TCRAP_Public/190507.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, May 7, 2019, Vol. 22, No. 91

                           Headlines



A U S T R A L I A

CLAYPAVE PTY: Creditors Place Company Into Liquidation
CREO MEDIA: Second Creditors' Meeting Set for May 14
ELLERY LAND: Placed in Liquidation; 22 Workers Lose Jobs
FLEXONICS PACIFIC: Second Creditors' Meeting Set for May 14
IE TRANSPORT: First Creditors' Meeting Set for May 14

JOSS SERVICES: Second Creditors' Meeting Set for May 14
STAR WALLING: First Creditors' Meeting Set for May 16


C H I N A

CITIC GUOAN: Misses Payment Due April 28 on CNY3 Billion Bond


I N D I A

AARTI INFRA: Insolvency Resolution Process Case Summary
ABG SHIPYARD: NCLT Orders Liquidation of Shipyard
ALPS COMMUNICATION: CARE Assigns B+ Rating to INR25cr LT Loan
ARRAY LAND: CARE Maintains 'D' Rating in Not Cooperating
ASSOCIATED APPLIANCES: Insolvency Resolution Process Case Summary

BTM CORP: CARE Maintains D Rating in Not Cooperating Category
BTM INDUSTRIES: CARE Maintains 'D' Rating in Not Cooperating
CHAMPA BITUMEN: CARE Assigns B Rating to INR6.22cr LT Loan
CITY TILES: Insolvency Resolution Process Case Summary
DELHI INTERNATIONAL AIRPORT: S&P Affirms 'BB' ICR, Outlook Stable

ENRICHED RESTAURANT: Insolvency Resolution Process Case Summary
GANPATI AGRI: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
GCL PRIVATE: Insolvency Resolution Process Case Summary
HI-ROCK CONSTRUCTION: Ind-Ra Moves 'BB-' LT Rating to Non-Coop.
HINDUSTAN PRODUCE: CARE Lowers Rating on INR6.93cr Loan to D

INDBARATH POWER: Unit in Tamil Nadu Goes Into Liquidation
INDSOLAR LIMITED: Insolvency Resolution Process Case Summary
J.M. INTERNATIONAL: Ind-Ra Lowers Long Term Issuer Rating to 'B'
JAGDAMBA FIBRES: Ind-Ra Affirms 'B+' Long Term Issuer Rating
KNOWLEDGE EDUCATION: Ind-Ra Maintains D Rating in Non-Cooperating

MANAGING COMMITTEE: CARE Lowers Rating on INR6.0cr Loan to D
MCPL PRIVATE: Insolvency Resolution Process Case Summary
MOHIT ISPAT: CARE Assigns B+ Rating to INR34.04cr LT Loan
NEELKANTH STEEL: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
NEW SURESH: CARE Maintains B+ Rating in Not Cooperating Category

NGRT SYSTEMS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
NORTHERN INDIA: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
PRAJWAL PROMOTERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
PRANAV FOUNDATIONS: CARE Lowers Rating on INR30cr LT Loan to D
PSK ENGINEERING: Ind-Ra Lowers Long Term Issuer Rating to 'D'

RAJYALAKSHMI HEALTHCARE: Ind-Ra Moves BB+ Rating to Non-Cooperating
RAKMO PRESS: CARE Assigns B+ Rating to INR6.75cr LT Loan
REGROW BIOSCIENCES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
RELIANCE COMMERCIAL: CARE Cuts Rating on INR12,500cr Loan to D
RELIANCE HOME: CARE Lowers Rating on INR4,979.92cr Loan to D

RENEW POWER: Fitch Puts BB- Issuer Default Rating, Outlook Stable
RIDDHI SIDDHI: CARE Migrates 'B' Rating to Not Cooperating
SAMRUDDHI REALTY: Insolvency Resolution Process Case Summary
SAVA HEALTHCARE: Ind-Ra Assigns 'BB' Long Term Issuer Rating
SHIVAANI ALLOY: Insolvency Resolution Process Case Summary

SHRI RAM: CARE Lowers Rating on INR7.50cr ST Loan to D
SOLUTREAN BUILDINGS: CARE Reaffirms B+ Rating on INR19.51cr Loan
SRI VASAVI: Ind-Ra Migrates BB Loan Ratings to Non-Cooperating
SURESH KUMAR: Ind-Ra Lowers Long Term Issuer Rating to 'D'
TECHTRAN POLYLENSES: Insolvency Resolution Process Case Summary

TIGER STEEL: CARE Cuts INR38.50cr Loan Rating to D, Not Cooperating
VANI ORGANICS: CARE Maintains B Rating in Not Cooperating Category
VANTA BIOSCIENCE: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
VENUS ROLLING: Insolvency Resolution Process Case Summary
ZEUS ENERGY: Moody's Rates $300MM Sr. Sec. Notes 'B1'



I N D O N E S I A

BARITO PACIFIC: Moody's Assigns First-Time B1 CFR, Outlook Stable
CHANDRA ASRI: Moody's Affirms CFR, $300MM Unsec. Note Rating at Ba3


M O N G O L I A

TAVAN BOGD: Fitch Rates Proposed USD Senior Notes 'B-(EXP)'
TAVAN BOGD: Moody's Assigns First-Time B3 CFR, Outlook Stable


N E W   Z E A L A N D

TRUE LINE: Bank Balance Still at Zero, Liquidators Report Reveals


S I N G A P O R E

CNA GROUP: Told to Delist after 4 Years on SGX Watch-List


T A I W A N

ORIENTAL SECURITIES: Fitch Affirms LT IDR at BB+, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week April 29, 2019 to May 3, 2019

                           - - - - -


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

CLAYPAVE PTY: Creditors Place Company Into Liquidation
------------------------------------------------------
At the second meeting of creditors on April 30, 2019, it was
resolved to place Claypave Pty Ltd into liquidation and appoint
Adam Ward of Worrells Solvency as liquidator.

"Worrells continued to trade the business since the voluntary
administration appointment on March 21, 2019 while its team
investigated the options for the company's future. The company's
business manufactured and sold clay bricks and pavers to trade
customers nationally and internationally. The company also operated
a retail outlet from premises in Dinmore, Queensland," Worrells
said in a statement.

As voluntary administrator, Mr. Ward ceased production of bricks
and pavers following a detailed financial analysis.

During the voluntary administration period, the administrator's
focus has been devoted to securing and realising any company
assets, securing its books and records, investigating company
affairs, and trading on the business.

Worrells advise that during the liquidation the business will
continue to trade to maximise recoveries. The company's bank, CBA,
holds registered mortgages and is currently working with Mr Ward to
achieve the best result for all stakeholders.

Income generated from trading the Claypave business and the sale of
tangible assets/or sale of the business as a going concern should
be sufficient to pay all known debts in full. Following the
appointment as liquidator Mr. Ward will now concentrate on the
sale. Interested parties should register their interest with the
Worrells Ipswich office via ipswich@worrells.net.au or 07 3280
6200.

Mr. Ward said, "The directors and senior managers have ensured that
all obligations with regard to statutory debts and lodgements have
been paid and lodged in accordance with the relevant time frames.

The directors, general manager and internal and external
accountants have continued to provide support during the trading
period."

CREO MEDIA: Second Creditors' Meeting Set for May 14
----------------------------------------------------
A second meeting of creditors in the proceedings of Creo Media Pty
Ltd has been set for May 14, 2019, at 3:00 p.m. at Level 7, 151
Castlereagh Street, Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2019, at 3:00 p.m.

Ian Purchas and Jason Porter of SV Partners were appointed as
administrators of Creo Media on March 29, 2019.

ELLERY LAND: Placed in Liquidation; 22 Workers Lose Jobs
--------------------------------------------------------
Lucy Manly at The Sydney Morning Herald reports that after closing
her two Sydney boutiques and making 22 staff redundant, fashion
entrepreneur Kym Ellery announced her Australian operation is
ending.

According to SMH, Ms. Ellery and her fellow director, dad Bruce
Ellery, appointed Bentleys Corporate Recovery to liquidate Ellery
Land, which was 100% owned by Ms Ellery through a holding company.

On April 26, the liquidators filed a notice to wind up the company
with the Australian Securities and Investments Commission (ASIC).

Emerald City understands former employees will have to apply to the
government under the Fair Entitlements Guarantee for their
redundancy pay, which can take up to 16 weeks to process, the
report says.

Earlier in April, Ms. Ellery removed her name from the Australian
company, changing it from Ellery Land to a catchy-sounding ACN 124
374 358 Pty Ltd, the Australian company number, SMH relates.

According to the report, the brand hosted a "mega sale" at
Paddington Town Hall this month with up to 90 per cent off
never-before-seen pieces.

SMH says renowned for its exaggerated silhouettes, 70s-inspired
tailoring and innovative use of textiles, Ellery Land is understood
to have taken an unsuccessful foray into denim and footwear,
leaving the company at a significant loss.

The closure of the once successful brand is the latest in a long
line of Australian fashion brands that have entered into voluntary
administration over the past few years, SMH states. Ellery
collections have since been stocked in a number of influential
global retailers including Dover Street Market, Selfridges, Browns
and Net-a-Porter.

At the peak of the brand's success, Ellery made its debut at Paris
Fashion week in October 2015 after being accepted by the event's
controlling body, the Federation de la Haute Couture et de La Mode.
It is understood Ellery's international businesses will continue,
the report notes.

According to SMH, Ms. Ellery is understood to remain in Paris,
which she has called home since 2016. She could not be reached for
comment but told the Australian Financial Review in a statement:
"Unfortunately, running the production out of Australia proved to
be commercially unsustainable."

FLEXONICS PACIFIC: Second Creditors' Meeting Set for May 14
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Flexonics
Pacific Pty Ltd, trading as Flexible Piping Systems, has been set
for May 14, 2019, at 11:00 a.m. at the offices of Mackay Goodwin at
Level 2, 10 Bridge Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2019, at 4:00 p.m.

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

IE TRANSPORT: First Creditors' Meeting Set for May 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of IE Transport
Pty Ltd will be held on May 14, 2019, at 10:00 a.m. at Suite 19.03,
Level 19, 31 Market Street, in Sydney, NSW.

Gavin Moss of Chifley Advisory was appointed as administrator of IE
Transport on May 2, 2019.

JOSS SERVICES: Second Creditors' Meeting Set for May 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Joss Services
Pty Ltd has been set for May 14, 2019, at 11:00 a.m. at the offices
of Cor Cordis, Level 20, 171 Sussex Street, Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2019, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Joss Services on April 10, 2019.

STAR WALLING: First Creditors' Meeting Set for May 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Star Walling
Solutions Pty Ltd will be held on May 16, 2019, at 11:00 a.m. at
the offices of SV Partners, at Level 7, 151 Castlereagh Street, in
Sydney, NSW.

Matthew John Bookless of SV Partners was appointed as administrator
of Star Walling on May 3, 2019.



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

CITIC GUOAN: Misses Payment Due April 28 on CNY3 Billion Bond
-------------------------------------------------------------
Bloomberg News reports that Chinese state-linked conglomerate Citic
Guoan Group Co. missed a bond payment for the first time as a
flurry of asset seizures stymied its liquidity.

According to Bloomberg, the Shanghai Clearing House said it didn't
receive funds for the coupon payment due April 28 on a CNY3 billion
($446 million) bond from Citic Guoan. The firm said in a filing
that the missed payment constitutes a default.  Bloomberg relates
that the delinquency came after almost all of its stakes in three
listed companies were pledged or frozen, China Lianhe Credit Rating
said in a report on April 26.  

A worsening liquidity crunch is sweeping through some of the
biggest Chinese conglomerates like Citic Guoan, underscoring
concerns that the funding pain is far from over despite bouts of
stimulus measures, Bloomberg says. Bonds from at least 44 companies
totaling $42.9 billion face repayment pressure, a 23 percent jump
from the tally at end-March, data compiled by Bloomberg show.

Citic Guoan Group's default reflects the company's aggressive
debt-fueled expansion and heightened refinancing difficulties,
Bloomberg discloses citing a report by China International Capital
Corp. Its diversified pool of shareholders without a controlling
owner has also resulted in limited power for state-owned Citic
Group to offer support despite its huge debt load, it said.

With at least CNY15 billion of onshore bonds outstanding, the
company, whose businesses range from financial investment to real
estate, is being closely watched by investors. It has accumulated
total liabilities of CNY178.3 billion as of Sept. 30, Bloomberg
discloses citing the company' latest financial results.

Citic Group sent a letter to China Banking and Insurance Regulatory
Commission to seek assistance to resolve a "liquidity risk" for
Citic Guoan, Time Weekly reported earlier this month, citing a
document from Citic Group, Bloomberg relays. Citic Guoan missed a
first quarter interest on a CNY2.5 billion financing and Bank of
Beijing Co., the guarantor for the debt, has made the payment
instead, the lender said in an exchange filing, according to
Bloomberg.

Baiyin Nonferrous Group Co., a Shanghai-listed affiliate of Citic
Guoan, dropped by the 10 percent daily limit at the close, its
third day of declines, Bloomberg discloses.

The firm was a wholly-owned subsidiary of Citic Group when it was
set up in the 1980s. In 2014, Citic Group's stake was cut to about
21 percent after Citic Guoan introduced five strategic investors
including Tianjin Wanshun Real Estate Co., Bloomberg notes.

CITIC Guoan Group Co., Ltd. engages in the finance, information
network, tourism, resource development, wine, real estate, culture,
and health care businesses.



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

AARTI INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Aarti Infra Projects Pvt. Ltd.
        Lanjewar Bhavan, House No. 140, Ward No. 126
        Tahsil Police Station Road, Gandhi bag
        Nagpur 440002

Insolvency Commencement Date: May 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 28, 2019
                               (180 days from commencement)

Insolvency professional: Charudutt Pandhrinath Marathe

Interim Resolution
Professional:            Charudutt Pandhrinath Marathe
                         Gomed, 915, Khare Town
                         Dharampeth, Nagpur 440010
                         E-mail: charuduttm@yahoo.co.in
                                 charuduttm@angelpro.co.in

Last date for
submission of claims:    May 15, 2019


ABG SHIPYARD: NCLT Orders Liquidation of Shipyard
-------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered liquidation of ABG Shipyard, one of the first of
the 'dirty dozen' accounts Reserve Bank of India red flagged for
insolvency proceedings under the newly introduced Insolvency and
Bankruptcy Code (IC) two years ago, despite protests from sole
bidder Liberty House that claimed its offer for the company
exceeded its liquidation value.

ET relates that the liquidation orders were pronounced at a court
room on April 26 after Liberty House's plea was heard by the
tribunal.

Liberty House had claimed that it offered a sum higher than the
liquidation value of the company and urged the tribunal to
entertain its bid, the report says.

The UK-based group, which has diversified business interests
covering steel, financial services and auto parts, had promised
upfront payments to banks of around Rs 400 crore with the remainder
to be paid over 5-10 years, according to people in the know,
according to ET.

ABG Shipyard's liquidation value was pegged at a little over Rs
2,000 crore by an independent valuer. The company owes a consortium
of banks around Rs 16,000 crore.

Liberty House has been unable to meet its commitments to lenders in
at least two other situations where it has submitted bids for
companies going through insolvency proceedings resulting in the
bankers rejecting its resolution plan, sources in the know said,
ET relays.

The Sanjeev Gupta-led company did not furnish details of financial
backing for its bid for Bhushan Power and Amtek Auto within the
stipulated time frame. "The court has orally passed orders for
liquidation today, we are awaiting written orders," the report
quotes Link Legal's partner, Siddharth Srivastava, as saying.
Srivastava is representing the resolution professional of the
company, Sundaresh Bhatt.

ICICI Bank leads the consortium of lenders that initiated the
insolvency proceedings against ABG Shipyard as it has the single
largest claim amongst the 22-bank consortium, the report notes.

Bhatt, who is a partner at Dutch advisory firm BDO, had ordered a
second round of bidding last year after expressions of interest by
suitors such as Shapoorji Pallonji and Mahindra & Mahindra did not
result in concrete financial offers, ET recounts. Liberty House was
the sole bidder in the first and second rounds of bidding, the
report says.

"Most of the infrastructure will be sold as scrap now during the
liquidation process," a banker in the know said, ET relays. The
vessel maker is the second shipbuilding company to be pushed into
liquidation after Bharati Defence and Engineering. Both companies
had coveted contracts from the Indian Navy to manufacture vessels,
the report notes.

                        About ABG Shipyard

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is engaged in
the construction and repair of various types of vessels as well as
rigs.

ABG Shipyard is among the first list of 12 companies that the
Reserve Bank of India has directed banks to refer to the bankruptcy
court immediately.

ALPS COMMUNICATION: CARE Assigns B+ Rating to INR25cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Alps
Communication Private Limited (ACP), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACP is constrained by
small scale of operations along with losses at PBILDT level in
FY18, weak overall solvency position. The rating is further
constrained by exposure to regulatory risk and presence in
competitive and low value therapeutics segment. The rating,
however, takes comfort from the experienced promoters.

Going forward, the ability of company to profitably scale up its
operations while improving its overall gearing ratio and
efficiently manage its working capital cycle would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small though growing scale of operations along with losses at
PBILDT level in FY18: The company commenced its commercial
operations in February, 2018. The total operating income of the
company stood small at INR1.71 crore in FY18 (refers to the period
April 1 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, the company has reported total operating
income of INR28.25 crore in 11MFY19 (Provisional) and has orders
worth INR3.00 crore in hand to be executed till April, 2019.

Owing to the initial stages of operations the company, the company
incurred losses at PBILDT level of INR0.90 crore in FY18. However,
in 9MFY19 (Provisional) the company earned profit at PBILDT level
of INR1.27 crore but owing to high depreciation expenses incurred a
net loss of INR2.39 crore. Nonetheless, the company earned cash
profit of INR1.12 crore in 9MFY19 (Provisional).

