Limited (BTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term
   Cash Credit           2.00      [ICRA]B+ (Stable); Assigned

   Long-term
   Term Loan             8.08      [ICRA]B+ (Stable); Assigned

   Bank Guarantee        0.80      [ICRA]A4; Assigned

   Unallocated           0.12      [ICRA]B+ (Stable)/A4; Assigned

Rationale

The ratings take into account the extensive experience of the
promoters in the steel industry supported by year-on-year (YoY)
growth in revenues in the past three years on account of the demand
for electric resistance welding (ERW) pipes from TATA Steel Limited
(TSL). Further, the ratings take into account the nature of
operation of BTPL which receives the raw materials from TSL and
converts the same into ERW pipes. This insulates BTPL from
inventory risk as the volatility of raw materials are borne solely
by TSL. The ratings also take comfort from the healthy financial
profile of the company as reflected by its robust operating
margins, efficient working capital management and healthy debt
coverage indicators. The ratings, however, are constrained by the
small scale of the current operations of INR10.28 crore and a
leveraged capital structure of 4.60 times in FY2018. BTPL also
faces the risk of non-revival of the agreement between the two
companies. Moreover, the conversion price that BTPL receives from
TSL is revised every three years, which results in volatility in
the operating margin of the former.

Going forward, the company's ability to scale up its revenues,
utilise the maximum capacity as well as manage the working capital
requirements would be the key rating sensitivity.

Outlook: Stable The Stable outlook reflects ICRA's belief that BTPL
will continue to benefit from the experience of its promoters and
its reputed customer profile. The outlook may be revised to
Positive if there is a substantial growth in revenues, and
improvement in gearing and accruals result in higher net worth
levels. The outlook may be revised to Negative if there is a
decline in revenues and coverage indicators, and a weakening of the
liquidity position.

Key rating drivers

Credit strengths

Promoters with more than one decade of experience in steel
industry: The promoters have extensive experience in the ferrous
industry with established relationship with TSL.

Strong interest coverage ratio with healthy core RoCE: The interest
coverage ratio of the company stood at 3.77 times with RoCE at
18.99% with moderate capacity utilisation of 54% in FY2018.

Credit challenges

Small scale of operations: The operating income was low at INR10.28
crore in FY2018 on account of the conversion nature of the
business.

Leveraged capital structure because of lower net worth than total
debt: The gearing ratio of the company was high at 4.60 times on
account of its low net worth of INR1.84 crore.

Volatility in operating margin due to conversion price revision
every three years by TSL: The conversion price received by BTPL is
revised every three years by TSL. This has resulted in volatility
in the company's operating margin.

Liquidity position
The debt of the company comprises term loan and car loan and
working capital loan. The working-capital intensity remains low at
3% in FY2018 on account of low inventory days.

BTPL was incorporated in 2015. The company is involved in the
manufacture and supply of ERW black steel metallic tubes of
different sizes. The unit at present is an authorised conversion
agent of TSL tubes division. The promoters of BTPL are Mr. Pradeep
Kumar Mukherjee and Mr. Probal Mukherjee.

CHHAPRA HAJIPUR: ICRA Reaffirms D Rating INR933.99cr Term Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Chhapra Hajipur Expressways Limited (CHEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan           933.82      [ICRA]D; reaffirmed

   Unallocated
   Limits                0.17      [ICRA]D; reaffirmed

Rationale

The rating remains constrained by the continued delays in servicing
CHEL's term loan obligations. Owing to delays in securing Right of
Way (RoW) by the authority, CHEL was granted extension of timeline
for completion of project till December 2017 as against scheduled
commercial operations date (COD) of July 2013 which it has not
achieved, and the company is targeting to achieve provisional
completion certificate by October 2019. As on December 2018, 61.02
km (91.4%) of RoW has been handed over to CHEL and 5.7 km is yet to
be handed over. Further, there has been cost escalation of INR369
crore (45% of initial project cost). ICRA notes that additional
term loans of ~Rs 177 crore has been sanctioned by existing lenders
in January 2018 to fund the cost escalation. ICRA also notes that
CHEL has been selected by NHAI for one-time fund infusion. NHAI is
expected to infuse INR175 crore out of which NHAI has already
infused around INR~107.05 crore under this scheme and would have
the first charge on annuities post project completion. NHAI is
expected to pay compensatory annuities once CHEL attains
provisional completion certificate. These annuities will be used to
repay the funds infused by NHAI and interest accrued thereon. As on
January 2019, CHEL achieved cumulative physical progress of 77.49%
and cumulative financial progress of 83.27%. The company is yet to
receive provisional COD as the construction of the stretch is not
continuous and expected to receive PCOD by Q2 FY2020. The rating
continues to take into account the implementation risks, pending
land acquisition and susceptibility to adverse movement of the
interest rates.

Going forward, CHEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further,
achieving provisional completion, the acquisition of the remaining
right of way will be the other rating sensitivities.

Key rating drivers

Credit Challenges

Delays in debt servicing: There are delays in servicing its term
loan obligations.

Delays in project execution: There are running delays in project
execution by around 75 months on account of delays in securing RoW
by authority along with slow pace of execution due to insufficient
funds.

Exposed to interest rate risk: The project is exposed to interest
rate risk given that the interest on the loans will be reset every
year post COD.

Ensuring O&M and periodic maintenance expense within budgeted
levels post COD: Ability to maintain the operation and maintenance
expenses within budgeted levels post COD and ensure availability of
lane as stipulated.

Liquidity position
The liquidity position of the project is stretched owing to delay
in completion of project.

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated as
a special purpose vehicle promoted by Madhucon Infra Limited (MIL)
and Madhucon Projects Limited (MPL) to undertake the implementation
of four - laning of Chhapra to Hajipur section of NH-19 from km
143.200 to km 207.200 in the state of Bihar under NHDP Phase III on
Design, Build, Finance, Operate, Transfer (DBFOT) Annuity basis.
The total project cost has been revised to INR1181.50 crore as
against initial estimates of INR812.50 crore. The total concession
period is 15 years including the construction period of 2.5 years.
CHEL will receive a fixed annuity payment of INR65.43 crores
semi-annually for a period of 12.5 years. As on December 31, 2018
around INR801.0 crore of debt has been drawn and promoters' have
infused INR273.37 crore.

DOLPHIN MARINE: ICRA Lowers Rating on INR9cr Loan to D
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Dolphin Marine Foods & Processors (India) Private Limited (DMPL),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          2.00       [ICRA]D; Downgraded from
   Cash Credit                     [ICRA]B- (Stable)

   Fund-based-          9.00       [ICRA]D; Downgraded from
   FDBP/FIDBP                      [ICRA]A4

   Fund-based-         (9.00)      [ICRA]D; Downgraded from
   Packing Credit                  [ICRA]A4

   Unallocated          4.00       [ICRA]D/[ICRA]D; Downgraded
                                   from [ICRA]B-(Stable)/[ICRA]A4

Rationale
The rating revision reflects the recent delays in debt servicing by
DMPL resulting from the strain in company's liquidity profile. This
is attributable to high inventory-holding level resulting from
seasonal stocking of raw materials as on December 31, 2018 leading
to high working capital intensity of 54%, which has also resulted
in over-utilisation of the working capital limits from the bank.
Further, the ratings also remain constrained by the company's weak
financial profile characterised by volatile operating income,
losses at net level with low accruals and weak return indicators.
The risk is further accentuated by its adverse capital structure
following the erosion of net worth in the past resulting high
gearing level as on March 31, 2018. Furthermore, high working
capital borrowings and dependence on creditor funding has weakened
its coverage indicators as indicated by TD/OPBDITA of 13.2 times,
TOL/TNW of 385.1 times and an interest coverage ratio of 1.1 times
as on December 31, 2018. ICRA notes the intense competition due to
the highly fragmented nature of seafood industry and inherent risks
such as susceptibility to diseases, climate change risks and
regulatory changes.
The ratings, however, favourably factor in the extensive experience
of the promoters, spanning over two decades, in the seafood
industry.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the seafood industry -
Incorporated in 1996, the company is involved in processing seafood
products which are mainly exported to Asia and Africa. The
extensive experience of the promoters, spanning over two decades,
in the seafood processing industry helps in securing business from
established customers.

Credit challenges

Delays in debt servicing and overutilization on cash credit
facility due to strained liquidity position: The company's
liquidity position remained stretched due to a high inventory
period of 285 days as on December 31, 2018 as compared to 145 days
as on March 31, 2018, which led to an increased working capital
intensity from 33.2% to 54.1% during the same period.

