/raid1/www/Hosts/bankrupt/TCRAP_Public/190430.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 30, 2019, Vol. 22, No. 86

                           Headlines



A U S T R A L I A

DENTAL SPACE: First Creditors' Meeting Set for May 9
GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
JEWEL OF INDIA: First Creditors' Meeting Set for May 8
QUEENSLAND NICKEL: Clive Palmer Agrees to Pay Unpaid Workers
RPA RAILWAY: First Creditors' Meeting Set for May 9

SCORDO TRANSPORT: Second Creditors' Meeting Set for May 3
WPG RESOURCES: Second Creditors' Meeting Set for May 6


C H I N A

BEIJING STATE-OWNED ASSETS MANAGEMENT: S&P Raises SACP to 'bb+'
CHUYING AGRO-PASTORAL: At Risk of Delisting After Reporting Losses
TUANDAI.COM: Police Arrest 41 People Associated with Failed Lender


I N D I A

BRIAR KNOLL: Insolvency Resolution Process Case Summary
CREST STEEL: Insolvency Resolution Process Case Summary
DIAMOND SOLVEX: CARE Cuts Rating on INR27cr LT Loan to B, Not Coop.
EXCEL ELTECH: Insolvency Resolution Process Case Summary
GREY'S EXIM: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating

H&V ENGINEERING: Insolvency Resolution Process Case Summary
HAZARIBAGH RANCHI: CARE Cuts INR458cr Loan Rating to D, Not Coop.
HKR ROADWAYS: Ind-Ra Affirms INR15.250BB Bank Loan Rating at 'D'
INFINITY SWITCH: CARE Assigns B Rating to INR8.0cr LT Loan
JAGANNATH SPONGE: Insolvency Resolution Process Case Summary

JAI JAGDAMBEY: CARE Assigns B+ Rating to INR7.0cr LT Loan
JAIMAL SINGH: CARE Cuts INR5.75cr LT Loan Rating to B, Not Coop.
KASHI KANCHAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
KUDU FABRICS: CARE Cuts INR13cr LT Loan Rating to B+, Not Coop.
METRO AGRO: CARE Cuts Rating on INR6.0cr LT Loan to D, Not Coop.

NOOR IMPEX: CARE Cuts INR18cr LT/ST Loan Rating to D
OVERSEAS LEATHER: CARE Assigns B Rating to INR11.16cr Loan
PARSHURAM FORGE: Insolvency Resolution Process Case Summary
PODDAR CAR: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
R.R. DISTRIBUTORS: CARE Assigns B+ Rating to INR4.50cr LT Loan

RADHA CASTING: CARE Migrates B Rating to Not Cooperating
RAJ RAYON: Ind-Ra Affirms 'D' Long Term Issuer Rating
RAMAN CASTING: Insolvency Resolution Process Case Summary
RATNAKAR ISPAT: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
RICE TECH: CARE Cuts INR6.0cr LT Loan Rating to D, Not Coop.

SAKSHAM FOOD: CARE Assigns B+ Rating to INR5.75cr LT Loan
SHIVASHAKTI SUGARS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
SHREE RAJ: Insolvency Resolution Process Case Summary
SOLAPUR TOLLWAYS: Ind-Ra Cuts Term Loan Rating to 'B+', Keeps RWN
TAYAL POLYPLAST: CARE Assigns B+ Rating to INR5.97cr LT Loan

VIP ENTERPRISE: CARE Assigns B+ Rating to INR5.50cr Loan


J A P A N

JAPAN LIFE: Police Raids Offices Over Fraudulent Rental Business


M O N G O L I A

TAVAN BOGD: Fitch Gives 'B-' LT FC Rating, Outlook Stable


N E W   Z E A L A N D

CBL CORP: Bank of China NZ Lifts Provision for Impaired Loan


P H I L I P P I N E S

HANJIN HEAVY: Philippines Says Won't Bar Chinese Takeover Bid


X X X X X X X X

BOND PRICING: For the Week April 22, 2019 to April 26, 2019

                           - - - - -


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

DENTAL SPACE: First Creditors' Meeting Set for May 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Dental Space
Pty Ltd will be held on May 9, 2019, at 10:00 a.m. at the offices
of SV Partners, at 22 Market Street, in Brisbane, Queensland.

David Michael Stimpson of SV Partners was appointed as
administrator of Dental Space on April 26, 2019.

GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Grandstand
Scaffold Services Pty Limited has been set for May 9, 2019, at
10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria
Square, in Adelaide, SA.

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 May 9, 2019, at 9:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Grandstand Scaffold on March 27, 2019.

JEWEL OF INDIA: First Creditors' Meeting Set for May 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    Jewel of India Holdings Pty Limited;
    Jewel Fine Foods Pty Limited;
    Jewel International Foods Pty Limited;
    Jewel of India Enterprises Pty Limited;
    Jewel Properties (Aust) Pty Limited;
    Gardeners Nominees Pty Limited;
    Jewel of India Retail Pty Limited;
    Jewel of India Admin Pty Limited; and
    Jewel Equipment Pty Limited

will be held on May 8, 2019, at 2:00 p.m. at York Room, The Grace
Hotel, 77 York Street, in Sydney, NSW.

James Douglas Dampney, Peter James Gothard and Stephen James
Parbery of Ferrier Hodgson were appointed as administrators of
Jewel of India on April 26, 2019.

QUEENSLAND NICKEL: Clive Palmer Agrees to Pay Unpaid Workers
------------------------------------------------------------
Felicity Caldwell at The Sydney Morning Herald reports that
controversial businessman Clive Palmer has announced he will pay
Queensland Nickel workers their unpaid entitlements, three years
after his refinery was shuttered in Townsville.

According to the report, Mr. Palmer, whose United Australia Party
is fielding candidates in next month's federal election, has faced
repeated criticism after Queensland Nickel went into liquidation in
2016, leaving hundreds of workers and taxpayers owed about AUD70
million.

SMH relates that United Australia Party leader Clive Palmer has
announced he will pay unpaid workers' entitlements at Queensland
Nickel.  However, Mr. Palmer insisted neither he nor his companies
were responsible for dismissals at the Yabulu refinery.

"It was the administrators of Queensland Nickel who, despite the
direction of joint venture partners, refused to transfer employees
and assets to a new operator, which would have allowed workers to
keep their jobs," the report quotes Mr. Palmer as saying in a
statement.  "It was the administrators who dismissed 546 people and
closed down the refinery for no good reason except political
gain."

Mr. Palmer said the recent Townsville floods persuaded him to pay
the workers, SMH relays.

"Considering the floods and cyclones that have ravaged north
Queensland, I have decided to pay any outstanding workers'
entitlement amounts not paid by the liquidators to these workers to
assist them and their families in these difficult times," he said,
notes the report. "QNI Resources will be publishing notices in the
Townsville media explaining how workers can forward claims so they
can be considered."

The special purpose liquidators of Queensland Nickel welcomed Mr
Palmer's commitment to pay the outstanding entitlement to former
workers, totalling about AUD7.16 million, stating it should be paid
immediately, given the amount of time it was outstanding.

"It is unclear whether Mr. Palmer intends to also repay Australian
taxpayers for the AUD66.86 million that was paid to Queensland
Nickel employees under the Commonwealth's Fair Entitlements
Guarantee in 2016," the liquidators said in a statement, report
SMH.

According to SMH, special purpose liquidator Stephen Parbery said
liquidation continued in the Supreme Court of Queensland against
Mr. Palmer, several individuals and related entities to recover
AUD200 million in claims against Queensland Nickel.

"The trial to hear these claims has been set down for 15 July 2019
and is expected to run for 45 days," Mr. Parbery, as cited by SMH,
said.

SMH relates that Mr. Parbery said Mr. Palmer's nephew, Clive
Mensink, also made 218 QNI employees redundant, three days before
he placed the company into voluntary administration in 2016.

Mr. Palmer has previously said he would reopen his mothballed
Townsville nickel refinery.

QNI Resources and QNI Metals managing director Nui Harris called on
Premier Annastacia Palaszczuk to expedite the approval of port,
rail and plant infrastructure to allow the recommissioning of the
refinery, SMH says.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.

RPA RAILWAY: First Creditors' Meeting Set for May 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of RPA Railway
Possessions Australia Pty Ltd will be held on May 9, 2019, at 11:00
a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in
Brisbane, Queensland.

Nick Combis of Vincents was appointed as administrator of RPA
Railway on April 26, 2019.

SCORDO TRANSPORT: Second Creditors' Meeting Set for May 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Scordo
Transport Services Pty. Ltd has been set for May 3, 2019, at 11:30
a.m. at the offices of SV Partners, at Level 17, 200 Queen Street,
in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2019, at 5:00 p.m.

Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of Scordo Transport on Feb. 22, 2019.

WPG RESOURCES: Second Creditors' Meeting Set for May 6
------------------------------------------------------
A second meeting of creditors in the proceedings of:

    -- WPG Resources Ltd;
    -- Challenger Gold Operations Pty Ltd;
    -- Tarcoola Gold Pty Ltd;
    -- Southern Coal Holdings Pty Ltd;
    -- Tunkillia Gold Pty Ltd;
    -- WPG Securities Pty Ltd; and
    -- WPG Gawler Pty Ltd

has been set for May 6, 2019, at 1:00 p.m. at Terrace 1,
Stamford Plaza, 150 North Terrace, in Adelaide, SA.

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 May 3, 2019, at 4:00 p.m.

Brett Lord, Adam Nikitins and Samuel Freeman of EY were appointed
as administrators of WPG Resources on July 30, 2018.



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

BEIJING STATE-OWNED ASSETS MANAGEMENT: S&P Raises SACP to 'bb+'
---------------------------------------------------------------
S&P Global Ratings affirmed its 'A' long-term issuer credit rating
on Beijing State-Owned Assets Management Co. Ltd. (BSAM) and 'A-'
long-term issuer credit rating on BSAM HK, which is BSAM's offshore
financing and operating platform. We also affirmed the 'A-'
long-term issue rating on the US$1 billion senior unsecured notes
issued by BSAM HK.

S&P said, "We affirmed our rating on Beijing State-Owned Assets
Management Co. Ltd. (BSAM) because we continue to see an extremely
high likelihood that the company will receive support from the
Beijing municipal government when needed. We raised our assessment
of BSAM's stand-alone credit profile (SACP), given the company's
improving debt leverage and investment discipline.

"We have revised our assessment of BSAM's SACP upward to 'bb+' from
'bb', given the company's improving debt leverage amid its
contained investment appetite.

"In our view, BSAM will likely remain selective when making
debt-funded investments over the next 12-24 months. This could help
the company to maintain its loan-to-value (LTV) ratio below 45%
over the period. BSAM has made limited new investments and
divestitures over the past 12 months, reflecting its cautious
investment strategy amid tough macroeconomic conditions. A few
changes in the company's investment portfolio in 2018 include a
Chinese renminbi (RMB) 150 million capital injection into National
Speed Skating Stadium and a divesture of 3% shareholding in Beijing
Rural Commercial Bank as directed by the government. Going forward,
we expect the company to continue focusing on investments in the
Pan-Beijing area, with potential investments in the financial
services, environmental protection, elderly care, and sports and
leisure facilities segments.

"Moderate debt reduction and the 'A-share' listing of one of BSAM's
investees Dynagreen Environmental Protection Group Co. Ltd. has
aided the company's LTV improvement in the past 12 months. BSAM's
LTV ratio of 29% as of Sept. 30, 2018, reflects a net debt of RMB12
billion against a portfolio value of about RMB41.5 billion. This is
down from 36% as of Sept. 30, 2017. We estimate BSAM's portfolio
value using the market value for listed companies and the reported
book value for unlisted ones. We also anticipate that steadily
growing dividend income from BSAM's portfolio will provide
additional buffers to stabilize cash flow and manage leverage.

"We expect BSAM to maintain its role as a key investment platform
for the Beijing government to support public and social objectives
in a commercial manner. BSAM has showed good execution in
facilitating the capital city's 2022 Winter Olympic Games
preparation. This includes coordinating the construction of the
National Speed Skating Stadium, and potentially renovating the
National Stadium in which Olympic opening and closing ceremonies
will be held. We expect government reimbursement to be forthcoming
for these public projects, despite a possible time lag.