Weak overall solvency position: The capital structure of the
company stood highly leveraged due to company's high dependence
upon borrowings to setup the facility for manufacturing of
pharmaceuticals. The debt coverage indicators also remained weak in
FY18. On December 31, 2018 overall gearing also stood highly
leveraged owing to negative networth base.

Regulatory risk: Pharmaceutical industry is a closely monitored and
regulated industry and as such there are inherent risks and
liabilities associated with the products and their manufacturing.
Regular compliance with product and manufacturing quality standards
of regulatory authorities is critical for selling products across
various channels. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry.

Presence in competitive and low value therapeutics which limits the
growth: The competitive pressure in the domestic formulation market
has been rising steadily. While on one hand, this has been prompted
by significant increase in investments by domestic players in
marketing efforts through expansion in field force, on the other
hand, Multi-National Companies have also renewed their focus on
India. Hence, increasing competition and government price control
is expected to restrict margins. Furthermore, the company is
present in low value therapeutics segment which restricts the
profitability.

Key Rating Strengths

Experienced promoters: ACP is currently being managed and promoted
by Mr. Sanjay Singla, Mr. Rajeev Goel and Mr. Subhash Miglani. All
the promoters have 20 years of industry experience each gained
through their association with ACP and group concern, MMG
Healthcare (MMG) incorporated in 2008 and is also engaged in
manufacturing and selling of generic drug formulations. Moreover,
the promoters have adequate acumen about various aspects of
business which is likely to benefit ACP in the long run.

Liquidity Position
The average utilization of working capital limits stood at ~40% for
the last 12 months period ended February, 2019. The liquidity
position of the firm stood weak marked by current ratio of 1.14x
and quick ratio of 0.71x as on March 31, 2018. The company had free
cash and bank balance of INR0.06 crore as on March 31, 2018.

Alps Communication Private Limited (ACP) was incorporated in April
1997 by Mr. Paras Kirti Mehta and family members to undertake
manufacturing of mobile chargers. Subsequently, the company was
acquired by current promoters i.e. Mr. Rajeev Goel, Mr. Subhash
Miglani and Mr. Sanjay Singla in March 2014. The company ventured
into manufacturing of pharmaceuticals products from April 2017 when
the construction of the new unit commenced. The company undertakes
third party contract manufacturing of betalactum tablets and dry
syrups at its facility located in Kala Amb, Himachal Pradesh with
an installed capacity of 1500 lakh tablets and 150 lakh bottles of
dry syrup per annum as on December 31, 2018.

ARRAY LAND: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Array Land
Developers Private Limited (ALDPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       33.61      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 19, 2018 placed the
rating(s) of ALDPL, under the 'issuer non-cooperating' category as
ALDPL had failed to provide information for monitoring of the
ratings. ALDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated April 9, 2019, April 11, 2019, & April 15, 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

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its debt
obligations in time.

Decline in Total Operating Income: The total operating income has
declined from INR25.29 Crores in FY17 to INR24.28 Crores in FY18.

Key Rating Strengths

Increase in profitability margins and capital structure: PBILDT
margin increased from 82.47% in FY17 to 86.06% in FY18. PAT margin
increased from 22.25% in FY17 to 28.71% in FY18. The capital
structure marked by overall gearing of the company has also
improved from 8.78x as of March 31, 2017 to 4.26x as of March 31,
2018.

Array Land Developers Private Limited (ALDPL) was incorporated in
the year 2008 and promoted by Mr. K Siva Kumar and Mrs. V. K.
Shashikala. The company is engaged in wind power generation. In
order to enter into wind power business, ALDPL started its
operations in November 2014 by purchasing 20 no. of wind turbine
generators (WTGs) from various clients which were operational and
located at Tirunelveli, Tamil Nadu having total capacity of 15 MW.
The total cost incurred for buying 20 WTGs (15MW) was INR6.00 crore
funded by unsecured loans of INR6.00 crore. FY16 was the full year
of operation for the company with total capacity of 15 MW as on
March 31, 2016. In July and August 2016, the company purchased
additional 13 no. (17.18MW) of WTGs at a total cost of INR56.25
crore funded by unsecured loan of INR13 crore , long-term bank
loans of INR33.61 crore, equity INR0.50 crore and internal accruals
INR9.14 crore. Presently, the total installed capacity of WTGs is
32.18 MW as on October 31, 2016. The installed WTGs were
manufactured by NEPC India Limited, RRB Energy Limited and Suzlon
Energy Limited.

ASSOCIATED APPLIANCES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Associated Appliances Limited

        Registered office:
        D-218, Ground Floor, Sarita Vihar
        New Delhi 110076

        Production Unit/Factory:
        Sitarganj, Plot no. A-194/L
        E.S.I.P. Sitarganj
        Udham Singh Nagar 262405, Uttarakhand

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 13, 2019

Insolvency professional: Jyoti Ranjan Tarafdar

Interim Resolution
Professional:            Jyoti Ranjan Tarafdar
                         A-1/25, 1st Floor, Mahavir Enclave
                         Part-1, Main Palam Dabri Road
                         Above Bank of Baroda
                         New Delhi 110045
                         E-mail: ip.jyotiranjan@gmail.com
                                 aalcirp@gmail.com

Last date for
submission of claims:    May 13, 2019

BTM CORP: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM Corp
Limited (BTM) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      27.00      CARE D; Issuer not cooperating
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated February 13, 2018, placed
the rating(s) of BTM under the 'issuer non-cooperating' category as
BTM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BTM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 15, 2019, March 23, 2019 and March 29, 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(s).

Detailed description of the key rating drivers

At the time of last rating on February 13, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Delays in debt servicing: As per banker interaction, there was
delay in debt servicing owing to net loss.

Bhilwara (Rajasthan) based BCL was incorporated in October, 2005 by
Tekriwal brothers as a closely held public limited company. Mr.
Rajeev Tekriwal is the Managing Director and the other two brothers
Mr. Anil Tekriwal and Mr. Sanjeev Tekriwal are the Directors on the
board of BCL. The company is engaged in the business of
manufacturing of grey (cotton, polyester and synthetic) fabrics
grey fabric.

BTM INDUSTRIES: CARE Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM
Industries Limited (BTMIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      27.00      CARE D; Issuer not Cooperating
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated February 13, 2018, placed
the rating(s) of BTMIL under the 'issuer non-cooperating' category
as BTM had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BTM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 15, 2019, March 23, 2019 and March 29, 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(s).

Detailed description of the key rating drivers

At the time of last rating on February 13, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Delays in debt servicing: As per banker interaction, there was
delay in debt servicing owing to net loss.

Incorporated in 1998, BTMIL is part of "BTM group" based out of
Bhilwara. BTMIL is engaged in the business of processing of
synthetic grey fabrics and trading of finished fabrics. BTM group
consists of BTM Corp Limited (BCL) and Prestige Suitings Private
Limited (PSPL) which are also engaged in manufacturing of synthetic
grey fabric.

CHAMPA BITUMEN: CARE Assigns B Rating to INR6.22cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Champa
Bitumen Hot Mixture Plant (CBMP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           6.22       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CBMP is primarily
constrained by its proprietorship nature of constitution, nascent
stage of operation with small scale, highly competitive &
fragmented industry with many regional unorganized players,
volatility in profit margins subject to raw material price
fluctuations and working capital intensive nature of operations.
The rating, however, derives strength from its experienced
proprietor and high growth prospects of the industry.

Going forward, ability of the firm to improve its scale of
operation along with profitability margins and efficient management
of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Proprietorship nature of constitution: CBMP, being a Proprietorship
firm, is exposed to inherent risk of Proprietor's capital being
withdrawn at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the Proprietor.
Furthermore, proprietorship firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders.

Nascent stage of operation with small scale: The operation of the
firm has started from February 2018, thus having around a year of
track record and during two months of operation during FY18, the
firm has earned a total operating income of INR3.23crore with a PAT
of INR0.31 crore. Furthermore, the firm has negative net worth of
INR0.64 crore as on March 31, 2018 due to withdrawal of capital by
proprietor. The small scale restricts the financial flexibility of
the firm in times of stress. During 11MFY19, the firm has
achieved total operating income of INR30.00 crore.

Highly competitive & fragmented industry with many regional
unorganized players: The Bitumen and Asphalt mixing industry is
highly competitive and fragmented with many regional unorganized
players. CBMP is expected to face severe competition from
unorganized players due to low entry barrier and low capital needs
which exposing it to pricing and profitability pressures.

Volatility in profit margins subject to raw material price
fluctuations: The prices of major inputs like Bitumen and Asphalt
etc. are volatile in nature. The kind of raw materials are largely
imported in India. Accordingly, any volatility in input prices may
adversely affect the profitability of the firm.

Working capital intensive nature of operations: The operation of
the firm is working capital intensive in nature. The working
capital needs reflects in high utilization of working capital
borrowing at around 85% during last 12 months ending on Feb 2019.

Key Rating Strengths

Experienced proprietor: CBMP is currently managed by Mrs Sewli
Mohilary, proprietor, along with a team of experienced personnel.
The entire proprietor is having over a decade of experience in
similar line of business.

High growth prospects of the industry: With the increase in
construction and infrastructure works in the country and high
expenditures from Government agencies, demand of hot mixing plant
and outputs like bitumen and asphalt mixes are increasing.

Champa Bitumen Hot Mixture Plant (CBMP) was established during May
2017 as a proprietorship firm to initiate a Bitumen and Asphalt
Mixing unit at Kokrajhar in Assam. During February 2018, the firm
has started its commercial operation with an installed capacity of
1,00,000 MTPA. The firm sells its products to the local
construction projects. The day-to-day affairs of the firm are
looked after by Mr Sewli Mohilary, proprietor, along with a team of
experienced personnel.

Liquidity
The liquidity position of the firm was weak as on March 31, 2018.
Cash and Bank Balance was about INR0.14 crore and current ratio of
the firm was at 0.79x as on March 31, 2018. This apart, quick ratio
was at 0.55x as on March 31, 2018. During FY18, GCA was of INR1.01
crore.

CITY TILES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: City Tiles Limited
        At & Post-Dalpur, Ceramic City
        Katwad Road, Ta-Prantij
        District Sabarkantha 383120, Gujarat

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 18, 2019
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II
                         Opp. GLS University
                         Maradia Plaza Lane
                         C.G. Road Ahmedabad 380006
                         E-mail: pksheth@hotmail.com
                                 irp.citytiles@gmail.com

Last date for
submission of claims:    May 16, 2019


DELHI INTERNATIONAL AIRPORT: S&P Affirms 'BB' ICR, Outlook Stable
-----------------------------------------------------------------
On May 6, 2019, S&P Global Ratings affirmed the 'BB' long-term
issuer credit rating on Delhi International Airport Ltd. (DIAL).
S&P also affirmed the 'BB' long-term issue rating on the Indian
airport operator's senior secured notes. At the same time, S&P
assigned its 'BB' long-term issue rating to the company's proposed
US$350 million notes.

S&P said, "We affirmed the ratings on DIAL because we believe the
certainty on base airport charges, increasing non-aero revenue, and
a large cash balance will delay a weakening in its leverage due to
large expansion in capital expenditure (capex). High visibility on
existing cash flow and potential upside from a favorable tariff
review or an increase in rental income from more commercial
property development (CPD) can support financials when they are
likely to weaken significantly from the year ending March 2022.

"We anticipate less regulatory uncertainty and an increase in
aero-revenue visibility because of the base airport charges (BAC)
that the Airports Economic Regulatory Authority of India
implemented in December 2018. While the company awaits its
control-period 3 (CP3) tariff implementation, we believe the BAC
will buffer against possible future negative regulatory outcomes.
This is because DIAL can rely on the BAC if the tariff reset is
severely delayed or if the eventual CP3 tariff is lower than the
current BAC, which could happen if there are no positive
resolutions to DIAL's ongoing regulatory disputes. Therefore, we
believe DIAL is less dependent on a timely CP3 reset due to the BAC
and the company's forthcoming CPD. Following the BAC
implementation, we expect aero revenue to recover to more than
INR10.5 billion-INR11 billion in fiscal year ending March 2020
onwards, from about INR9.8 billion in fiscal 2019."

On March 28, 2019, Bharti Realty signed a 17-year agreement
(extendable) to lease 4.9 million square meters of commercial
development from DIAL. Under the terms of the lease agreement, DIAL
will benefit from lease payments of about INR3.7 billion per year
and receive a one-time upfront security deposit payment of
approximately INR15.3 billion in fiscal 2020. This monetization
will also support cash flow generation and visibility. S&P
anticipates these additional CPD payments to bolster DIAL's cash
flow amid both lower aero revenue and uncertainty of its CP3 tariff
(April 2019-March 2024).

S&P believes DIAL's operating cash flow (OCF)--which includes
interest income--represents the company's ability to service its
debt over the projected period. DIAL derives its interest income
from long-term refundable security deposits of about 50 years,
which is an inherent part of the company's business
model--providing significant capital for airport development and
capex.

S&P said, "Due to the company's large capex program of up to INR100
billion over the next three years, we expect higher leverage in the
absence of any positive tariff adjustments. We project DIAL's
OCF-to-debt ratio to be 8%-13.5% over fiscals 2020 and 2021.
However, this ratio will fall sharply to about 5% in fiscal 2022
due to higher interest servicing cost when most of the capex is
utilized. In our view, EBITDA will grow to about INR9.7 billion in
fiscal 2020 from approximately INR5.6 billion in fiscal 2019, while
adjusted net debt will balloon to INR97 billion in fiscal 2022 from
INR37.5 billion in fiscal 2019.

"We believe DIAL's existing cash flow has a high degree of
visibility and the company can benefit from the CP3 tariff if the
tariff is higher than the BAC or if the company succeeds in further
CPD. Lingering uncertainty and delays in India's regulatory tariff
reset continue to weigh on DIAL's credit profile.

"The stable outlook reflects our view that DIAL's OCF-to-debt ratio
will remain above 8% over the next 12-18 months. This is based on
certainty of base airport charges and CPD-related rental income and
cash flow. We expect DIAL to adequately manage execution risk for
its large expansion while continuing existing operations.

"We could lower the ratings on DIAL if we expect the company's
OCF-to-debt ratio to fall materially below 8%, which could happen
if: (1) the company faces delays in realizing rentals or if
interest income is significantly lower due to uncertainty in
receiving security deposits from CPD; (2) capex is significantly
higher than we previously anticipated without a corresponding
increase in tariff; and (3) interest obligations increase
significantly to fund future capex without favorable tariff or CPD
developments."

In addition, downgrade pressure could also arise if ultimate
majority shareholder, GMR Infrastructure, has a materially negative
influence on DIAL's strategy or cash flow. Negative pressure could
arise from significantly large dividend payouts or intercompany
loans and advances.

S&P said, "We may raise the ratings on DIAL if we expect the
company's funds from operations (FFO) cash interest coverage to be
more than 2x on a consistent basis. We believe this would depend on
future tariff revisions that are timely and reflect additions to
the regulated asset base. An upgrade would also assume
stabilization of the company's regulatory environment with improved
timeliness of tariff adjustments and resolution of regulatory
disputes."


ENRICHED RESTAURANT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Enriched Restaurant Private Limited
        22 A, First Floor, JLG House, Janpath
        New Delhi 110001

Insolvency Commencement Date: April 23, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Durga Das Agrawal

Interim Resolution
Professional:            Durga Das Agrawal
                         KBL Agrawal & Co.
                         413 Vikasdeep Building
                         Laxmi Nagar District Centre
                         New Delhi 110092
                         E-mail: cadda.ip@gmail.com

                            - and -

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

Last date for
submission of claims:    May 7, 2019


GANPATI AGRI: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ganpati Agri
Business Pvt Ltd.'s (GABPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR170 mil. (increased from INR120 mil.) Fund-based working
     capital limits upgraded with IND BB+/Stable rating; and

-- INR37.82 mil. Term loan due on September 2020 upgraded with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects a rise in the revenue and an improvement in
the credit metrics of GABPL in FY19. The company's revenue rose to
INR1,728 million in FY19 from INR1,062 million in FY18, driven by a
rise in sales volume. Its interest coverage was 2.42x in FY19
(FY18: 2.20x) and net financial leverage was 4.31x (6.32x). The
improvement in the credit metrics was driven by a proportionately
higher rise in absolute EBITDA than that in debt and interest
expenses. FY19 financials are provisional.

The ratings, however, reflect a decline in the operating margin to
4.12% in FY19 from 4.39% in FY18. The return on capital employed
was 12% in FY19 (FY18: 9%). The margin was average.

The ratings also reflect the tight liquidity of GABPL. The
company's average fund-based limit utilization was 94% for the
12months ended in March 2019. Its cash flow from operations was
negative INR10.29 million in FY19 (FY18: negative INR55.69
million).

The ratings continue to be supported by the promoters' nearly two
decades of experience in the poultry and cattle feed industry.

RATING SENSITIVITIES

Negative: Any deterioration in the scale of operations, credit
metrics or liquidity will be negative for the ratings.

Positive: Any improvement in the scale of operations, along with
any improvement in the credit metrics and the liquidity, will be
positive for the ratings.

COMPANY PROFILE

GABPL was incorporated in 2011 by Mr. Atul Kumar Singh and his wife
Mrs. Shavi Singh, who are both directors. The company manufactures
poultry and cattle feed, comprising mustard cake, de-oiled mustard
cake, rice bran, and de-oiled rice bran.

GCL PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. GCL Private Limited

        Registered office address:
        A 419/420, 10th Main, 2nd Stage
        Peenya Industrial Estate
        Bangalore 560058

Insolvency Commencement Date: May 1, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Mr. Shivadutt Bannanje

Interim Resolution
Professional:            Mr. Shivadutt Bannanje
                         Manipal Centre, S-709
                         South Block, 47, Dickenson Road
                         Bangalore 560042
                         Mobile: +91 9845286251
                         E-mail: ip.shivaduttb@gmail.com

Last date for
submission of claims:    May 14, 2019


HI-ROCK CONSTRUCTION: Ind-Ra Moves 'BB-' LT Rating to Non-Coop.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hi-Rock
Construction 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 action is:

-- INR200 mil. Long-term loans due on June 2021 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Hi-Rock Construction is engaged in the
redevelopment of residential buildings. The company so far has
completed eight projects. The current residential project has 24
storeys and 48 flats.