DMPL maintains an inventory of about INR14-15 crore at any
year-end, consisting of various types of processed seafood, given
the need of the seasonal procurement in February: March every year
leading to high working capital requirement in March. Decreased
revenue and constant absolute inventory level increased the
inventory-holding period and exposed the company to the risk of
inventory losses. Constantly high working capital requirement and
low profitability led to overutilization of cash credit facility.

Financial profile characterised by shrinking scale of operations,
net losses with low accruals and weak return indicators: The
company has a small scale of operations and has witnessed
significant revenue de-growth over the last five-year period. The
OI stood at INR15.7 crore in 9m FY2019 as against INR38.3 crore in
FY2018, translating into a CAGR of negative 11%. Its continuously
declining OI and high fixed costs have also resulted in continuous
net losses in the current year and low RoCE of 3.4%.

High gearing levels due to erosion of net worth base from sizeable
accumulated losses: The total debt of the company mainly consists
of working capital borrowings from the bank and unsecured loans
from promoters. High debt level along with continuously eroding net
worth has resulted in a highly leveraged capital structure and
weakened coverage indicators as indicated by a gearing of 275
times, TD/OPBDITA of 13.2 times, TOL/TNW of 385.1 times and an
interest coverage ratio of 1.1 times as on December 31, 2018.

Intense competition owing to the low complexity of work: The
company faces stiff competition from other domestic as well as
international players, which limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenues and margins.

Exposure to regulatory, environmental and foreign-exchange
fluctuations risks: DMPL primarily derives its revenue from the
overseas market. The export of seafood to foreign countries is
subject to regulatory approvals. Any major change in the trade
policies of the importing country can have an impact on the
operations of the company. Due to high dependence on exports, the
profitability remains vulnerable to adverse fluctuations in foreign
exchange. The profitability further remains susceptible to risks
inherent in the seafood industry such as diseases and climate
change.

Liquidity Position:
The company has high net working capital intensity of ~54% as on
December 31, 2018 resulting in increased reliance on external
borrowings. Low operating profitability along with high interest
cost led to low net cash accruals. DMPL's fund flow from operations
(FFO) remained marginal in 9m FY2019 on account of low
profitability. The working capital limits have remained
over-utilised in the recent past. The company has low buffer of
INR0.2 crore from the free cash as on December 31, 2018.

Incorporated in 1996 by Mr. Rosario D'Souza, Dolphin Marine Foods &
Processors (India) Pvt. Ltd. (DMPL) is engaged in processing of sea
food products which are mainly exported to Asia and Africa. It
commenced operations in 1999 from its 5000 sq. mt. plot in Taloja,
MIDC. From 1999 to 2009, DMPL was only involved in pre-processing
activities like cleaning, washing and peeling. It started exporting
in 2009 as a merchant exporter from the rented facility of Sumraj
Sea Foods. It set up its own freezing and cold storage unit in
2011. After receiving licenses from The Marine Products & Export
Development Authority (MPEDA) and Export Incentive Agency (EIA), it
commenced operation in October 2011.

In FY2018, the company reported a net profit of INR0.03 crore on an
OI of INR38.3 crore, as compared to a net loss of INR1.2 crore on
an OI of INR12.5 crore in the previous year.

ELECTROPATH SERVICES: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of
Electropath Services (India) Private Limited (ESIPL or the company)
continue to remain in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         21.27       [ICRA]D ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-fund Based-     28.73       [ICRA]D ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

The rating is based on limited information on the entity's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with ESIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Established in 2006, ESIPL is engaged in executing turnkey power
projects for Maharashtra State Electricity Distribution Company
Limited (MSEDCL). The company provides services like designing,
erecting, commissioning, testing for project like electricity
distribution and transmission lines, electricity distribution
transformer centers, substations, etc. The promoter, Mr. Sambhaji
Nathrao Gitte has experience of more than two decades in electrical
contracting.

FLORIDA ELECTRICAL: ICRA Migrates D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has moved the rating for INR8.00 crore bank facility of
Florida Electrical Industries Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as [ICRA]D ISSUER
NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Fund     7.50      [ICRA]D ISSUER NOT COOPERATING;
   based CC                     Rating moved under 'Issuer Not
                                Cooperating' category

   Long Term-         0.50      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                  Rating moved under 'Issuer Not
                                Cooperating' category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Florida Electrical Industries Limited (FEIL) was incorporated in
1994 by Mr. Anil Arora. FEIL currently operates as an OEM of
Havells and Osram with these entities being the major contributor
to the revenue accounting for around ~20% of total revenues in
FY16. The company has two manufacturing facilities in Bhiwadi and
Mayapuri. Ballast and drivers are largely manufactured in Mayapuri
unit whereas fixtures are manufactured in the Bhiwadi unit. As on
September 8th, 2016 the company has an outstanding order book of
~Rs 32 crore from Havells, Osram, Energy Efficiency Services
Limited (EESL), National Small Industries Corporation (NSIC) and
several other customers, the same is to be executed within next few
months.

GILLCO CONSTRUCTION: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Gillco Construction Private Limited (GCPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          10.0      [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved
                                  to the 'Issuer Not Cooperating'
                                  category


ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Gillco Construction Private Limited (GCPL) was incorporated in
2015, and is involved in construction of real estate projects in
the Mohali region of Punjab. The company is closely held by the
Gill family based in Chandigarh, Punjab, with Mr. Tejpratap Singh
Gill as its Managing Director. The company is currently engaged
into execution of construction work for its group company –
Gillco Developers & Builder Pvt Ltd. projects of group housing and
residential floors in Sectors 115 and 127, Kharar.

HIRA AUTOMOBILES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hira Automobiles
Ltd.'s (HAL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument wise rating action is:

-- INR400 mil. (increased from INR320 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects HAL's continued modest EBITDA margins and
weak credit metrics owing to intense competition in the dealership
business. The EBITDA margins improved to 2.76% in FY18 (FY17:
2.59%, FY16: 2.52%) on account of a marginal reduction in the cost
of raw materials consumed as a percentage of sales and a reduction
in other operating expenses as a percentage of sales. Its return on
capital employed was 9.75% in FY18 (FY17: 9.43%).

HAL's gross interest coverage (operating EBITDA/gross interest
expense) marginally deteriorated to 1.37x in FY18 (FY17:1.42x,
FY16: 1.40x) and net leverage (total adjusted net debt/operating
EBITDAR) to 8.01x (7.46x, 7.25x), on account of an increase in
long-term debt and higher use of its working capital limits, and
the consequent increase in its interest expense.

The ratings remain constrained by the company's tight liquidity
position owing to the working capital-intensive nature of
operations. The average peak utilization of its fund-based limits
was 96.86% for the 12 months ended in February 2019. The company
had a cash balance of INR54.39 million at FYE18 (FYE17: INR18.93
million, FYE16: INR36.98 million). The company working capital
cycle was modest in the range of 66-71 days during FY16-FY18 (FY18:
71 days, FY17: 69 days, FY16: 66 days). Its cash flow from
operations remained negative at INR145.39 million in FY18 (FY17:
INR79.85 million) because of increased working capital
requirement.

However, the ratings continue to be supported by the company's
strong operating profile of 12 dealerships of Maruti Suzuki India
Limited (MSIL), the largest original equipment manufacturer in the
passenger car market in India. Revenue grew 10.44% yoy to
INR3,556.88 million in FY18 on the back of higher sales volume to
5,533 cars (FY17: 5,094 cars, FY16: 5,627 cars) and an increase in
the sale of high-value cars. The average realization price per
vehicle increased to INR0.583 million in FY18 (FY17: INR0.54
million, FY16: INR0.47 million).

The ratings continue to benefit from HAL's established market
position as the oldest authorized dealer of MSIL in Patiala and
Muktsar district of Punjab and the promoter's experience of more
than two decades in the automobile industry.

RATING SENSITIVITIES

Positive: An increase in the revenue and operating profitability,
along with an improvement in the credit metrics, all on a sustained
basis, will be positive for the ratings.

Negative: Any further stress on the liquidity position or
deterioration in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

Incorporated in 1989, HAL started its operations as a Maruti Suzuki
car dealer with one showroom and a workshop in Patiala. The company
has dealerships at nine locations in Punjab - Patiala, Muktsar,
Rajpura, Nabha, Malout, Devigarh, Gidderbaha, Bhadson, and Samana.
Besides selling cars and related accessories, it provides financing
and insurance solutions for the same.