"In our view, BSAM's high-profile asset portfolio and track record
of operating these investments at a profit, and the public listings
of some investee companies will continue to underpin its importance
to Beijing government. The company's asset portfolio includes
premier sports and leisure, financial, and industrial assets."

The rating on BSAM is underpinned by the credit profile of the
Beijing municipal government. Beijing is one of the wealthiest and
most-developed provincial economies in China, benefitting from its
political status as the capital city and its fast-growing services
sector. This provides a strong tax-revenue base that will help
mitigate fiscal pressures from nation-wide tax-cut initiatives. S&P
said, "While we expect the city's debt level to continue to rise to
finance large projects in transportation infrastructure and social
welfare, Beijing's high internal cash reserves and strong access to
the domestic bond market will help ensure sufficiently high
coverage of upcoming debt-servicing needs. We also believe
Beijing's large state-owned enterprise (SOE) sector poses moderate
risk to the city's financial conditions, given generally
satisfactory management of the sector and ongoing SOE reforms."

S&P said, "We affirmed the rating on Beijing State-Owned Assets
Management (Hong Kong) Co. Ltd. (BSAM HK) because we expect the
company to maintain its status as a highly strategic subsidiary of
BSAM. BSAM HK is the only offshore investment and financing
platform for BSAM. In our view, BSAM's increasing focus on domestic
investment over the next two to three years won't diminish BSAM
HK's importance to the parent. That's given BSAM HK's important
role as a manager and operator of offshore assets and liabilities.

"The stable outlook on BSAM reflects our expectation that the
company will continue to receive strong support from the Beijing
government. That's given BSAM's role as the investment platform to
support social objectives and the development of strategically
important industries in a commercial manner. We anticipate that the
company's LTV ratio will be below 45% and the key portfolio
characteristics will remain largely stable over the next 24
months.

"The stable outlook on BSAM HK reflects that on the parent. We
expect BSAM HK to remain a highly strategic subsidiary of BSAM,
given its position as the parent's key financing and operating
platform outside China. The rating on BSAM HK will move in tandem
with that on BSAM.

"We could lower the rating on BSAM if we believe the Beijing
government's creditworthiness has deteriorated or if the company's
link with, and importance to, the Beijing government weakens. This
could be indicated by: (1) the municipal government transferring a
significant amount of assets under BSAM to other SOEs; or (2) the
Beijing government explicitly specifying that BSAM's importance to
managing municipal assets is less than that of other fellow SOEs;
or (3) the Beijing government reduces its ownership of BSAM to
materially below 100%.

"We could also lower the rating if our assessment of BSAM's SACP
declines by three notches or more (i.e., to 'b+' or below). This
could happen if the company finances a very significant portion of
its investments through debt, or if the value of investments
deteriorates materially due to weakened operating performance at
investee companies. BSAM's LTV ratio exceeding 60% would indicate
such credit deterioration.

"The potential for an upgrade is limited. We could raise the rating
on BSAM if its SACP improves to 'a' or higher, which we see as
unlikely over the next two years at least."

CHUYING AGRO-PASTORAL: At Risk of Delisting After Reporting Losses
------------------------------------------------------------------
Li Liuxi and Fran Wang at Caixin Global report that Chuying
Agro-Pastoral Group Co. Ltd., which is buckling under the pressures
of African swine fever, mounting debt and an investigation by
China's securities regulator, has warned investors that it is at
risk of being delisted after reporting enormous losses.

The company has been put under the "special treatment for warning
of delisting risks" since April 26 because its accounting firm has
given a disclaimer of opinion for the firm's 2018 report, Chuying
Agro-Pastoral said in a filing with the Shenzhen Stock Exchange,
Caixin relays. When a company is placed under special treatment,
the daily price-movement limit for its stock is lowered to 5% from
10%, Caixin notes.

In the statement earlier last week, Chuying Agro-Pastoral said that
its listing will be suspended if its auditor gives its 2019 annual
report an "adverse opinion" or a "disclaimer of opinion." And that
could cause it to eventually be kicked off the exchange, according
to Caixin.

When an auditor issues a "disclaimer of opinion," it is stating
that it can offer no opinion on whether an entity's financial
statements fairly represent its financial results, Caixin states.

Among the reasons for its disclaimer of opinion, the accounting
agency cited uncertainties in the sustainability of Chuying
Agro-Pastoral's business due to its debt defaults and ongoing
lawsuits against the firm, which have caused the court to freeze
some of its assets and bank accounts, Caixin relays citing a
separate stock exchange filing by the firm.

Other reasons include the auditor's inability to accurately verify
and value the company's assets due to restricted access to its
properties amid the African swine fever outbreak, and an
investigation by the China Securities Regulatory Commission into
the firm, which is suspected of violating of laws and regulations,
the filing said, without elaborating, says Caixin.

According to Caixin, Chuying Agro-Pastoral logged a loss of CNY1.1
billion ($163.2 million) in the first quarter of this year, after
losing CNY3.9 billion during the whole of 2018, according to
separate reports it filed with the Shenzhen bourse late on April
24. The company earned a profit of CNY45.2 million in 2017.

It blamed last year's poor performance on low pork prices in areas
hit by African swine fever--where its main farms are located--and
difficulties in selling its pigs due to a ban on moving the animals
out of infected regions. Its business was also affected by a
liquidity crunch due to the government deleveraging campaign, which
strained its financing channels, the company said in the 2018
report.

The company had missed repayment on a total of CNY3.1 billion in
debt by the end of 2018, according to the report cited by Caixin.
It is mired in 33 pending lawsuits against it, most involving debt
disputes. Its liability-to-asset ratio jumped to 87.89% last year
from 71.81% a year earlier.

Desperate to reduce its debt burden, Chuying Agro-Pastoral said in
November that it wanted creditors to accept ham and premium pork
products rather than cash as interest payments, Caixin says.
Creditors owed a combined CNY271 million in principal and interest
had agreed to the offer. The principal would be repaid in cash but
payment was being deferred, it said back then.

African swine fever is fatal to pigs but does not affect humans.
The first outbreak in China was reported in August 2018 in the
northeastern province of Liaoning and has now been found in all 31
provincial-level regions on the mainland, leading to the culling of
more than 1 million pigs, Caixin notes. Agricultural ministry
officials have forecast that pork prices will hit record highs in
the second half of the year due to short supply.

However, Chuying Agro-Pastoral remains cautious about its prospects
for this year. The swine fever situation is still "severe" and any
new outbreak could trigger consumer panic and a slump in demand for
pork, causing a "direct impact on the company's ability to make a
profit," it said.

The company's default risks remain because the liquidity squeeze
has continued, it added in the 2018 report, reports Caixin.

Based in Zhengzhou, China, Chuying Agro-Pastoral Group Co., Ltd.,
produces pork and poultry products. The Company provides pig
breeding, slaughtering, frozen pork distribution, feed
manufacturing, chicken egg supply, and cold chain logistics
services. Chuying Agro-Pastoral Group also conducts grain products
purchasing and warehousing businesses.

TUANDAI.COM: Police Arrest 41 People Associated with Failed Lender
------------------------------------------------------------------
Liu Caiping and Wu Gang at Caixin Global report that authorities
have arrested 41 people associated with Tuandai.com, one of China's
major peer-to-peer (P2P) lenders, after the platform collapsed in
March and left tens of thousands of investors scrambling to get
back their life savings.

Tuandai.com co-owners Tang Jun, Zhang Lin and two other people were
charged with fraudulent illegal fundraising and illegally
collecting people's deposits, Caixin discloses. The other 37
suspects were charged with illegally collecting public deposits,
according to prosecutors in the city of Dongguan in southern
China's Guangdong province.

Caixin says the P2P lending website was put under investigation for
illegal fundraising by Dongguan police on March 28. That same day,
Guangdong Paisheng Smart Technology Co. Ltd, a Shenzhen-listed
company controlled by Tang, asked that trading in its stock be
suspended because of fears of sharp fluctuations in its price
because it had failed to reveal "key issues."

Co-founded in 2012 by Tang and Zhang, Tuandai.com was one of the
earliest participants in the country's frenzy to take advantage of
the online lending boom. Hundreds of P2P platforms have collapsed
in the past two years after authorities tightened controls on this
sector to reduce financial risks, Caixin notes.

As of February 28, the platform had matched 220,000 lenders with
370,000 borrowers, with a total loan balance amounting to CNY14.5
billion ($2.2 billion), Caixin discloses.

The report says many of the investors have reported to authorities
hoping to get back their losses. Dongguan police said they have
received more than 150,000 cases of people reporting losses from
investing on Tuandai.com.

By April 2, authorities have frozen CNY3.1 billion in Tuandai.com's
bank accounts, confiscated 35 housing properties, one aircraft and
40 automobiles, says Caixin.

After discovering Tang and Zhang had tried to transfer and hide
some of their assets before the start of the investigation, police
started to freeze their bank accounts, the report relates. As of
April 19, police had uncovered more than CNY880 million that Tang
and Zhang tried to hide, the report notes.

After trading resumed in April, Paisheng Technology's stock price
continued to fall. It dropped to CNY20 per share on April 26, less
than half its price of CNY52 on March 27, Caixin discloses.



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

BRIAR KNOLL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Briar Knoll Mills Pvt Ltd
        Rajapalayam Road, NH-208
        T. Pudupatti Post, Thirumangalam
        Madurai 625704

Insolvency Commencement Date: February 25, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 23, 2019

Insolvency professional: A. Arumugam

Interim Resolution
Professional:            A. Arumugam
                         1/56, Market Road, Devi Stores
                         1st Floor, Kelambakkam
                         Chennai 603103
                         Mobile: 8015240147
                         E-mail: arumuru2008@gmail.com

Last date for
submission of claims:    April 29, 2019


CREST STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Crest Steel And Power Private Limited
        Crest Steel And Power Private Limited Village
        Joratarai, Post Mangatta
        Rajnandgaon 491441
        India

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 19, 2019

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghba Apartment
                         Sector-28, New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407, Indraprakash Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: creststeel.ip@gmail.com

Last date for
submission of claims:    May 6, 2019


DIAMOND SOLVEX: CARE Cuts Rating on INR27cr LT Loan to B, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Diamond Solvex Private Limited (DSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank        27       CARE B; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer Not

                                  Cooperating on the basis of best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DSPL to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Diamond Solvex Private Limited's bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility of margins
to raw material price volatility, intense competition and
regulatory risk inherent in the fragmented edible oil industry and
weak overall solvency position. The rating, however, derives
strength from the experienced promoters and increasing scale of
operations.

Key Rating Weaknesses

Intense competition in the fragmented edible oil industry and
regulatory risk: The company faces stiff competition in edible oil
space from large number of organized and unorganized players.
Majority of the edible oil demand of the country is met by the
regional and unorganized players. Moreover, due to the commodity
nature of the product, the company has to sell its products at
competitive rates to compete with other edible oil segments, which
also impacts the operating profit margins of the company. DSPL also
faces regulatory risk as the edible oil industry is highly
regulated by the government.

Susceptibility of margins to volatility in raw material prices: The
edible oil industry is exposed to agro-climatic risk and margins
are susceptible to fluctuations in raw material prices. Prices of
raw material are highly volatile in nature and depend upon factors
like, area under production, yield for the year, international
demand supply scenario, export quota decided by government and
others. The company thus remains susceptible to the raw material
price changes and hence has thin profitability margins.

Weak overall solvency position: The company had a weak capital
structure marked by long-term debt to equity and overall gearing
ratios of 2.38x and 10.55x, respectively, as on March 31, 2018. The
total debt to GCA ratio also remained at a weak level of 35.86x, as
on March 31, 2018. The interest coverage ratio remained at a
moderate level of 1.37x in FY18.

Key Rating Strengths

Experienced promoters: DSPL is promoted by two directors-Mr. Alok
Jain and Mr. Raj Kumar Jain. Mr. Raj Kumar Jain has a total
experience of more than four decades in the industry. Furthermore,
Mr. Alok Jain (son of Mr. Raj Kumar Jain) has an experience of more
than two and a half decades in the industry.