HINDUSTAN PRODUCE: CARE Lowers Rating on INR6.93cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hindustan Produce Company (HPC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       2.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term Bank      6.93       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of HPC
takes into account the on-going delay in the debt servicing of the
entity.

Going forward, the ability of the entity to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
debt servicing of the entity and currently the account is
classified as a NPA.

Hindustan Produce Company (HPC) was constituted as partnership firm
in January 1964 by the Keyal family of Kolkata, West Bengal.
However, the firm was reconstituted on admission of three new
partners via partnership deed dated May 24, 2011. Currently the
firm is managed by six partners namely: Mr. Surendra Kumar Keyal,
Mr. Vijay Kumar Keyal, Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs.
Pramila Keyal and Mrs. Bandana Keyal having equal share in the
firm. Since its inception, the firm has been engaged in trading of
various kinds of ferro alloys, sponge iron, scraps, refractories,
graphite powder and other raw materials required for iron and steel
manufacturing plants. The firm derives 100% revenue from domestic
market and the client of the firm includes Steel Authority of India
Ltd, Rashtriya Ispat Nigam Ltd, Ordinance Factory (Government of
India), Electrosteel Steels Ltd etc. The firm imports around 50% of
its total required traded materials from China and rest purchases
happen from domestic market.

Liquidity position: The liquidity position of the entity remained
stressed as reflected by its on-going delay in debt servicing.

INDBARATH POWER: Unit in Tamil Nadu Goes Into Liquidation
---------------------------------------------------------
The Economic Times reports that a subsidiary of IndBarath Power has
been pushed into liquidation by its financial creditors after they
were unable to agree on a bid for one of the stressed power
projects of the company.

Axis Bank, Power Finance Corporation and Rural Electrification
Corporation bickered over a bid by Alliance Projects as well as an
offer to settle dues that was made by the company's Hyderabad-based
promoters, as per details in an order passed by the National
Company Law Tribunal has reviewed, ET says. Khabar India relates
that the NCLT passed orders for appointment of Dutch advisory firm
BDO's Ashish Rathi as official liquidator for the arm's assets.

According to the report, the arm owns a 660 megawatt power project
in the Tuticorin district of Tamil Nadu that is built over nearly
600 acres, the report discloses. The best bid for the stressed
project was pegged at INR300 crore.

"The order shall deemed to be a notice of discharge to the
officers, employees and workmen of the corporate debtor, except
when the business of the corporate debtor is continued during the
liquidation process by the liquidator", the order passed by the
NCLT's Hyderabad bench stated, ET relays.

Australian asset manager Macquarie has also filed a petition to
initiate insolvency proceedings against another arm of the same
group, the report notes.

Ind-Barath Power Infra Limited, a holding company, offers power
infrastructure services. It operates thermal, gas, and renewable
power plant for generating electricity. The company also manages
power projects based on fuels, such as coal, gas, and renewable
energy. Ind-Barath Power Infra Limited was formerly known as
Ind-Barath Infra Private Limited.

INDSOLAR LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Indosolar Limited

        Registered office:
        C-12, Friends Colony (East)
        New Delhi 110065

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 12, 2019
                               (180 days from commencement)

Insolvency professional: Gulshan Gaba

Interim Resolution
Professional:            Gulshan Gaba
                         GH-13, Flat No. 882
                         Paschim Vihar
                         New Delhi 110087

                            - and -

                         E-149, First Floor
                         Opposite Sainik Vihar's Gate-1
                         Rishi Nagar, Rani Bagh
                         New Delhi 110034
                         E-mail: cagulshangaba@yahoo.com
                                 cirp.indosolar@gmail.com

Last date for
submission of claims:    April 29, 2019


J.M. INTERNATIONAL: Ind-Ra Lowers Long Term Issuer Rating to 'B'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded J.M.
International's (JMI) Long-Term Issuer Rating to 'IND B' from 'IND
B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR250 mil. Fund-based working capital limit Long-term rating
     downgraded; Short-term rating affirmed with IND B/Stable/IND
     A4 rating.

KEY RATING DRIVERS

The downgrade reflects that the revenue of JMI is likely to have
declined in FY19 owing to adverse market conditions, deteriorating
the credit metrics. JMI's revenue is likely to have declined 26.38%
YoY to INR345.44 million in FY19 on account of a fall in orders.
The scale of operations remains modest. JMI's interest coverage
(operating EBITDA/gross interest expense) and net financial
leverage (total adjusted net debt/operating EBITDAR) are likely to
have been 1.31x and 10.21x in FY19 compared with 1.38x and was
6.69, respectively. The deterioration in the credit metrics is
likely to have been due to an increase in debt in FY19 and an
increase in the interest expenses.

The ratings continue to reflect the modest EBITDA margin of JMI,
albeit the margin is likely to have risen to 2.63% in FY19 from
1.64% in FY18, primarily driven by a low purchase of stock. In
addition, JMI's return on capital employed is likely to have stood
at 9% in FY19 (FY18: 6%).

The ratings, however, continue to derive strength from JMI's
comfortable liquidity, indicated by an average 45% use of
fund-based limits for the 12 months ended March 2019. The firm's
cash flow from operations was around INR110.20 million in FY18
(FY17: INR25.25 million). Its cash and cash equivalent declined to
INR0.13 million in FY18 from INR0.20 million in FY17.

The ratings further continue to be supported by the promoter's
experience of over three decades in the spice industry and the
firm's strong ties with customers and suppliers.

RATING SENSITIVITIES

Negative: Any substantial decline in the scale of operations,
leading to any deterioration in the credit metrics, will be
negative for the ratings.

Positive: Any improvement in the scale of operations, along with
any improvement in the credit metrics, will be positive for the
ratings.

COMPANY PROFILE

New Delhi-based JMI is a proprietary concern that is engaged in the
trading of Indian and imported spices, especially cloves in the
domestic market.

JAGDAMBA FIBRES: Ind-Ra Affirms 'B+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jagdamba Fibres
Private Limited's (JFPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limits affirmed with IND

     B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects JFPL's continued weak credit metrics due
to modest EBITDA margins. The metrics deteriorated on a YoY basis
in FY18 as the operating EBITDA fell to INR8.14 million (FY17:
INR11.33 million), mainly due to a drop in realizations. The
interest coverage was 1.3x (1.6x) and net financial leverage stood
at 7.6x (6.1x).  The RoCE was 7% (6%), and the operating EBITDA
margin fell to 4% (4.6%) due to increased raw material costs. The
company faces volatility in raw material costs, as they are linked
to crude oil prices, and it also has to deal with the intense
competition in the industry.

Additionally, JFPL's scale of operations continues to be small, as
indicated by revenue of   INR204 million in FY18 (FY17: INR247
million). The revenue declined because of poor market conditions.
In 11MFY19, however, the revenue rose to INR247 million due to an
increase in orders received.

The ratings are further constrained by the company's tight
liquidity position, with 95% average utilization of its working
capital limits during the 12 months ended March 2019. The cash and
cash equivalents stood at INR0.17million at end-FY18E.

The ratings, however, are supported by the directors' experience of
25 years in the yarn manufacturing business.

RATING SENSITIVITIES

Negative: Further deterioration in the scale of operations or
credit profile, on a sustained basis, will be negative for the
ratings.

Positive: An improvement in the scale of operations along with the
credit metrics, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

Established in 1987, JFPL manufactures textile yarn at its 3000
metric-tons-per-annum facilities in Surat. Its operations are
managed by Mr. Sajjankumar Agarwal and Ved Prakash Goel.

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

The instrument-wise rating actions are:

-- INR38.63 mil. Term loan (long-term) due on February 2019     
     maintained in Non-Cooperating Category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR15 mil. Working capital facility (long-term) maintained in
     Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

COMPANY PROFILE

Knowledge Education Foundation is a registered foundation that,
along with Delhi Public School Society, runs a Central Board of
Secondary Education-affiliated school under the name Delhi Public
School in Bikaner.

MANAGING COMMITTEE: CARE Lowers Rating on INR6.0cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Managing Committee of Institute of Management Information
Science (MCIMIS), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                     Revised from CARE B; ISSUER NOT
                                  COOPERATING on the basis of
                                  Best available information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
MCIMIS takes into account the on-going delay in the debt servicing
of the entity.

Going forward, the ability of the entity to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
servicing of term loan of the entity.

MCIMIS was set up in December 1996 as a society. The society is
running educational institution in the name of Institute of
Management & Information Science (IMIS) at Bhubaneswar, Orissa. The
Institute has intake sanctioned capacity of 120 students for Post
Graduate Diploma in Management (PGDM) for the academic year
2016-2017 and the course is approved by All India Council for
Technical Education (AICTE).

MCPL PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: MCPL Private Limited

        Registered and Business office:
        CMM Building, Rua De Ourem, Panaji
        Goa 403001

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ashish Vyas

Interim Resolution
Professional:            Ashish Vyas
                         B-1A Viceroy Court CHS
                         Thakur Village, Kandivali East
                         Mumbai 400101
                         E-mail: ashishvyas2006@gmail.com

                            - and -

                         103 Arch Gold Apt.
                         Next to MTNL Exchange
                         S.V. Road, Poinsar, Kandivali (West)
                         Mumbai 400067
                         E-mail: ipmcplpl@gmail.com

Last date for
submission of claims:    May 10, 2019


MOHIT ISPAT: CARE Assigns B+ Rating to INR34.04cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mohit
Ispat Limited (MIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          34.04       CARE B+; Stable Assigned

   Long/Short Term
   Bank Facilities      5.00       CARE B+; Stable/CARE A4
                                   Assigned

   Short Term Bank
   Facilities          30.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MIL constrained by,
inherent cyclicality and regulatory nature of the Steel industry,
highly fragmented and competitive nature of the industry, working
capital intensive nature of operations, vulnerability of profits to
raw material price movements, moderated Profitability and capital
structure. The ratings derive its strength from experienced
promoters, established market presence, completion of backward
integration of M/S Billets plant along with improved scale of
operations and financial support from the promoters from time to
time.

Withdrawal of unsecured loans by the promoters or any further debt
funded capital expenditure is a key rating sensitivity.

Improvement in profit margins and managing working capital cycle is
a key rating sensitivity:

Detailed description of the key rating drivers

Key Rating Strengths

Established track record and experienced management: MIL is
currently controlled and managed by the first generation
entrepreneurs. Mr. Harsh Vardhan Mittal and his son Mr. Achintya
Mittal look after the day to day operations and other aspects of
the business. Mr. Harsh Vardhan Mittal is a commerce graduate and
has over 30 years of experience. Mr. Achintya Mittal is a
Production Engineer and an MBA having an experience of around 8
years.

Established market presence: MIL sells its TMT bars under the brand
name of 'Kamdhenu.' The company has established presence and caters
to the states of Goa, Maharashtra, Karnataka and Kerela through an
established dealer network.

Key Rating Weaknesses

Financial Risk Profile characterized by moderate growth and low
profitability: The TOI of the company has increased in FY18 (A) to
INR287.89 crores from INR200.97 crores in FY 17(A) and INR210.38
crores in FY16 (A) registering a CAGR of 11.02%. The increase in
TOI is backed by backword integration of production of M/S Billets
and overall increase in capacity utilization. The PBILDT margin has
improved from 3.11% in FY17 to 4.13% in FY18. There is an increase
in the interest cost of the company in FY18 to INR8.10 crores from
INR5.23 crores in FY17 (A) on account of the new term loan taken
for capital expenditure. However the company registered losses to
the tune of INR1.11 crores mainly on account of deferred tax
expenditure in FY18 as against a profit of INR0.11 crores in FY17.
The Gross cash accruals of the company remained comfortable at
INR3.79 crores for FY18 as against INR1.98 crores for FY17. The
Interest coverage ratio though improved but remained moderate at
1.47x for FY18 as against 1.19x in FY17. On account of introduction
of subordinated debt to the tune of INR21 crores by the promoters
the overall gearing remained comfortable at 1.91x as on March 31,
2018 as against 1.55x as on March 31, 2017, the marginal
deterioration is on account of increased working capital
utilization. In 9MFY19 the company has registered a TOI of
INR329.29 crores along with a PBILDT margin of 2.80%, while the
interest coverage ratio stood at 1.83x.

Working capital intensive nature of operations: The working capital
cycle of MIL was around 18 days on the back of collection period of
27-35 days for the last year ended March, 2018 (A). The company
enjoys a credit from its suppliers for around 40 – 50 days. The
company has a policy to maintain a raw material inventory of around
30 to 35 days and finished goods for 8 to 10 days.

Cyclicality inherent in the steel industry: The steel industry is
sensitive to the shifting business cycles, including changes in the
general economy, interest rates and seasonal changes in the demand
and supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel projects
risk associated to mismatch of supply side to demand side.
Furthermore, the value addition in the steel construction materials
like TMT bars is also low, resulting into low product
differentiation in the market. The producers of steel construction
materials are essentially price-takers in the market, which
directly expose their cash flows and profitability to volatility in
the steel prices.

Highly Competitive Market: MIL manufactures steel products and
operates in an industry which comprises of several small players in
the unorganized sector and is also characterized by high degree of
fragmentation. There also exist big sized players with established
and integrated operations along with strong marketing &
distribution network resulting in intense competition in the
industry. The industry is characterized by low entry barriers and
low level of product differentiation due to minimal technological
inputs and availability of standardized machinery for production.
It remains to be seen how MIL will cope with these challenges in
the medium term.

Customer and Supplier Concentration risk: The company operates in a
high risk of concentration. Around 80% of the supplies are sourced
from its top 10 suppliers amounting to INR152.51 crores. While the
top 10 customer's form 82% of the total sales amounting to
INR209.96 crores.

Liquidity: The company has a free cash balance of INR5.00 crores as
on March 31, 2018 as against a current debt liability of INR3.40
crores. The company has generated cash accruals of INR4.15 crores
in 9MFY19 (Prov). Further the promoters have introduced INR27.33
crores in the company in tranches over a period of 3 years out of
which INR21. 00 crores have been subordinated.

M/S Mohit Ispat Limited (MIL) was formed in 1997 by Mr. Harsh
Vardhan Mittal. The company is in the business of manufacturing of
Thermo-Mechanical Treatment (TMT) bars in Goa. The company has an
installed capacity of manufacturing of TMT Bars of 84000 MT. MIL
has an in-house capacity capacity to produce MS Billets the raw
material required to produce TMT bars.

NEELKANTH STEEL: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Neelkanth Steel
and Alloys' 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 action is:

-- INR225.00 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1994, Neelkanth Steel and Alloys is a partnership
firm and an authorized distributor for Tata Steel Limited. It is
engaged in the distribution of iron and steel products in western
Uttar Pradesh.

NEW SURESH: CARE Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Suresh
Fashion Jewellery (NSFJ) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.00      CARE B+; Stable Issuer Not
   Facilities                     Cooperating; Based on best
                                  Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2018, placed
the rating(s) of NSFJ under the 'issuer non-cooperating' category
as New Suresh Fashion Jewellery had failed to provide information
for monitoring of the rating. New Suresh Fashion Jewellery
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 9, 2019, April 10, 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

At the time of last rating on February 27, 2018 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations and limited experience of promoters: The
operations of NSFJ are small scale marked by a net worth of INR0.75
crore as on March 31, 2016 and total operating income of INR13.81
crore in FY16. NSFJ was formed only in 2012 and the proprietor has
an experience of only 4 years in the jewellery manufacturing and
trading industry.  Thin and decreasing trend in profitability
margins The PBILDT margin has been thin and decreasing year-on-year
during the period under review. The margin declined by 86 bps from
4.68% in FY14 in FY15 to 3.82% and by 85 bps to 2.97% in FY16 owing
to increasing purchase cost of gold and silver. The PAT margin has
also been declining from 1.77% in FY14 to 0.92% in FY15 and further
to 0.64% in FY16 owing to increase in interest and finance charges
during the period under review.

Moderately leveraged capital structure and weak debt coverage
indicators: The overall gearing of the firm though improved stood
moderately leveraged at 2.80x as on March 31, 2016 compared to
4.18x as on March 31, 2015. The debt-coverage indicators marked by
interest coverage and Total debt/GCA too stood weak at 1.52x and
15.00x respectively as on March 31, 2016 in spite of showing
improvement over FY15, owing to low profitability and low cash
accruals as on year end date.

Labour intensive nature of operations: Indian gem and jewellery is
one of the fastest growing sectors and it is extremely export
oriented and labour intensive. The intricate design and handling of
jewellery require skilled to semi-skilled labour for its
manufacture and maintenance. NSFJ employs 50 employees in its
factory as well as showroom among whom some are skilled craftsmen
for the jewellery design.

Proprietorship nature of constitution: NSFJ is constituted as a
proprietorship firm wherein it is exposed to frequent withdrawal of
capital and resultant erosion of the net worth resulting in lower
capital base despite the firm being able to generate sufficient
profits in the past.

Susceptibility to volatility in the prices of gold and silver:
Fluctuating gold rates are a common trend across the globe,
changing on an almost daily basis. Gold rates have been on a roller
coaster ride in the last few months, reaching great highs below
falling to extreme depths.

Presence in competitive ornaments industry in India: The
improvement in availability along with the reintroduction of low
cost gold metal loans and likely stabilization of gold prices at
lower levels is expected to drive volume growth for jewellers over
short to medium term.

Key Rating Strengths

Significant growth in total operating income: The operations of
NSFJ grew at a CAGR of 95.05% during the period under review. The
total operating income (TOI) grew by 70.07% to INR13.81 crore in
FY16 from INR8.12 crore in FY15 owing to effective marketing of
their products in Tamil Nadu and Kerala and also due to attractive
and new designs of jewellery that NSFJ offered to its customers
during the period under review.