JET AIRWAYS: Pilots Appeal to SBI for Funds, Asks PM to Save Jobs
-----------------------------------------------------------------
The Economic Times reports that Jet Airways pilots body, the
National Aviator's Guild, on April 15 appealed the State Bank of
India to release INR1,500 crore, which was proposed to be infused
in the ailing carrier as part of a debt-restructuring plan last
month.

The airline is operating just 6-7 planes, with almost its entire
fleet being grounded due to non-payment of rentals to lessors amid
severe paucity of cash, ET says.

"We would like to appeal SBI to release INR1,500 crore funds for
the airline to help it continue operations. We also appeal Prime
Minister Narendra Modi to save 20,000 odd jobs at the airline,"
National Aviator's Guild ( NAG) vice president Adim Valiani told
reporters at the airline's headquarter, Siroya Centre, in India,
Reuters relays.

Earlier, the airline's pilots, engineers and cabin crew members
assembled at the headquarters to show their solidarity, the report
notes.

According to ET, the airline's pilots along with engineers and
senior staff were last paid for December, 2018. This apart, the
airline has also defaulted on the March salary of other categories
of employees as well.

Last month, an SBI-led consortium of lenders had taken management
control of the airline post a debt-recast deal, following which the
lenders had proposed to infuse as much as INR1,500 crore to the
carrier to keep it afloat till the time it gets a investor, ET
recalls.

ET adds that the April 15 meeting with lenders is reportedly
expected to take a final decision on the quantum of funds to be
infused immediately to avert a possible shut down. A meeting
between the airline management and its major lender SBI on April 12
could not take a decision on the fund infusion issue, ET says.

                         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 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.

JET AIRWAYS: Striking Pilots Raise Fears of Collapse, FT Reports
----------------------------------------------------------------
The Financial Times reports that Jet Airways Ltd. pilots announced
on April 14 that they would go on strike over unpaid salaries,
heaping more pressure on the cash-strapped Indian carrier to find a
new owner to bail it out.

The airline is saddled with more than $1.2 billion debt and has not
been able to pay pilots their salaries for over three months, the
FT says. It left passengers around the world stranded on April 11
when it cancelled its international flights. The carrier is down to
fewer than 10 operational aeroplanes out of a fleet of 123, raising
fears of an imminent shutdown.

According to the FT, the pilots' work stoppage comes a day after
staff staged a protest outside New Delhi airport on April 12. Given
the significantly reduced flight schedule, the pilots strike may
not affect operations, but aviation experts said it reflects the
deteriorating outlook for Jet, which desperately needs a cash
lifeline, the FT relays.

"It's now three-and-a-half months not being paid," the FT quotes a
captain with Jet's pilot union, the National Aviator's Guild, which
has over 1,100 members, as saying. "Pilots refuse to fly from
tomorrow," he said, adding the strike is scheduled to begin at
midnight on April 14. "It is a very unfortunate situation right
now," said the captain, adding, "we are hopeful the interim funding
will happen."

The FT says Jet is struggling to stay airborne because of a
liquidity crunch that has left it unable to pay salaries and
resulted in it defaulting on loan payments to lessors and
creditors. After unsuccessful talks with Abu Dhabi's Etihad
Airways, which bought a 24 per cent stake in Jet in 2013, founder
and chairman Naresh Goyal stepped down and quit the board on March
25. Creditor banks took over his 51 per cent stake, the report
says.

While the lenders agreed to provide additional funding of up to
INR15bn ($220m), the group has been reluctant to release the money
in the absence of an investor coming on board. The banks have now
launched a last-ditch hunt for a new owner and invited expressions
of interest to buy a stake of up to 75 per cent in the carrier.

Jet, once the pinnacle of air travel in India, needs to secure an
investor or else face bankruptcy, said Neelam Mathews, a New
Delhi-based aviation consultant, Reuters relates. "It's like
dropping money into a well because the debts are so high," said Ms.
Mathews. "If they get the money, they will fly. But it's do or
die".

Jet's uncertainty is a headache for New Delhi, the FT says.
Narendra Modi, India's prime minister, is running for re-election
in national polls that continue until May 19 and the airline's
collapse would result in thousands of job losses, adds the FT.

                         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 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.

JYOTI GENERAL: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR7.20-crore bank facility of Jyoti
General Industries (JGI) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+ (Stable);
rating continues to remain in the 'ISSUER NOT COOPERATING'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         7.20       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been seeking information from the entity to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as it may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice. The
concern has its plant at Rai Bareli (U.P.) with a milling capacity
of 4 tonnes per hour. The firm started its commercial operations in
September 2014 and primarily sells non basmati (Sama Mansoori) rice
through export as well as domestic sales. The direct exports are
made to Nepal and the balance is sold through exporters to
countries like Dubai, Saudi Arabia etc.

LALITA FOAMEX: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the bank facilities of Lalita Foamex
Private Limited (LFPL) continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based Limit-      1.00     [ICRA]D ISSUER NOT  
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based Limit-      4.75     [ICRA]D ISSUER NOT
   term loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Lalita Foamex Private Limited (LFPL) incorporated in April, 2013 by
Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir, Odisha is
involved in manufacturing and sales of general purpose polystyrene
(GPPS) disposable products such as bowls, plates and dinnerware.
The manufacturing facility of the company commenced on 28th June,
2014 and has an annual installed capacity of 600 metric tonnes.

LALL MINERALS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lall Minerals
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:

-- INR65 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR295 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 3, 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 September 2005, Lall Minerals is engaged in the
trading of iron ore, iron ore fines, and iron ore pellets.

LENORA VITRIFIED: ICRA Lowers Rating on INR16.39cr Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Lenora Vitrified LLP (LVL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           16.39      [ICRA]D; downgraded from
   Term Loan                       [ICRA]B+(Stable)

   Fund-based            9.00      [ICRA]D; downgraded from
   Cash Credit                     [ICRA]B+(Stable)

   Non-fund Based        2.50      [ICRA]D; downgraded from
   Bank Guarantee                  [ICRA]A4

   Unallocated           4.11      [ICRA]D/[ICRA]D; downgraded
                                   from [ICRA]B+(Stable)/[ICRA]A4

Rationale

The ratings downgrade factors in the delay in debt servicing
obligations in the recent past by Lenora Vitrified LLP (LVL) on
account of weakening in its liquidity profile, emanating from
stretched receivables and high inventory levels in the recent past.
The rating also takes into account the moderation in operating
profitability during 11MFY2019 followed by increase in raw material
consumption. The ratings also factor in the intense competition in
the ceramic industry and the exposure of the firm's profitability
to volatility in raw material and fuel prices. Further, ICRA notes
the exposure of the firm's operations and cash flows to the
cyclicality of the real-estate industry, which is the main end-user
sector.

The ratings continue to favourably factor in the experience of
partners of LVL in the ceramic industry and its proximity to raw
material sources, by virtue of its presence in the ceramic
hub—Morbi (Gujarat).

Key rating drivers

Credit strengths

Experience of partners in ceramic tiles industry –The partners of
the firm have extensive experience in the ceramic industry through
their associations with other companies in the ceramic industry.
Favourable location of manufacturing hub: The location of the
firm's manufacturing facility in the ceramic tiles hub of Morbi
(Gujarat) enables easy access to quality raw materials and allows
savings in transportation cost.

Credit challenges

Delay in debt servicing: Instances of delay in servicing of
principal on the term loan obligation in the recent past.
Weak financial risk profile: The firm reported an operating income
of INR40.89 crore in first full year of operations in FY2018 and
further INR50.98 crore in 11MFY2019. The operating profitability
margin stood at 17.96% in FY2018 and moderated to 15.08% in
11MFY2019 mainly due to high raw material consumption and
moderation in realisations. At the net level, the firm reported
loss of INR0.47 crore in FY2018 due to high depreciation and
interest cost however, in 11MFY2019, the profit before tax stood at
INR1.20 crore (provisional financials). LVL's capital structure
continued to remain leveraged with high working capital requirement
coupled with low net-worth leading to gearing of 2.29 times as on
FY2018 end. The coverage indicators stood weak with TOL/TNW of 3.31
times in FY2018 and 4.08 times in 11MFY2019, TD/OPBDITA of 4.08
times in FY2018 and 3.50 times in 11MFY2019. The company's working
capital cycle increased in FY2018 and in 11MFY2019 as indicated by
NWC/OI of 23% and 22% respectively on account of elongated
receivable period and increase in inventory days.