Increasing scale of operations: The operating income of DSPL has
increased steadily from INR121.10 crore in FY16 to INR 157.34 in
FY18, at a CAGR (compound annual growth rate) of ~14%.

Diamond Solvex Private Limited (DSPL) was incorporated in the year
1992. The company is a family owned business, promoted by Mr. Atul
Jain and Mr. Raj Kumar Jain. The company is engaged in the
extraction of rice bran and sun flower oil and manufacturing of
de-oiled cakes.

EXCEL ELTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Excel Eltech (India) Pvt Ltd
        Plot No. 3, LIC Colony
        Yellareddyguda
        Hyderabad 500073

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Bench-I at Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 19, 2019
                               (180 days from commencement)

Insolvency professional: Ravi Chandra Mohan Kadiyala

Interim Resolution
Professional:            Ravi Chandra Mohan Kadiyala
                         #D.No. 6-3-248, Flat No.202A
                         Maheswari Towers
                         Road No. 1, Banjara Hills
                         Hyderabad 500034
                         Telangana State
                         E-mail: mohan.ravichandra@gmail.com

Last date for
submission of claims:    May 6, 2019


GREY'S EXIM: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Grey's Exim
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR4.5 mil. Long-term loan (long- term downgraded with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR242.5 mil. Fund-based limit (long-/short-term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR55 mil. Non-fund-based limit (short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR48 mil. Proposed fund-based limit (long-/short-term)
     downgraded with Provisional IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects the over-utilization of the fund-based limit
by Grey's Exim over the last four months ended March 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to positive rating action.

COMPANY PROFILE

Incorporated in Mumbai in 1985, Grey's Exim is promoted by Mr.
Mehul Sedani. The company manufactures woven, knit and cotton
garments, and trades fashion fabrics.

H&V ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: H&V Engineering And Constructions Private Limited
        A-401, M.K. Plaza
        Kasarvadavali Near Hyper City Mall
        Ghodbunder Road
        Thane MH 400607

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 15, 2019
                               (180 days from commencement)

Insolvency professional: Anish Gupta

Interim Resolution
Professional:            Anish Gupta
                         413, Autumn Grove
                         Lokhandwala, Kandivali East
                         Mumbai 400101
                         Mobile: 9821099720
                         E-mail: anish@csanishgupta.com
                                 agirp03@gmail.com

Last date for
submission of claims:    May 2, 2019


HAZARIBAGH RANCHI: CARE Cuts INR458cr Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hazaribagh Ranchi Expressway Limited (HREL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Senior Non-        458.00      CARE D; ISSUER NOT COOPERATING
   Convertible                    Revised from CARE C; ISSUER NOT
   Debenture                      COOPERATING; Issuer not
   issue (NCD)-                   cooperating based on best
   Series A                       available information

   Subordinate        143.00      CARE D; ISSUER NOT COOPERATING
   Non-Convertible                Revised from CARE C; ISSUER NOT
   Debenture issue                COOPERATING; Issuer not
   (NCD)-Series B                 cooperating based on best    
                                  available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the Non-Convertible
Debentures of HREL factors in the default in debt servicing
obligation (interest and principal) that was due on April 12,
2019.

CARE vide its press release dated April 4, 2019 had indicated about
the heightened risk of default by HREL in debt obligation due on
April 12, 2019, owing to the IL&FS Transportation Networks Limited
(ITNL) group's stated stance in recent National Company Law
Appellate Tribunal's (NCLAT) order, that entities in 'Amber' would
make payments to only the operational creditors for being 'going
concern'.

HREL has INR53 crore in Debt Service Reserve Account which are
sufficient to cover the half yearly repayment obligation of senior
secured lenders.

As per the recent NCLAT order dated Feb. 11, 2019, entities
classified into the 'Amber' category, indicate that the entities do
not have ability to meet all the obligations (financial and
operational). The 'Amber' classified entities can make payment to
operational creditors and senior secured financial creditors.
However, the appeal was made that entities in 'Amber' can make
payment only to remain a going concern (i.e. operational
creditors).

Previously, the ratings were on 'Credit Watch with Negative
Implications' for following reasons

A. Based on uncertainty that the HREL's management could possibly
cease and desist upcoming further repayments citing the NCLAT order
as done by other group companies

B. Due to increased Operations & Maintenance (O&M) risks based on
the weakening of the credit profile of the sponsor & contractor,
i.e. ITNL [rated CARE D; Issuer Not Co-operating]

C. Because of 'Expression of Interest' for sale of its ownership
stake in various road projects including HREL.

Detailed description of the key rating drivers

Key Rating Weaknesses

Default in debt servicing obligation: As intimated by the debenture
trustee, HREL has defaulted on its debt obligation. This indicates
management's stance of making payments only to operational
creditors to remain a going concern and not making payments to
senior secured financial creditors, despite the availability of
sufficient liquidity to service the obligation.

Weakened Credit profile of the sponsor and O&M contractor HREL is
promoted by ITNL(CARE D; Issuer Not Cooperating) and Punj Lloyd
Limited (PLL) (CARE D). ITNL has entered into a sponsor support
agreement with HREL in regards to management control, cover any
shortfall between the termination payments and total debt
outstanding in respect of the debentures in case of a termination
event, fund any increase in the O&M costs (for both regular and
major maintenance works including admin) over and above the base
case business plan and funding any shortfall in annuity due to
non-availability of lane as stipulated in the concession. As ITNL's
overall credit profile has significantly deteriorated, it leads to
higher risk in meeting any of these obligations arising from the
project on account of sponsor undertaking. Any impairment with
regards to performing O&M contract may lead to a deduction in
annuity.

Analytical approach: Standalone. Previously the assigned ratings
factored in the standalone approach and the credit enhancement
derived from the Structured Payment Mechanism (SPM) adopted for the
NCD's repayments, and hence the symbol of Structured Obligation
(SO) was suffixed. However, given the stance taken by group in past
for non-adherence to the SPM and recent appeal made to NCLAT dated
Feb. 11, 2019 for payment to only operational creditors (in Amber
category; to keep entities going concern) indicates that there is
no credit enhancement left to be derived from the SPM, hence, the
approach is shifted to standalone only.

Liquidity Analysis: HREL has maintained INR 53 Crore in DSRA which
is in line with the stipulated requirement to repay its senior
secured lenders.

Hazaribagh-Ranchi Expressway Limited was incorporated on March 19,
2009, as a Special Purpose Vehicle promoted by ITNL; holding 99.99%
and Punj Lloyd Limited holding the balance. The company entered
into a Concession Agreement (CA) with National Highway Authority of
India - NHAI (rated 'CARE AAA Stable') on October 8, 2009 for the
purpose of designing, constructing and maintaining the 4-laning of
the Hazaribagh - Ranchi section of NH-33 from 40.50 km to 114.00 km
in Jharkhand on a Build Operate Transfer (BOT) - Annuity basis. The
concession period is for 18 years commencing from the appointed
date, including construction period of 910 days. HREL achieved
provisional completion on September 15, 2012 and received first
annuity of INR64.08 crore (semi-annual) in July 2013. The project
was completed ahead of time and Commercial Operation Date (COD) was
achieved 134 days ahead of scheduled project completion which
entitled HREL to receive the early completion bonus of INR47.00
crore which was received in FY14. HREL completed the construction
of project stretch in August 2014 and received the project
completion certificate in April 2015.

HKR ROADWAYS: Ind-Ra Affirms INR15.250BB Bank Loan Rating at 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed HKR Roadways
Limited's (HKRRL) bank loans' rating as follows:

-- INR15.250 bil. Bank loans (long-term) affirmed with IND D
     rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt serving
obligations by HKRRL since the last rating action due to a tight
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

HKRRL is a special purpose company incorporated to implement a lane
expansion (to four lanes from two lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from Andhra Pradesh Road Development Corporation.

INFINITY SWITCH: CARE Assigns B Rating to INR8.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Infinity
Switch Technologies Private Limited (ISTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities           8.00       CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of ISTPL are constrained
on account of project stabilization risk, nascent and small scale
of operations, low capitalization with moderately leveraged gearing
position and weak debt coverage indicators. The rating is further
constrained on account of working capital intensive nature of
operations and presence in competitive and fragmented and labor
intensive industry.

The rating however, derives strength from experienced, qualified
and resourceful promoters.

The ability of ISTPL to increase its scale of operations and
improvement in profitability margins and capital structure along
with efficient management of working capital cycle along with
timely completion of project are the key rating sensitivities.

Detailed description of Key rating drivers

Key Rating Weaknesses

Nascent & small scale of operations: ISTPL commenced commercial
production in October 2017. Thus the overall operations are at a
nascent stage. In FY18 the company incurred net loss of INR0.13
crore on a total of revenue of INR 0.55 crore. Moreover, during
April 01, 2018 to March 19, 2019, the company has earned revenue of
only INR 0.70 crore. With repayment for one term loan already
commenced from June 2018, its ability to use the capacity at
envisaged utilization levels and generate sufficient accruals shall
be critical from credit perspective.

Project stabilization risk: The company had ventured into a project
of setting up of manufacturing facility at Khandala, Satara in
2016. Land was acquired for the said project in October 2016 and
the project was started in November 2016. Installed capacity of the
manufacturing plant for manufacturing switches is 2,25,000 pieces
per month and of conceal box is 1,00,000 pieces per month. ISTPL
has completed the project in March 2018 at a cost of INR12.50
crore, funded through debt of INR 5.00 crore and promoter's funds
amounting to INR 7.50 crore. ISTPL's leverage ratios remained on
the higher side as on March 31, 2018, because of loans taken for
the capex undertaken as well as the bank borrowings to meet the
working capital requirements. PBILDT and PAT margin stood negative
owing to operating and net losses incurred during FY18. Also, going
further the same is expected to remain thin on account of the low
value addition to the product.

Low capitalization with moderately leveraged gearing position and
weak debt coverage indicators: ISTPL has a small net worth
(amounting to INR4.26 crore in FY18), which reflects improvement
from INR 1.24 crore in FY17 owing to unsecured loans from promoters
amounting to INR 3.03 crore being subordinated to bank debt as per
the sanction letter terms, hence it is considered as quasi equity.
Led by the same, the capital structure marked by overall gearing
ratio improved and stood moderately leveraged at 1.92x as on March
31, 2018 vis-a-vis 2.18x as on March 31, 2017. However, the small
net worth base limits its financial flexibility to meet any
exigency. Moreover, due to negative profitability and thereby
negative accruals, the overall debt coverage indicators marked to
TDGCA also remained weak.

Working capital intensive nature of operations: The operations of
ISTPL are working capital intensive in nature on account of the
product requiring moderate production time. Generally they operate
on cash basis and take 100% advance from few customers, whereas to
some customers they provide credit period of 30 to 60 days.
Similarly, the company enjoys credit period of 30 days from its
suppliers, however when it procures the raw material in bulk
quantity, it gets further relaxation in making payment to its
suppliers.

Weak liquidity position: The liquidity position of ISTPL stood weak
marked by below unity current ratio and quick ratio during the past
three years ending FY18. The cash flow from operating activity
remained negative at INR 1.30 crore as on March 31, 2018
(vis-à-vis negative at INR 0.84 crore as on March 31, 2017). NWC
as a percentage of total capital employed stood at 14.91% as on
March 31, 2018. Also, the average utilization of the open cash
credit limit stood at 50% for the past twelve months ending
February 2019.

Presence in competitive and fragmented and labour intensive
industry: Firm operates in a highly competitive and fragmented
electrical goods industry. The firm witnesses intense competition
from both the other organized and unorganized players domestically.
This fragmented and highly competitive industry results into price
competition thereby posing a threat to the profit margins of the
companies operating in the industry.
Further the operations are labour intensive as it is dependent on
skilled and availability of labour.

Key rating Strengths

Experienced and highly qualified promoters: ISTPL is managed and
promoted by Mr. Sanjay Zawar and family who possess vast experience
of more than three decades in the electrical industry. The
directors are supported by a strong team of qualified professionals
having significant industry experience in their respective working
domain.