Satisfactory operating cycle: The average collection period stood
comfortable between 3 days - 5 days during the period under review
owing to immediate payments from majority of customers (retail)
buying jewelries. The average inventory period improved from 109
days in FY14 to 87 days in FY15 and again to 70 days FY16 owing to
faster movement of inventory resulting from increase in sales. The
average creditors' period remained within the range of 8-16 days
during the period under review and stood at 12 days in FY16. The
operating cycle overall improved to 62 days in FY16 from 84 days in
FY15. The average utilization of cash credit facilities was 65% for
the last 12 months ended November 30, 2016.

New Suresh Fashion Jewellery (NSFJ), was established as a
proprietorship concern by Mr. Suresh Kumar Ramayyan Rajeswari in
the year 2012 as a manufacturing unit of gold and silver ornaments
and wholesale and retail sale through its showroom thereafter. NSFJ
has four showrooms in Kanyakumari, Tamil Nadu. The raw material,
ie, gold bar is purchased from Sri Jayaram Jewellery (Madurai,
Tamil Nadu), Manjaly Jewellers (Thrissur, kerala), etc.

NGRT SYSTEMS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned NGRT Systems
Private Limited (NGRT) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect NGRT's medium scale of operations, as indicated
by revenue of INR1,173 million in FY18 (FY17: INR1,070 million).
The revenue increased in FY18 due to the addition of new stores.
According to the management, NGRT recorded revenue of INR958.01
million in FY19 (provisional numbers). The revenue declined mainly
because, owing to a change in the policies, NGRT could not sell
products to any institutional customers, who had accounted for
20-25% of its total revenue till FY18.

In addition, NGRT's EBITDA margins are modest because of its low
bargaining power. The margin declined to 2.3% in FY18 (FY17: 3.3%)
as one of the recently opened stores incurred losses. The company's
return on capital employed was 8% (16%).

The ratings also reflect NGRT's modest credit metrics. In FY18, the
gross interest coverage (operating EBITDA/gross interest expense)
was 2.8x (FY17: 3.3x) and net leverage (total adjusted net
debt/operating EBITDA was 5.7x (4.5x). The metrics deteriorated
mainly because of a decline in the absolute EBITDA to INR28 million
(INR35 million).

The ratings, however, are supported by NGRT's comfortable liquidity
position, as indicated by 82.8% average utilization of its
fund-based limits during the 12 months ended January 2019. Cash
flow from operations turned positive at INR8 million in FY18 (FY17:
negative INR54 million); Ind-Ra expects it to remain positive in
the near term on account of an increase in the absolute EBITDA.

The ratings also derive comfort from the promoter's experience of
more than a decade in the field of retailing.

RATING SENSITIVITIES

Negative: Lower-than-expected top-line and/or EBITDA margins could
result in a negative rating action.

Positive: A sustained improvement in the scale of operations and
profitability, along with an improvement in the credit metrics, on
a sustained basis, could lead to positive rating action.

COMPANY PROFILE

NGRT Systems Pvt Ltd was established in 2010 and started its
operations in 2011. It is a premium reseller of Apple in various
locations in Maharashtra, Madhya Pradesh, and Chhattisgarh. The
company is headed by Mr. Shantanu Gadre and Mrs. Pranoti Gadre.

NORTHERN INDIA: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Northern India
Leather Cloth Manufacturing Co. Private Limited's (NILCO) Long-Term
Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR140 mil. (decreased from INR150 mil.) Fund-based working
     capital limit affirmed with IND B/Stable/IND A4 rating;

-- INR40 mil. Non-fund-based working capital limits affirmed with

     IND A4 rating; and

-- INR186.10 mil. (decreased from INR189.60 mil.) Term loan due
     on April 5, 2024- October 5, 2032 affirmed with IND B/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects the company's continued medium scale of
operations, as evident from the top-line of INR403.47 million in
FY18 (FY17:  INR410.53 million). The revenue fell on a yoy basis
due to the impact of GST implementation. In 11MFY19, the company
booked revenue of INR382.50 million, with absolute EBITDA of
INR45.5 million and EBITDA margin of 11.89%.

The ratings reflect the company's modest EBITDA margins owing to
its presence in the highly fragmented and intensely competitive
footwear business. The margin rose to 12.18% in FY18 (FY17: 9.57%)
because of a decline in raw material costs. The return on capital
employed was 9% (7%).

Also, the credit metrics continue to be weak due to high debt
levels.  However, the metrics improved a yoy basis in FY18 on
account of an increase in the absolute EBITDA to INR49.15 million
(FY17: INR39.28 million). The interest coverage was 1.15x (1.00x)
and the net leverage stood at 6.66x (7.30x).

The ratings continue to be constrained by the tight liquidity
position due to the working capital-intensive nature of operations,
with average peak utilization of 98% of fund-based working capital
limits during the 12 months ended March 2019. The company's working
capital cycle lengthened to 405 days in FY18 (FY17: 384 days). The
cash and bank balance stood at INR4.34 million in FY18 (INR0.74
million). Furthermore, the cash flow from operations of the company
turned negative at INR1.6 million in FY18 (FY17: positive INR15.28
million) as the working capital cycle lengthened to 405 days (FY17:
384 days).

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

RATING SENSITIVITIES

Negative: Any decline in the scale of operations, leading to any
deterioration in the credit metrics, and any further elongation in
the working capital cycle would be negative for the ratings.

Positive: Any rise in the scale of operations, leading to an
improvement in the credit metrics, and the working capital cycle
sustenance would be positive for the rating.

COMPANY PROFILE

Incorporated in 1980, NILCO manufactures polyvinyl chloride-coated
fabric, also known as synthetic leather, which is used in footwear,
furnishing and sports goods, at its plant in Faridabad, Haryana.
The company sells its products under the 'NILCO' brand. It utilizes
50% of the capacity.

PRAJWAL PROMOTERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prajwal Promoters
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 B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR195 mil. Term loan due on January 2020 migrated to Non-
     Cooperating Category with IND B (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

Incorporated in 2008, Bengaluru-based Prajwal Promoters is
undertaking the construction of Adithya, which has a plot area of
491,139 square feet and a saleable area 270,000 square feet.

PRANAV FOUNDATIONS: CARE Lowers Rating on INR30cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pranav Foundations Private Limited (PFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       30.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018, placed the
ratings of PFPL under the 'issuer non-cooperating' category as PFPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 30, 2018 to April 24, 2019,
and numerous phone calls. 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(s).

The ratings have been revised on account of delays in debt
servicing by the company ascertained by CARE as part of its due
diligence exercise.

Detailed description of the key rating drivers

Key Rating Weaknesses

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

Chennai-based PFPL, incorporated in June 1996, is a real estate
development company primarily focused on small scale residential
projects. The promoters have over two decades of real estate
experience. The company also owns a four floor banquet hall in a
prime location of the city with a seating capacity of 1000 people
per floor.

PSK ENGINEERING: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PSK Engineering
Construction & Co.'s (PSKEC) Long-Term Issuer Rating to 'IND D'
from 'IND BBB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR500 mil. (increased from INR350 mil.) Fund-based limit
     (Long-term/Short-term) downgraded with IND D rating;

-- INR500 mil. (increased from INR450 mil.) Non-fund-based limit
     (Short-term) downgraded with IND D rating;

-- INR100 mil. Proposed fund-based limit (Long-term/Short-term)*
     assigned with Provisional IND D rating; and

-- INR300 mil. Proposed non fund-based limit (Short-term)
     assigned with Provisional IND D rating.

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

KEY RATING DRIVERS

The downgrade reflects PSKEC's delays in debt servicing by 2 days
and 8 days for two equipment loan accounts which were due on April
15, 2019 and April 20, 2019, respectively.

There was an income tax raid on the company, which led to freezing
of the company's accounts during April 12 to April 20, 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Registered in 1976, PSK is a Tamil Nadu-based partnership firm
engaged in the construction of government buildings and related
projects. PSK group was founded by Dr Periyasamy.


RAJYALAKSHMI HEALTHCARE: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajyalakshmi
Healthcare 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 action is:

-- INR500 mil. Term loans due on February 2029 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Rajyalakshmi Healthcare operates a 20-bed hospital in Kukatapally
and a 220-bed hospital in Gachibowli. The company is promoted by
renowned orthopedic surgeon Dr. Gurava Reddy.

RAKMO PRESS: CARE Assigns B+ Rating to INR6.75cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rakmo
Press Private Limited (RPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.75       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RPPL is constrained
by its small scale of operations, low net worth base, leveraged
capital structure, high working capital requirement. The rating is
further constrained on account of RPPL's presence in a highly
competitive industry along with susceptibility to volatility in
prices of raw material. The rating, however, draws comfort from
experienced management, moderate profitability margins and coverage
indicators.

Going forward, the ability of the company to manage raw material
price fluctuation risk and its ability to improve the capital
structure while improving its scale of operations shall be the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small, though growing scale of operations with low net worth base:
The scale of operations stood small marked by total operating
income and gross cash accruals of INR15.45 crore and INR1.30 crore
respectively during FY18 (FY refer to April 1 to March 31).
Furthermore, the net worth base was relatively small at INR3.21
crore as on March 31, 2018. The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits.  Though, the risk is partially mitigated by the fact that
the scale of operation is growing continuously. For the period
FY16- FY18, RPP'Ls total operating income grew from INR11.65 crore
to INR15.30 crore reflecting a compounded annual growth rate (CAGR)
of 19.36% owing to addition of new customers coupled with increase
in quantity sold to existing customers. In FY19, the company has
achieved TOI of approx. INR15.45 crore.

Leveraged capital structure: The capital structure of the company
stood leveraged as marked by overall gearing and debt to equity of
3.88x and 2.73x respectively as on March 31, 2018 as against 3.98x
and 3.16x respectively as on March 31, 2017. The improvement in the
capital structure was on account of scheduled repayments of term
loans and accumulation of surplus into reserves.

Working capital intensive nature of operations: RPPL's operations
continue to remain working capital intensive in nature which is
reflected by operating cycle of 183 days during FY18. RPPL allows
its customers the credit period of around 3- 4 months on account of
intense competition prevailing in the market which entails into
high collection period of around 134 days in FY18 Further, the
inventory holding stood around 140 days as the company has a wide
product portfolio of various varieties and sizes and has to
maintain adequate stock of raw material. Further, the average
creditors' period stood at 3-4 months as the company makes payment
to its suppliers when they received their payments from customers.
The company's average utilization of its cash credit limits stood
almost 90% utilized over the past 12 months ended March 2019.

Susceptibility to the raw material price fluctuations: The press
uses paper, plates, inks, chemicals, etc. for printing. The main
raw material is the paper which is purchased mainly from the
domestic markets. The raw material prices constitute around 70% of
the total production cost the company. Since the company's client
base consists of established players, RPPL's pricing power is
restricted with limited ability to pass on any increase in input
cost due to intense competition.

Highly competitive and fragmented industry: RPPL operates in a
highly fragmented industry marked by the presence of a large number
of players in the unorganized sector. The industry is characterized
by low entry barriers due to low technological inputs and easy
availability of standardized machinery for the production. This
further leads to high competition among the various players and low
bargaining power with suppliers.

Key Rating Strengths

Experienced promoters: The company is currently being managed by
Mr. Rakesh Bhargava, Mr. Mukesh Bhargava, Ms. Geeta Bhargava and
Ms. Nisha Bhargava. Mr. Mukesh Bhargava and Ms. Geeta Bhargava are
graduates and Mr. Rakesh Bhargava and Ms. Nisha Bhargava are Post
Graduates by qualification. They all hold experience of more than
two and half decades in printing industry through their association
with the entity. RPPL has been operating in this business for more
than three decades, which aid in establishing healthy relationship
with both customers and suppliers.

Moderate profitability margins: The profitability margins of RPPL
stood moderate for past three financial years. The profitability
margins of the company marked by the PAT at 3.24% in FY18 as
against 0.90% in FY17. PAT margins improved on account of lower
depreciation cost. PBILDT Margins stood moderate at 17.07% in
FY18.

Moderate coverage Indicators: The coverage indicators of the
company stood moderate as marked by interest coverage and total
debt to GCA of 2.29x and 9.59x respectively for FY18 as against
2.12x and 9.24x respectively for FY17 on account of repayment of
rupee term loans and other long term debt levels consequently
resulting into lower interest cost.

Delhi based Rakmo Press Private Limited (RPPL) was incorporated in
the year 1987 and currently it is being managed by Mr. Rakesh
Bhargava, Mr. Mukesh Bhargava, Ms. Geeta Bhargava and Ms. Nisha
Bhargava. The company is engaged in printing of catalogues, books,
calendar, journals, annual reports, dairies, broachers etc. The
company has its printing facility at Greater Noida, Uttar Pradesh.
The input material for the company includes paper, poly carbonate,
plastic, ink, etc. which they procure from various dealers as well
as manufacturers such as Sumit Papers Private Limited, Sugan paper
works, Swastik papers, etc. based in Delhi. The company sells its
products to various entities like Oxford University Press, National
Book Trust, Directorate of Advertising and Visual Publicity, Amity
University, Springer, etc.

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

The instrument-wise rating actions are:

-- INR22.033 mil. Term loan due on January 2021 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

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

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

COMPANY PROFILE

Regrow Biosciences provides stem cell banking and regrow cell
therapy.

RELIANCE COMMERCIAL: CARE Cuts Rating on INR12,500cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Commercial Finance Limited (RCFL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      12,500      CARE D Revised from CARE BBB+
   Facilities                      and removed from credit watch
                                   with developing implications
  
   Non-Convertible      2,300      CARE D Revised from CARE BBB+
   Debentures                      and removed from credit watch
                                   with developing implications

   Non-Convertible        200      CARE D Revised from CARE BBB+
   Debentures                      and removed from credit watch
                                   with developing implications

   Subordinated Debt      500      CARE C; Stable Revised from
                                   CARE BBB+ and removed from
                                   credit watch with developing
                                   implications

   Market Linked          200      CARE PP-MLD C; Stable Revised
   Debentures                      from 'CARE PP-MLD BBB+' from
                                   credit watch with developing
                                   implications

   Proposed Non-        1,000      CARE C; Stable Revised from
   Convertible                     CARE BBB+ and removed from
   Debentures                      credit watch with developing
                                   implications

   Long term debt       1,000      CARE C; Stable Revised from
   Programme                       CARE BBB+ and removed from
                                   credit watch with developing
                                   implications

Detailed Rationale & Key Rating Drivers of RCFL

The rating revision takes into account the recent instance of
rescheduling of non-convertible debenture and delays in servicing
of bank facilities by the company. The liquidity profile of the
group continues to be under stress on account of delay in raising
funds from the asset monetization plan and impending debt
payments.

CARE had factored in linkages between RCFL and its parent RCL,
which are in the form of RCL's demonstrated track record of support
to the subsidiary and strategic importance of the subsidiary to its
parent along with sharing of the brand name. The moderation in
RCL's profile has weakened these linkages as the parent is not in a
position to extend adequate support to its subsidiaries.

The divestment plans of the group continue to remain critical to
the overall credit profile of the group.

Detailed description of the key rating drivers RCFL

Key Rating Weaknesses

Delay in servicing of debt obligations: The Debenture Trustee for
Non-convertible debentures (NCD) issued by RCFL has informed CARE
via its email dated April 22, 2019 that RCFL had due date for
redemption of NCD for INR200 crore on April 19, 2019 which has been
rescheduled and now the due date is September 30, 2019.
Further, as per the banker's feedback, there are delays in debt
servicing with some of the banks.

Extension in sale of group assets/investments as per timelines
provided by RCL: The management is exploring new avenues and
expects inflow of about INR1700 crore from the sale of radio
business which has been further delayed and is now expected to be
concluded by June 2019. The company also plans to sell upto 49%
stake in Reliance General Insurance via IPO, which, however, has
been rescheduled from December 2018 to June 2019. The company has
also announced sale of their entire stake of 42.9% in the AMC
business which is under process and expected to be completed by
June 2019 (was earlier planned for May 2019). The company has
further committed to exit from its media businesses to pare down
its debt levels.

RCL has been able to achieve only about a third of the total exits
planned by the management by September 2018 with timelines for
other exits being extended. Some of the key exits achieved during
the period FY19 are Yatra Online stake sale and Codemasters sale.

As at the end of FY18, RCL had total exposure of INR17,653 crore to
its group companies in the form of CCDs of INR7,700 crore (P.Y.
INR6,250 crore) and loans & advances of INR9,953 crore (P.Y.
INR8,575 crore). These exposures were mainly towards the
non-financial businesses of the group. However, out of the total
investments in the non-financial business, the management has
stated timelines for exits from the radio business, Mahindra First
Choice and Prime Focus stake sale. Prime Focus and Mahindra First
Choice stake sale is expected to be concluded by May and June 2019
respectively instead of earlier expectations of April 2019. Timely
conclusion of the envisaged divestments will be critical for
reducing the leverage of RCL.  Further, RCL has exposure towards
RCOM (rated 'CARE D') and its group companies and on a consolidated
basis, the company has fully provided for RCOM exposure as on
December 31, 2018.

Liquidity profile
As per the ALM statement as on February 28, 2019, there are no
negative cumulative mismatches till 1 year time bucket. Cash and
Bank balance stood at INR121 crore as on March 18, 2019 and cash
credit facility stands fully utilized. However the company has not
shared more current estimates for the month of April 2019 as
against the earlier estimates. Analytical approach: CARE had
earlier factored in linkages between RCFL and its parent RCL.
Moderation in RCL's profile has led to weakening of these linkages
as the parent is not in a position to extend adequate support to
its subsidiaries. Hence RCFL has been analyzed on standalone basis
with weakening of linkages with Parent RCL.

The commercial finance business of RCL has been demerged into its
wholly owned subsidiary viz. RCFL w.e.f. April 1, 2016. RCFL is
involved in financing of SME loans, structured finance,
construction equipment loans, loan against property, MFI loans,
infrastructure finance, construction finance, commercial vehicles
and supply chain finance. The company operates under the brand name
'Reliance Money'. The company's AUM stood at INR16475 crore
(including securitized portfolio of INR2801 crore) as on March 31,
2018. The company's portfolio is spread across 16 states.