Vulnerability of demand and cash flows to cyclicality inherent in
real estate industry: The real estate industry is the key end user
of ceramic wall tiles. Hence, the profitability and cash flows are
likely to remain vulnerable to the inherent cyclicality of the real
estate industry.

Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The company has, however, little control over the prices
of its key inputs such as natural gas/coal and raw materials, and
thus the profit margins remain exposed to adverse movement in raw
material and gas/coal prices as the ability to pass on any upward
movement in cost to the customers remains limited due to stiff
competition.

Liquidity Position:
The overall liquidity position of the firm remains weak leading to
delays in debt servicing in the recent past. The liquidity was
impacted due to stretch in working capital cycle, high debt
repayment obligations and high utilisation of working capital
limits (an average utilisation of ~90% for the period of fifteen
months from December 2017 to February 2019).

Established in July 2016, as a limited liability partnership firm,
Lenora Vitrified LLP (LVL) manufactures glazed vitrified times. It
commenced operations in April 2017. The firm's manufacturing unit
is situated at Morbi in Gujarat and has an installed capacity of
63,000 MT tiles per annum. The partners of the firm have past
longstanding experience in ceramic industry by virtue of being
associated with other ceramic companies.
In FY2018, the firm reported a net loss of INR0.47 crore on an
operating income of INR40.89 crore. Further, in 11MFY2019 on
provisional financials, the firm reported PBT (profit before tax)
of INR1.20 crore on an operating income of INR50.98 crore.

MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR544.73cr Loan
----------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Madurai Tuticorin Expressways Limited (MTEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           544.73      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account continued delays in
repayment of MTEL debt obligations. Although the company had gone
for debt restructuring in December 2012, the continued under
performance of traffic has constrained the liquidity of MTEL. Since
COD, the project stretch suffered due to toll leakages at three
locations. MTEL was able to plug leakages at some of these
locations resulting in pick up in traffic volumes from Q4 FY2015
onwards. Notwithstanding the 13.9% growth in toll collections
during FY2018 largely driven by growth in industrial activity
carried out at Tuticorin port; the toll collections continue to
remain significantly below expectations when compared to initial
projected levels.

Given the poor toll collections than expected, major maintenance
(MM) reserve could not be created; as a result MTEL has approached
lenders in February 2018 to raise additional term loan to carry out
MM works. As per agreement, the first MM was scheduled to happen in
July 2016. However, it was delayed by 33 months and MM activity has
started in May 2018 with an estimated cost of INR97 crore. The
funding for the same is happening through project cashflows as
banks have not sanctioned additional term loan for MM. This has
resulted in pile up of debt obligation thereby turning the account
into NPA. National Highway Authority of India (NHAI) has levied
penalties of INR172 crore on MTEL for delay in MM activity.

Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

Key rating drivers

Credit challenges

Delays in debt servicing: There are delays in servicing of term
loan obligations.

Lack of funding for MM: As per agreement, the first MM was
scheduled to happen in July 2016. However, it was delayed by 33
months and MM activity has started in May 2018 with an estimated
cost of INR97 crore. The funding for the same is happening through
project cashflows as banks have not sanctioned additional term loan
for MM. This has resulted in pile up of debt obligation thereby
turning the account into NPA. NHAI has levied penalties of INR172
crore on MTEL for delay in MM activity.

Revenues dependent on GDP growth and movement in WPI: Prospects
linked to GDP growth (due to the correlation of GDP growth with
commercial traffic growth rates) and movement in WPI (for toll rate
hike). Any reduction in either of these will have an adverse impact
on toll collections.

Inherent risk in BOT (Toll) road projects: Project remains exposed
to risks inherent in BOT (Toll) road projects, including risks
arising from political acceptability of toll rate hike over the
concession period and development/improvement of alternate routes
and likelihood of toll leakages.

Liquidity position

The company's liquidity position is stretched due to significantly
lower than expected toll collections. The company has unencumbered
cash balance of INR0.87 crore as on March 31, 2018. The principal
repayment obligation for FY2020 for MTEL is INR37.4 crore.

MTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Limited, Madhucon Granites Ltd and SREI Infrastructure
Finance. MTEL has been formed to improve and widen a 128.15 km
stretch on National Highway (NH) - 45B on BOT basis. The stretch
extends between Km 138/800 and 264/500, connecting the cities of
Madurai & Tuticorin in the State of Tamil Nadu. The project has
been awarded by NHAI on Build-Operate-Toll (BOT) basis, with a
concession period of 20 years starting July 2006.The scheduled
Commercial Operations Date (COD) of the project was January 2010;
however, after a delay of more than 16 months, tolling has started
in July 2011. The project road is a key arterial route connecting
Tuticorin to Madurai and the rest of India. The only other highway
that connects Tuticorin is NH-7A, which goes towards Tirunelveli, &
southern Tamil Nadu.

MAITHAN ISPAT: ICRA Maintains 'C' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the long-term rating for the INR357.66-crore preference
shares programme of Maithan Ispat Limited (MIL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]C ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Preference Shares   357.66      [ICRA]C ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

Maithan Ispat Limited (MIL) was set up in August 2003 by the
promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO
Group took over MIL, and a consortium of bankers restructured the
debt facilities of MIL under the CDR scheme. At present, the
company is a subsidiary of Mideast Integrated Steels Ltd. (MISL,
the flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000-MTPA billet production
unit and a 30-MW power production unit situated in Jajpur, Odisha.

MANGALA CASHEW: ICRA Withdraws B+ Rating on INR10cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable) Issuer
Not Cooperating outstanding on the INR10.00 crore bank facilities
of Mangala Cashew Industries.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-
   Long Term            10.00     [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Withdrawn

Rationale
The rating assigned to Mangala Cashew Industries has been withdrawn
based on the closure of limits communication provided by its banker
and ICRA's Policy on Withdrawal and Suspension of Credit Ratings.

Mangala Cashew Industries was established in the year 1985 as a job
work unit for processing of raw cashew nuts (RCN) to cashew kernels
for its sister concern Mangalore Cashew Industries. From the year
2012-13 onwards, the firm started trading in RCN and processed
kernels, which currently accounts for about 99% of the firm's
revenues. The firm is currently managed by Mr. Vaman Kamath and Mr.
Vasudeva Kamath. MCI has its processing unit in Padavinangady,
Mangalore with an installed capacity of 5 MT per day.

MARTCO EXPORT: ICRA Assigns B Rating to INR8cr Loans
----------------------------------------------------
ICRA has assigned rating to the bank facilities of Martco Export
Private Limited (MEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/Fund
   Based/Packing
   Credit               2.00       [ICRA]B (Stable); Assigned

   Long Term/Fund
   Based/Term Loan      6.00       [ICRA]B (Stable); Assigned

Rationale

The assigned rating draws comfort from MEPL's successful
commissioning of its operating facilities in Moradabad, Uttar
Pradesh. MEPL has been able to ramp up its operations and also
maintain adequate profitability. This apart, the ratings positively
consider the company's growing export customer base. In a
relatively short period, MEPL has successfully acquired customers
in USA, Canada and Australia. The company is looking to further
expand its customer base to Europe.

The ratings are constrained by MEPL's small scale of operations.
Given its growth phase, the company oversaw healthy increase in
revenues in FY2018. Despite the growth, its scale of operations
remains modest. Further, the company's profitability metrics kept
fluctuating in the past two fiscal years. This apart, its weak
leverage ratios and moderately weak debt coverage indicators put
downward pressure on the rating. MEPL's vulnerability to risks
associated with foreign exchange rate fluctuations on account of
the absence of a hedging strategy further constrain the ratings.

Outlook: Stable

ICRA believes that MEPL will continue to ramp up its operations in
the coming years. The outlook may be revised to Positive if the
company manages to successfully ramp up its scale while stabilising
its profitability metrics. The outlook may be revised to Negative
if its scale and cash accrual are lower than expected, and its
profitability metrics deteriorate.

Key rating drivers

Credit strengths

Operating facilities successfully set up: MEPL has set up its
operating facilities in Moradabad. The company has an annual
production capacity of approximately 10 lakh units. However, it is
still in the process of scaling up its operations. Successful scale
up its operations alongside maintenance of its profitability and
working capital cycle will be the key credit strengths.

Growing export customer base: MEPL has, in a short period, acquired
a healthy portfolio of clients to export its products to. Most of
the company's clients are USA-based companies. However, ICRA notes
that MEPL sells its products to companies in Canada and Australia
as well. The company is in the process of further diversifying its
customer base to Europe.