Infinity Switch Technologies Private Limited (ISTPL) was
incorporated as a private limited company in September2015. However
the operations started in October2017. The company is promoted by
Mr. Sanjay Zawar and is engaged in manufacturing of electrical
switches and accessories like regulators, sockets, USB sockets,
mounting frame, conceal box, etc. They procure the raw material
like plastic HIPS (High Impact Polysterene), polycarbonate, brass
and packaging material locally as well as from Mumbai and Gujarat
and manufacture the products at its manufacturing facility located
at Khandala, Satara. The customer base comprises of electrical
dealers and distributors, real estate builders, technicians based
pan India. The company had ventured into a project of setting up of
manufacturing facility at Khandala, Satara in 2016. Land was
acquired for the said project in October 2016 and the project was
started in November 2016 and commercial operations were started in
April 2017, wherein the trial runs were undertaken from April 1,
2017 to March 31, 2018. During FY18, the company had operated the
plant on trial run and hence, revenue generated through trial run
production has been recognized as sales in FY18. Therefore, FY19
will the first full year of operations.

JAGANNATH SPONGE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jagannath Sponge Private Limited

        Registered office:
        Subhash Chowk Main Road
        Rajgangpur
        Odisha 770017

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 19, 2019

Insolvency professional: Samya Sengupta

Interim Resolution
Professional:            Samya Sengupta
                         Todi Chambers, 2, Lal Bazar Street
                         Room No. 204 & 205
                         Kolkata 700001
                         E-mail: samyax@gmail.com
                                 cirp.jspl@gmail.com

Last date for
submission of claims:    May 6, 2019


JAI JAGDAMBEY: CARE Assigns B+ Rating to INR7.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai
Jagdambey Dall Mill (JJDM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE B+; Stable Assigned

Detailed rationale

The ratings assigned to the bank facilities of JJDM are primarily
constrained on account of its moderate scale of operations with
thin profit margins, highly leveraged capital structure with weak
debt coverage indicators and modest liquidity. The ratings also
remain constrained by proprietorship nature of constitution,
susceptibility to fluctuation in raw material prices and seasonal
and fragmented agro processing industry with low entry barriers.
The ratings, however, derive benefit from vast experience of
promoter in agro processing industry and close Proximity to raw
material sources. The ability of JJDM to increase its scale of
operations with improvement in profitability, capital structure and
debt coverage indicators along with efficient working capital
management is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Proprietorship nature of constitution: JJDM being a proprietorship
firm is exposed to inherent risk of the proprietor' capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital.

Moderate scale of operations with thin profit margins: During FY18,
JJDM has registered a growth in its scale of operations by 25.25%
and remained moderate at INR35.20 crore as against INR28.10 crore
during FY17. The profit margins stood thin marked by PBILDT and PAT
margins at 2.51% and 0.52% during FY18 as against 2.99% and 0.65%
during FY17 owing to low value addition nature of agro processing
business.

Modest liquidity: The liquidity stood modest marked by current
ratio of 1.41 times as on March 31, 2018 Further, average working
capital utilization remained high at 73% for the past 12 months
ended February 2019. Cash flow from operating activities (CFO)
turned negative at INR0.42 crore in FY18 as against positive CFO of
INR0.16 crore during FY17. As on March 31, 2018, cash and bank
balance was low INR0.05 crore.

Highly leveraged capital structure and weak debt coverage
indicators: Owing to higher utilization of working capital
borrowings, as on March 31, 2018, overall gearing ratio remained
highly leveraged at 4.85x as on March 31, 2018 as against 4.53x as
on March 31, 2017. The debt coverage indicators also stood
weak owing to thin profitability with high debt marked by total
debt to GCA of 24.68 times during FY18 as compared to 20.01 times
as on March 31, 2017. Interest coverage ratio has also deteriorated
marginally and stood at 1.41 times during FY18 as against 1.46
times during FY17.

Susceptibility to fluctuation in raw material prices and seasonal
industry: JJDM is primarily engaged in the processing and milling
of various agro based products like various types of dall and other
products. The prices are also sensitive to seasonality of agro
products production, which is highly dependent on monsoon.
Any volatility in the commodities prices will have an adverse
impact on the performance of the dall mill.

Fragmented nature of industry and low entry barriers: JJDM operates
in lower segment of value chain and faces stiff competition from
other players in the area. The commodity
nature of the product makes the industry highly fragmented with
more than two-third of the total number of players being in
unorganized sector with very less product differentiation. Due to
the fragmented nature and low entry barriers in the industry, the
agro processing commodity mills have limited flexibility over
pricing their products which also results in low profit margins.

Key Rating Strengths

Vast Experience of Promoter in Agro Processing Industry: JJDM has
been promoted and managed by Mr. Jinad Rai Panjwani who holds total
experience of more than a decade in the same line of business. He
looks after entire management of the JJDM.

Close Proximity to raw material sources: The milling and processing
as well as trading facility of JJDM is located in Katni district of
Madhya Pradesh, which is the most convenient place of food grains
milling as well as trading. The location also provides proximity to
sources of raw material access and smooth supply of raw materials
at competitive prices and lower logistic expenditure (both on the
transportation and storage). It enjoys good road, rail and air
connectivity leading to better lead time and facilitating delivery
of finished products in a timely manner.

Katni (M.P.) based Jai Jagdambey Dall Mill (JJDM) is a
proprietorship firm established in 2002 by Mr. Jind Rai Panjwani.
JJDM is engaged into Milling and processing of matar, makka, paddy
and Trading of Rahar chunni, Rahar dall, rice, gram dall, besan,
gram chunni. The manufacturing unit of the firm is located near
Near collectorate, Jabalpur road, Katni, Madhya Pradesh.

JAIMAL SINGH: CARE Cuts INR5.75cr LT Loan Rating to B, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jaimal Singh Satnam Singh (JSSS), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      5.75       CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE B+; Stable; Issuer Not
                                  Cooperating on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JSSS to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Jaimal Singh Satnam Singh's bank facilities
will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility of margins
to raw material price volatility, competitive nature of the
industry and small scale of operations. The rating, however,
derives strength from the experienced proprietor.

Key Rating Weaknesses

Susceptibility of profitability margins to raw material price
fluctuations: The raw material cost has always been a major
contributor to the total operating cost. The entities in textile
industry are susceptible to fluctuations in raw material prices.
Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods. It being a product of
international importance, its price is very volatile depending on
the demand-supply situation in the global markets. The price of
other raw materials, i.e. polyester & synthetic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.

Competitive nature of the industry: The firm operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from domestic players as well as from players situated
outside India, especially in China and Bangladesh.

Small scale of operations: The scale of operations of the firm has
remained historically at a small level.

Key Rating Strengths

Experienced proprietor: The firm is managed by Mr. Ajinder Pal
Singh. Mr. Ajinder Pal Singh has an experience of more than
two-and-a-half decades in the textile industry.

Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is
being managed by Mr. Ajinder Pal Singh (proprietor). The firm is
engaged in the manufacturing & selling of ladies dress material
under its own brand name 'R.Tex'.

KASHI KANCHAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kashi Kanchan
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:

-- INR150 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kashi Kanchan was incorporated as a partnership concern in 1974 by
Mr. Surendra Kumar Padhi and Mr. Abhimanyu Padhi. The firm was
reconstituted as a private limited company in 2005. Kashi Kanchan
undertakes civil construction activities in the road, drainage, and
building construction, primarily in Odisha.


KUDU FABRICS: CARE Cuts INR13cr LT Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kudu Fabrics (KF), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      13        CARE B+; Issuer not cooperating;
   Facilities                    Revised from CARE BB; Issuer Not
                                 Cooperating on the basis of best
                                 available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KF to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Kudu Fabrics' bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility of margins
to raw material price volatility and competitive nature of the
industry. The rating, however, derives strength from the
experienced proprietor.

Key Rating Weaknesses

Susceptibility of profitability margins to raw material price
fluctuations: The raw material cost has always been a major
contributor to the total operating cost. The entities in textile
industry are susceptible to fluctuations in raw material prices.
Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods. It being a product of
international importance, its price is very volatile depending on
the demand-supply situation in the global markets. The price of
other raw materials, i.e. polyester & synthetic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.

Competitive nature of the industry: The firm operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from domestic players as well as from players situated
outside India, especially in China and Bangladesh.

Key Rating Strengths

Experienced promoters: The firm is being promoted by Mr. Ganga
Bishan Mittal and Mr. Gaurav Mittal who have an experience of ~26
years and ~17 years, respectively, in the textile industry.

Kudu Fabrics (KF) is a partnership firm established in the year
1998. The firm is engaged in the manufacturing of fabric and
readymade garments for men and women at its manufacturing facility
located at Ludhiana, Punjab. Besides KF, the partners are also
involved in another group concern namely Kudu Industries Limited
(KIL; CARE BB; Stable; Issuer Not Cooperating/CARE A4; Issuer Not
Cooperating), engaged in the manufacturing of knitted fabric since
1990.

METRO AGRO: CARE Cuts Rating on INR6.0cr LT Loan to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Metro Agro Mills (MAM), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2018, placed
the rating of MMAM under the 'issuer non-cooperating' category as
MAM had failed to provide information for monitoring of the rating.
MAM continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated April 09, 2019, April 10, 2019, April 11, 2019 and April 12,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The rating revision to the bank facilities of Metro Agro Mills
(MAM) is on account of ongoing overdrawals in the cash credit
facility.

Key Rating Weakness

Overdue in cash credit facility: The firm was unable to generate
sufficient cash flows leading to strained liquidity position
resulting in overdrawals in the cash credit facility.

Key Rating Strengths

Long experience of promoters' family in agricultural industry: The
promoters possess experience of around 20 years in the rice milling
business, agriculture being the conventional business of the
promoters' family. Before the inception of MAM, the promoters were
engaged in the rice milling business in small scale apart from
managing the other business engaged in manufacturing of black stone
for building materials, manufacture of sand from black stone etc.

Support of promoters and group entity: MAM is supported by the
promoters (by infusion of capital year on year and unsecured loan
of INR0.70 cr during the review period) and M/s Metro Metal
Industry and M/s Rice tech Agro Mills by way of corporate
guarantee. However, no comfort is being taken from the corporate
guarantee as the group details and the corporate guarantee
documents were not furnished.

Metro Agro Mills (MAM) was established in April 2002 as a
partnership firm. Mr. A.M.Koya, Mr.A.M.Sijumon, Mrs.Mini Koya,
Mrs.Laila Makkar, Mr.A.M.Seemon are partners of the firm. The firm
belongs to the 'Beepath' Group (based in Kerala) and is engaged in
the business of rice milling (processing of paddy into rice) and
also into trading of rice (which constitute around 25% of the rice
sales). The key raw material, paddy is procured from farmers in
Kerala, Tamil Nadu and Karnataka.

NOOR IMPEX: CARE Cuts INR18cr LT/ST Loan Rating to D
----------------------------------------------------
CARE Ratings revised the ratings on long-term and short-term bank
facilities of Noor Impex Private Limited (NIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short-     18.00      CARE D/CARE D Revised from
   Term Bank                       CARE C; Stable/CARE A4 and
   Facilities                      Removed from Issuer Not
                                   Cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of NIPL
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE C; Stable/ CARE
A4; ISSUER NOT COOPERATING'. However, the Company has now submitted
the requisite information to CARE. CARE has carried out a full
review of the rating and the rating stand at 'CARE D'.

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of NIPL
is primarily due to on-going delays in debt servicing owing to weak
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in Debt servicing: There were instances of LC
devolvement due to weak liquidity position of the Company. There
are on-going delays in debt servicing obligations for more than 30
days as on April 15, 2019, with regards to payment of LC amount due
to stretched liquidity position of the company.