RELIANCE HOME: CARE Lowers Rating on INR4,979.92cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Home Finance Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   NCD (with             2,000       CARE C; Stable Revised from
   Detachable                        CARE BBB+ and removed from
   warrants)                         credit watch with developing
                                     implications

   Principal               300       CARE PP-MLD C; Stable Revised

   Protected                         from 'CARE PP-MLD BBB+' and
   Market Linked                     removed from credit watch
   Debenture                         with developing implications

   Long-term Debt        5,020.08    CARE C; Stable Revised from
   Programme                         CARE BBB+ and removed from
                                     credit watch with developing
                                     implications

   Long-term Debt        4,979.92    CARE D Revised from CARE BBB+
   Programme                         and removed from credit watch

                                     with developing implications

   Subordinated Debt       400       CARE C; Stable Revised from
                                     CARE BBB+ and removed from
                                     credit watch with developing
                                     implications

   NCD public issue      3,000       CARE C; Stable Revised from
                                     CARE BBB+ and removed from
                                     credit watch with developing
                                     implications

   Upper Tier II          500        CARE C; Stable Revised from
   Bonds public                      CARE BBB+ and removed from
   issue*                            credit watch with developing
                                     implications

   Upper Tier II          100        CARE C; Stable Revised from
   Bonds Pvt.                        CARE BBB+ and removed from
   Placement*                        credit watch with developing
                                     implications

   NCD issue            1,000        CARE C; Stable Revised from
                                     CARE BBB+ and removed from
                                     credit watch with developing
                                     implications

* CARE has rated the aforesaid Upper Tier II bonds after taking
into consideration their increased sensitivity to the Capital
Adequacy Ratio (CAR), capital raising ability and profitability
during the long tenure of the instruments. The rating factors in
the additional risk arising due to the existence of the lock-in
clause in the instruments. Any delay in payment of
interest/principal (as the case may be) following invocation of the
lock-in-clause, would constitute as an event of default as per
CARE's definition of default and as such these instruments may
exhibit a somewhat sharper migration of rating compared to other
debt instruments.

Detailed Rationale & Key Rating Drivers

The rating revision takes into account the delays in servicing of
bank facilities by the company. The liquidity profile of the group
continues to be under stress on account of delay in raising funds
from the asset monetization plan and impending debt payments.

CARE had factored in linkages between RHFL and its parent RCL,
which are in the form of RCL's demonstrated track record of support
to the subsidiary and strategic importance of the subsidiary to its
parent along with sharing of the brand name. The moderation in
RCL's profile has weakened these linkages as the parent may not be
in a position to extend adequate support to its subsidiaries.

The divestment plans of the group continue to remain critical to
the overall credit profile of the group.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: The banker's feedback was
obtained regarding delays in debt servicing with some of the banks.


Extension in sale of group assets/investments as per timelines
provided by RCL: The management is exploring new avenues and
expects inflow of about INR1700 crore from the sale of radio
business which has been further delayed and is now expected to be
concluded by June 2019. The company also plans to sell upto
49% stake in Reliance General Insurance via IPO, which, however,
has been rescheduled from December 2018 to June 2019. The company
has also announced sale of their entire stake of 42.9% in the AMC
business which is under process and expected to be completed by
June 2019 (was earlier planned for May 2019). The company has
further committed to exit from its media businesses to pare down
its debt levels.

RCL has been able to achieve only about a third of the total exits
planned by the management by September 2018 with timelines for
other exits being extended. Some of the key exits achieved during
the period FY19 are Yatra Online stake sale and Codemasters sale.

As at the end of FY18, RCL had total exposure of INR17,653 crore to
its group companies in the form of CCDs of INR7,700 crore (P.Y.
INR6,250 crore) and loans & advances of INR9,953 crore (P.Y.
INR8,575 crore). These exposures were mainly towards the
non-financial businesses of the group. However, out of the total
investments in the non-financial business, the management has
stated timelines for exits from the radio business, Mahindra First
Choice and Prime Focus stake sale. Prime Focus and Mahindra First
Choice stake sale is expected to be concluded by May and June 2019
respectively instead of earlier expectations of April 2019. Timely
conclusion of the envisaged divestments will be critical for
reducing the leverage of RCL.  Further, RCL has exposure towards
RCOM (rated 'CARE D') and its group companies and on a consolidated
basis, the company has fully provided for RCOM exposure as on
December 31, 2018.

Liquidity profile

As per the ALM statement as on February 28, 2019, there are no
negative cumulative mismatches till 1 year time bucket.

Cash and Bank balance stood at INR158 crore as on March 18, 2019
and cash credit facility stands fully utilized. As stated by the
management, the company securitized about INR291 crore during the
month of March 2019.

Analytical approach: CARE had earlier factored in linkages between
RHFL and its parent RCL. Moderation in RCL's profile has led to
weakening of these linkages as the parent may not be in a position
to extend adequate support to its subsidiaries. Hence RHFL has been
analyzed on standalone basis with weakening of linkages with Parent
RCL.

RHFL was incorporated in June 2008 and is promoted by Reliance
Capital Ltd. (RCL). RCL holds 47.91% stake in the company as on
March 31, 2018. The overall promoter stake in the company
(including RCL) stood at 74.99% as on December 31, 2018. The
company was listed on stock exchanges on September 22, 2017. RHFL
had gross loan portfolio of INR15,128 crore and assets under
management (AUM) of INR16,529 crore as on September 30, 2018. Out
of the outstanding loan portfolio as on September 30, 2018, home
loans, construction finance, and LAP accounted for 43%, 39% and 18%
of the portfolio, respectively. The company's portfolio is spread
across 25 states with major concentration in Maharashtra, Gujarat
and Tamil Nadu. The company is present in over 125 locations
through 'hub and spoke' model and caters to over 45,000 customers.

RENEW POWER: Fitch Puts BB- Issuer Default Rating, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned ZEUS Energy Holdings' proposed US dollar
notes an expected rating of 'BB-(EXP)'. The agency has assigned
India-based ReNew Power Limited an Issuer Default Rating of 'BB-'.
The Outlook is Stable.

ZEH will use the proceeds of the US dollar notes to subscribe to
the rupee-denominated non-convertible debentures to be issued by
RPL. ZEH is an SPV that is held by a trust and its ownership is not
linked to RPL. ZEH will only be a senior unsecured lender to RPL
and does not hold any equity in RPL. Fitch's expected rating on the
proposed US dollar notes reflects the credit strengths and
weaknesses of RPL. The US dollar noteholders will benefit from a
charge over the bank accounts and 100% of the shares of ZEH.

RPL is the holding company for the ReNew Group (ReNew), one of
India's leading renewable independent power producers (IPP), with
around 4GW of operational capacity of wind (62%) and solar (38%)
power projects and a project pipeline of 2.4GW. RPL has 485MW of
the wind-power assets, with the rest held by various SPVs. RPL
plans to use the proceeds from the proposed US dollar notes to
refinance its existing debt.

KEY RATING DRIVERS

Leading Player With Diversified Presence: ReNew's large scale and
diversified renewable-asset portfolio provides it with economies of
scale and operating leverage, mitigating concentration risks. Its
project portfolio is well diversified across original equipment
manufacturer suppliers and also geographically with no single
Indian state accounting for more than 28% of the total portfolio.

Price Certainty, Volume Risks: Fitch believes the long-term
power-purchase agreements for all the ReNew group's operating
assets offer price certainty and long-term visibility of cash
flows. The majority of the assets, representing 92% of the group's
capacity, have PPAs with state-owned power-distribution companies
or sovereign-backed entities with tenor of around 20-25 years and
long remaining life as the weighted-average operating life for the
group's assets is 2.6 years. PPAs for the balance of the capacity
have a shorter duration, ranging from eight-10 years. The long-term
PPAs provide protection from price risk, but production volumes
will vary based on resource availability, which is affected by
seasonal and climatic patterns.

Weak Counterparty Profile: The rating reflects the weak credit
profile of the key counterparties of the ReNew group - state-owned
power-distribution utilities - which account for about 62% of the
group's total capacity. The rest of the offtake is tied up with
sovereign-backed entities Solar Energy Corporation of India Ltd.
(SECI; 23%) and NTPC Limited (BBB-/Stable; 7%), which have a
relatively better credit profile. The remaining 8% is sold directly
to corporate customers, increasing the diversity of counterparties.
State utilities have not defaulted on their payments to the
renewable sector to date, despite payment delays.

Growth to Moderate; Event Risk: ReNew has doubled (both organic and
inorganic growth) its operational capacities in each of the last
three years though it has always followed its policy of raising
equity before committing to any project. ReNew's under-construction
pipeline capacity of 3GW poses some execution risks, which is
mitigated by its project execution track record and operational
capabilities. Fitch expects ReNew's pace of organic growth to slow
in light of its current large base and slower capacity additions in
the Indian renewable sector in the near-to-medium term. Fitch has
not factored in any acquisition and will treat one as an event
risk; any large scale debt-funded acquisition may hamper its
expectations of improvement in ReNew's credit profile.

Improving Financial Profile: Fitch expects ReNew's financial
profile to improve, supported by positive cash flows from operating
capacities and slower growth in capacity additions. In calculating
ReNew's credit metrics, it has deconsolidated the EBITDAR and debt
of its two restricted groups, Neerg Energy Ltd (notes rated B+) and
ReNew RG II (notes rated BB), and included in EBITDAR
itsexpectations of the cash upstreamed from the two restricted
groups. Fitch expects ReNew's net adjusted debt/operating EBITDAR
to fall below 5x, from its estimate of 5.4x for the year ended
March 2019 (FY19), and EBITDAR net interest coverage to improve to
around 1.7x (FY19 estimate: 1.4x) by FY21. Fitch expects net
leverage to remain around 5x-5.5x after FY21 as capacity addition
picks up modestly.

Adequate Holding-Company Liquidity: Fitch expects RPL to benefit
from operating cash flows from its 485MW of wind-power assets and
cash upstreaming (in various forms including interest on
shareholder debt, inter-company loans and dividends) from the
operating assets held at various subsidiaries. In its view, these
cash flows provide sufficient liquidity at RPL with an
interest-coverage ratio (including cash upstreaming from operating
subsidiaries) of well above 2x through the tenor of the proposed
notes. The diversity of projects across geographies, resource type
and counterparties, in its view, will help limit volatility in cash
upstreaming from its operating subsidiaries.

No Subordination of USD Notes: Fitch does not factor in any
subordination of the US dollar notes given its assessment of at
least average recovery for the noteholders - a reflection of RPL's
NCDs in which ZEH will invest. The assessment factors in the NCDs'
subordination to other secured debt at RPL and to prior-ranking
project debt at the operating entities. Any material increase in
prior-ranking debt may result in higher subordination and will
result in a reassessment by Fitch.

Currency Hedging, Some Refinancing Risk: RPL's earnings will be in
rupees, but the notes are denominated in US dollars, resulting in
exposure to foreign-exchange risk. However, the company plans to
hedge the foreign-exchange risk with interest fully hedged through
a full coupon swap or a plain vanilla call at spot and principal
payments through a plain vanilla call option. The company said the
redemption premium on the rupee NCDs combined with the hedge on the
principal should fully cover the principal repayment. The US dollar
notes face refinancing risk as Fitch estimates the cash balance at
RPL will not be sufficient to repay the notes at maturity. However,
this risk is mitigated by ReNew's strong access to funding in
banking and capital markets.

DERIVATION SUMMARY

Fitch sees Greenko Energy Holdings (IDR: BB-/Stable) and Concord
New Energy Group Limited (CNE; IDR: BB-/Stable) as RPL's close
peers. Greenko, like RPL, is one of the leading power producers in
India with a focus on renewable energy. Both have a total capacity
in excess of 3.5GW (Greenko's is somewhat lower than ReNew's), and
they have also expanded significantly (4x-5x) over the last three
years, including through an inorganic route. Both are exposed to
construction risk along with similar counterparty exposure and
financial profiles.

RPL has larger unrestricted capacities than Greenko. Greenko's
rating, however, benefits from its strong shareholders, especially
Singapore's sovereign wealth fund,- GIC, and Abu Dhabi Investment
Authority. These shareholders, in addition to putting in equity,
have also introduced stronger riskmanagement practices at Greenko
over the years including the recent commitment from its management
towards deleveraging, which led to the upgrade in its IDR from 'B+'
to 'BB-' in July 2018. These factors combine to justify its
similar credit assessment for the two issuers.

CNE has 819MW of wind-based power capacity under operation that is
spread across 20 projects in China in areas with low curtailment
risk and a stable feed-in-tariff regime. The counterparty risk is
lower as its revenue stream relies mostly on State Grid Corporation
of China (A+/Stable) and the country's Renewable Energy Subsidy
Fund, though there is a time lag in receiving subsidies. Fitch also
expects CNE's financial profile to be stronger than that of RPL
with FFO fixed-charge coverage of more than 2.5x compared with
below 2x for ReNew. However, ReNew's significantly larger size,
coupled with its diversified wind and solar portfolio, leads to a
similar credit assessment for both.

KEY ASSUMPTIONS

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

  - Plant-load factors ranging from 17% to 42% for all assets, in
line with historical performance or management guidance

  - Plant-wise tariff in accordance with respective PPAs

  - EBITDA margins of 80%-93% for all assets, in line with
historical performance or management guidance

  - Average receivable days of around 95 (FY19 estimate: 114 days)

  - New bids or acquisitions from FY22 following completion of
current pipeline of 3.0GW

  - No dividend payout in the medium term

RATING SENSITIVITIES

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

  - Improvement in leverage, measured by net adjusted
debt/operating EBITDAR, to below 4.5x on a sustained basis

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

  - Adjusted EBITDAR net fixed-charge coverage of below 1.5x on a
sustained basis both for ReNew and the holding company (RPL)

  - Net adjusted debt/operating EBITDAR of above 5.5x on a
sustained basis

  - Significant, sustained deterioration of the receivable
position

  - Failure to adequately mitigate foreign-exchange risk

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: ReNew Power's readily available cash and
cash equivalents at FYE18 were about INR36 billion against current
debt maturities of around INR29.1 billion. Fitch expects the
company to generate negative free cash flow in the near-to-medium
term, considering the ongoing capacity addition. However, ReNew has
staggered its debt maturities with the majority of the debt in the
form of amortising project-level loans (tenor of 13-23 years) and
two tranches of US dollar notes (Neerg: USD475 million due 2022 and
ReNew RG II: USD435 million due 2024). Fitch expects ReNew to
benefit from its proven access to marquee investors and domestic
bank loan markets.

RIDDHI SIDDHI: CARE Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Riddhi
Siddhi Cold Storage Pvt Ltd (RSCS) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          15.10       CARE B; Stable; Issuer not
                                   cooperating; Based on best
                                   available information

   Short term Bank
   Facilities           0.21       CARE A4; Issuer not
                                   cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RSCS to monitor the rating
vide e-mail communications/letters dated April 4, 2019, April 5,
2019, April 8, 2019 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on RSCS's
bank facilities will now be denoted as CARE B; Stable/A4 ISSUER NOT
COOPERATING.

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

The rating takes into account its small scale with nascent stage of
operation, regulated nature of the industry, seasonality of
business with susceptibility to the vagaries of nature, competition
from other players and working capital nature of operations and
high leverage ratios. The ratings, however, derive strength from
RSCS's experienced promoters and proximity to potato-growing area.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale with deterioration in turnover, profit levels and cash
accruals: RSCS has commenced operations in March 2016. During FY18,
Total operating income (TOI) declined to INR6.50 crore vis-à-vis
TOI of INR9.49 crore in FY17. PAT level deteriorated to 0.31 crore
in FY18 as against PAT of INR0.38 crore in FY17. GCA also declined
from INR2.20 crore in FY17 to INR1.93 crore in FY18. The scale of
operation remains small.

Regulated nature of industry: In West Bengal, the basic rental rate
for cold storage operations is regulated by the state government
through West Bengal State Marketing Board. The rent of these cold
storages is decided by taking into account political
considerations, not economic viability.

Seasonality of business with susceptibility to vagaries of nature:
RSCS's operation is seasonal in nature as potato is a winter season
crop with its harvesting period commencing in March. The loading of
potatoes in cold storages begins by the end of February and lasts
till March. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage units
collect rent on the basis of quantity stored and the production of
potato is highly dependent on vagaries of nature.

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

Working capital nature of operations and high leverage ratios:
RSCS is engaged in the cold storage and trading of potatoes
business, accordingly its operation is working capital intensive.
The overall gearing ratio was at 4.13x as on March 31, 2018 which
is still remains high. This apart, operating cycle was 150 days
during FY18.

Key Rating Strengths

Experienced promoter: The promoters, Mr Raja Chakraborty and Ms K
Chakraborty, have an experience of more than two decades in the
agro industry and running a cold storage. They are supported by a
team of experienced personnel having experience in the agro
industry.

Proximity to raw material sources: RSCS's storing facility is
situated in the Alipurduar district of West Bengal which is one of
the major potato-growing regions of the state. The favourable
location of the storage unit, in close proximity to the leading
potato-growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Riddhi Siddhi Cold Storage Pvt Ltd (RSCS) was incorporated in
August 2015 by one Mr Raja Chakraborty and Ms. K Chakraborty from
Kolkata to set-up a cold storage and potato trading business.
Afterwards the company started to install the cold storage service
at Shamuktala in Alipourduar district of West Bengal. During March
2016 the company started weighbridge service at the site and during
June 2016 the commercial operation of cold storage service and
trading activities of potato has been started with an installed
capacity of 27,500 MTPA.

The day-to-day affairs of the company are looked after by Mr. Raja
Chakraborty (Director) with adequate support from other director-
Ms. K Chakraborty (wife of Mr. Raja Chakraborty) and a team of
experienced personnel.

