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       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 14, 2019, Vol. 22, No. 96

                           Headlines



A U S T R A L I A

ASHFORD ROAD: Second Creditors' Meeting Set for May 20
ASTUTE CORPORATION: Second Creditors' Meeting Set for May 20
CENTENNIAL MINING: Second Creditors' Meeting Set for May 17
CHIEN & LEDINGHAM: Second Creditors' Meeting Set for May 17
FRAPPE GROUP: Second Creditors' Meeting Set for May 20

GAY & LESBIAN: First Creditors' Meeting Set for May 21
LASTRINGERS PTY: First Creditors' Meeting Set for May 20
SAROY HOLDINGS: First Creditors' Meeting Set for May 20


C H I N A

DR. PENG: Moody's Cuts CFR to B3; Reviews Ratings for Downgrade
EHI CAR: Fitch Downgrades Long-Term IDR to 'B', Outlook Stable


I N D I A

AMTEK AUTO: IBBI Files Criminal Case Against Liberty House
ANDHRA PRADESH: Ind-Ra Cuts INR4MM LT Loan Rating to 'D'
ASSOCIATE LUMBERS: CRISIL Maintains D Rating in Not Cooperating
BHADORA INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
C P SPONGE: CRISIL Assigns B- Rating to INR25cr Cash Loan

CHHATRAPATI SAMBHAJI: Ind-Ra Assigns 'B+' Long Term Issuer Rating
G.G. EXPORTS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Pos.
HARRAJ AGRO: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
INDIABULLS HOUSING: Moody's Assigns Ba1 CFR, Outlook Stable
KAUSHAL FERRO: CRISIL Migrates D Rating to Not Cooperating

MARUTHI COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
MASTER CONSTRUCTION: CRISIL Retains B+ Rating in Not Cooperating
NEUEON TOWERS: CARE Keeps D Rating in Not Cooperating Category
ORISSA STEVEDORES: CRISIL Cuts Rating on INR74cr LT Loan to D
PRABHAT CABLES: CRISIL Reaffirms B+ Rating on INR20cr Loan

PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Rating in Not Coop.
PUMARTH INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
RAISONS FIBRES: CRISIL Assigns 'B' Rating to INR3cr Cash Loan
RWL HEALTHWORLD: Ind-Ra Maintains 'D' LT, Non-Cooperating Rating
SAI POINT: CRISIL Lowers Rating on INR13.5cr Loan to D

SANDCITY AUTOTEC: CRISIL Migrates B+ Rating to Not Cooperating
SHREE B.S. COTTON: CRISIL Withdraws B+ Rating on INR7cr Loan
SHRI GANESH: CRISIL Hikes Rating on INR3.5cr Cash Loan to B+
SION CERAMICS: CRISIL Lowers Rating on INR6.18cr Loan to D


N E W   Z E A L A N D

CBL CORP: Placed in Liquidation; Directors Withdraw Objection


P A K I S T A N

PAKISTAN: Reaches Deal with IMF for $6 Billion Bailout


S I N G A P O R E

HYFLUX LTD: UAE's Utico Submits Binding Offer to Invest $400MM
SWISSCO HOLDINGS: Completes Disposal of Substantial Part of OSV


V I E T N A M

VIETNAM ELECTRICITY: Fitch Affirms BB IDR, Alters Outlook to Pos.
VIETNAM JOINT: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.


X X X X X X X X

BOND PRICING: For the Week May 6, 2019 to May 10, 2019

                           - - - - -


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

ASHFORD ROAD: Second Creditors' Meeting Set for May 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Ashford Road
Equity Pty Ltd, trading as The Drink Well Philosophy, has been set
for May 20, 2019, at 10:30 a.m. at the offices of Worrells Solvency
& Forensic Accountants, at Level 4, 15 Ogilvie Road, in Mount
Pleasant, WA.

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 17, 2019, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Ashford Road on April 18, 2019.

ASTUTE CORPORATION: Second Creditors' Meeting Set for May 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Astute
Corporation Pty Ltd has been set for May 20, 2019, at 11:30 a.m. at
the offices of Hall Chadwick, at Level 14, 440 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2019, at 4:00 p.m.

David Anthony Ross, Richard Albarran, and Richard Lawrence of Hall
Chadwick were appointed as administrators of Astute Corporation on
April 4, 2019.

CENTENNIAL MINING: Second Creditors' Meeting Set for May 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Centennial
Mining Limited and Maldon Resources Pty Ltd has been set for May
17, 2019, at 10:30 a.m. at the offices of KordaMentha Melbourne,
Rialto South Tower, at Level 31, 525 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2019, at 4:00 p.m.

Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth
were appointed as administrators of Centennial Mining on March 21,
2019.

CHIEN & LEDINGHAM: Second Creditors' Meeting Set for May 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Chien &
Ledingham Lawyers Pty Ltd has been set for May 17, 2019, at 10:30
a.m. at the offices of Worrells Solvency and Forensic Accountants,
at Level 8, 102 Adelaide Street, in Brisbane, Queensland.