Credit challenges

Relatively smaller scale of operations: MEPL started production in
FY2017 and is currently in the process of scaling up its
operations. Despite a 93% increase in revenues in FY2017, its scale
of operations is still modest as characterised by revenues of
INR7.98 crore in FY2018. Further, it has a tangible net worth of
INR2.02 crore as on March 31, 2018. This apart, the company has
exhibited fluctuating profitability margins in its two years of
production.

High leverage and weak coverage indicators: MEPL's gearing stood at
4.48x in FY2018 due to debt-funded capital expenditure undertaken
in the recent years. This apart, its TD/OPBITDA1 and NCA/TD2 stood
at 7.81x and 6.0%, respectively as on March 31, 2018. Further, the
company has displayed moderately weak coverage indicators with DSCR
and interest coverage standing at 0.94x and 1.90x, respectively as
on March 31, 2018.

Exposure to risks associated with foreign exchange fluctuation:
MEPL's revenues are generated through export sales, with negligible
domestic sales. With a high proportion of exports, it is exposed to
exchange rate fluctuations on account of the absence of a hedging
policy.

Liquidity position

Having recently set up operations, MEPL has a weak liquidity
position due to low cash and liquid investments along with upcoming
repayments to be made. However, ICRA notes that its promoters have
been infusing interest-free unsecured loans as and when required.

Incorporated in 2011, Martco Export Private Limited (MEPL) was
incorporated by three brothers, Mr. Rachit Jain, Mr. Rajan Jain and
Mr. Samish Jain. The company manufactures and exports stainless
steel utensils, brass artwares, E.P.N.S.3 wares, wood and glassware
and other Indian handicrafts. Notably, stainless steel utensils are
the mainstay of its business. The company started its operations in
FY2015 and production in FY2017. MEPL focusses on exporting its
products with most of its clients in USA. The company has
negligible domestic sales. MEPL has an annual production capacity
of approximately 10 lakh units at its Moradabad-based facility.

In FY2018, the company reported a net profit of INR0.12 crore on an
operating income (OI) of INR8.28 crore compared with a net profit
of INR0.08 crore on an OI of INR4.29 crore in the previous year.

NAGESHWARI CERAMIC: ICRA Lowers Rating on INR3.0cr Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Nageshwari Ceramic Pvt. Ltd. (NCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           1.90       [ICRA]D; Downgraded from
   Term Loan                       [ICRA]B+ (Stable)

   Fund-based-          3.00       [ICRA]D; Downgraded from
   Cash Credit                     [ICRA]B+ (Stable)

   Non-fund Based-      1.50       [ICRA]D; Downgraded from
   Bank Guarantee                  [ICRA]A4

   Unallocated          2.80       [ICRA]D; Downgraded from
   Limits                          [ICRA]B+ (Stable)/[ICRA]A4

Rationale

The ratings downgrade considers NCPL's delays in servicing debt
obligations because of reduction in operating profit margin and its
stretched liquidity position, following delayed payments from
customers as well as high inventory holdings. Moreover, the
pressure on liquidity is evident from the full utilisation of the
working capital limits and the stretched creditors to fund the
incremental working capital requirements. The ratings also consider
the average financial risk profile, marked by the high gearing
level and below average debt coverage indicators. The ratings also
factor in the intense competition in the ceramic industry and the
exposure of its profitability to volatility in raw material and
fuel prices.

The ratings, however, favourably factor in the extensive experience
of Nageshwari Ceramic Pvt. Ltd.'s (NCPL) promoters in the ceramic
tiles industry and its proximity to raw material sources by its
presence in Morbi (Gujarat).

Key rating drivers

Credit strengths

Experience of promoters in ceramic industry: NCPL primarily
manufactures digitally printed ceramic wall tiles. Its key
promoters, Mr. Mahendra Jivani and Mr. Nilesh Sinojiya, have more
than a decade-long experience in the ceramic industry.
Easy access to raw materials: The company's manufacturing facility
is in the ceramic tiles manufacturing hub of Morbi (Gujarat), which
provides easy access to quality raw materials and allows savings in
transportation cost.

Credit challenges Delay in debt servicing: The company has delayed
the servicing of its debt obligations on its bank facilities in the
recent past. Further, the cash credit limit has also been fully
utilised with instances of over utilisation.

Small-scale operations with intense industry competition: The
company's scale of operations remains small, as reflected in the
operating income (OI) of INR17.89 crore in FY2018 and INR15.28
crore in 11M FY2019. Further, the company faces stiff competition
from established tile manufacturers as well as unorganised players,
which limits its pricing flexibility.

High working capital intensity and stretched liquidity position:
NCPL's working capital intensity has been high in the past, as
reflected by an NWC/OI of ~23% in FY2018 with debtor days of 143
days and inventory days of 109 days. Moreover, the pressure on
liquidity is evident from the stretched creditors (330 days for
FY2018) to fund the incremental working capital requirement.

Below average financial risk profile: The company's operating
profit margin dipped 256 bps to 8.67% in FY2018, versus an increase
by 129 bps to 11.23% in FY2017, because of higher raw material and
overhead costs (i.e. selling expenses) as a percentage of the OI,
compounded by moderate realisation. NCPL's capital structure
remained leveraged, as evident from its gearing of 1.70 times as on
March 31, 2018, an improvement from 1.94 times as on March 31,
2017. The debt coverage indicators remained below average, with the
interest coverage of 2.08 times and Total Debt/OPBDITA at 5.44
times in FY2018.

Vulnerability of profitability and cash flows to cyclicality
inherent in real estate industry: The real estate industry is the
key end user of ceramic tiles. Hence, the profitability and cash
flows are likely to remain vulnerable to the inherent cyclicality
of the real estate industry.

Vulnerability of profitability to any adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
cost components that determine the cost competitiveness of a player
in the ceramic industry. NCPL has limited control over the prices
of its key inputs, such as raw materials and piped natural gas
(PNG). Further, the company's fuel expenses are expected to
increase in the next fiscal due to the switch to PNG from coal gas,
according to the order from the National Green Tribunal (NGT)
issued in March 2019. Hence, the company's profitability,
vulnerable to the movements in raw material and gas prices, relies
on its ability to pass on any adverse movement to the customers.

Liquidity position
The company's liquidity position remained tight because of
stretched receivables and high inventory holdings. This led to
almost full utilisation of working capital requirement (December
2017 to February 2019) and delay in debt servicing.

NCPL was established as a private limited company in November 2013
by Mr. Mahendra Jivani along with other family members and
relatives. The company has been manufacturing digital wall tiles
since April 2015. The manufacturing unit is located at Morbi,
Gujarat and it has an installed capacity to produce 20,00,000 boxes
of ceramic wall tiles per annum in three sizes – 12"X12", 12"X18"
and 12"X24". NCPL is managed by Mr. Mahendra Jivani and Mr. Nilesh
Sinojiya.

In FY2018, the company reported a net profit of INR0.17 crore on an
OI of INR17.89 crore, as compared to a net profit of INR0.12 crore
on an OI of INR13.85 crore in the previous year.

PRIME INSULATORS: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prime Insulators
Private Limited (PIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Term loan due on August 2025 assigned with IND BB-
     /Stable rating;

-- INR40 mil. Fund-based facilities assigned with IND BB-
     /Stable/IND A4+ rating;

-- INR50 mil. Non-fund-based facilities assigned with IND A4+
     rating;

-- INR10 mil. Proposed fund-based facilities* assigned with
     Provisional IND BB-/Stable/Provisional IND A4+ rating; and

-- INR10 mil. Proposed non-fund based facilities* assigned with
     Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect PIPL's small scale of operations and weak
credit metrics in FY18. PIPL's revenue raised to INR259 million in
FY18 from INR147 million in FY17, driven by the addition of a new
1.944-million-per-annum polymer insulator unit in April 2017. The
capacity of the new unit increased to 3.888 million per annum in
FY19. PIPL booked INR468 million in revenue for 11MFY19. As on
April 1, 2019, PIPL had an unexecuted order book of INR81.4
million, which is likely to be executed in the next three months.

In FY18, PIPL's interest coverage (operating EBITDA/gross interest
expense) was 1.6x (FY17: 1.5x) and net leverage (total adjusted net
debt/operating EBITDAR) was 4.3x (5.2x). The improvement in the
credit metrics was due to an increase in absolute EBITDA and a
reduction in debt (which was due to a lower working capital limit
use).