SAMRUDDHI REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Samruddhi Realty Limited
        No. 1, Tate Lane, 2nd Floor
        Richmond Road Cross
        Bengaluru 560025

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: October 13, 2019

Insolvency professional: Surender Devasani

Interim Resolution
Professional:            Surender Devasani
                         1436, Anasuya Nilaya
                         2nd Floor, 8th Cross, 10th Main
                         BTM 2nd Stage, Bengaluru 560076
                         E-mail: surenderdevasani@gmail.com

                            - and -  

                         #50, Ground Floor, Millenium Towers
                         Queen's Road, Bengaluru 560051

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    B.S. Shetty
                         K.N. Ravindra
                         S. Shivaswamy

Last date for
submission of claims:    May 13, 2019


SAVA HEALTHCARE: Ind-Ra Assigns 'BB' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sava Healthcare
Limited (SHL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR118.7 mil. Term loan limits due on July 24, 2019, assigned
     with IND BB/Stable rating;

-- INR290.2 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR22.8 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect the weak credit metrics of SHL in FY18 owing to
the debt-funded CapEx incurred in the past. In FY18, the company's
net leverage (total adjusted net debt/operating EBITDAR) was 8.61x
and gross interest coverage (operating EBITDA/gross interest
expense) was 1.34x. Ind-Ra expects the credit metrics of SHL to
improve in the medium term on account of timely debt repayment,
likely stable profitability and the absence of debt-funded CapEx
plans.

The ratings also reflect the tight liquidity of SHL, indicated by
an average maximum fund-based working capital limit use of 99% for
the 12 months ended March 2019, which was due to an elongated
working capital cycle, and negative operating cash flow. SHL's
operating cash flow turned negative INR32 million in FY18 from
INR84.79 million in FY17 owing to high working capital
requirements. The working capital cycle was elongated at 259 days
in FY18 (FY17: 213 days) due to high inventory and debtor days.

The ratings, however, are supported by a rise in revenue and
profitability. SHL's revenue rose to INR837.6 million in FY18 from
INR731.43 million in FY17, driven by an increase in orders from the
pharmaceutical and vet segments. The scale of operations is small.
According to provisional financials for FY19, SHL's revenue was
INR980 million. In FY18, EBITDA margin was modest at 8.3% (FY17:
negative 2.71%). The improvement in the margin was on account of a
decline in other operating expenses. In addition, its return on
capital employed was 0% in FY18 (FY17: negative 7%).

The ratings are also supported by the promoters' experience of more
than decades in the pharmaceutical industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or the profitability,
leading to any deterioration in the credit metrics, will be
positive for the rating.

Positive: Consistent improvement in the revenue and stable
profitability, leading to an improvement in the credit metrics,
along with an improvement in the liquidity, will be positive for
the rating.

COMPANY PROFILE

Incorporated in 2004 by Vinod Jadhav, Pune-based SHL, formerly
Anagha Pharma Private Limited, manufactures pharmaceutical,
research and development, and herbal products.

SHIVAANI ALLOY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Shivaani Alloy Steel Castings Limited
        D1-17, Shanti Sikhara Apartments
        Raj Bhavan Road, Somajiguda
        Hyderabad, Telangana 500082

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Murali Prasad Nalam

Interim Resolution
Professional:            Murali Prasad Nalam
                         Plot 358, Flat 201, Sai Balaji Nilayam
                         MMTS Road, HUDA Colony
                         Chandanagar, Hyderabad
                         Telangana 500050
                         E-mail: murali.advice@gmail.com

                            - and -

                         Flat 413, Block 2, RVs Madhav
                         Brindavn Appts
                         Adj Chandanagar Police Station
                         Chandanagar, Hyderabad
                         Telangana, 500050

Last date for
submission of claims:    May 14, 2019

SHRI RAM: CARE Lowers Rating on INR7.50cr ST Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Ram Comtrade Private Limited (SRCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term bank      7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SRCPL takes into account the ongoing delay in the debt servicing of
the company.

Going forward, the ability of the entity to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
debt servicing of the company.

Incorporated in December 2012, Shri Ram Comtrade Private Limited
(SRCPL) was promoted by Mr. Abhishek Agarwal and Mr. Pinkey Agrawal
of Ranchi, Jharkhand. Since its inception, SRCPL has been engaged
in trading of construction materials like cement, iron & steel,
different types of pipes and pipe fittings.

Liquidity position: The liquidity position of the company remained
stressed as reflected by its on-going delay in debt servicing.

SOLUTREAN BUILDINGS: CARE Reaffirms B+ Rating on INR19.51cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Solutrean Buildings Technologies Limited (SBTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bank Facilities-
   Fund-based-LT        19.51      CARE B+; Stable Reaffirmed

   Bank Facilities-
   Fund-based-LT        
   - Term Loan           -         CARE B+; Withdrawn

CARE has withdrawn the outstanding ratings of 'CARE D' assigned to
the bank facility of SBTL with immediate effect. The above action
has been taken at the request of Solutrean Buildings Technologies
Limited and 'No dues Certificate' received from the SIDBI Bank that
has extended the facility rated by CARE. The reaffirmation in the
rating assigned to the other bank facilities of Solutrean Building
Technologies Limited (SBTL) takes into account small scale of
operations, slow sales and customer collection leading to cash flow
mismatches, debt funded investment in other group companies along
with subdued industry scenario. However, the ratings continue to
derive strength from the experience of the promoters and
satisfactory construction status of the ongoing project.

Detailed description of the key rating drivers

Key Rating Weaknesses

Low level of collections: The project "Caladium" has a total
saleable area of 4.07 lsf, which includes residential area of 4 lsf
and commercial area of 0.07 lsf out of which the company has sold
3.09 lsf of area till Nov. 30, 2018, that is 76% (PY: 70%) of the
total saleable area for ~INR121 cr. Out of the sale value of the
sold area, SBTL has realized INR107 cr that is ~88% of the sale
value. However, the company has been able to sell 0.29 lsf in CY18
which is higher than the last year but still lower due to slow down
in the real estate market and higher cancellations. Further, the
collections of the company has increased to INR17
cr~ (PY: 10.46 cr) in CY18, however continue to remain low.

Investment in other group companies with weak financial position

SBTL has taken a debt of INR20cr for further investment in its
group company involved in the implementation of project namely,
'RST Galleria'. Given the initial stages of project implementation
of RST Galleria, there is stress on the existing cash flow of SBTL
to service the debt obligation.

Apart from this SBTL is also engaged in civil construction
contracts and its operating income during FY18 comprise of INR
43.66 cr received from the civil work done as a contractor (FY17:
INR20.16 cr). However despite of the increase in income, the
profitability remained low at INR0.9cr during FY18 as compared to
INR0.31cr during FY17.

Subdued industry scenario: The real estate sector has been
grappling with issues such as unsold inventory, delayed delivery
and financial stress on the developers for quite some years now and
post demonetisation; due to higher liquidity the buyers have
deferred their purchases as they are expecting the borrowing rates
to come down. However, with the introduction of Real Estate
(regulation and Development) Act (RERA) and GST (Goods and Services
Tax), the residential real estate sector is on the path of
transformation with modified rules and mandatory approvals which
will enhance the transparency and customers' trust in the sector
but also add additional burden on the developers which might hamper
the sentiments of the market.

Key Rating Strengths

Experienced promoters: SBTL has been promoted by Mr. Sandeep Sahni
(Chairman) and his family members. Mr. Sahni has an experience of
more than 20 years in the line of construction. Through other group
companies, the promoter group has been involved as a contractor in
construction and designing of more than 10 residential/commercial
projects in and around Delhi/NCR.

However, the experience of the promoters in real estate development
has been limited with only one Commercial Project

"The Correnthum" developed so far with saleable area of 5.35 lsf at
Sector-62, Noida and has been completed in September 2007.

Mr Sahni has hands-on involvement in the functioning of the SBTL's
business supported by an experienced professional management team
with vast experience from diverse fields led by Mr Raman Kumar,
Managing Director. Mr Kumar has a business experience of more than
38 years and has served as an executive director of SAIL.

Satisfactory construction status of the project: The company is
currently involved in 9 construction orders and development of a
residential project namely "Caladium".

The total cost of the project Caladium is INR161.31 cr. Till Nov
30, 2018; the company had incurred cost of INR154.66 cr out of the
total INR161.28 cr that is 95.90% (PY: 95.13%) of the total cost.
Moreover, the company has incurred INR113 cr on construction out of
the total INR119.6 cr that is 95% (PY: 94%) of the total
construction cost with cost of 7 Cr is left to be incurred for
development of commercial area. The occupancy certificate for the
residential project is received in Nov 2017. Apart from this the
company has order book of INR209cr as on Nov 30, 2018 for its civil
construction division providing some revenue visibility for the
future revenue.

Incorporated in 2009, Solutrean Buildings Technologies Limited
(SBTL) has been primarily engaged in the designing and construction
of residential/group housing project. The company has been promoted
by Mr. Sandeep Sahni and his family members, all having vast
experience in this line of activity. In the past, the promoter
group has been involved in designing, engineering and construction
of more than 10 projects, mainly located in and around Delhi/NCR.
The promoters have also executed a Commercial Project - "The
Correnthum" with saleable area of 5.35 lakh sq. ft. (lsf) in
September 2007. SBTL has also been involved in civil construction
of various projects.

SRI VASAVI: Ind-Ra Migrates BB Loan Ratings to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Vasavi
Educational Society's bank loan ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR21.01 mil. Term loan due on July 31, 2021, migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR25.00 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was 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

Sri Vasavi Educational Society was established in 2007 under Andhra
Pradesh Societies Registration Act of 2001. The society is running
an engineering college under the name of Sri Vasavi Institute of
Engineering & Technology which offers Bachelor of Technology,
Master of Technology and Diploma courses.

SURESH KUMAR: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/S Suresh Kumar
and Brothers' Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (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. 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:

-- INR130 mil. Fund-based working capital limit (long-and-short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR13.4 mil. Term loan (long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR56.6 mil. Proposed fund-based limit (long-and 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 affirmation reflects NPA in the account since December 2018 due
to tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Established in February 2006, M/S Suresh Kumar and Brothers are
engaged in the business of rice milling and packaging of basmati
rice. The total installed capacity of its plant is 4MT/year.

TECHTRAN POLYLENSES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Techtran Polylenses Ltd
        Sy No. 545, Bonthapally Village
        Zinnaram Mandal
        Medak TG 502319 In

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Nethi Mallikarjuna Setty

Interim Resolution      
Professional:            Nethi Mallikarjuna Setty
                         Flat No. 101, Laurel Residency
                         Road No. 18, Panchavati Colony
                         Manikonda, Hyderabad
                         Telangana 500089
                         E-mail: malliknethi@gmail.com

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500034
                         Telangana State

Last date for
submission of claims:    May 6, 2019


TIGER STEEL: CARE Cuts INR38.50cr Loan Rating to D, Not Cooperating
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tiger Steel Engineeing (India) Private Limited (TSEIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   i Fund-based-        7.57       CARE D; Issuer not cooperating
   LT-Term Loan                    Based on best available
                                   information

   Ii Fund-based-      16.00       CARE D; Issuer not cooperating;
   LT-CC                           Revised from CARE C; ISSUER NOT
                                   COOPERATING; Based on best
                                   available information

   Iii Non-fund-       38.50       CARE D; Issuer not cooperating;
   Based-ST-BG/LC                  Revised from CARE A4; ISSUER
                                   NOT COOPERATING; Based on best
                                   available information

   Iv Fund based/       5.50       CARE D; Issuer not cooperating;
   Non-fund based-                 Revised from CARE A4; ISSUER
   LT/ST- CC/LC                    NOT COOPERATING; Based on best
                                   available information

   V Non-fund-         36.00       CARE A1+ (SO); Issuer not
   Based- ST-BG/LC                 cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2017, placed the
ratings of TSEIPL under the 'issuer non-cooperating' category as
TSEIPL had failed to provide information for monitoring of the
rating. TSEIPL continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a Letter dated November 12, 2018, April 17, 2019, April 18,
2019 and April 22, 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(s).

The ratings of facilities mentioned above in table under S.No.
(ii,iii,iv) have been revised from CARE C/CARE A4; ISSUER NOT
COOPERATING to CARE D; ISSUER NOT COOPERATING on account of
on-going delays in debt servicing of bank facilities.

Detailed description of the key rating drivers

At the time of last rating on November, 2 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Working capital intensive nature of operation and tight liquidity
profile: The company has large working capital requirement on
account of long inventory and receivables cycle. The nature of
business of TSEIPL is Service cum Manufacturing cum Project, hence
the requirements of working capital is relatively higher as
compared to stand alone manufacturing or Construction/Project
business. Most of the raw material being steel is bought under the
LC terms, however the payment is received as per the project based
payment system. This has caused a mismatch in cash flows at times
in past. During FY16, operating cycle improved to 15 days from 41
days in FY15, on account of reduction in inventory days from 125
days to 104 days and significant improvement in debtor collection
period from 150 days to 73 days.

Moderate Financial Risk Profile: TSEIPL has moderate financial risk
profile characterized by moderate debt coverage indicators and
capital structure. The overall gearing level increased to 1.63x as
on March 31, 2016 on account of increase in working capital
borrowings. The interest coverage ratio dipped marginally to 1.36x
in FY16 and during the same period Total Debt to Gross Cash
Accruals has deteriorated from 8.56x to 10.66x on account of
increased finance costs.

Volatility in raw material prices: TSEIPL is remained exposed to
the volatility in the steel prices and other raw material prices as
most of the projects executed by company are of fixed price
contracts in nature. The company is also importing part of raw
material exposing the company to foreign exchange risk. However, to
mitigate the impact of volatility in input prices, TSEIPL at the
time of procuring an order negotiates contracts depending upon the
prevailing input prices and procures the part raw material
accordingly to hedge against volatility. The company builds in
certain amount contingencies at the time of bidding for the
projects and tenure of the projects are also relatively short to
medium (6 months to 1 years).

Stiff competition and moderate scale of operations: TSEIPL's scales
of operation is relatively moderate as compared with the major
players such as Tata Blue Scope Steel Ltd, Kirby Building Systems
India Ltd, Pennar Engineered Building Systems Ltd to name a few in
the PEB industry. The pre-engineered building business is in
nascent stage and there are few companies operating in this
business. It faces strong competition in the Indian market from
domestic as well as foreign companies. Some of its overseas
competitors already operate in India through joint ventures with
local partners or have established independent operations in
India.

Key Rating Strengths

Experienced Promoters: TSEIPL is engaged in the business of
engineering, manufacturing, supply and erection of Pre- Engineered
Buildings and steel structural parts. TSEIPL is promoted by Mr.
Aziz S. Nasr who is the Chairman & Managing Director in Tiger Group
of Companies. He has over forty years of experience in steel
fabrication, cold rolled forming and steel trading business. Tiger
Steel Engineering LLC (TSEL) is the flagship company of the Tiger
Group of Companies based out of United Arab Emirates with
diversified business interests. TSEL is a structural steel
fabrication company in Sharjah. Tiger Group has 45 years of
experience in developing steel structures in the Gulf Cooperation
Council region.

Established presence in PEB industry: TSEIPL, having begun the
operations in India in the year 1998 has executed several projects
for the PEBs which includes designed, engineering, manufacturing
and commissioning projects across the county. The company has
executed projects for the reputed companies in past such as Maruti
Suzuki, Volvo, Schneider Electric, Siemens, ITC, Honda Motors and
Scooters, Samsung etc. to name a few. TSEIPL is also an approved
vendor for the various reputed project consulting firms which helps
in procuring the orders for PEB.

Support from the parent company: TSEIPL imports the steel through
its promoter group company Al Nimr Steel Trading Ltd, Tiger Steel
Engineering LLC and Tiger Steel Industries LLC which has extended
an indirect support to the operation of TSEIPL by way of giving
favourable credit terms for the raw material supply and services.
As on March 31, 2016, trade payables is INR117.42 crore of which
close to 19% amount is payable to the group companies. In addition
to this, group companies have extended a credit period of more than
365 days. Tiger Steel Industries LLC has extended indirect support
to TSEIPL in availing non fund based limit (LC) in India. Tiger
Steel Industries LLC through its bank - Bank of Sharjah, has issued
a Standby Letter of Credit (SBLC) to ICICI Bank Ltd, India. ICICI
Bank based on this SBLC has sanctioned LC limit of INR36 crore to
TSEIPL. The same is further expected to be enhanced to INR60 crore.
The increase in LC limit is expected to support TSEIPL's increasing
working capital requirement.  

Incorporated in 1996, Tiger Steel Engineering (India) Pvt Ltd
(TSEIPL) is in the business of design, fabrication and erection of
Pre-engineered Buildings (PEB) such as warehouses, factory
buildings, shopping malls, heavy to light steel such as pipe racks,
platforms etc. for oil & gas and petrochemical Industries and
various other industries. The company is a whollyowned subsidiary
of Tiger Steel Engineering LLC, Sharjah (UAE) (Tiger Group). The
company has manufacturing facility at Murbad, near Mumbai and at
Haridwar in Uttaranchal with a combined capacity of 27,000tpa for
Hot rolled products and 43,000tpa for cold-form products.

VANI ORGANICS: CARE Maintains B Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vani
Organics Private Limited (VOPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      6.50       CARE B, Stable; Issuer not
   Facilities                     Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 11, 2017, placed
the rating(s) of VOPL under the 'issuer non-cooperating' category
as ABC had failed to provide information for monitoring of the
rating. VOPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 9, 2019, April 10, 2019, April 11,
2019, April 22, 2019 and April 23, 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.

The ratings assigned to the bank facilities of Vani Organics
Private Limited (VOPL) continue to be tempered by weak financial
risk profile marked by continuous losses, highly competitive and
regulated industry, customer concentration risk and marketing risk
associated with the proposed addition of new products. The ratings
also take into consideration net losses in FY18 (refers to the
period of April 1 to March 31) The rating, however, continues to
derive strength from vast long track record of the company and
regular support from group company in the form of work orders
received, extensive experience of promoters in the industry.