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 16, 2019, at 5:00 p.m.

Nikhil Khatri of Worrells Solvency was appointed as administrator
of Chien & Ledingham on April 8, 2019.

FRAPPE GROUP: Second Creditors' Meeting Set for May 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Frappe Group
Pty Ltd has been set for May 20, 2019, at 4:00 p.m. at the offices
of Cor Cordis, One Wharf Lane, at Level 20, 171 Sussex 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 17, 2019, at 4:00 p.m.

Andre Lakomy of Cor Cordis was appointed as administrator of Frappe
Group on April 3, 2019.

GAY & LESBIAN: First Creditors' Meeting Set for May 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gay &
Lesbian Community Publishing Limited will be held on May 21, 2019,
at 10:30 a.m. at the offices of MaC Insolvency, at Level 7, 91
Phillip St, in Parramatta, NSW.

Trent McMillen of MaC Insolvency was appointed as administrator of
Gay & Lesbian on May 10, 2019.

LASTRINGERS PTY: First Creditors' Meeting Set for May 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lastringers
Pty Ltd as trustee for Wayne Butcher Business Trust, trading as
Derby Boab Inn, will be held on May 20, 2019, at 10:00 a.m. at the
offices of Cor Cordis, Mezzanine Level, at 28 The Esplanade, in
Perth, WA.  

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Lastringers Pty on May 8, 2019.

SAROY HOLDINGS: First Creditors' Meeting Set for May 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Saroy
Holdings Pty Ltd, trading as Vision Personal Training Wahroonga,
will be held on May 20, 2019, at 3:00 p.m. at the offices of Cor
Cordis, One Wharf Lane, at Level 20, 171 Sussex Street, in Sydney,
NSW.

Jason Tang and Alan Walker of Cor Cordis were appointed as
administrators of Saroy Holdings on May 8, 2019.



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

DR. PENG: Moody's Cuts CFR to B3; Reviews Ratings for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded Dr. Peng Telecom & Media
Group Co., Ltd.'s corporate family rating to B3 from B2.

At the same time, Moody's has downgraded Dr. Peng Holding Hongkong
Limited's senior unsecured rating to B3 from B2. The notes are
unconditionally and irrevocably guaranteed by Dr. Peng Telecom.

The ratings are on review for further downgrade.

RATINGS RATIONALE

"The downgrade reflects Dr. Peng Telecom's elevated refinancing
risk, as its weakened operating cash flow and cash holdings will be
insufficient to meet its repayment needs through 2Q 2020," says
Danny Chan, a Moody's Assistant Vice President and Analyst.

"The downgrade also reflects increasing uncertainty over its
ongoing business transformation amid the fast-changing industry
landscape," says Chan, who is also Moody's Lead Analyst for Dr.
Peng Telecom.

Dr. Peng Telecom's revenue and cash flow have deteriorated
materially in the past 12-18 months amid intense competition among
broadband internet access operators in China. The company reported
negative operating cash flow in 1Q 2019 for the first time since
2013, partly driven by weak revenue and higher costs.

Moody's expects the company will continue to generate weak cash
flow in the next 12-18 months. Subscriber numbers declined by 10%
in 2018, compared to 2% growth in 2017 and 35% growth in 2016, and
in turn resulted in loss of broadband market share. The decline in
the company's broadband subscriber base will reduce its recurring
monthly subscription revenue, which is paid annually in advance. As
a result, Moody's expects Dr. Peng's broadband revenue and
operating cash flow -- which account for 77% of total revenue --
will deteriorate further.

Dr. Peng Telecom's USD notes are due in June 2020, with
approximately USD410 million of principle outstanding. In addition,
the company has two onshore notes totaling RMB2 billion becoming
puttable in April and June 2020.

At March 31, 2019, Dr. Peng Telecom had cash and deposits of
RMB1.75 billion. Its cash to short-term debt coverage has
deteriorated substantially considering its repayment needs of about
RMB4.8 billion by June 30, 2020.

Amid intense competition for broadband services in China, which has
weakened Dr. Peng Telecom's market share, revenue and cash flow,
the company continues to gradually shift its focus to broadband
applications, network installation and maintenance services, as
well as internet data center operations.

Nevertheless, broadband internet access remained the major revenue
and cash flow driver for Dr. Peng Telecom in 2018, accounting for
more than 70%-80% of gross profits and operating cash flow. While
its broadband applications and network installation and maintenance
services are also starting to contribute to revenue, these
businesses carry lower profit margins than broadband internet
access. The company's business transformation will therefore entail
execution risk and pose some risk to the company's revenue and cash
flow.

The ratings are on review for downgrade, reflecting the refinancing
risk on the upcoming maturities and the uncertainty on its business
profile.

Moody's review will focus on Dr. Peng Telecom's: (1) progress in
securing access to onshore and offshore funding to repay its
upcoming debt maturities; and (2) business plan to stabilize the
decline in its sales and operating cash flow.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Dr. Peng Telecom & Media Group Co., Ltd. is the fourth-largest
telecommunications operator in China by revenue, and offers, among
other things, broadband internet access and application services.