The ratings also reflect PIPL's modest liquidity, indicated by a
75.4% average fund-based facility use and a 24.8% average
non-fund-based facility use for the 12 months ended March 2019. The
company's net cash conversion cycle was 92-147 days during
FY15-FY18 and improved to 92 days in FY18 from 147 days in FY17.
The improvement in the cycle was driven by a reduction in the
debtor collection period to 126 days in FY18 from 138 days in FY17
and an increase in the creditor days to 98 from 67. Moreover,
PIPL's fund flow from operations was positive during FY15-FY18.

The rating factor in PIPL's average EBITDA margin, which was
7.45%-11.21% during FY15-FY18. The margin fell to 9.6% in FY18 from
11.2% in FY17 due to an increase in the raw material cost. In
addition, its return on capital employed was 13% in FY18 (FY17:
10%).

The ratings, however, are supported by the promoter's experience of
more than two decades in the insulator manufacturing business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in May 2006, PIPL manufactures electro porcelain and
polymer insulators for high-extension wires at its facility in
Dalpur, Taluka, Prantij, District, Sabarkantha, Gujarat. The
facility has a porcelain insulator manufacturing capacity of 7,000
tons per annum and a polymer insulator production capacity of 3.888
million per annum.

R.K. CITY: ICRA Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of R.K.
City Developers Pvt. Ltd. (RKCDPL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Fund based         18.0     [ICRA]D ISSUER NOT COOPERATING;
   limits                      Rating moved to the 'Issuer Not
                               Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

R.K. City Developers Private Limited (RK City) is a closely held
company promoted by Mr Rakesh Kumar and his father Mr Vijay Kumar
who take up construction of real estate and commercial projects for
the group and other regional players. The company has been in this
line of business for the past four years and has completed
construction of a housing project for its promoter group comprising
74 apartments at Moga (Punjab).

RADIANT TEXTILES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Radiant Textiles
Limited's (RTL) Outlook to Positive from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR805 mil. (increased from INR350.5) Fund-based limit
     affirmed; Outlook revised to Positive from Stable with IND
     BB+/Positive/IND A4+ rating; and

-- INR81.89 mil. (decreased from INR99.60 mil.) Term loans due on

     December 2020 affirmed; Outlook revised to Positive   from
     Stable with IND BB+/Positive rating.

The Outlook revision reflects Ind-Ra's expectations that the
company's revenue would have improved in FY19 due to an increase in
average sale price of cotton and that the growth trend would
continue in FY20 due to increased inflow of orders from existing
customers. The revision also takes into account the likelihood of
an improvement in credit metrics in FY20 owing to debt repayment.


KEY RATING DRIVERS

The affirmation reflects the continued medium scale of operations,
as indicated by revenue of INR2,484.08 million in FY18 (FY17:
INR2,424.64 million). The revenue increased mainly due to an
increase in the average sale price of cotton.  During 11MFY19, the
company booked revenue of INR2,530.1 million.

Additionally, the operating EBITDA fell to a modest 8.3% in FY18
(FY17: 9.9%) due to an increase in employee benefit expenses and
reduction in the duty drawback rate; the return on capital employed
was 7% (8%). Also, RTL is exposed to the risks inherent in an
agricultural commodity-dependent business, such as cotton price
fluctuations.

RTL's credit profile is moderate, as indicated by gross interest
coverage of 2.3x in FY18 (FY17:2.6x) and net financial leverage of
4.5x (3.4x). The net financial leverage deteriorated on account of
a rise in the total debt owing to the fresh sanction of working
capital worth INR450 million. The gross interest coverage
deteriorated on account of a substantial decline in the operating
EBITDA  to INR207 million (INR240 million) due to a fall in
operating income.

The ratings also factor in RTL's moderate liquidity position. The
company's maximum fund-based limit utilization was 73% during the
12 months ended March 2018. As of March 2018, RTL had a cash
balance of INR1.93 million. The company's net working capital cycle
deteriorated to 146 days in FY18 (FY17: 126 days) due to an
increase in the inventory held towards the year-end, as it needed
to purchase raw material to hold for the offseason period. Its cash
flow from operations turned negative at INR78.09 million during
FY18 (FY17: INR96.97 million) due to the increase in inventory
days.

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

RATING SENSITIVITIES

Negative: The inability to improve profitability and any
deterioration in liquidity will be negative for the ratings.

Positive: An improvement in the profitability and liquidity while
maintaining the credit metrics at present levels, on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

RTL was incorporated in 2005 as a closely held limited company at
Samana, Patiala (Punjab). It started its commercial operations in
January 2008. The company has a spinning unit for manufacturing of
cotton yarn for export and as well as for domestic sales. The
present production capacity of the company is 14,000 metric tons
per annum, with 52,800 cotton ring spindles. The company is
promoted by Mr. Ramesh Kumar, Mr. Mohan Lal, Mr. Gian Chand, Mr.
Rajesh Goyal, and Mr. Varun Kumar.

SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.40cr Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shrimati Sulochna Devi Education Foundation, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Term Loan            15.40      [ICRA]B+(Stable), reaffirmed

   Fund-based
   Proposed
   Term Loan             3.00      [ICRA]B+(Stable), reaffirmed

   Unallocated           1.00      [ICRA]B+(Stable), reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by
entity's weak financial risk profile characterised by net losses
leading to inadequate cash accruals, weak return indicators,
adverse capital structure and weak debt coverage indicators. ICRA
notes that the net cash accrual remained inadequate to suffice debt
repayment obligation and the same has been supported through
unsecured loans from the promoter group. The rating also remains
constrained due to vulnerability of profitability to timely hike in
fee structure that is subject to approval from regulatory authority
however, the company has received an approval for hike in fee for
AY2018-AY2019 and AY2019-AY2020.

The rating, however, favourably considers SSF's association with
Delhi Public School society (DPSS) which provides an established
brand name and operational expertise as evident from the steady
increase in number of enrolment over the years.

Outlook: Stable

ICRA believes SSF will continue to benefit from established brand
name of DPSS. The outlook may be revised to Positive if company
reports healthy improvement in profitability leading to sufficient
net cash accruals to meets impending debt repayments and
substantial equity infusion leading to improvement in capital
structure. The outlook may be revised to Negative in case of
substantial de-growth in revenue or profitability leading to delays
in debt servicing obligations or higher than anticipated
debt-funded capital expenditure leading to further stretch in
capital structure and liquidity.

Key rating drivers

Credit strengths

Benefits derived from SSF's association with DPSS: SSF has an
agreement with Delhi Public School society (DPSS), and currently
operates a CBSE English medium school in Jamnagar (Gujarat) under
the name of "Delhi Public school-Janmagar", under the common logo
and motto of DPSS. Thus, SSF benefits in terms of DPSS's
established brand name, accreditation, operational support etc.

Steady increase in number of students since first academic year:
SSF commenced operations in AY2015-AY2016 with 555 students in its
first year and since then has witnessed healthy increase in number
of students, which presently stands at 1533 students for
AY2018-AY2019.

Credit challenges

Weak financial profile: The operating income of SSF reported a
growth of ~38% in FY2018 to INR8.24 crore from INR5.97 crore in
FY2017 on account of 26% increase in new admissions. However, the
operating profitability declined from 19.96% in FY2017 to 14.39% in
FY2018 due to increase in salary expenses majorly. Further, due to
high interest and depreciation costs, the company continued to
report net loss in FY2018 leading to negative cash accruals during
the year. The total debt stood at INR27.45 crore as on March 31,
2018 and further to INR25.98 crore as on
December 31, 2018, which coupled with negative net-worth led to
adverse capital structure in FY2018. The coverage indicators
continued to remain weak with interest coverage ratio of 0.48
times, TD/OPBDITA of 23.16 times and DSCR of 0.27 times in FY2018.
The servicing of debt repayment obligations continues to largely
suffice though infusion of unsecured loans from promoters.

Hike in fee structure subject to approval from regulatory
authority: The company derives its revenue from fee receipts of its
students. The hike in fee structure is subject to approval from the
appointed Fee Regulatory Committee (FRC), thus timely approval for
the same remains crucial to support the operations. In FY2018, the
company received an approval for ~15% hike in tuition fee for
AY2018-AY2019 and AY2019-AY2020.

Liquidity Position:
The company's liquidity profile remains weak due to inadequate cash
accruals flow generation against the debt repayment obligations.
Hence, the support from promoters in form of unsecured loans or
equity infusion will remain crucial for impending debt repayment
obligations.

Incorporated under section 25 of the Companies Act 1956 in
September 2012; SSF runs Delhi Public School located in Jamnagar
district in Gujarat. The school commenced operations in
AY2015-AY2016 and at present caters to students from pre-primary to
standard X. At present, it has 1533 students against its total
capacity of ~1960 students. The company is promoted by Mr. Javed
Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.