Gandhidham-based (Gujarat), NIPL was incorporated in the year 2009
by Latiwala family by Mr Allaudin Latiwala, his two sons Mr Shabbir
Latiwala and Mr Yusuf Latiwala and his wife, Mrs Shaheda Latiwala.
The wood logs are imported from Malaysia, New Zealand and Africa
while the processed timbers are sold to the customers based in
Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh. The
installed capacity is 300 cubic feet per day as on March 31, 2018.
Mr Shabbir Latiwala is also engaged with a proprietorship firm
named as 'Noorani Saw Mill' and partnership firm named 'South India
Overseas LLP' engaged into similar business operations.

OVERSEAS LEATHER: CARE Assigns B Rating to INR11.16cr Loan
----------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Overseas Leather Goods Company Private Limited (OLGCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           11.16       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of OLGCPL is constrained
by small scale of operations with low profit margins, exposed to
volatility in prices of raw materials, working capital intensive
nature of operation, leveraged capital structure with weak debt
coverage indicators and intensely competitive industry. The rating,
however, derives strength from experienced promoters with
satisfactory track record of operations and strategic location of
the plant.

Going forward, the ability of the company to increase its scale of
operations with improvement in profit margins and ability to manage
working capital effectively shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: OLGCPL is a
relatively small player in the Leather industry with total
operating income (TOI) of INR11.42 crore (FY17: INR11.57 crore)
with a net loss of INR1.12 crore (PAT of INR0.74 crore in FY17) in
FY18. The company has reported net loss mainly due to wire off of
irrecoverable export receivable of INR0.75 crore. The networth base
of the entity also stood low at INR5.09 crore as on March 31, 2018.
The small size restricts the financial flexibility of the entity in
terms of stress and deprives it from benefits of economies of
scale. Moreover, the entity has reported turnover of INR9.43 crore
during 11MFY19. The profitability margins of the entity remained
low marked by PBILDT margin of 0.26% (5.59% in FY17) in FY18.

Exposed to volatility in prices of raw materials: The raw material
costs constituted the highest costs to the total cost of sales for
FY18 which is around 98%. OLGCPL does not have any tannery unit for
manufacturing of finished leather, its basic raw material for
manufacturing of leather goods like bags, wallet etc. Thus in the
absence of backward integration of its basic raw material, it has
to depend upon local suppliers for purchase of finished leather.
Accordingly, any adverse movement in prices of raw materials with
no corresponding change in final goods prices can have an adverse
impact on the profit margins of the entity.

Working capital intensive nature of operation: OLGCPL's business,
being manufacturing of leather products like Men's wallet, ladies
wallet, handbag, purses, etc and industrial gloves, industrial
safety products and small leather goods remained working capital
intensive in nature marked by its high operating cycle. The company
maintains inventory of raw material for around a month for smooth
running of its production process. Accordingly the average
inventory holding period remained high at 433 days (FY17:451 days)
during FY18. The average utilization of fund based limit was around
95% during the last 12 months ended in February 2019.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company deteriorated and remained
leveraged with overall gearing ratio of 2.08x (FY17: 1.94x) as on
March 31, 2018. Furthermore, the debt coverage indicators remained
weak marked by below utility interest coverage during FY18.
However, the company served its debt obligations through its
working capital during FY18.

Intensely competitive industry: The leather industry is highly
fragmented with a large number of small to medium scale organized
and unorganized players owing to low entry barriers with no visible
differentiators in product profile. High competition in the
operating spectrum and small size of the entity limits the scope
for margin expansion. Though government policies towards the
industry have been supportive both for small-scale sector
development as well export promotion, the industry is caught up
with socio political issues relating to slaughtering of animals.
With the production clustered in 4-5 locations, distribution
network becomes the key to success. Many companies in the leather
products have a strong distribution network and enter into brand
building exercise to improve the sales and market share. Hence the
players in the industry do not have pricing power and are exposed
to competition induced pressures on profitability.

Key Rating Strengths

Experienced promoters with satisfactory track record of operations:
OLGCPL is into manufacturing of leather and leather products
business since 1993 accordingly has established track record of
operations in the industry. The Mr. Anup Kumar Chattopadhyay (aged
about 69 years), having more than three decades of experience in
this line of business, looks after the day to day operations of the
company. He is supported by other directors Mr. Shreemoyee
Chattopadhyay, Mr. Ranjan Banerjee, Ms. Puspa Chatterjee having
more than two decades of experience in this line of business along
with a team of experienced professional and involved in the
strategic planning and running the day to day operations of the
company.

Strategic location of the plant: The manufacturing facility of
OLGCPL is located at Khodaganj which is in close proximity to the
various tanneries situated at Calcutta Leather Complex for sourcing
of finished leather, the main raw material for manufacturing of
fashion leather products. Accordingly, the availability of raw
materials is not an issue. Further the manufacturing plant has
ample supply of cheap labour. Moreover, the company exports major
part of its products to overseas market through vessels from
Kolkata port. Thus, the company gets the benefit of its location.

West Bengal based Overseas Leather Goods Company Private Limited
(OLGCPL) incorporated in July 1993, was promoted by Mr. Anup Kumar
Chattopadhyay, Mr. Shreemoyee Chattopadhyay, Mr. Ranjan Banerjee
and Ms. Puspa Chatterjee. Since its inception, OLGCPL has been
engaged in processing of leather and manufacturing of leather
products like Men's wallet, ladies wallet, handbag, purses, etc and
industrial gloves, industrial safety products and small leather
goods. The manufacturing facility of the company is located at
Kolkata, West Bengal with an installed capacity of 50,000 pieces
per month of Fine leather items and 1,00,000 pairs per month of
industrial gloves, industrial safety products. The company sells
its entire products in the international market. The major export
destinations of the company are European countries like Germany,
Belgium, Spain etc.

Comment on liquidity position: The liquidity position of the
company was stressed as reflected by its inadequate cash accruals
from operations. Moreover, the current ratio was low at 1.27x as on
March 31, 2018. The company has cash and bank balance of INR0.08
crore as on March 31, 2018.

PARSHURAM FORGE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Parshuram Forge Private Limited
        T-46, MIDC Industrial Area
        Hingna Road
        Nagpur 440036

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: October 19, 2019
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue, Pimpri
                         Pune 411018
                         Mobile No.: 9921516368, 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    May 9, 2019


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

The instrument-wise rating actions are:

-- INR403 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERTAING) rating;

-- INR2.5 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR18.22 mil. Long-term loan due on March 2021 migrated to
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
2, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Poddar Car World has sales, service and spares showrooms for cars
manufactured by Maruti Suzuki India Limited. In addition, it deals
in pre-owned car sales and provides the facility for exchanging
used cars through Maruti True Value.

R.R. DISTRIBUTORS: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.R.
Distributors Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            4.50      CARE B+; Stable Assigned

   Short-term Bank
   Facilities            3.50      CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of R.R. Distributors
are constrained by its modest scale of operations with leveraged
capital structure, foreign exchange fluctuation risk and its
presence in a highly competitive industry. The ratings, however,
drive strength from experienced management, moderate operating
cycle and moderate profitability margin.

Going forward, the ability of the company to increase the scale of
operations while improving its capital structure and effectively
managing its working capital requirement shall be the key rating
sensitivity.

Key Rating Weakness

Modest scale of operations: The scale of operations of R.R.
Distributors Private Limited has remained small marked by a total
operating income and gross cash accruals of INR66.51 crore and
INR0.16 crore respectively during FY18 (FY refers to the period
April 01 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, company's total operating was INR45 crore
during 9MFY19 (refers to the period April 1 to December 31).

Leverage Capital Structure: The capital structure of the firm stood
leveraged owing to high dependence on the external borrowing to
meet its working capital requirements. The overall gearing ratio
remained above 8x as on the balance sheet date of the past two
financial years (ie: FY17 & FY17).

Foreign exchange fluctuation risk: R.R. Distributors Private
Limited imports from various countries depending upon getting the
best possible rates. With initial cash outlay for procurement in
foreign currency and sales realization in domestic currency, the
company is exposed to the fluctuation in exchange rates. Further,
the company is not involved in any sort of hedging.

Highly competitive industry: R.R. Distributors Private Limited
operates in a highly competitive marked by the presence of numerous
players in India. Hence the players in the industry do not have any
pricing power and are exposed to competition induced pressures on
profitability.

Key Rating Strengths

Experienced Management: R.R. Distributors Private Limited is
currently being managed by Mr. Raj Kumar Gupta and Mr. Aman Gupta.
Mr. Raj Kumar Gupta is a graduate by qualification with Experience
of more than three decades in the industry. Mr. Aman Gupta is a
graduate in administration with less than a decade of experience in
business management in trading companies. Both of them will look
after the overall management of the company.

Moderate operating cycle: Operating cycle of the company stood
around 36 days in FY18. The company gives a credit period of around
3 months to its customers resulting in an average collection period
of 77 days in FY18. The company generally maintains of the traded
products to meet immediate demand resulting in an average inventory
holding is of 15 days in FY18. The company gets a credit period of
around two months from its suppliers resulting in an average
creditor period of 57 days in FY18. The working capital borrowings
were fully utilized for past 12-months ended December, 2018.

Liquidity position of the company stood moderate as marked by
current ratio and quick ratio of 1.25x and 1.01x.

Moderate profitability margins: The profitability margins of the
company have been historically on the lower side on account of
trading nature of business which is driven by high volumes and low
margins/ lower level of value addition. This apart, interest burden
also restricts the net profitability of the company. PBILDT margin
of the company stood at 3.75% in FY18 as against 3.20% in FY17.
However, the PAT margin stood at 0.13% in both FY17 and FY18.

Delhi based, R.R. Distributors Private Limited was incorporated in
August, 1998 as a private limited company with the purpose of
trading of writing, printing paper and paperboards. The company is
managed by Mr. R.K. Gupta and is son Mr. Aman Gupta. Mr. R.K. Gupta
has 11 years of solid experience in electronics. The firm imports
from all across the globe like USA, Europe, Indonesia, Japan, etc.

RADHA CASTING: CARE Migrates B Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Radha
Casting and Metalik Private Limited (RCMPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           4.00       CARE B; Stable; ISSUER NOT
                                   COOPERATING; Based on best
                                   Available information

Detailed Rationale and key rating drivers

CARE has been seeking information from RCMPL to monitor the rating
vide email communications/letters dated February 5, 2019, February
6, 2019 and numerous phone calls. However, despite our repeated
requests, the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on RCMPL's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

At the time of last rating in December 15, 2017 the following were
the rating strengths and weaknesses; (Updated for the information
available from Registrar of Companies.)

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The size of operations of the company
remained small marked by total operating income of INR92.38 crore
with a PAT of INR0.53 crore in FY18. Furthermore, the total capital
employed was also low at INR15.42 crore as on March 31, 2018.

Lack of backward integration vis-à-vis volatility in raw material
prices: The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry.
Since, raw material constituting of ingots, billets etc. is the
major cost driver for RCMPL. RCMPL does not have any backward
integration for its raw materials and procures the same from
outside, exposing the company to price volatility risk. As a
result, RCMPL remains exposed to the volatility in raw material
prices and it has to absorb adverse fluctuations in prices that
might occur from the time of material procurement to dispatch as
raw material prices remains volatile over the years.

Intense competition due to fragmented nature of industry: RCMPL is
engaged in the manufacturing of MS Ingots, which is primarily
dominated by large players and characterized by high fragmentation
and competition due to presence of numerous players in India owing
to relatively low entry barriers. Hence, the players in the
industry do not have much pricing power which induced pressures on
profitability.

Working capital intensive nature of business: RCMPL business, being
manufacturer of non alloys steel ingot, is working capital
intensive. The average utilisation of working capital remained
moderately on the higher side at around 80% during last 12 month
ended in March, 2019.

Key Rating Strengths

Experienced Promoters: The key promoters Mr. Dhananjay Kumar & Mr.
Pawanjay Kumar have an experience of more than a decade in iron and
steel industry. The day-to-day operations of the company are looked
after by both the promoters.

Proximity to raw material sources: RCMPL plant is located at
Ramgarh in Jharkhand, which is in proximity to the steel and mining
areas of West Bengal, Jharkhand and Odisha. Hence, its presence in
the steel and mining region results in benefits derived from a
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.