Headquartered in Beijing, the company was founded in 1985 and
listed on the Shanghai Stock Exchange (600804.CH) in 1994.

EHI CAR: Fitch Downgrades Long-Term IDR to 'B', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based car-rental and services
operator eHi Car Services Limited's Long-Term Issuer Default Rating
to 'B' from 'B+'. The Outlook is Stable.

The downgrade reflects higher-than-expected leverage and Fitch's
expectation that meaningful deleveraging is unlikely in the next
two to three years.

KEY RATING DRIVERS

Growth Strategy Pressures Leverage:  eHi is the second-largest
car-rental company in China by fleet size, and it continues to
invest heavily to expand its fleet as it aims to gain market share.
This has resulted in higher-than-expected leverage levels and
recurring negative FCF. FFO adjusted net leverage rose to 5.1x by
end-2018 from 4.3x at end-2017 and 3.4x at end-2016. Fitch believes
sustained deleveraging is unlikely in the next few years as the
company aims to enhance its market position in a growing market,
although eHi is implementing new vehicle purchase arrangements to
reduce cash outlay.

Increasing Payables with Purchase Arrangements:  eHi began adopting
a new vehicle purchase arrangement in 2017, in which suppliers give
eHi the option to purchase cars at lower initial cash outlay and
the suppliers agree to buy back the vehicles with pre-determined
prices and terms, reducing vehicle-disposal uncertainty. eHi has
since increased its use this arrangement and its amounts due to
suppliers from vehicle purchases, which are classified under
accounts payable, have increased significantly. Classifying the
amounts as payables helps the company manage its covenants
headroom, but Fitch deems the payables related to vehicle purchases
as debt.

Limited Change Expected Post-Privatisation: eHi announced on 9
April 2019 that it has completed the revised privatisation plan
announced in February 2019. Fitch believes the privatisation will
not significantly alter eHi's business and financial profile in the
near term. Specifically, under the amended scheme, existing
shareholder Ctrip.com International Ltd. joined a consortium led by
eHi's chairman to acquire shares held by the public and the
transaction required no additional debt financing from eHi. In
addition, a recently arranged syndicated loan imposes covenants on
leverage and coverage and has reporting requirements that should
help maintain a degree of financial transparency post
privatisation.

In December 2018 eHi entered into a USD195 million syndicated loan
facility agreement with a three-year term. The proceeds of the loan
facility were used to repay US dollar notes that matured in 2018.
The execution of the syndicated credit facility reduced the
company's near-term refinancing risk and introduced new
deleveraging targets.

Leading Position; Competitive Market: eHi remains one of China's
leading car rental companies. Its fleet size expanded by 19% in
2018 and reached more than 77,000 vehicles covering over 300
cities. China's car-rental market is likely to maintain robust
growth in the medium term supported by rising incomes, the large
gap between the number of people holding driver's licences and
owning cars, and the rapid growth in domestic self-driving trips.
Major players such as eHi can reinforce their leading positions,
which are underpinned by their well-recognised brands, large and
expanding fleets and national coverage.

However the China's car-rental and services market continues to be
highly competitive and is vulnerable to technological disruption.
eHi not only competes fiercely against traditional car rental
operators such as CAR Inc., but also faces challenges from new
entrants in mobility services supported by technology companies and
automakers. Fitch believes the market will remain competitive in
the medium term, which could affect eHi's pricing and margin.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position as the
second-largest car rental company in China, although it has a
smaller operating scale and weaker financial profile compared with
other Fitch-rated car rental operators, such as Localiza Rent a Car
S.A. (BB/Stable), the leading car rental operator in Brazil. eHi
also has higher leverage, smaller operating scale and higher capex
requirement relative to China Grand Automotive Services Co., Ltd.
(BB-/Stable), the largest auto dealer in China. No Country Ceiling,
parent and subsidiary or operating environment aspects affect the
rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Net addition of 19,000 and 5,000 vehicles in 2019 and 2020,
respectively

  - 2018-2022 revenue CAGR of 11% (2018: 14%)

  - 2019-2022 EBITDA margin of 41%-44% (2018: 41%)

  - No dividend payment between 2019 and 2022 (2018: Nil)

Recovery Rating Assumptions:

Its recovery analysis is based on liquidation value, as it is
higher than the going concern value. The liquidation value is
primarily derived from the value eHi's vehicle fleet. eHi has a
solid track record in disposing of its used cars with minimal
gain/loss from disposal, and there is a large and liquid market for
used cars in China. Hence Fitch believes the 70% advance rate is
achievable and a fair assumption.