In FY2018, the company reported a net loss of INR2.47 crore on an
operating income of INR8.24 crore compared to a net loss of INR1.79
crore on an operating income of INR5.97 crore in the previous year.
Further, in 9MFY2019, as per provisional financials, the company
reported a net loss of INR0.44 crore on an operating income of
INR8.19 crore.

SHRIRAM TRANSPORT: Fitch Rates New Sr. Sec. USD Notes 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC, BB+/Stable) proposed senior secured US
dollar-denominated notes an expected rating of 'BB+(EXP)'.

The proposed bonds will carry a fixed-rate coupon payable
semi-annually and will be secured by a fixed charge over specified
accounts receivable, in line with STFC's domestic secured bonds and
rupee-denominated senior secured bonds issued overseas. The
proposed notes are also subject to maintenance covenants that
require STFC to meet regulatory capital requirements at all times,
maintain a net non-performing loan (NPL) ratio equal to or less
than 7%, and ensure its security coverage ratio is equal to or
greater than 1x at all times. The proposed notes are likely to
carry maturites of three to five years.

The proposed US dollar-denominated notes will be issued in the
international market by the company under the Reserve Bank of
India's New External Commercial Borrowings (ECB) framework issued
in January 2019.

KEY RATING DRIVERS

STFC's proposed bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating of 'BB+' in accordance with
Fitch's rating criteria.

Most of STFC's debt is secured and Fitch considers that non-payment
of the company's senior secured debt would best reflect uncured
failure. STFC can issue unsecured debt in the overseas market, but
such debt is likely to constitute a small portion of its funding
and thus cannot be viewed as its primary financial obligation.

TAMIL NADU: ICRA Reaffirms D Rating on INR127.10cr Term Loan
------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Tamil Nadu Dindigul Karur Expressways Limited's (TNDK), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Term Loan           127.10     [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account continued delays in
repayment of TNDK's debt obligations. Although the company had gone
for debt restructuring in December 2012, the continued under
performance of traffic has constrained the liquidity of TNDK.
Notwithstanding the 14% growth in toll collections during FY2018
largely driven by curtailment of toll leakages; the toll
collections continue to remain significantly below expectations
when compared to initial projected levels.

Given the poor toll collections than expected, major maintenance
reserve could not be created; as a result TNDK has approached
lenders in February 2018 to raise additional term loan to carry out
major maintenance (MM) works. As per agreement, the first MM was
scheduled to happen in November 2014. However, it was delayed by 53
months due to poor toll collections and MM has started in January
2019 with an estimated cost of INR70 crore. The funding for the
same is happening through project cashflows as banks have not
sanctioned additional term loan for MM. This has resulted in pile
up of debt obligation thereby turning the account into NPA.
National Highway Authority of India (NHAI) has levied penalties of
INR109 crore on TNDK for delay in MM activity.

Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

Key rating drivers

Credit challenges

Delays in debt servicing: There are delays in servicing of term
loan obligations.

Lack of funding for MM: As per agreement, the first MM was
scheduled to happen in November 2014. However, it was delayed by 53
months due to poor toll collections and MM has started in January
2019 with an estimated cost of INR70 crore. The funding for the
same is happening through project cashflows as banks have not
sanctioned additional term loan for MM. This has resulted in pile
up of debt obligation thereby turning the account into NPA. NHAI
has levied penalties of INR109 crore on TNDK for delay in MM
activity.

Revenues dependent on GDP growth and movement in WPI: Prospects
linked to GDP growth (due to the correlation of GDP growth with
commercial traffic growth rates) and movement in WPI (for toll rate
hike). Any reduction in either of these will have an adverse impact
on toll collections.

Inherent risk in BOT (Toll) road projects: Project remains exposed
to risks inherent in BOT (Toll) road projects, including risks
arising from political acceptability of toll rate hike over the
concession period and development/improvement of alternate routes
and likelihood of toll leakages.

Liquidity position
The company's liquidity position is highly stretched due to
significantly lower than expected toll collections. The company has
unencumbered cash balance of INR5.9 crore as on March 31, 2018. The
principal repayment obligation for FY2020 for TNDK is INR27.9
crore.

TNDK is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL), Madhucon Infra Limited and Madhucon Toll
Highways Limited. TNDK has been formed to strengthen and widen the
existing 68 long stretch between Karur-Dindigul on NH-7. The
project also includes the improvement, operations and management of
the already 4 lane stretches in adjacent section from Karur Bypass
(chainage 292.600 km) to end of Karur Bypass (chainage 305.600 km)
covering total length of 9.60 km. The project has been awarded by
NHAI on Build-Operate-Toll (BOT) (Toll) basis, with a concession
period of 20 years starting Oct 2006.The project has been delayed
by about seven months, with the actual COD being November 2009
instead of April 2009 scheduled earlier. This highway is the major
arterial route that serves a significant volume of passenger
traffic traveling to various important cities in the state like
Madurai, Kanyakumari, Rameswaram, Coimbatore & Kodaikanal. This
route also forms a part of the feeder to the Tuticorin port for the
Bangalore side traffic.

TOUCH TONE: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Touch Tone
Teleservices' 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:

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

-- INR40 mil. Non-fund-based working capital facilities migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2002, Touch Tone Teleservices is engaged in the laying
and maintenance of telecommunication lines.

TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR219.10cr Loan
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Trichy Thanjavur Expressways Limited's (TTEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            219.10     [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account continued delays in
repayment of TTEL's debt obligations. Although the company had gone
for debt restructuring in December 2012, the continued under
performance of traffic has constrained the liquidity of TTEL.
Notwithstanding the ~10% growth in toll collections during FY2018
largely driven by higher number of pilgrimage activities in
Thanjavur in FY2018; the toll collections continue to remain
significantly below expectations when compared to initial projected
levels. Further, ICRA notes that the prospects for traffic growth
along the route are moderate, given that the route is not an
arterial one and that it does not connect any major ports or
commercial centers as some highways do.

Given the poor toll collections than expected, major maintenance
(MM) reserve could not be created; as a result TTEL has approached
lenders in February 2018 to raise additional term loan to carry out
MM works. As per agreement, the first MM was scheduled to happen in
May 2016. However, it was delayed by 35 months and MM activity has
started in September 2018 with an estimated cost of INR22 crore.
The funding for the same is happening through project cashflows as
banks have not sanctioned additional term loan for MM. This has
resulted in pile up of debt obligation thereby turning the account
into NPA. National Highway Authority of India (NHAI) has levied
penalties of INR122 crore on TTEL for delay in MM activity.

Going forward, ramp up in traffic volumes thereby increase in toll
collections and timely debt servicing will be the key rating
sensitivities.

Key rating drivers

Credit Challenges

Delays in debt servicing: There are delays in servicing of term
loan obligations.

Lack of funding for MM: As per agreement, the first MM was
scheduled to happen in May 2016. However, it was delayed by 35
months and MM activity has started in September 2018 with an
estimated cost of INR22 crore. The funding for the same is
happening through project cashflows as banks have not sanctioned
additional term loan for MM. This has resulted in pile up of debt
obligation thereby turning the account into NPA. NHAI has levied
penalties of INR122 crore on TTEL for delay in MM activity.

Revenues dependent on GDP growth and movement in WPI: Prospects
linked to GDP growth (due to the correlation of GDP growth with
commercial traffic growth rates) and movement in WPI (for toll rate
hike). Any reduction in either of these will have an adverse impact
on toll collections.

Inherent risk in BOT (Toll) road projects: Project remains exposed
to risks inherent in BOT (Toll) road projects, including risks
arising from political acceptability of toll rate hike over the
concession period and development/improvement of alternate routes
and likelihood of toll leakages.

Liquidity position
The company's liquidity position is highly stretched due to
significantly lower than expected toll collections. The company has
unencumbered cash balance of INR0.42 crore as on March 31, 2018.
The principal repayment obligation for FY2020 for TTEL is INR18.6
crore.

TTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) for the strengthening and widening of an
existing 55.75km long stretch between Trichy-Thanjavur on National
Highway (NH) - 67. The project has been awarded by NHAI on
Build-Operate-Toll (BOT) (Toll) basis, with a concession period of
20 years starting June 2006. The scheduled Commercial Operations
Date (COD) of the project was June 2009; however, after a delay of
more than 22 months, the actual COD was May 2011. The project road
connects Thanjavur, a prominent tourist city to Trichy and other
places in the western part of South India.