Comfortable capital structure and debt coverage indicators: The
capital structure of the company remained comfortable marked by
debt equity and overall gearing ratios of 0.01x and 0.37x
respectively as on March 31, 2018. The debt coverage indicators
also remained comfortable marked by interest coverage and total
debt to GCA of 4.28x and 2.50x, respectively, in FY18.

RCMPL was incorporated in June 2006, was promoted by brothers Mr.
Dhananjay Kumar and Mr. Pawanjay Kumar of Jharkhand. The company
had initially set up a pig iron plant (installed capacity 15000
metric tonnes per annum: MTPA) at Ramgarh, Jharkhand and commenced
commercial operation in the year 2008. But, later on, in May 2011,
the company was forced to shut down its pig iron plant due to iron
ore scarcity owing to iron ore mining related issues leading to
rising raw material cost and weak demand. Since, February 2012, the
company had started manufacturing Mild Steel (MS) Ingots with
installed capacity of 15, 000 MTPA at its existing plant.

Liqudity Position: The liquidity position of the company was low
marked by its current ratio of 0.82x as on March 31, 2018. The
company has free cash and bank balance of INR0.01 crore as on March
31, 2018. The company has generated cross cash accrual of INR1.66
crore during FY18.

RAJ RAYON: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raj Rayon
Industries Limited's (RRIL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2,538.5 bil. Term loan (Long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR2,571.8 bil. Working capital term loans (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR1,023.8 bil. Fund-based working capital limits (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR42.5 mil. Non-fund-based limits (Short-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,063.4 bil. Funded interest term loans (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information.

KEY RATING DRIVERS

The affirmation reflects the continued decline in RRIL's revenue to
INR181.6 million in 9MFY19 (9MFY18: INR499.8 million; FY18:
INR762.704 million; FY17: INR2,761.04 million) and EBITDA losses.

The ratings also reflect the auditors' comments in 9MFY19 results,
published on the Bombay Stock Exchange, which stated that RRIL has
been classified as a non-performing asset by its bankers under the
consortium.

RATING SENSITIVITIES

Positive: Recovery from the strategic debt restructuring scheme and
improvement in profitability, along with timely debt servicing,
would lead to positive rating action.

COMPANY PROFILE

RRIL is a public limited company manufacturing polyester yarn at
its plant, located in Silvassa. Its products include polyester
texturized yarn, partially oriented yarn, fully drawn yarn, twisted
yarn, and polyester chips.

RAMAN CASTING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Raman Casting Pvt. Ltd.
        House No. 275 Village Dera Delhi
        South West Delhi DL 110074 IN

Insolvency Commencement Date: April 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Brijesh Kumar Tamber

Interim Resolution
Professional:            Brijesh Kumar Tamber
                         C-10, Basement, Nizamuddin (West)
                         New Delhi 110013
                         E-mail: officeofbrijeshktamber@gmail.com
                                 irpoframancasting@gmail.com

Last date for
submission of claims:    May 7, 2019


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

The instrument-wise rating actions are:

-- INR73.8 mil. Term loan due on October 2022 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR100.0 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 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 July 2012, Ratnakar Ispat India is promoted by Mr.
Shankar Lal Jat, Mrs. Prem Devi Jat, and Mrs. Geeta Devi. The
company has an 80,000-metric-ton-per-annum thermos-mechanically
treated bar and MS billet manufacturing facility in Khasra
(Rajasthan). The company commenced commercial production from April
2015.

RICE TECH: CARE Cuts INR6.0cr LT Loan Rating to D, Not Coop.
------------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Rice Tech Agro Mills (RTAM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2018, placed
the rating of RTAM under the 'issuer non-cooperating' category as
RTAM had failed to provide information for monitoring of the
rating. RTAM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated April 09, 2019, April 10, 2019, April 11, 2019 and
April 12, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

The rating revision to the bank facilities of Rice Tech Agro Mills
(RTAM) is on account of ongoing overdrawals in the cash credit
facility.

Key Rating Weakness

Overdue in cash credit facility: The firm was unable to generate
sufficient cash flows leading to strained liquidity position
resulting in overdrawals in the cash credit facility.

Key Rating Strengths

Long experience of promoters' family in agricultural industry: The
promoters possess experience of around 20 years in the rice milling
business, agriculture being the conventional business of the
promoters' family. Before the inception of MAM, the promoters were
engaged in the rice milling business in small scale apart from
managing the other business engaged in manufacturing of black stone
for building materials, manufacture of sand from black stone etc.

Support of promoters and group entity: RTAM is supported by the
promoters (by infusion of capital year on year and unsecured loan
of INR0.70 cr during the review period) and M/s Metro Metal
Industry and M/s Metro Agro Mills by way of corporate guarantee.
However, no comfort is being taken from the corporate guarantee as
the group details and the corporate guarantee documents were
not furnished.

Rice Tech Agro Mills (RTAM) was established in 1998 as a
partnership firm. Mr. A. M. Koya, Mr. A. M. Sijumon, Mrs. Mini
Koya, Mrs. Laila Makkar and Mrs. A. M. Seemon are partners of the
firm. The firm belongs to the 'Beepath' Group and is engaged in the
business of rice milling (processing of paddy into rice) and also
into trading of rice (which constitute around 25% of the total
operating income). The key raw material, paddy, is procured from
farmers in Kerala, Tamil Nadu and Karnataka.

SAKSHAM FOOD: CARE Assigns B+ Rating to INR5.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Saksham
Food Industries (SFI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.75       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           4.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SFI is constrained by
nascent stage of operations with operation stabilization risk,
proprietorship nature of constitution, regulated by government in
terms of minimum support price, high working capital intensity and
exposure to vagaries of nature and its presence in a fragmented and
competitive nature of industry. However, the aforesaid constraints
are partially offset by its experienced proprietor and close
proximity to raw material sources & favourable industry scenario.

Going forward, the ability of the firm to stabilise its operations,
achieve revenue and profitability as envisaged and ability to
manage working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations with operation stabilisation risk: The
entity has successfully set up its rice milling and processing
plant with aggregate cost of INR9.31 crore funded at a debt equity
of 3.66x and started its commercial operations from August 2018 and
thus has very short track record of operations. However, SFI has
reported revenue of INR29.60 crore with a PAT of INR0.34 crore
during FY19. Going forward the ability of the entity to stabilize
its operations and achieve envisaged revenue and profitability will
remain the key rating sensitivity.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GoI), every year decides a minimum support
price (MSP) to be paid to paddy growers which limits the bargaining
power of rice millers over the farmers. The MSP of paddy increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-à-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the firm, especially in times of
high paddy cultivation.

High working capital intensity and exposure to vagaries of nature:
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the firm's operation to
vagaries of nature. Accordingly, the working capital intensity
remains high leading to higher stress on the financial risk profile
of the rice milling units.

Proprietorship nature of constitution: SFI, being a proprietorship
firm, is exposed to inherent risk of withdrawal of capital by the
proprietor, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factors affecting credit
decision for the lenders.

Fragmented and competitive nature of the industry: SFI's plant is
located in Surajpur, Chhattisgarh which is in close proximity to
hubs for paddy/rice cultivating region of Chhattisgarh. Owing to
the advantage of close proximity to raw material sources, a large
number of small units are engaged in milling and processing of rice
in the region. This has resulted in intense competition which is
also fuelled by low entry barriers. Given that the processing
activity does not involve much of technical expertise or high
investment, the entry barriers are low.

Key Rating Strengths

Experienced Proprietor: The firm is being managed by Mr. Sandeep
Agrawal having around a decade long experience in the rice milling
industry looks after the day to day operations of the firm. He is
well supported by a team of experienced professionals.

Close proximity to raw material sources and favourable industry
scenario: SFI's plant is located at Surajpur, Chhattisgarh which is
in the midst of paddy growing areas of the state. The entire raw
material requirement is met locally from the farmers (or local
agents) which helps the firm to save on substantial amount of
transportation cost and also procure raw materials at effective
prices. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term.

Established in July 2017, Saksham Food Industries (SFI) was
promoted by Mr. Sandeep Agrawal of Surajpur, Chhattisgarh to set up
rice milling and processing plant. The firm has successfully set up
its milling and processing plant with aggregate cost of INR9.31
crore funded at debt equity of 3.66x and started its commercial
operations from August 2018. The plant of the firm is located at
Surajpur, Chhattisgarh with an installed capacity of 39680 metric
tons per annum (MTPA).

Liquidity position
The liquidity position of the firm was adequate marked by current
ratio of 1.26x as on March 31, 2019, Provisional. The liquidity is
further supported by cash and cash equivalent amounting to INR0.10
crore as on March 31, 2019, Provisional. The firm has generated
gross cash accrual of INR1.25 crore in FY19, Provisional. The
average utilization of fund based limit was around 95% during last
8 month ended on March 31, 2019.

SHIVASHAKTI SUGARS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivashakti Sugars
Limited (SSL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR250 mil. Fund-based limits assigned with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The rating is constrained by SSL's weak credit metrics, as the
company's debt levels (FY18: INR5,609 million; FY17: INR6,773
million) are high due to the working capital-intensive nature of
the operations. The company has a long net working capital cycle
(FY18: 131 days) because of the high levels of inventory that it
has to maintain during the crushing season. SSL's EBITDA interest
coverage (operating EBITDA/gross interest expense) stood at 1.2x in
FY18 (FY17: 1.4x) and the net leverage (total adjusted net
debt/operating EBITDA) was 8.4x (8.9x). Ind-Ra expects the interest
coverage to improve gradually over the medium term with repayment
of loans. The net leverage, though, will remain weak owing to the
high debt levels for working capital requirement.

Moreover, the company's EBITDA margin fell to a modest 11.2% in
FY18 (FY17: 27.7%) due to the increased cost of procurement. The
return of capital employed stood at 9% in FY18 (FY17: 11%).

The ratings reflect SSL's moderate liquidity position, with average
maximum working capital limit utilization of around 47% for the 12
months ended February 2019. Growth in sales and better debtor
realization enabled the company to record positive cash flow of
INR1,338 million in FY18 (FY17: negative INR888 million) and free
cash flow of INR1,233 million (negative INR2409 million). Ind-Ra
expects the group to have generated positive cash flow from
operations in FY19 on the back of revenue growth. SSL has scheduled
debt repayment of about INR249 million in FY20, which will be met
from internal accruals. The company's cash and cash equivalents
stood at INR12.58 million as on December 31, 2019.

SSL has a moderate business profile, with integrated operations.
Its sugar facility has an overall sugar capacity of 10,000 tons
crushed per day and a 37MW cogeneration plant. Of the total power
generation capacity, the company uses around 21MW for its own
consumption during the peak season and sells the remainder to
Karnataka state discoms at INR5.23 per unit. SSL reported revenue
of INR5,938 million in FY18 (FY17: INR2,739 million) at 70%
utilization level with a recovery rate of 11.13%.  Revenue
increased on a YoY basis mainly because of higher sales of sugar.
As per the company, it achieved a revenue of around INR4,893
million in 11MFY19.

The ratings are supported by promoters' experience of more than two
decades in agro-based industries.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led capex, leading to a deterioration of
interest coverage or liquidity, on a sustained basis, could be
negative for the ratings.

Positive: Any improvement in the revenue or operating margin,
resulting in the interest coverage improving to above 2x levels, on
a sustained basis,  could be positive for the rating.

COMPANY PROFILE

SSL was incorporated in 1995 by Dr. Prabhakar B Kore (Member of
Parliament, Rajya Sabha), who has more than two decades of
experience in the sugar industry. The company has a sugar unit with
a  crushing capacity of 10,000TCD and a 37MW cogeneration plant.

SHREE RAJ: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Shree Raj Mahal Jewellers Private Limited
        Shop No. 1 & 2, Lower Ground Floor 2678
        Diamond Mall, Gurudwara Road, Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: October 20, 2019

Insolvency professional: Nishant Gaurav Gupta

Interim Resolution
Professional:            Nishant Gaurav Gupta
                         "Siddhant Advocates"
                         108 1st Floor, Aggarwal Chambers
                         O & P Block, Dilshad Garden, Delhi
                         National Capital Territory of Delhi
                         110095
                         E-mail: nishantgaurav@outlook.in
                                 cirp.rajmahal@outlook.in

Last date for
submission of claims:    May 9, 2019


SOLAPUR TOLLWAYS: Ind-Ra Cuts Term Loan Rating to 'B+', Keeps RWN
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Solapur Tollways
Private Limited's (STPL) senior project term loan to 'IND B+' from
'IND BB' while maintaining the Rating Watch Negative (RWN) as
follows:

-- INR5,884.2 bil. Senior project term loan due on March 31, 2030

     downgraded; maintained on RWN with IND B+/RWN.