The Recovery Rating assigned to eHi's senior unsecured debt is
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

  - FFO adjusted net leverage (including accounts payable for
vehicle purchases) sustained below 4.5x (2018: 5.1x)

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

  - FFO adjusted net leverage (including accounts payable for
vehicle purchases) sustained above 6.0x

  - Operating EBITDA to interest paid sustained below 3x

LIQUIDITY

Liquidity Shortfall: At the end of 2018, eHi had readily available
cash and cash equivalents of CNY469 million and undrawn loan
facilities available of CNY254 million. However, these were less
than its aggregate short-term debt obligations of CNY2,167 million,
or CNY1,153 million if payables for vehicles purchased under the
Program-Car arrangement are excluded.

FULL LIST OF RATING ACTIONS

eHi Car Services Limited

Long-Term Issuer Default Rating downgraded to 'B' from 'B+';
Outlook Stable

Senior unsecured rating downgraded to 'B' from 'B+' with a Recovery
Rating of 'RR4'

USD400 million 5.875% notes due 2022 downgraded to 'B' from 'B+'
with a Recovery Rating of RR4



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

AMTEK AUTO: IBBI Files Criminal Case Against Liberty House
----------------------------------------------------------
BloombergQuint reports that India's bankruptcy regulator has filed
criminal charges against the U.K.'s Liberty House Group for backing
out after successfully bidding for Amtek Auto Ltd.

The group "intentionally and wilfully" contravened the conditions
laid down under the resolution plan, the Insolvency & Bankruptcy
Board said in a criminal case filed at a Gurugram court,
BloombergQuint relates.

Sessions Judge Rajiv Kumar Sondhi prima facie found wilful
contravention and ordered Sanjeev Gupta, Rajiv Bajaj, Doughlas
Dawson and Derek O'Reilly to be present at the next hearing on July
11, BloombergQuint says, citing a copy of the order.

According to BloombergQuint, Liberty House won the bid for Amtek
Auto under the Insolvency and Bankruptcy Code proceedings, and the
Chandigarh bench of the National Company Law Tribunal approved its
offer in July 2018. The committee of creditors then set up a panel
to implement the resolution plan.

The U.K.-based investor, however, backed out citing gaps in the
bidding process conducted by the resolution professional. Liberty
House said it had not been provided adequate information, and
didn't want to continue with its plan after closely reviewing Amtek
Auto's accounts, BloombergQuint says.

BloombergQuint relates that the creditors then moved the NCLT,
alleging that the investor had wilfully backed out. The tribunal
agreed with them and said the board may move against Liberty House
as per the regulations laid under the bankruptcy code.

According to Section 74(3) of the code, any party that violates
conditions laid under the resolution plan will be liable to
prosecution and can face a prison term of up to five years along
with a penalty of up to INR1 crore, the report states.

Since the maximum punishment prescribed under the code for such
contravention is more than two years, the sessions court agreed to
hear the matter as a special court constituted under the provisions
of Section 435 (1) of the Companies Act.

BloombergQuint says Liberty House had also backed out of a bid for
Amtek Auto's subsidiary, ARGL Ltd. despite the NCLT's order. This
came after Liberty House declined to submit a bank guarantee as
required under the insolvency process.

Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php -- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components, including
flywheel ring gears, machining, forging, casting aluminum and
casting iron. The Company supplies components for
passenger cars, light and heavy commercial vehicles, 2/3 wheelers,
light weight commercial vehicles and heavy weight commercial
vehicles. The Company has facilities across India, the United
Kingdom, Germany, Brazil, Italy, Mexico, Hungary and the United
States. The Company also manufactures components for non-auto
sectors, such as the railways, specialty vehicles, aerospace,
agricultural and heavy earth moving equipment.

In July 2017, NCLT had admitted insolvency proceedings initiated by
a consortium of banks led by Corporation Bank.

ANDHRA PRADESH: Ind-Ra Cuts INR4MM LT Loan Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Andhra Pradesh
State Financial Corporation's (APSFC) debt instruments as follows:

-- INR6.41 mil. Bonds downgraded with IND B/Negative rating;

-- INR0.25 mil. Secured overdraft (long-term) downgraded with IND

     D rating; and

-- INR4.00 mil. Long-term loans (long-term) due on July 26, 2021
     downgraded with IND D rating.

The downgrade reflects delays in debt servicing by APSFC due to a
stretched liquidity position, resulting from a fall in loans and
advances due to the underperformance of the business on account of
a delay in bifurcation approval. The Negative Outlook reflects a
constant fall in APSFC's earning assets and interest income since
FY14.

KEY RATING DRIVERS

Shrinking Asset and Income: APSFC's total income continued to
decline to INR4.38 billion in FY18 from INR4.53 billion in FY14 on
account of the decline in loans and advances. During the period,
APSFC's interest income declined at a CAGR of 2.17% to INR3.74
billion, primarily due to falling loans and advances since FY14
owing to adverse market conditions. Loans and advances were
INR21.14 billion in FY18, down from INR28.18 billion in FY14.

Furthermore, APSFC's annual disbursements fell to INR7.13 billion
in FY18 (FY18: down 3.9% YoY, FY17: 2.07% YoY) from INR8.83 billion
in FY14. Ind-Ra expects APSFC to continue to experience lower loans
and advances in the next couple of years.