VIBRANT COTFAB: Ind-Ra Raises Long Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vibrant Cotfab
Private Limited's (VCPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR134 mil. (increased from INR100 mil.) Fund-based limits
     Long-term rating upgraded and short-term rating affirmed with

     IND BB/Stable/ IND A4+ rating;

-- INR8.5 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR354.18 mil. (increased from INR100 mil.) Long-term loan due

     on March 2027 upgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects substantial growth in VCPL's revenues and
EBITDA margins in FY18. However, the scale of operations remains
medium, while the margins continue to be modest because the company
operates in a highly competitive industry, with several organized
and unorganized grey cloth manufacturers and traders. Also, the
geographic concentration is high, with Gujarat accounting for about
60% of the total turnover in FY18.

The company's revenue increased to INR739 million in FY18 (FY17:
INR257 million) as the manufacturing segment witnessed an increase
in the number of orders received in its first full year of
operations. During 11MFY19, the company achieved a turnover of
INR744.77 million and had an order book of INR100 million, which
was to be executed in two months. Ind-Ra expects the revenue to
continue to grow in the medium term, with stable growth in the
order book and an increase in production capacity. The company set
up an additional 48 looms during FY19, taking the total number of
looms to 96.

The EBITDA margin rose to 7.6% in FY18 (FY17: 4%) and further to
11.77% in 11MFY19, owing to the increased share of the
higher-margin manufacturing segment in the company's overall
revenue. The return on capital employed stood at 7.63% in FY18
(FY17: 2%).

The ratings continue to factor in the company's moderate credit
metrics. The interest coverage ratio (operating EBITDA/gross
interest expense) increased to 3.30x in FY18 (FY17: 3.03x) and
leverage ratio (total adjusted net debt/operating EBITDA) reduced
to 5.38x (27.86x) because the operating EBITDA increased to INR56
million (INR10.3 million) and also due to partial repayment of
debt. In FY19, the company incurred a capex of about INR339 million
for setting up additional looms, which was funded through a bank
loan of INR249.10 million and promoters' equity and unsecured loans
worth INR90.4 million. Consequently, Ind-Ra expects the metrics to
have deteriorated in FY19.

The ratings also factor in VCPL's tight liquidity position, as
indicated by the average utilization rate of 97% during the 12
months ended March 2019. Cash and cash equivalent was INR0.5
million in FY18 (FY17: INR0.3 million). The cash flow from
operations remained negative at INR61.2 million in FY18 (negative
INR80.1 million) on account of a long working capital cycle.

The ratings are supported by the company's promoters' experience of
more than two decades in the textile industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and EBITDA
margins, leading to an improvement in the overall credit metrics
and liquidity, all on a sustained basis, would lead to positive
rating action.

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

COMPANY PROFILE

Incorporated in July 2013, VCPL manufactures grey cotton fabrics
and grey denim fabrics. The company also trades in finished
fabrics. The manufacturing operations started in November 2016.

VIJAY TRADING: ICRA Migrates D Rating to Not Cooperating
--------------------------------------------------------
ICRA said the rating for INR10-crore bank facility of Vijay Trading
Company moved to the 'Issuer Not Cooperating' category. The rating
is now denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       10.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Vijay Trading Company trades cotton and mustard seeds, oils and
cakes. The location of the firm at Muktsar in Punjab facilitates
raw material procurement as the city is located in the cotton belt
of Punjab and near the mustard producing states of Rajasthan and
Haryana. The firm procures raw materials from traders and brokers
and sells its products to traders and oil mills in Punjab.



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

QUEST INSURANCE: A.M. Best Affirms B (Fair) Fin. Strength Rating
----------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" of Quest Insurance
Group Limited (Quest) (New Zealand). The outlook of these Credit
Ratings (ratings) is stable.

The ratings reflect Quest's balance sheet strength, which AM Best
categorizes as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management. The rating factor in a neutral impact from the
company's ultimate majority ownership by Federal Pacific Group
Limited.

Quest's balance sheet strength is underpinned by its risk-adjusted
capitalization, which AM Best expects to remain at least at a very
strong level over the medium term, as measured by Best's Capital
Adequacy Ratio (BCAR), supported by the internal generation of
positive earnings. A partially offsetting balance sheet factor is
the company's small absolute capital base, which exposes
risk-adjusted capitalization to volatility in stressed scenarios.
In addition, the company's investment portfolio includes
investments with low liquidity.

The company has a track record of adequate operating performance,
as evidenced by a five-year average return on equity ratio of 8%
(fiscal years 2014 to 2018). AM Best expects prospective
performance to remain supportive of the adequate assessment over
the near term, although potential volatility could follow the
company's rapid business growth and risk profile changes in 2018
and 2019.

Quest's business profile is assessed as limited, reflecting its
small market presence and relatively concentrated niche product
offering. A new partnership with Janssen Insurance commencing in
2017 has increased the company's scale of operation significantly
and reduced its dependence on affiliates for product distribution.

RESIMAC VERSAILLES 2019-1: S&P Assigns Prelim BB Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six classes of
prime and nonconforming residential mortgage-backed securities
(RMBS) to be issued by The New Zealand Guardian Trust Co. Ltd. as
trustee of the RESIMAC Versailles Trust - RESIMAC Versailles Trust
Series 2019-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, and excess spread (if any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 0.75% of the initial aggregate amount of the
notes, principal draws and an excess spread reserve are sufficient
under S&P's stress assumptions to ensure timely payment of interest
on the rated notes.

-- The extraordinary expense reserve of NZ$150,000, funded at
transaction close and available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed-to-floating interest-rate swap to be
provided by Westpac Banking Corp. and Bank of New Zealand to hedge
the mismatch between receipts from fixed-rate mortgage loans and
the variable-rate RMBS.
  
  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Versailles Trust - RESIMAC Versailles Trust
   Series 2019-1

  Class      Rating         Amount (mil. NZ$)
  A1         AAA (sf)       175.000
  A2         AAA (sf)        49.000
  B          AA (sf)          7.750
  C          A (sf)           6.875
  D          BBB (sf)         4.750
  E          BB (sf)          3.000
  F          NR               3.625

  NR--Not rated.




=====================
S O U T H   K O R E A
=====================

KUMHO ASIANA: To Hold More Talks on Self-Rescue Plan
----------------------------------------------------
Yonhap News Agency reports that creditor banks and cash-strapped
Kumho Asiana Group will hold more talks on the group's additional
self-rescue measures, the head of the financial regulator said on
April 12, a day after creditors rejected the conglomerate's earlier
plan.

Yonhap relates that Choi Jong-ku, chairman of the Financial
Services Commission (FSC), made the remarks after nine creditor
banks, led by state-run Korea Development Bank (KDB), said on April
11 that the logistics-centered business group's self-rescue plan is
insufficient to regain market trust, while calling for Kumho
Asiana's founding family to show sincerity in its appeal to save
its flagship Asiana Airlines Inc.

Asiana Airlines, the country's No. 2 airline, has been under
pressure to strengthen its financial health amid deepening debt
woes facing Kumho Asiana, Yonhap says.

Asked by reporters what might happen next after creditors rejected
the self-rescue plan, Choi replied, "I think that further process
of consultations (with Kumho Asiana Group) will take place as
creditors clarified their stance," Yonhap relays.

Earlier last week, Kumho Asiana asked the KDB to give an additional
KRW500 billion (US$440 million) in financial assistance, while
pledging to sell off Asiana Airlines if it fails to meet creditors'
demands in three years, Yonhap recalls.

However, the creditor banks urged Kumho Asiana's founding family to
sell its personal assets and submit a plan to raise funds via a
rights offering.

According to Yonhap, Kumho Asiana Chairman Park Sam-koo stepped
down last month as chief executive of Asiana Airlines after the
company widened its losses by amending its financial reports.

Yonhap relates that Mr. Choi and creditor banks have also voiced
opposition against the Park family's plan to keep its control over
Asiana Airlines.

Last year, the KDB and Asiana Airlines signed a deal that required
the carrier to secure liquidity through sales of non-core assets
and the issuance of convertible and perpetual bonds, Yonhap
recalls.

Asiana Airlines owes financial institutions KRW3.2 trillion, and it
has to repay KRW1 trillion of the total this year, Yonhap
discloses.

Asiana Airlines swung to a net loss of KRW10.4 billion last year
from the previous year's KRW248 billion net profit due to
currency-related losses and increased jet fuel costs, Yonhap adds.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



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

BOND PRICING: For the Week April 8, 2019 to April 12, 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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