KEY RATING DRIVERS

The downgrade and maintaining of RWN reflects the project's
continued sluggish physical and financial progress along with
STPL's inability to achieve provisional completion (i.e. at least
75% of the total length of the project highway) by March 31, 2019,
cost overruns, and the penalties levied on the company.

STPL achieved physical progress of 69.15% by end-February 2019 as
against the planned progress of 96.18%. According to the lenders
independent engineer, the construction of the highway and
structures has been slow and the concessionaire needs to expedite
the same. The delays in project completion are mainly attributed to
slow construction work on the acquired land stretches, and delays
in land acquisition, obtaining environmental clearances, shifting
utilities and removing encroachments. Slack construction progress
has already led to the replacement of some contractors.

STPL had received a recommendation from the Regional Office,
National Highways Authority of India (NHAI; 'IND AAA'/ Stable) and
the independent engineer (IE) to shift the commercial operations
date (COD) to March 31, 2019 from November 29, 2018. In March 2019,
the company received a recommendation letter from the IE and
regional NHAI office for extending the COD further ahead to 12
October 2019. The extension of date of commencement of commercial
operations (DCCO) is within the Reserve Bank of India's framework
for extension of DCCO by additional one year beyond two years for
infrastructure projects for reason beyond the control of promoters.
If STPL does not achieve project completion again by 12 October
2019, it will lead to further penalties or could increase
termination risks.

Also, the repayment schedule had been proposed to be extended to
January 31, 2020 from September 30, 2019.  Subsequent to the
receipt of the recommendation letter extending the COD, the company
has requested the lenders to shift the repayment start date to July
30, 2020; the approval from the lenders is awaited. The debt will
be repayable in 47 unequal quarterly installments. The debt has a
heavily back-ended amortization profile, with nearly 72% of the
debt to be amortized in the last five years of the loan tenor.

The debt service reserve account equivalent to one quarter's
principal and interest payment will be created closer to the
commercial operations date in the form of a bank guarantee.

The project, being a toll road, has an inherent traffic-related
risk. According to the traffic study, the stretch is dominated by
commercial traffic, which holds reasonable revenue potential while
also being vulnerable to volatility related to economic cycles. The
actual traffic demand and growth will become clear only once the
project is operational.

The sponsors have provided unsecured loans for interest servicing
during the construction phase. The parent sponsor, SREI
Infrastructure Finance Limited has undertaken to meet cost overruns
and any shortfall in resources for project completion. The sponsor
has also undertaken to fund any cash flow shortfall in meeting the
minimum debt service coverage ratio covenant of 1.10x for the first
five years from the actual project commissioning date.

Moreover, the price risk is reasonably mitigated by the provision
of a flat 3% increase in base toll rate annually. Additionally, the
rates are linked to 40% of the increase in wholesale price index).

RATING SENSITIVITIES

The RWN will be resolved after Ind-Ra attains clarity on the
achievement of project completion by October 12, 2019. The RWN
indicates that the rating may be affirmed or downgraded.

Additionally, any adverse regulatory action from the concession
authority and/or additional cost overruns not funded by the
sponsors will lead to a rating downgrade.

COMPANY PROFILE

STPL is an SPV, promoted by Bharat Road Network Limited. It was
incorporated to implement a lane expansion project under a 25-year
concession from NHAI. The project road is a 100km stretch from
Solapur to Maharashtra-Karnataka border and is part of the National
Highway 9. The project cost is estimated at INR8,826.2 million,
which is being funded by a term loan of INR5,884.2 million and
sponsor equity of INR2,942.1 million.


TAYAL POLYPLAST: CARE Assigns B+ Rating to INR5.97cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tayal
Polyplast (TP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.97       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of TP is constrained by
its nascent stage of operations, partnership nature of
constitution, volatility in raw material prices and working capital
intensive nature of operation and highly competitive and fragmented
nature of the industry. The rating, however, derives comfort from
extensive experience of the partners.

Going forward, the ability of the firm to stabilize its operations,
increase its scale of operations, improve  profitability margins
and ability to management its working capital effectively will be
the key rating sensitivities.

Detailed description of the key rating drivers

Nascent stage of operations: The firm was established in January
2018 and it has commenced commercial operations from October 2018
onwards and thus has very short track record of operations. The
firm has reported a turnover of INR1.48 crore with a PBILDT of
INR0.21 crore, net loss of INR0.20 crore and cash accruals of
INR0.02 crore during the period from October 2018 to February 28,
2019.

Partnership nature of constitution: TP being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/insolvency of the partners.

Furthermore, partnership entities have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders. Volatility
in raw material prices and working capital intensive nature of
operation: The primary raw material required by the firm is PVC
Rasin, pigments and other addictive, the price of which are
volatile and therefore any upward movement in raw material prices
with no corresponding increase in finished products prices may
impact the profitability of the firm. Furthermore, the operations
of the firm remained working capital intensive as reflected by its
moderately high working capital utilization in the past.

Highly competitive and fragmented nature of the industry: The
manufacturing Pipes and fittings industry is highly fragmented with
a large number of small to medium scale organized and unorganized
players owing to low entry barriers with no visible differentiators
in product profile. High competition in the operating spectrum and
small size of the firm limits the scope for margin expansion.

Key Rating Strengths

Experienced partners: Mr. Shrikishan Agarwal (aged about 60 years),
having around three decades of business experience
through his associate concern and he looks after the day to day
operations of the firm. He is supported by other partner Mr. P.K.
Agrawal and Mr. Ashish Agrawal who also have long experienced in
this type of business.

Established in January 2018, Tayal Polyplast (TP) was promoted by
Shrikishan Agrawal, Mr. Ashish Agrawal and Mr. P.K. Agrawal to set
up a PVC pipes and fillings manufacturing unit at Sambalpur, Odisha
with an installed capacity of 2640 metric tons per annum (MTPA).
After successful setting of its manufacturing plant, the firm has
started its commercial operation October 2018.

Liquidity
The liquidity position was moderate marked by its current ratio of
1.04x as on Feb. 21, 2019. The free cash and bank balance was
INR0.11 crore as on 21 Feb 2019. The average fund based working
capital utilization was around 70% during last 5 months ended on
February 2019.

VIP ENTERPRISE: CARE Assigns B+ Rating to INR5.50cr Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VIP
Enterprise Private Limited (VEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.50        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VEPL is primarily
constrained on account of it s moderate scale of operations with
thin profit margins, leveraged capital structure and weak debt
coverage indicators along with modest liquidity position during
FY18 (refers to the period April 1 to March 31). The rating, is
further constrained on account of fortunes of the company linked
with growth of principal automobile manufacturers in addition to
exposure to intense competition in the automobile dealership
industry.

The rating, however, derives strength from long standing experience
of VEPL's promoters in automobile dealership Industry and its
comfortable operating cycle.

The ability of VEPL to Increase its scale of operations along with
improvement in profitability and solvency position and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with thin profit margins: The scale of
operations if VEPL marked by total operating income (TOI) remained
moderate at INR54.19 crore during FY18 as compared to INR40.29
crore in FY17 on account of increase in number of vehicles sold
during FY18, albeit the TOI increased at a Compounded Annual Growth
Rate (CAGR) of 58.21% during past three years FY16-FY18. VEPL sold
2258 vehicles during FY18 as against 2142 vehicles during FY17. The
PBILDT margin, however, remained thin at 1.44% (INR0.78 crore)
during FY18 as against 1.03% (INR0.42 crore) during FY17, while the
PAT also remained thin at INR0.14 crore during FY18 as against
INR0.11 crore during FY17.

Leveraged Capital structure and weak debt coverage indicators: The
capital structure of VEPL has remained leveraged marked by overall
gearing at 4.83 times as on March 31, 2018 [March 31, 2017: 2.95
times], the deterioration in the gearing ratio is owing to increase
in the total debt level led by higher utilization of working
capital facility as on balance sheet date. The debt coverage
indicators stood weak marked by total debt to Gross Cash Accruals
(TDGCA) of 28.35 years as on March 31, 2018 which deteriorated from
22.18 years as on March 31, 2017 due to increase in the total debt
level. Further, interest coverage stood modest at 1.51 times during
FY18 as against 1.78 times during FY17, the deterioration is owing
to increase in the interest and finance cost during FY18.

Modest liquidity position: The liquidity position of VEPL remained
modest marked by high average working capital limits utilization at
~95% during past twelve months period ended February, 2019, while
the current ratio remained moderate at 1.55 times as on March 31,
2018 as compared to 1.41 times as on March 2017, owing to increase
in inventory as on balance sheet date. The cash and bank balance
remained at INR1.76 crore as on March 31, 2018, while the net cash
flow from operations remained negative during FY18.

Fortunes of the company linked with growth of principal automobile
manufacturers: Though the company is an authorized dealer of
established brands like Ashok Leyland and Royal Enfield but any
unfavorable event affecting the growth plans of Original Equipment
Manufacturer (OEM) will have a significant impact on the
performance of VEPL.

Exposure to intense competition in the automobile dealership
industry: VEPL's business growth is exposed to the intense
competition in the automobile dealership industry. VEPL is an
authorized dealer for Royal Enfield (Two Wheeler- Passenger
Vehicle) and Ashok Leyland (Four Wheeler- Light Commercial
vehicles). Hence the entity has to compete with dealers of other
reputed brands. Intense pricing pressure has forced automobile
players to cut costs, leading to competitive rates of commissions
for dealers.

Key Rating Strength

Long standing experience of promoters in automobile dealership
Industry: VEPL was earlier into the same business under the name of
VIP Automobiles Private Limited. The key director Mr. Jayant
Vaidya, has an experience of around three decades in the automobile
industry. Another director Mr. Navinchandra Janani also holds
experience of two decades in the field of automobile dealership
field. Both the key promoters look after management and operations
of the business. While Mr. Keshav Faldu (director), looks after
accounts and finance department. All over, VEPL is benefitted from
the long standing experience of its directors.

Comfortable operating cycle: The operating cycle remained
comfortable at 23 days during FY18 which is in same line with FY17
of 22 days. The gross current asset days remained comfortable at 30
days against creditors of 7 days.

Surat based (Gujarat) VEPL was incorporated in April, 2012. The
entity is as an authorized dealer of Ashok Leyland and Royal
Enfield. The company also provides ancillary products like helmets,
spare parts and accessories besides providing maintenance services
for the vehicles. VEPL has two showrooms and four workshops in
Surat (Gujarat).



=========
J A P A N
=========

JAPAN LIFE: Police Raids Offices Over Fraudulent Rental Business
----------------------------------------------------------------
Japan Today reports that police raided on April 25 offices of Japan
Life Co, a bankrupt company suspected of having engaged in a
fraudulent rental business, for allegedly failing to inform a
customer in 2017 about its excessive debts when concluding a
contract, an investigative source said.

The police searched some 30 places in Tokyo and 11 other
prefectures in connection with the case, the report says. The
company went under in March 2018, with debts estimated at JPY240.5
billion as of March 2017, Japan Today discloses citing a credit
research firm.

Japan Today says the Tokyo-based company encouraged buyers, mainly
elderly people, of its magnetic necklaces costing several million
yen and other health items to become so-called rental owners. Under
the scheme, the company would enter into a contract with customers,
promising to pay them a 6 percent annual rental fee if they lent
their purchased products to others.

According to the report, source said the raids were conducted on
suspicion the company made a contract with a Tokyo woman in her 60s
while deliberately concealing the fact that it had excessive
liabilities in August 2017.

The company had about 7,000 creditors in Japan and some 400 in Hong
Kong. A number of damages suits have been filed across Japan
against former executives and other senior officials of Japan
Life.