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for each
state in accordance with the Andhra Pradesh Reorganization Act 2014
has been approved by the board of directors and shareholders;
however, approval from the government of India is still pending.

Liquidity and Asset-Liability Management: As on March 31, 2018,
APSFC had a surplus of INR6,122.23 million for the maturity bucket
of less than one year. Although APSFC's annual surplus is likely to
deteriorate for the maturity buckets of one-to-three years and
three-to-five years, the corporation is likely to have an adequate
cumulative surplus. Although its available funds increased 49.41%
YoY to INR1.25 billion in FY18, it just covers 7.80% of its total
debt.

Well Diversified Lending Exposure: The lending exposure of APSFC's
loans and advances is fairly distributed among sectors. As of March
2018, chemical products accounted 16.71% of the total lending
exposure of INR32 billion, followed by food products (10.05%),
services (9.18%), non-metallic mineral products (7.97%), basic
metals (6.23%), textiles (5.32%), machinery except electrical
machinery (4.84%), medical loans (4.08%) and others (35.62%).
Simultaneously, APSFC's large geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, APSFC's top 10 borrowers proportioned
just 7.78% of the total gross loans and advances at FYE18. Hence,
it faces a low concentration risk. APSFC's lending is mainly to
small scale industries, thus adding pressure on its financial
performance.

Adequately Capitalized: APSFC's core capital risk-weighted adequacy
ratio has gradually increased since FY14 (FY18: 24.21%, FY17:
20.83%), driven by growing net worth backed by annual net profit.
Moreover, its net interest income/total average earning assets
ratio improved to 9.27% in FY18 (FY17: 8.51%) on account of a 2.18%
YoY increase in net interest income and a 4.67% yoy fall in average
total assets.

Moderate Asset Quality: APSFC's gross non-performing asset to gross
loans and advances rose to 9.27% in FY18 from 8.41% in FY17. As a
percentage of net loans and advances, net non-performing assets
slightly increased to 5.38% in FY18 from 4.85% in FY17. The
recoveries were above INR10 billion during FY14-FY18. APSFC's
provisioning coverage ratio was 44.73% in FY18. APSFC has written
off all doubtful assets since FY09. Bad debt write-offs totaled
about INR1.20 billion during FY17-FY18 (FY14: INR610.03 million).

RATING SENSITIVITIES

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

COMPANY PROFILE

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951. Most states have
created state financial corporations under the act. The government
of India has created Telangana from Andhra Pradesh, with Hyderabad
as a common capital for the next 10 years. However, the division of
assets and liabilities between the states is being processed.

ASSOCIATE LUMBERS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Associate Lumbers
Private Limited (ALPL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           58        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with ALPL for obtaining
information through letters and emails dated October 31, 2018 and
April 09, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

ALPL, incorporated in 1986, is a joint venture between Agicha and
Darvesh families. Based in Mumbai, it trades in timber.

BHADORA INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhadora Industries
Private Limited (BIPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        7.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Cash Credit           3.2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term
   Bank Loan Facility    1.43      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             0.92      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)
      
CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated October 31, 2018 and
April  9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BIPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

BIPL, incorporated in 1988, manufactures various industrial
insulated wires and cables, at its facility in Tikamgarh, Madhya
Pradesh. Operations are managed by Mr Pradeeep Bhadora.

C P SPONGE: CRISIL Assigns B- Rating to INR25cr Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of C P Sponge Iron Private Limited (CPSIPL) and has
assigned its 'CRISIL B-/Stable' rating. The ratings were suspended
through a rating rationale dated September 12, 2014, as the company
had not provided the necessary information for a rating review. It
has now shared the requisite information, enabling CRISIL to assign
its ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           25        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects the extensive experience of the company's
promoters in the sponge iron industry, and its moderate financial
risk profile. These strengths are partially offset by the modest
scale and working capital-intensive nature of operations, and
exposure to risks arising from intense competition, volatility in
raw material prices, and vulnerability to cyclicality in the
infrastructure and real estate sectors.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations amidst intense competition: Intense
competition in the sponge iron industry, restricts scalability of
operations, and thus, limits the benefits from economies of scale
and pricing power: revenue was modest at INR66.24 crore in fiscal
2018.

* Working capital-intensive operations: Gross current assets were
high around 398 days as on March 31, 2018, owing to stretched
receivables and sizeable inventory, and led to high bank limit
utilization.

* Susceptibility to volatility in raw material prices, and
cyclicality in the infrastructure and real estate sectors:
Profitability remains vulnerable to volatility in raw material
prices and demand from key end-user sectors. Cost of production and
operating margin are heavily dependent on movement in raw material
prices. The margin is also linked to overall fortunes of the
inherently cyclical steel industry, which is strongly correlated
with trends in the overall gross domestic product.

Strengths:
* Extensive experience of promoters: The two-decade-long experience
of the promoters in the sponge iron industry, and their strong
relationships with suppliers, will continue to support the business
risk profile.