Detailed description of the key rating drivers

Key Rating Weakness

Weak financial risk profile marked by continuous losses: The total
operating income has increase and stood at INR3.69 crore as
compared to INR1.95 crore in FY17. The company had incurred
continuous losses y-o-y; the net loss of INR1.39 crore in FY18, due
to low income and high manufacturing expenses.

Highly competitive and regulated industry: Indian pharmaceutical
industry is highly fragmented with presence of more than thousands
of players in APIs and formulations. It manufactures about 60,000
generic brands across 60 different therapeutic categories, about
1,500 bulk drugs and almost the entire range of formulations. The
industry is highly fragmented with around 20,000 players, of which,
around 250 in the organized sector primarily in  formulations
control over 70% of the total domestic market. All the products and
companies in the pharmaceutical industry are regulated by several
policies and bodies in terms of manufacturing process, patents,
pricing, quality control, safety and health standards, and several
other certifications and
control standards. Any policy changes or regulations by the
regulatory bodies may hamper the business of the companies
prevailing in the industry. Increasing regulation, increased
sensitivity towards product performance and pricing pressure are
the key challenges faced by the pharmaceutical industry.

Customer concentration risk and marketing risk associated with the
proposed addition of new products: VOPL derives 40% of its total
sales from VOP. Other clients like Scientific Limited and Everest
organics Private Limited contribute about 15% and 10% respectively
to the total sales of the company, exposing it to substantial
client concentration risk. Ability of the company to diversify its
revenue base would help reduce the risk of client concentration at
present. However VOP being a group company mitigates the risk to a
certain extent.

VOPL has proposed to add additional products in the near future in
order to increase the scale of operations and make maximum
utilization of the plant installed. The expansion of product base
comes with an inherent risk of marketing in selling the same.

Key Rating Strengths

Long track record of the company and regular support from group
company in the form of work orders received: VOPL has a track
record of over 33 years in the field of bulk drugs and
intermediaries manufacturing. The group company; VPL was
incorporated in the year 1976 there by having a track record of
over 40 years. VOPL receives support from its flagship company,
VPL, by way of work orders. VPL is the major customer of VOPL.

Extensive experience of promoters in the industry: Mr. Mallampatti
Chakradhar is the managing director and main promoter of the
company. He has gained experience in pharma industry by working as
an employee in Aventis India Limited. He was introduced as a
director into VOPL in the year 1998; he later became the Managing
Director in the year 2005 and looks after the day to day affairs of
the company.

Mrs. Mallampati Anuradha is a post graduate and started her career
as the director of VPL during the 1980s. She currently holds the
post of the director and assists Mr. Chakradhar in managing the
daily operations of VOPL. Mrs. Mallampati Lakshmi Kranthi is the
wife of Mr. Chakradha, she is an engineering graduate and one of
the directors in VOPL and handles the human resource development
department of the company.

Vani Organics Private Limited (VOPL) belongs to Vani Group based
out of Hyderabad promoted by Late Mr. Subba Rao. The Group
commenced its business by incorporating Vani Pharma Labs Limited
(VPL) in the year 1976 which is the flagship company of the group.
VPL is engaged in the manufacturing of Active Pharmaceutical
Ingredients (APIs) and bulk drugs. In 1984, the group expanded its
production facilities by incorporating VOPL in Bidar, Karnataka, to
process bulk drug orders received from other drug manufacturing
companies. The current promoters of VOPL are Mr. Mallampatti
Chakradhar, Mrs. Mallampati Anuradha and Mrs. Mallampati Lakshmi
Kranthi. VOPL does job work of bulk drug and intermediaries
manufacturing for companies like VPL, Sequent Scientific Limited,
Everest organics etc. The company has plans to venture into direct
sale of products in FY17 instead of job works being undertaken
currently. "1 Phenyl 3 Methyl 5 Pyrazolone" (PMP) is the major
product manufactured by VOPL. The company has entered into
agreement with "Sequent Scientific Limited" and "Everest organics"
for manufacturing of Clorsulon 123 and Pantoprazole Intermediates,
respectively. The company has also planned to start production of
phenyl hydrazine and phenyl hydrazine HCL.

VANTA BIOSCIENCE: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vanta Bioscience
Limited's (VBL) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR131.8 mil. (reduced from INR140 mil.) Term loan issued on
     FY24-FY25 upgraded with IND BB-/Stable rating;

-- INR20 mil. Fund-based working capital limits upgraded with IND

     BB-/Stable rating; and

-- INR90 mil. Proposed fund-based facilities* upgraded with
     Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The upgrade reflects the stabilization of VBL's operations and the
better-than-expected improvement in its revenue and credit
metrics.

The company recorded revenue of INR60.97 million in 1HFY19 (FY18:
INR40 million). In FY19, Ind-Ra expects VBL to have achieved
revenue of around INR130 million. As the operations have
stabilized, Ind-Ra expects the revenue to improve further over the
medium term.

VBL's credit metrics were modest, with interest coverage (operating
EBITDA/gross interest expense) of 5.3x in FY18, and the net
leverage (total adjusted net debt/operating EBITDAR) of 6.4x.

The company's EBITDA margin was a modest 25.8% in FY18 (1HFY19:
26.6%) and the return on capital employed was 2%.

VBL's liquidity position was adequate, with the average utilization
of fund-based limits standing at 63% during the 12 months ended
January 2019. The fund flow from operations was positive at INR9
million in FY18. Ind-Ra expects it to remain positive in the medium
term on account an increase in the absolute EBITDA (1HFY19:
INR16.19 million; FY18: INR10 million) due to higher revenue
generation.

As per the management, in FY20, VBL plans to incur a capex of
around INR90 million for establishing its step-down subsidiary
'Vayam Research Solutions Limited' (VRSL); the capex will be funded
through a mix of term loans and internal accruals.  VRSL was
incorporated in October 2018 and will commence commercial
operations from September or October 2019. Through the subsidiary,
VBL has entered into a non-exclusive contract research organization
service agreement with Emcure Pharmaceuticals Limited. The
management expects this tie-up to generate additional revenue of
INR70–90 million in FY20 and around INR200 million in FY21.

The ratings continue to be supported by the promoters' experience
of more than two decades in the pharmaceutical sector.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
and sustained improvement in the revenue, profitability and overall
credit metrics.

Negative:  A negative rating action could result from a sustained
deterioration in the overall credit metrics due to a decline in
operating profitability and/or higher-than-expected debt funded
capex.

COMPANY PROFILE

Promoted by Mr. Mohan Krishna and Mr. Dopesh Raja, VBL was
incorporated in 2010. The company acquired facilities from the
Kemin Industries South Asia Private Limited at end-March 2017 under
an asset purchase arrangement. VBL, which commenced operations in
FY18, undertakes research and development, clinical and
pre-clinical studies in the field of genetic toxicology, animal
toxicology, inhalation toxicology, and ecotoxicology. On 12
September 2018, VBL incorporated its fully owned subsidiary VCRL to
carry out its clinical research business viz. bioequivalence,
bioanalytical studies and so on.

VENUS ROLLING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Venus Rolling Mills Private Limited

        Registered office:
        E-8, MIDC, Butibori, Nagpur
        Maharashtra 441122

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Devendra Singh

Interim Resolution
Professional:            Devendra Singh
                         ATS Greens Paradiso
                         Flat No. 02054, Tower-2
                         Plot No. GH-03, Sector-CHI-04
                         Greater Noida, Uttar Pradesh 201308
                         E-mail: dev_singh2006@yahoo.com

                            - and -

                         C-124 Ground Floor, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: cirp.venus@gmail.com

Last date for
submission of claims:    May 14, 2019


ZEUS ENERGY: Moody's Rates $300MM Sr. Sec. Notes 'B1'
-----------------------------------------------------
Moody's Investors Service has assigned a first-time B1 rating to
Zeus Energy Holdings Limited's proposed 5-year USD senior secured
notes of up to USD300 million.

The outlook is stable.

Zeus Energy will use the proceeds from the USD notes to subscribe
to new senior unsecured non-convertible debentures to be issued by
ReNew Power Limited.

The proceeds from the proposed NCDs will be used to refinance RPL's
existing debt.

Zeus Energy's credit profile is closely linked to that of RPL,
given that (1) servicing of the proposed USD note will rely on the
cash flow from RPL under the proposed NCDs, and (2) holders of the
proposed USD note will benefit from a first ranking charge over the
NCD proceeds from time to time.

RATINGS RATIONALE

The B1 senior secured rating reflects (1) the fundamental credit
quality of RPL, which is consistent with a Ba3 credit profile, and
(2) structural and legal subordination, due to material debt held
by RPL's subsidiaries, as well as higher priority debt held by
RPL.

RPL's fundamental credit profile reflects (1) the group's
predictable cash flow backed by long term power purchase
agreements, supported by its large and diversified portfolio of
wind and solar generation projects, (2) the group's demonstrated
capacity to deliver on growth projects, backed by its experienced
management team, and (4) the track record of support that the group
receives from its cornerstone shareholders through capital
infusions.

On the other hand, RPL's credit profile considers (1) its high
financial leverage, primarily driven by the need for additional
debt to fund its commitment to develop another 3.0GW of generation
capacity by March 2021, and (2) counterparty exposure to
financially weak off-takers.

Around 95% of RPL's revenue is derived from long-term power
purchase agreements with central and state government off-takers,
all of which have predefined tariffs.

Stability in RPL's operating cash flow also benefits from the
geographic diversification in its generation fleet, which reduces
its exposure to potential fluctuations in availability of wind and
solar resources. During the fiscal year ended March 2018, output
from RPL's portfolio of generation assets has -- on average --
performed broadly in line with Moody's base case expectations.

"RPL's strengthening credit profile also recognizes the company's
strong track record in project execution, having successfully
increased the operating capacity of its fleet to 4.5GW in March
2019 from around 1.0GW in April 2016," adds Ng.

"The company's solid track record, underpinned by its experienced
management and project development teams, will support its ability
to deliver the upcoming new projects, which will add another 3.0GW
to capacity upon completion."

Over the next two years, RPL's financial leverage — as measured
by its consolidated funds from operations to debt — will likely
range between 4.5% and 5.5%. RPL's high financial leverage is
primarily the result of its active growth pipeline and the
additional debt it will need to take on to meet its capex-related
funding requirements.

Moody's expects that RPL's financial metrics will gradually improve
over time, because projects currently in development will commence
operations and start to contribute to group earnings. The extent
and timing of such improvements will depend on RPL's growth plans
and the incremental debt that will be required for new projects
added to the development pipeline.

Resilience in RPL's financial profile is also supported by its
substantive shareholders, which include Goldman Sachs, Canada
Pension Plan Investment Board and Abu Dhabi Investment Authority.
RPL's shareholders demonstrate a track record of supporting the
company's growth-related funding requirements through equity
infusions, having cumulatively injected $533 million into the
company since April 2016. Ongoing support from its shareholders
will, over time, enable RPL to preserve and potentially improve its
financial metrics towards its steady-state target leverage of 4.5
times on a net debt to EBITDA basis.

Due to RPL's strategy to develop new renewable projects through
separate and individually funded subsidiaries, close to all of its
generation revenue and a large majority of the group's debt will be
at the subsidiary level. As at December 2018, more than 90% of
operating capacity was held by its subsidiaries and subsidiary debt
represented more than 80% of the group's total debt outstanding. As
a result, the B1 rating assigned to the proposed USD notes
incorporates a downward notching adjustment to recognize RPL's
subordinated claim to cash flow generated by its operating
subsidiaries.

The notching adjustment also considers (1) the presence of senior
secured debt issued by RPL (at the holding company level) which
ranks ahead of the proposed senior unsecured NCD, (2) diversity in
cash flow generated at the subsidiary level, as well as (3)
expectation of ongoing shareholder support.

The stable rating outlook reflects Moody's expectation of stable
cash flows from long-term power purchase agreements over the next
few years and successful delivery of new projects.

The rating on the proposed USD note is predicated on the execution
of appropriate hedging arrangements to manage Zeus Energy's
exposure to currency risk, given its USD-denominated debt service
requirement and INR-denominated income under the NCDs.

Zeus Energy plans to enter into a full hedge for the coupon, with
no residual currency risk and a call spread option for the
principal amount. Such a situation protects Zeus Energy against
USD-INR exchange rate movements up to a defined level.

The USD notes will be secured by a first priority charge over the
proceeds from the NCDs from time to time, although the NCDs will
not part of the security package. Additionally, the USD notes will
also be secured by Zeus Energy's cash accounts, a pledge on Zeus
Energy's shares and assignment of Zeus Energy's swap arrangements.
Zeus Energy is held by a trust and its ownership is not linked to
RPL or its subsidiaries. Zeus Energy is a special purpose vehicle
and will not undertake any other business activities other than
investing in the proposed NCDs.

Moody's could upgrade the rating over time if RPL maintains
consolidated funds from operations (FFO) to debt and consolidated
FFO interest coverage above 9% and 2.0x, respectively, on a
sustained basis, and there is no material change in RPL's debt
structure.

The rating could come under downward pressure if RPL's consolidated
FFO/debt declines below 4%-5% on a sustained basis, which could
result from (1) underperformance in its generation business, or (2)
a material change in the size of or funding strategy for RPL's
growth plans.

The rating could also face downward pressure if there is a material
adverse change in RPL's equity ownership.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Zeus Energy Holdings Limited is held by a trust, and was
incorporated in Mauritius in 2019.

Zeus Energy is the issuer for the proposed USD notes. Zeus Energy
will use the proceeds from the notes to subscribe to
non-convertible debentures issued by ReNew Power Limited (RPL).

RPL had 4.5GW of operational renewable generation capacity in India
as at March 2019. RPL is developing another 3.0GW of new projects,
which are likely to be commissioned by March 2021.



=================
I N D O N E S I A
=================

BARITO PACIFIC: Moody's Assigns First-Time B1 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
to Barito Pacific Tbk.

At the same time, Moody's assigned a B1 rating to its proposed
senior secured notes.

The notes will be secured by a pledge of certain shares in Chandra
Asri Petrochemical Tbk.

The B1 rating on the proposed notes is subject to review of final
documentation.

The outlook is stable.

RATINGS RATIONALE

"Barito's B1 CFR is supported by its two key equity investments -
Chandra Asri at 46.26% and Star Energy Group Holdings Pte Ltd. at
66.7% - and the expectation that dividend flows from these
investments will be sufficient to cover interest costs and
operating expenses at Barito on an ongoing basis," says Brian
Grieser, a Moody's Vice President and Senior Credit Officer.

The rating reflects the (1) diversified business profile of
Barito's investments across their petrochemical as well as energy
and power generation businesses; (2) solid interest coverage
expected at Barito, primarily supported by dividends from Chandra
Asri over the next three years; and (3) good liquidity expected at
Barito.

Further, the rating reflects the expected financing and
construction risks associated with plans to invest in a 2,000
megawatt coal-fired power plant and the complex organizational
structure of Barito as a holding company for all its investments
with no operations or cash flows, other than dividends.

Moody's expects the interest at Barito to be primarily serviced by
dividends from Chandra Asri and existing balance sheet liquidity.
Dividends from Star Energy are expected to be relatively small over
the next three years but should increase over time creating
meaningful cash flow diversification.

Initially, Moody's expects dividends from investments to cover
interest at Barito by 1.5x to 2.0x. Further, Moody's expects
bondholders to benefit from a pledge of security over certain
shares Barito owns in Chandra Asri equal to 1.75x the value of the
notes.

Liquidity at Barito is expected to benefit from existing cash
balances, the proceeds from the notes issuance above the
outstanding $200 million of debt, and dividends from its
investments.

Barito, through its subsidiaries, owns a 49% stake in the project
to build a 2,000-megawatt coal-fired power plant.

Moody's expects Barito's equity stake to be financed through land
contributions, potential investments by strategic investors, and/or
cash, which could come from the notes proceeds, or the conversion
of outstanding warrants, largely held by Projogo Pangestu, which
owns almost 73% of Barito's shares.

The balance of the project costs are expected to be funded with
project debt at the joint-venture level and equity from partners.
PT Indonesia Power, a subsidiary of Perusahaan Listrik Negara
(P.T.) (Baa2 stable), owns the remaining 51% of the coal-fired
power project.

The proposed notes will constitute the only debt at Barito and are
therefore rated at the same level as Barito's CFR.

The stable outlook reflects Moody's expectation that dividends from
Chandra Asri, combined with existing cash balances, will be enough
to support Barito's interest burden and operating costs over the
life of the bond. Further, Barito's share of equity contributions
to the coal-fired plant is expected to be funded prudently.

The ratings could be upgraded if 1) Chandra Asri increases its
dividends and/or Star Energy begins paying dividends thus
diversifying Barito's cash flows and supporting interest
coverage--defined as dividends received to cash Interest expense at
Barito--above 2.0x on a sustainable basis; and 2) demonstrates the
ability to maintain cash balances of over 2.0x interest at the
Barito level, despite making its equity investments in its CFPP
project.

Ratings could be downgraded if 1) dividend flows from Chandra Asri
and Star Energy decline such that interest coverage falls below
1.25x; or 2) the combined ownership of Mr. Pangestu and Barito in
Chandra Asri shares fall below 50%.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Barito Pacific Tbk was established in 1979 as an integrated timber
company in South Kalimantan and has developed into an investment
holding company with two key assets 1) a 46.4% ownership interest
in Indonesia's largest petrochemical producer, Chandra Asri and 2)
a 66.67% ownership interest in Indonesia's largest geothermal
independent power producer, Star Energy. Barito also owns
investment properties, which are relatively small as assets
compared to Chandra Asri and Star Energy.

Barito is planning to be one of the two lead sponsors in the
construction of a $3.4 billion 2,000MW ultra-supercritical coal
fired power project. The project will be 51% indirectly owned by
PT. Indonesia Power, a subsidiary of Perusahaan Listrik Negara
(PLN, Baa2 stable), with Barito owning a 49% share through its
subsidiaries. Land for the project has been secured by Barito and
PLN IP and a power purchase agreement was signed in December 2018
with PLN. The project is expected to be completed in 2023-2024 and
will be funded with equity and project financing debt.