In March last year, the Tokyo District Court decided to start the
company's bankruptcy proceedings after the Consumer Affairs Agency
ordered Japan Life to suspend part of its operations four times in
the year to December 2017 over the dubious practice.

Japan Life, which sells health magnetizers and healing mattresses,
filed for bankruptcy on Dec. 26, 2017.



===============
M O N G O L I A
===============

TAVAN BOGD: Fitch Gives 'B-' LT FC Rating, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Tavan Bogd Trade LLC, a leading
Mongolian conglomerate focused on consumer products, a Long-Term
Foreign-Currency Rating of 'B-'. The Outlook is Stable.

The IDR reflects TBG's solid domestic business profile, supported
by a strong market position, recognizable brands and a record of
expanding revenue and earnings through a combination of organic
growth and acquisitions. These factors mitigate its modest size
relative to global peers. The IDR is constrained mainly by TBG's
consistently negative free cash flow, due primarily to high cash
outflows for inventory at its cashmere business.

KEY RATING DRIVERS

Market Position Mitigates Scale: Fitch does not view TBG's modest
scale as a rating constraint at the current level, being the clear
leader in its key segments. TBG dominates the Mongolian cashmere
market with an 85% share through its Gobi and Goyo brands, and
benefits from vertically integrated operations that create a wider
range of product categories and exert greater control over the
quality and margin of its products than competitors without such
capability. Fitch expects growth for the cashmere business to be
driven by increased tourism traffic to Mongolia for domestic
revenue, and for channel expansion and increased brand awareness to
support export sales.

Robust Barriers to Entry: High brand recognition across TBG's key
segments in the domestic market, close relationships with its
suppliers, and an ability to generate synergies across different
segments ensure that TBG's leadership is well entrenched, and
throws up significant barriers to entry. TBG's automobile
dealership commands a market share of 75% of new Toyota vehicle
sales, the most popular brand in Mongolia, and sold 52% of total
new vehicle sales in the financial year 2018 (FY18, to December
2018), well ahead of the closest competitor's 15% share.

High Inventory, Volatile Cash Flows: TBG's weak cash generation is
a key constraint on its IDR. FCF at the group level has been
negative over FY16-FY18, with rising cash outflows driven primarily
by high inventory levels in the cashmere business and also heavy
investment in capacity expansion. At Gobi, the main entity in this
segment, average inventory days had risen to 436 by FYE18 from 366
at FYE16, and operating cash flow has been negative over the last
few years as a result.

Fitch believes that TBG's efforts at optimizing working-capital
management could speed up inventory turnover and reduce related
cash outflows. However, it sees a risk that cash flow at Gobi and
at the Group level could remain volatile on account of
working-capital swings. Any improvement of TBG's cash flow profile
hinges on TBG's ability to strengthen its inventory management.

Proportional Deconsolidation of Gobi Minorities: Fitch considers
TBG's business profile on a fully consolidated business due to the
strong operational ties with Gobi. Gobi accounted for 22% of
consolidated revenue and 38% of consolidated EBITDA in FY18. Its
analysis of the credit profile, however, focuses on TBG's adjusted
financial profile after deconsolidation of significant minorities
of 49% at Gobi because TBG controls only part of Gobi's cash flows
as a listed company. Credit metrics on a proportionally
deconsolidated basis are weaker, with FFO adjusted gross leverage
at FYE19 half a turn higher at 4.4x in its rating case.

Its analysis emphasizes gross debt, due to its expectation of
volatility in working-capital outflows. Fitch may focus on net debt
leverage if TBG generates FCF on a sustained basis.

Benefits from Diversification: Fitch views TBG's revenue and
earnings as reasonably well diversified, providing downside
protection; 34% of FY18 revenue came from food production and
services, including international franchisee restaurants like KFC
and Pizza Hut, as well as distribution of high-quality food and
non-food articles from well-known international brands. TBG is well
entrenched in these relatively stable businesses, providing
earnings visibility. Tourism, hospitality and restaurants is small
in terms of revenue contribution (4% of FY18), but likely to
produce a relatively stable performance in light of Mongolia's
growing popularity and growth potential for tourism.

DERIVATION SUMMARY

The closest peers to TBG are consumer-focused companies like PT Pan
Brothers Tbk (B/Stable). Both have limited operating scale, but the
one-notch difference is due to TBG's lack of track record to
generate consistent positive free cash flow. The closest domestic
peer is Mongolian Mining Corporation (MMC, B/Stable). Both are
constrained by geographical concentration. However, it expect MMC's
leverage to be stable due to sustained profit generation and stable
capex spending, which supports the differential of one notch.

KEY ASSUMPTIONS

  - Double-digit revenue growth declining from the low 20s to
mid-teens, driven by continued growth in the cashmere segment,
supported by robust performance in the car dealership and
consumer-oriented business lines

  - EBITDA margin in the mid-teens, driven by lower profitability
in the car dealership and costs for the expansion of the cashmere
business and other consumer-oriented business lines

  - Maintenance capex at 3% of annual revenue, with a temporary
rise to 5% in FY20 for the planned new Toyota showroom

  - Continued negative FCF to reflect the risk of further
inventory-related outflows, but significant improvement reflecting
its expectation of a focus on inventory management

  - Dividends in line with management guidance

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage after adjusting for minorities at
Gobi below 3.0x

  - Significant improvement in inventory turnover leading to
sustained positive CFO at Gobi JSC and sustained positive FCF at
the consolidated TBG level

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

  - Failure to improve inventory turnover leading to worsening CFO
at Gobi JSC and accelerating cash burn at the consolidated TBG
level

  - FFO adjusted gross leverage after adjusting for minorities at
Gobi, sustained at above 4.5x

- Evidence of material weakening in market position, as reflected
in declining revenue and EBITDA

  - Failure to lengthen the debt maturity profile significantly

LIQUIDITY

Adequate Liquidity: Liquidity at TBG excluding Gobi will be
adequate because TBG has some flexibility to reduce dividends to
preserve cash. However, TBG's current reliance on short-term debt
is a weakness in its liquidity profile. Moreover, there is a risk
that its own liquidity could worsen as a result if Gobi's working
capital does not improve and TBG provides support to Gobi.



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

CBL CORP: Bank of China NZ Lifts Provision for Impaired Loan
------------------------------------------------------------
Duncan Bridgeman at The New Zealand Herald reports that Bank of
China New Zealand has revealed a NZ$19.6 million provision for
impairment losses, understood to be linked to a loan to stricken
insurance company CBL Corp.

The Herald relates that the bank did not identify the borrower in
its latest disclosure statement but CBL's administrators have
reported that the bank has applied to put CBL into liquidation with
a court hearing expected in May.

Bank of China does say the NZ$32.8 million loan is complex and
recovery uncertain.

"The information surrounding the financial condition of the
borrower and recoverability of the loan is complex in nature and
limited in availability," Bank of China (NZ) said in its disclosure
statement for the year to December 31, 2018, the Herald relays.

The level of provisioning has increased from NZ$12 million as at
December 2017.

"Judgment and estimation are required in determining the amount of
the provision for impairment loss. The provision for impairment
loss on the loan reflects management's best estimate of the
expected credit loss and the amount recovered may be more or less
than the provision recognized at December 31, 2018.

"However there is a high degree of judgment and uncertainty in the
provision and the loss ultimately suffered by the bank may be
significantly greater or less than the amount provided."

Auditor EY noted the issue under an "emphasis of matter" without
modifying its opinion on the bank's accounts, the Herald
discloses.

CBL has been in voluntary administration since February last year
after the Reserve Bank sought an interim liquidation of its New
Zealand supervised arm. Liquidators for subsidiary company, CBL
Insurance, have identified a potential shortfall of up to NZ$343m.

CBL Corp, an NZX listed company, itself owes almost NZ$172.8m to
creditors, including Bank of China and the Industrial and
Commercial Bank of China.

                          About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together with
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators by
the Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.

Messrs. Gibson and Jackson are administrators to these CBL entities
-- CBL Corporation Limited; LBC Holdings New Zealand Ltd; LBC
Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.



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

HANJIN HEAVY: Philippines Says Won't Bar Chinese Takeover Bid
-------------------------------------------------------------
Neil Jerome Morales and Karen Lema at Reuters report that all
offers from potential buyers of a strategically located but
debt-laden Philippine shipyard will be welcome, the trade minister
said on April 25, ruling out barring Chinese firms over national
security fears.

Reuters relates that Trade Secretary Ramon Lopez said the
government would not, and could not, block interested buyers of
distressed shipbuilder Hanjin Philippines, which defaulted on $1.3
billion in loans, of which $900 million is owed to South Korean
banks and the rest to five Philippine lenders.

Hanjin, a unit of South Korea's Hanjin Heavy Industries &
Construction Co Ltd, until recently employed 20,000 workers at its
yard in Subic Bay, which until 1992 was home to a U.S. navy base
used during World War Two and the Vietnam War.

Subic is considered an important asset because of the bay's
shelter, deep water and access to the South China Sea.

According to Reuters, Mr. Lopez was responding to a report by
Japan's Nikkei Asian Review that the Philippine government was set
to bar Chinese from bidding for the Subic facility because of
national security concerns, citing an unidentified trade ministry
official, who said the defence ministry had signified
reservations.

"We did not make any statement barring Chinese or any nationality
from bidding," Mr. Lopez told Reuters.

Reuters relates that Mr. Lopez said it would be up to creditors to
decide which offer to accept.

In January, Hanjin Philippines filed for court rehabilitation
proceedings as it grappled with a slump in the global shipping and
shipbuilding industry.

Defence Secretary Delfin Lorenzana, has voiced his support for the
shipyard to be controlled by a Philippine entity, possibly with the
navy buying a stake and using it to build vessels.

Interest from two unidentified Chinese firms, which was confirmed
to Reuters by a Philippine trade official, comes as China rapidly
expands and fortifies its presence in the South China Sea, a trade
route for $3 trillion of commerce each year, amid global concern
that Beijing is seeking to establish a new hegemony in Asia,
politically, economically and militarily.

It also comes amid U.S. warnings and growing global scrutiny of
Chinese technology firms because of fears they could be vehicles
for Chinese state spying, which they have rejected, Reuters says.

According to Reuters, John Thomas Deveras, senior executive
vice-president of the mid-sized lender Rizal Commercial Banking
Corp, said Chinese were not being excluded and at least eight
foreign companies had expressed interest and buying Hanjin. Hanjin
borrowed $145 million from RCBC.

"All companies can approach and negotiate," Mr. Deveras told
Reuters.

He said American, Japanese, Dutch, French, Swedish and South Korean
firms had made approaches, but declined to name them.

No timeframe has been announced for the sale, Reuters notes.

Cezar Consing, president of another creditor, Bank of the
Philippine Islands, which lent $52 million to Hanjin Philippines,
told shareholders on April 25 that talks on the sale were
progressing, according to Reuters.

"We believe there's some light at the end of the tunnel," the
report quotes Mr. Consing as saying.

                        About Hanjin Heavy

Korea-based Hanjin Heavy Industries & Construction Co. established
a shipyard in Subic, west of Manila, and delivered its first vessel
from the yard in July 2008. It uses the Philippine yard to build
big ships while its facility in Korea focuses on smaller vessels.

Hanjin Heavy Industries and Construction Philippines, Inc.
(HHIC-Philippines) filed for voluntary rehabilitation on Jan. 8,
2019, at the Olongapo City Regional Trial Court amid "heavy"
financial losses and debts amounting to about $400 million from
local banks.  The company reported that it also had $900 million in
debts with lenders in South Korea.

The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion).  HHIC-Philippines employs about 4,000 people.

The Korean company filed a financial rehabilitation plan before the
Olongapo City Regional Trial Court Branch 72.

Earlier this year, the court granted its petition for receivership
and placed the South Korean shipbuilding firm under corporate
rehabilitation.

Its liquidity problem had forced it to lay off more than 7,000
workers in December 2018, according to Rappler.com.



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

BOND PRICING: For the Week April 22, 2019 to April 26, 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.



                *** End of Transmission ***