* Moderate financial risk profile: Financial risk profile is marked
by a moderate net worth and comfortable gearing of INR28.22 crore
and 0.89 time, respectively, as on March 31, 2018. Working capital
requirement is likely to be higher in the medium term, in line with
ramp up in the scale of operations. Debt protection metrics were
subdued, indicated by interest coverage and net cash accrual to
adjusted debt ratios of 1.43 times and 0.05 time, respectively, for
fiscal 2018.

Liquidity
Liquidity is weak, marked by expected cash accrual of INR1.4 -1.5
crore, though sufficient to cover the negligible debt in fiscal
2019. Bank limit of 25 crore was utilised at an average 101.6%, in
the 12 months through February 2019.

Outlook: Stable

CRISIL believes CPSIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial and sustained growth in operating income
and accrual, and better working capital management, strengthen the
financial risk profile and liquidity. The outlook may be revised to
'Negative' in case of a significant decline in revenue or
profitability, resulting in low cash accrual, or further stretch in
the working capital cycle or any large capital expenditure, weakens
the financial risk profile, particularly liquidity.

CPSIPL, which was set up in 2002, manufactures sponge iron. Its
facility at Durgapur, West Bengal, has an installed capacity of
60,000 metric tonnes per annum (MTPA).

CHHATRAPATI SAMBHAJI: Ind-Ra Assigns 'B+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chhatrapati
Sambhaji Raje Sakhar Uyog Limited (CSRSUL) a Long-Term Issuer
Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR139 mil. Term loans due on June 2026 assigned with IND
     B+/Stable rating;

-- INR330 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating; and

-- INR30 mil. Non-fund-based working capital limits assigned with

     IND A4 rating.

KEY RATING DRIVERS

The ratings reflect CSRSUL's weak credit metrics on account of the
high debt level (FY18: INR543 million, FY17: INR420 million) to
fund its working capital requirement. Its EBITDA interest coverage
(operating EBITDA/gross interest expense) was 0.86x in FY18 and net
leverage (total adjusted net debt/operating EBITDA) was 12.58x.

The ratings are also constrained by CSRSUL's modest liquidity
position as reflected by around 74% average use of the fund-based
limits during the 12 months ended March 2019. It had a cash balance
of INR60.41 million in FY18 (FY17: INR5.58 million). Cash flow from
operations turned negative to INR92.98 million from positive
INR119.68 million in FY17 on account of increased working capital
requirement. The company's working capital cycle elongated to 368
days in FY18 (FY17: 129 days) because of high inventory level as
the new government policy imposed a cap on sugar sale as well as
the company's requirement to maintain higher inventory during the
crushing season.

CSRSUL's scale of operations remains small as indicated by revenue
of INR572 million in FY18 (FY17: INR585 million). The decline in
revenue was mainly on account of a decline in sugar revenue,
resulting from changes in government policies. During 10MFY19, the
company achieved a sugar revenue of INR663.9 million. CSRSUL also
generates revenue from co-generation of electricity (FY18: INR32.89
million, FY17: INR7.48 million). It sells 3MW of electricity of the
6MW capacity to Maharashtra State Electricity Board at INR6.3/unit.
CSRSUL reported EBITDA profit of INR43 million in FY18 and against
a loss of INR62 million in FY17. The company's return on capital
employed was 3% and EBITDA margins were modest at 7.55% in FY18.

CSRSUL also started an ethanol plant on 20 March 2019, which has a
total capacity of 60-kilo liters per day. As of March 2019, it had
orders of 3million liters from Hindustan Petroleum Corporation
Limited ('IND AAA'/Stable), Bharat Petroleum Limited and Indian Oil
Corporation Ltd ('IND AAA'/Stable), which is likely to complete by
November 2019.

Ind-Ra believes the company's ethanol operations will ramp up on
account of an increase in ethanol demand for ethanol blending.

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

RATING SENSITIVITIES

Positive: An improvement in the revenue along with the stable
EBITDA margin, leading to an improvement in credit metrics on a
sustained basis will be positive for the ratings.

Negative: A decline in the revenue and operating profitability
leading to deterioration in the credit metrics on a sustained basis
will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2000, Aurangabad-based CSRSUL operates an
integrated sugar plant with the total installed capacity of 2,200
tons of cane per day and a co-generation unit of 6MW capacity.
Haribhau Bagde is the promoter.

G.G. EXPORTS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Pos.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised G.G. Exports' (GGE)
Outlook to Positive from Stable while affirming its Long-Term
Issuer Rating at 'IND BB+'.

The instrument-wise rating action is:

-- INR1. bil. Fund-based working capital facilities affirmed;
     Outlook revised to Positive from Stable with IND
     BB+/Positive/IND A4+ rating.