CHANDRA ASRI: Moody's Affirms CFR, $300MM Unsec. Note Rating at Ba3
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Chandra Asri Petrochemical Tbk.

Moody's has also affirmed the Ba3 rating on CAP's $300 million
senior unsecured notes.

The notes were issued by CAP and guaranteed by its subsidiaries,
Styrindo Mono Indonesia and Petrokima Butadiene Indonesia.

The outlook is stable.

RATINGS RATIONALE

"The Ba3 CFR balances CAP's strong credit metrics and prudent
financial policies--as highlighted by its low financial leverage
and very good liquidity--with its exposure to commodity
petrochemicals and large capital spending plans," says Brian
Grieser, a Moody's Vice President and Senior Credit Officer.

CAP's adjusted debt/EBITDA of 1.6x and net cash position are both
supportive of its Ba3 CFR. Strong financial management provides
meaningful protection to swings in CAP's profitability, with such
swings inherent in the commodity petrochemicals industry.

CAP's EBITDA margins weakened to 16.0% in 2018 from 22.7% in 2017,
largely due to the tightening of ethylene and polyethylene spreads
in the fourth quarter as naphtha prices began to fall, and CAP was
still working through high price inventories.

CAP is currently embarking on four expansion projects and initial
spending on its planned investment in its second petrochemical
plant that will likely require an investment of over $450 million
in 2019 and almost $300 million in 2020. Moody's does not expect
CAP to take a financial investment decision on the second
petrochemical plant until late 2020 or early 2021.

Moody's expects that CAP will continue to manage its balance sheet
prudently, despite its large capital spending plans and Moody's
expectations that margins will remain between 15.0% and 18.0% in
2019.

The stable outlook continues to reflect Moody's expectation that
CAP's operating performance and cash flow generation will remain
solid but at mid-cycle levels over the next 12-18 months.

Moody's could upgrade CAP's ratings if (1) the company's planned
capacity expansion is executed on time and within budget, and (2)
if CAP maintains debt/EBITDA below 2x, given the cyclical nature of
the petrochemicals industry.

Moody's could downgrade the company's ratings if (1) its credit
metrics deteriorate, such that leverage exceeds 3.0x over an
extended period, (2) its liquidity deteriorates, such that its cash
balance falls below $100 million, or (3) it initiates large
incremental debt-funded expansion projects.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Chandra Asri Petrochemical Tbk, listed on the Jakarta Stock
Exchange, is a commodity petrochemicals company operating the only
naphtha cracker in Indonesia.

The company has a production capacity of 860 thousand tonnes per
annum (ktpa) for ethylene, 470 ktpa for propylene, 400 ktpa for
pygas, 315 ktpa for mixed C4, 336 ktpa for polyethylene and 480
ktpa for polypropylene.

CAP also has an annual styrene monomer production capacity of 340
ktpa and butadiene production of 137 ktpa.

The company was established in January 2011 through the merger of
PT Chandra Asri and PT Tri Polyta Indonesia Tbk.

CAP is owned by Barito Pacific Tbk (Barito Pacific; 41.51%); the
Siam Cement Group, through its subsidiary SCG Chemicals Co., Ltd.
(one of the largest integrated petrochemical companies in Thailand)
(30.57%); Prajogo Pangestu (14.77%), Marigold Resources (4.75%), a
subsidiary of Barito Pacific, and Bangkok Bank (2.08%). The
remaining shares are held by public investors (6.32%).



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

TAVAN BOGD: Fitch Rates Proposed USD Senior Notes 'B-(EXP)'
-----------------------------------------------------------
Fitch Ratings has assigned Tavan Bogd Trade LLC's (TBG, B-/Stable)
proposed US dollar senior notes a 'B-(EXP)' rating with an expected
Recovery Rating of 'RR4'.

The proposed notes will be issued by TBG and guaranteed by all but
two of its operating subsidiaries, one of which is Gobi JSC, the
main contributor of EBITDA. The notes constitute senior obligations
of TBG as they represent the company's unconditional and
irrevocable obligations. The notes are pledged by capital stock of
certain subsidiaries including Gobi. TBG plans to use the proceeds
to refinance bank debt located at its operating subsidiaries,
invest in capex, and to boost its cash balance. The final rating on
the proposed notes is subject to the receipt of the final
documentation conforming to the information already received.

TBG is a leading Mongolian conglomerate focused on consumer
products. The IDR reflects a 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

Manageable Leverage, High Interest Burden: Fitch expects TBG's FFO
adjusted gross leverage at the fully consolidated level to be
around 3.9x at the financial year-end 2019 (FYE19, end-December
2019) pro forma the planned bond issuance, compared with 3.0x at
FYE18, which is moderate relative to similarly rated peers. The
debt burden could be substantial, however, relative to TBG's modest
scale in terms of EBITDA. This amounted to MNT123 billion at FYE18,
as full-year annual cash interest could rise to over MNT40 billion
or approximately 30%-40% of FYE18 EBITDA across the rating horizon
following the notes issuance.

Issuance Would Strengthen Maturity Profile: The proposed notes
issuance would improve TBG's maturity profile considerably in light
of the current reliance on bank debt, of which almost 50% was
short-term at FYE18. It would also strengthen its liquidity buffer.


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 FY18, 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, Fitch  expects
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

KEY RECOVERY RATINGS ASSUMPTIONS

In its recovery analysis, Fitch has excluded Gobi's EBITDA as it
assumes that Gobi - as a listed entity not fully owned by TBG and
not guaranteeing the group's proposed notes - would not be able to
support debt beyond what it has directly borrowed from TBG.
However, Fitch gives partial credit for the amount of debt advanced
to Gobi.

Fitch assumes the enterprise value of TBG will be maximised in a
liquidation rather than a restructuring (going-concern approach).
It applied a 25% haircut on accounts receivables and advances to
Gobi and 50% on inventory and PP&E. Fitch has also assumed 10%
administrative claims would be applied. This scenario would yield a
recovery of 'RR3'. However, the recovery rating is capped at 'RR4'
under Fitch's criteria, as Mongolia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the level of the issuer's IDR
under its Country-Specific Treatment of Recovery Ratings Criteria.

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 following the proposed notes issuance and the repayment of
its short term debt, and also 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.

TAVAN BOGD: Moody's Assigns First-Time B3 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
to Tavan Bogd Trade LLC.

At the same time, Moody's has assigned a B3 rating to the company's
proposed senior notes.

The outlook is stable.

The proceeds from the issuance will be used primarily to refinance
existing debt in order to extend the duration of its capital
structure, and the remainder for general corporate purposes,
including capital spending and a liquidity buffer.

RATINGS RATIONALE

Tavan Bogd Trade LLC is a holding company, which together with its
subsidiaries, associates and joint ventures form the Tavan Bogd
group of companies.

"The B3 ratings reflect TBG's diversified business portfolio with
leading market positions in Mongolia in key segments, supporting
steady revenue growth and profitability," says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.

"At the same time, the ratings are constrained by risks present in
the Mongolian economy, as reflected by the country's B3 sovereign
rating, as well as by TBG's modest scale and execution risks," adds
Tsuen.

TBG is one of the largest conglomerates in Mongolia, with key
segments driven by growing consumption and tourism in the country.

TBG's cashmere products (Gobi and Goyo)--which generated 24% of the
company's sales in 2018--held leading shares in the domestic
cashmere market in 2018, and are positioned to grow with increasing
tourism in Mongolia as well as global demand for cashmere
products.

TBG is also the largest new vehicle importer in Mongolia and the
larger of the two dealers for Toyota Motor Corporation (Aa3
stable), which has the best-selling auto brand in the country. The
automobile segment generated around 40% of TBG's sales in 2018.

In addition, the company is a leading flour manufacturer, a key
distributor of consumer goods including well-known global brands,
and operates 32 restaurants in Mongolia including KFC and Pizza
Hut.

TBG also owns 23% of Khan Bank, which is the largest bank in
Mongolia in terms of assets.

Moody's expects TBG's strong local market positions and its
partnerships with global companies will drive 10%-20% revenue
growth a year between 2018 and 2021, while adjusted EBITDA margins
will be steady in the 17%-18% range.

TBG will also start generating free cash flow in 2019, following
the completion of major capital spending and working capital
investment in its cashmere business in the past 2-3 years.

As a result, Moody's estimates that TBG's adjusted debt/EBITDA will
gradually improve to about 2.8x over the next 12-18 months after
peaking at 3.3x in 2019.

While such ratios are strong for the B3 rating category, the B3
rating also reflects TBG's concentrated operations in Mongolia
where growth remains volatile and external risks elevated. The
rating also reflects foreign currency risks, given the devaluation
of the MNT in recent years.

Moreover, TBG's scale remains modest by global conglomerate
standards, with $319 million in revenue in 2018.

TBG's liquidity will be adequate with the proposed USD bond, given
the company's plan to refinance most of its short-term debt with
the bond proceeds. Without the bond issuance, TBG's liquidity would
be inadequate, with MNT19 billion in cash but MNT190 billion in
short-term debt as of the end of 2018. However, this risk is
mitigated by TBG's strong relationships with local and
international banks. TBG historically has been able to roll over
its short-term bank borrowings.

The stable outlook reflects Moody's expectation that TBG will
maintain its solid business profile while gradually improving its
revenue and financial profile over the next 12-18 months.

The B3 rating is at the same level as Mongolia's sovereign rating,
and a positive rating action is unlikely in the absence of an
upgrade of the sovereign rating. Consequently, the rating could be
upgraded if (1) Mongolia's sovereign rating is upgraded, and (2)
TBG maintains its solid business profile, credit metrics, and
domestic funding access.

Factors that could result in a downgrade include (1) a downgrade of
Mongolia's sovereign rating, (2) a weakening in TBG's credit
metrics, such that FFO interest coverage declines below 2x, or (3)
a failure to maintain funding access.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Founded in 1995, the Tavan Bogd group of companies is one of the
largest conglomerates in Mongolia. It operates in segments
including (1) cashmere manufacturing, (2) international trade and
services (automobile dealership, merchandise and distribution of
international brands), (3) food production and services, (4)
tourism and hospitality, (5) banking, and (6) mining supply and
services.

Tavan Bogd Trade LLC is a private company owned by Baatarsaikhan
Tsagaach (60%), his wife (20%), and his three sisters (20%
combined).



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

TRUE LINE: Bank Balance Still at Zero, Liquidators Report Reveals
-----------------------------------------------------------------
Tracey Roxburgh at Otago Daily Times reports that despite True Line
Builders Ltd's shareholder paying back NZ$60,801 of a debt owed to
the company, the liquidator's bank balance is still at zero.

True Line was placed in liquidation by special resolution of
shareholder, Jaden Melgren, who was also the sole director of the
company, on July 25, 2017, the report says.

ODT relates that the day before, his wife, Jackie Melgren, was
removed as a shareholder.

In his six-monthly report, liquidator Imran Kamal said as at
February 25 this year, the only receipts from the residential
building company was a payment from the shareholder, totalling
NZ$23,259.

All of that money had gone on "liquidation fees and disbursements,"
ODT relays.

ODT relates that at the time of Mr. Kamal's last report, in
September last year, the shareholder payment was NZ$37,542.

That had also been spent on liquidation fees and disbursements.

According to the report, seven preferential creditors, including
the Inland Revenue Department (IRD), have filed claims totalling
NZ$183,314.25 and 22 unsecured creditors are owed NZ$609,901.21.

"Any prospect of a distribution to the creditors is dependent upon
the quantum of the recovery of the overdrawn shareholders
account."

The company was incorporated in July 2014 and started in Queenstown
and surrounds before expanding to Auckland--at the time of
liquidation it had four residential building contracts in
Queenstown, Auckland and Great Barrier Island, and staff at all
locations.

Mr. Kamal's report said the company fell behind with creditors'
payments and the IRD and was on stop credit with suppliers and
subtrades, which affected the supply of materials and the ability
to complete projects, ODT relates.

It ultimately fell behind in its tax obligations and creditors,
could not return to a profitable position and did not have the
cashflow to trade out, ODT adds.

The report says Mr. Kamal had concerns about the manner in which
the business was conducted and the "substantial loss" suffered by
creditors, but had not yet determined the best course of action to
take against Mr. Melgren.

He had also yet to issue formal notices on voidable transactions -
any earlier payment which might be subject to being paid back, ODT
adds.



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

CNA GROUP: Told to Delist after 4 Years on SGX Watch-List
---------------------------------------------------------
Annabeth Leow at The Business Times reports that Mainboard-listed
CNA Group, which could be headed for liquidation, has been asked to
delist after languishing for four years on the Singapore Exchange's
financial watch-list.

The building management company must give the bourse operator a
reasonable exit offer for shareholders, judicial manager Deloitte &
Touche said in a filing on May 2, BT relays.

According to the report, CNA was put on the watch-list for
companies with pre-tax losses for three straight years in March
2015, and originally had until March 3, 2017 to meet the criteria
for removal.

The company asked for and received two extensions of that
deadline--until July 15, 2018--and later withdrew its application
for a third extension, the report relates.

SGX has since noted that "there continues to be no certainty on any
firm and viable proposal(s) to justify a further extension of time
to meet the financial exit criteria", the company said in its
latest announcement, BT relays.

CNA has one month from the bourse's April 30 notice to come up with
an exit offer proposal, BT notes.

BT recounts that the judicial manager had previously warned in
March that CNA will face liquidation and winding-up if its
application for an extension of judicial management was rejected by
the courts.

Under those circumstances, an exit offer would be unlikely as the
company is already insolvent, with liabilities outweighing its
assets, Deloitte & Touche disclosed at the time, the report says.

                          About CNA Group

Singapore-based CNA Group Ltd. is engaged in the provision, design,
and implementation of integrated control and automation systems,
and information technology solutions for buildings and facilities.
The company also provides after-sales, maintenance, and facility
management services. It has operations in Singapore, China,
Vietnam, Thailand, Indonesia, the Philippines, India, and the
Middle East.

In September 2015, Tam Chee Chong and Andrew Grimmett of Deloitte &
Touche LLP were appointed by the High Court as the joint and
several Judicial Managers of the Company.



===========
T A I W A N
===========

ORIENTAL SECURITIES: Fitch Affirms LT IDR at BB+, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on eight Taiwanese
securities companies; Oriental Securities Corporation, Concord
Securities Co., Ltd., Grand Fortune Securities Co., Ltd. (GFS),
Shin Kong International Securities Co., Ltd. (SKIS), Ta Ching
Securities Co., Ltd., Tachan Securities Co., Ltd, Horizon
Securities Co., Ltd. and CL Securities Taiwan Company Limited
(CLST).

KEY RATING DRIVERS

The ratings of the eight entities are underpinned by their modest
company profiles, reflected by their small market franchise in an
international context with low business diversification. However,
the ratings also take into consideration their consistently low use
of leverage and Fitch's expectation of their ability to maintain
solid capital buffers and adequate liquidity during market shocks.

GFS, SKIS, Oriental and Concord are rated higher than the other
four entities. GFS has demonstrated its ability to sustain a unique
underwriting business franchise underpinned by a stable pipeline,
while SKIS' superior profitability reflects its continued strength
in electronic brokerage and competitive cost structure. Oriental
has a strong capital base, with its franchise also benefitting from
being part of the Far Eastern group. Concord's rating is driven by
its diversified business model and continued product innovation.

CLST and Horizon are rated at the lowest level among the peer
group. CLST's rating is constrained by a high reliance on its
largest client, CLSA Limited, and short record of sustained
profitability after the management buyout in late-2016. Horizon's
ratings are based on Fitch's expectation of weak and volatile
returns in light of its more modest franchise and higher risk
appetite for trading and investments.

All eight entities have maintained healthy liquidity to cover
short-term funding, mitigating reliance on wholesale funding,
particularly in repo transaction for those with larger fixed-income
positions. Fitch expects the companies to remain well capitalised
relative to their risk profiles, providing adequate buffers against
market disruptions.

Most small Taiwanese securities firms saw lower profits in 2018 due
to weak proprietary-trading income, as Asian equity markets
retreated in 2H18 amid market concerns regarding economic growth
and rising geopolitical tension. Fitch expects earnings volatility
to remain in the medium-term, as the more volatile
securities-brokerage and proprietary-trading operations will
continue to dominate earnings.

RATING SENSITIVITIES

Rating upgrades for all eight entities are not probable in light of
their modest franchise. A downgrade for Concord could come from an
inability to improve earnings through innovative product offerings
or lower trading volatility via hedging strategies. A rating
downgrade for SKIS could arise from an increased risk appetite to
expand into non-core high-balance-sheet usage businesses, such as
proprietary trading, leading to significantly weaker
capitalisation.

For Horizon and Ta Ching, a meaningful deterioration in
capitalisation due to increased trading or substantial trading
losses may trigger rating downgrades. Rating downgrade for CLST
could occur upon signs of weakening in its relationship with CLSA,
which could undermine its business sustainability. Downgrades at
Oriental, GFS and Tachan are less probable due to their
consistently strong capital and liquidity buffers.

The rating actions are as follows:

Oriental:

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F1(twn)'

Concord:

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

GFS:

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F1(twn)'

SKIS:

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

Ta Ching:

National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

Tachan:

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

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

Horizon:

National Long-Term Rating affirmed at 'BBB(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F3(twn)'

CLST:

National Long-Term Rating affirmed at 'BBB(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'



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

[*] BOND PRICING: For the Week April 29, 2019 to May 3, 2019
------------------------------------------------------------
Issuer                   Coupon     Maturity   Currency  Price
------                   ------     --------   --------  -----


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

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


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

PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


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

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


SINGAPORE
---------

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


SRI LANKA
---------

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


THAILAND
--------

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


VIETNAM
-------

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


                           *********


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

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

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

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

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



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