KEY RATING DRIVERS

The Positive Outlook reflects Ind-Ra's expectations of GGE's gross
coverage sustaining above 3.0x in the near term in view of a likely
reduction in debt, mainly due to an improvement in the net working
capital cycle to modest from elongated (FY19: around 92 days; FY18:
229 days; FY17: 264 days) and no major debt-funded CapEx plans in
the near to medium term. The firm's debt (including INR83.58
million of unsecured loans from the partners) reduced 52.83% YoY to
INR457.1 million in FY19 on account of the improvement in the net
working capital cycle. The manufacturing process is being
streamlined, which, on completion, would further improve the cycle.
FY19 results are provisional in nature.

However, the ratings are constrained by modest credit metrics.
Although the debt declined in FY19, GGE's gross coverage (operating
EBITDA/gross interest expense) deteriorated to 3.01x in FY19 (FY18:
3.69x; FY17: 4.22x) because of a fall in EBITDA margin to 4.7%
(8.13%; 9.15%) (due to forex losses) and high finance expenses. The
EBITDA margin is modest. In addition, GGE's return on capital
employed was 8.79% in FY19 (FY18: 11.31%; FY17: 11.76%). GGE
incurred forex losses of INR106 million in FY19 compared with gains
of INR93.33 million and INR52.37 million in FY17 and FY18,
respectively. The high finance expenses were due to the
depreciation of the Indian rupee, as the majority of the firm's
debt is denominated in foreign currency. GGE's net leverage
(Ind-Ra-adjusted net debt/operating EBITDAR) improved to 2.35x in
FY19 (FY18: 3.5x; FY17: 4.18x).

The firm's profitability is vulnerable to price movements in roughs
and cut and polished diamonds. Any price decline in cut and
polished diamonds, along with rough prices remaining constant,
could put pressure on GGE's EBITDA margin. Moreover, the firm's
profitability is susceptible to forex volatility, which is
marginally mitigated by the use of forward cover. The management
expects to register a 7%-8% EBITDA margin for FY20 in view of
stable demand.

The ratings continue to factor in the partnership nature of the
firm.

However, the ratings are supported by 20.72% revenue growth to
INR3,989.39 million in FY19, driven by a rise in price realization
and almost steady demand from domestic and global markets, though
the scale of operations remains modest. The management is focused
on the sales of high-demand diamonds to improve its top line. It
expects to register about INR4,000 million in revenue for FY20.

The ratings continue to be supported by the comfortable liquidity
of GGE, indicated by an average peak fund-based facility use of 74%
for the 12 months ended March 2019. The firm's cash flow from
operations was INR117.39 million in FY18 (FY17: negative INR466.36
million). GGE is likely to have generated about INR635.7 million in
cash flow from operations in FY19. The firm has a debt repayment of
INR35.7 million in FY20 against cash and cash equivalent of
INR15.81 million at FYE19. As of March 2019, the firm had INR662.18
million worth of unutilized working capital limits.

The ratings continue to be supported by the promoters' experience
of nearly four decades in the diamond trading and manufacturing
business. Now, the second generation has entered the business to
manage operations. GGE has long-standing relations with suppliers,
ensuring smooth raw material supply. Also, the firm has
long-standing ties with its customers.

The ratings are also supported by GGE's diversified customer base,
given no single customer accounted for over 11% of revenue in
FY18-FY19.

RATING SENSITIVITIES

Negative: A stretch in the networking capital cycle, leading to the
gross coverage reducing below 3.0x, on a sustained basis, along
with any deterioration in the liquidity profile, would lead to
negative rating action.

Positive: An improvement in the net working capital cycle, leading
to the gross coverage staying above 3.0x, on a sustained basis,
while maintaining the liquidity at the current level, may lead to
positive rating action.

COMPANY PROFILE

Formed in 2010, GGE is a partnership firm that is wholly owned and
managed by the Zadaphia family. It is engaged in the cutting and
polishing of 0.01-3.00-carat-sized diamonds. The firm has a
manufacturing facility in Surat, Gujarat, and a registered office
in Mumbai, Maharashtra.

HARRAJ AGRO: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Harraj Agro Foods (HRAF).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.5       CRISIL B+/Stable (Assigned)
   Term Loan            0.5       CRISIL B+/Stable (Assigned)

The rating reflects susceptibility to climatic conditions and
volatile raw material prices, modest scale of operations, and large
working capital requirement. These weakness are partially offset by
extensive industry experience of the partners.

Analytical Approach

Unsecured loan of INR0.67 crore extended by the promoters as on
March 31, 2018, has been treated as neither debt nor equity as it
has not been withdrawn in the past three fiscals and is expected to
remain in the business over the medium term. Also, the loan carries
an interest lower than market rate.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to climatic conditions and volatile raw material
prices: The crop yield of agricultural commodities is dependent on
adequate and timely monsoons. Thus, the firm is exposed to the risk
of limited availability of its key raw material during a weak
monsoon. Also, production may be impacted by pests or crop
infection, leading to higher unpredictability in production and
pricing of agricultural commodities and derived products.

* Modest scale of operations: Scale of operations is modest in the
intensely competitive agriculture industry, thus constraining the
operating flexibility.

* Large working capital requirement: Operations are working
capital-intensive: gross current assets stood at 302-317 days over
the three fiscals through March 31, 2018, driven by high
receivables and inventory. The firm is required to extend a long
credit period. Furthermore, due to business requirement, the
work-in-progress inventory is high.

Strengths:
* Extensive experience of partners: Benefits from eight-year-long
experience of the partners in the agriculture industry, healthy
relationships with farmers for contractual work, a strong
understanding of the market dynamics, and robust relations with
suppliers and customers will continue to support the business.

Liquidity
Liquidity is adequate. Net cash accrual-expected at INR1.1-1.4
crore each in fiscals 2019 and 2020 will be sufficient against
maturing debt obligation of INR0.65 crore annually. Utilisation of
bank limit averaged moderate at 72 % in the 12 months through March
2019. Current ratio was moderate at 1.23 times as on March 31,
2018.

Outlook: Stable

CRISIL believes HRAF will continue to benefit from its partners'
extensive experience and established relationships with clients.
The outlook may be revised to 'Positive' if ramp-up in scale of
operations and stable profitability strengthen the financial risk
profile. The outlook may be revised to 'Negative' if decline in
profitability, stretched working capital cycle, or any large,
debt-funded capital expenditure weakens the capital structure.

Established in 2012 as a partnership firm, HRAF manufactures a wide
range of products, including tomato paste, tomato puree, tomato
juice, red chilli paste, apple pulp, dairy products, among others.
Its manufacturing facility is in Amritsar. Mr Amitoj Singh Brar, Mr
Harman Singh Nijjar, and Mr Jateshwar Singh Brar are the partners.

INDIABULLS HOUSING: Moody's Assigns Ba1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Indiabulls Housing Finance Limited.

The outlook is stable.

RATINGS RATIONALE

IBH's Ba1 rating is driven by its high profitability and capital,
and healthy asset quality, offset by its relatively weak funding
and liquidity.

Profitability is the key credit strength for the company. Its 3.2%
RoA, for the financial year ending March 2019, is much higher than
that of other large Indian housing finance companies. The company
has sector leading profitability, a result of its high loan yields.
Other ancillary fees levied on borrowers such as processing fees
are included in its calculation of loan yields. These high loan
yields compensate for the drag on profitability from holding a more
liquid balance sheet than peers.

The company has a good track record in asset quality, with its
current NPL ratio being 0.9%. Of the three main business segments,
home loans has the lowest NPLs, followed by loans against property
(LAP). Loans to real estate developers (corporate loans) segment
has the highest NPLs. Moody's sees downside risks to asset quality,
especially in the LAP and corporate loans segments. Strong loan
growth, with a compounded annual growth rate of 31% over FY15-18.
poses risks to asset quality.

Credit conditions have significantly tightened for the LAP and
corporate loan segments post the finance companies' liquidity
crisis in late 2018. Easy availability of refinance was a
meaningful supporting factor for asset quality in these segments.
More difficult refinancing will result in risks to asset quality in
these two segments increasing.

Downside risk to asset quality also arises on account of the
company operating in segments offering higher yields than peers.

Its analysis of asset quality also factors in collateralized nature
of the company's lending. The ability of the company to repossess
and liquidate collateral is quite good, and is a positive driver of
its asset quality.

The company's capitalization is high, with a tangible common
equity/tangible managed assets ratio of 12.6% at end March 2019,
and is a credit strength. As a result of its high profitability,
capitalization will remain strong, despite a dividend payout ratio
of 50%.

The company maintains a large stock of market investments, for
liquidity purposes, with mutual funds and corporate bonds
comprising the bulk. While cash and current accounts with banks
form a material part of period end balances, Moody's believes that
market investments such as mutual funds and corporate bonds will
constitute the lion's share of the company's liquidity buffer on an
ongoing basis.

This large stock of market investments is a credit positive, and is
a key factor in its analysis of its liquidity profile. Moody's
haircuts these investment in the calculation of the debt maturity
coverage ratio, to factor in the reduced liquidity of these
instruments in stressed conditions.

In its analysis, Moody's assumes that the company will maintain
liquid assets, as a percentage of overall assets, at the same level
as recorded in March 2019, which is a substantial increase from
historic levels. This assumption is based on its discussions with
management, and is a key driver of the overall rating.

Moody's also factors in the high secured debt ratio of the company
in its analysis of liquidity. At the same time, the company's
ability to securitize its loan book to raise liquidity, as
demonstrated during the last 6 months, is a positive driver of its
liquidity.

The company has announced a plan to merge with Lakshmi Vilas Bank.
However, this deal has not yet got regulatory approval. While
converting to a bank would be a credit positive, because it would
result in a structural improvement in its funding franchise,
Moody's has not factored in this potential merger into the rating
given the significant regulatory uncertainty involved.

WHAT COULD CHANGE THE RATING UP

Significant reduction in the secured debt ratio and an increase in
high quality liquid assets under stressed assumptions would be
positive for the rating.

WHAT COULD CHANGE THE RATING DOWN

A reduction in high quality liquid assets as a proportion of the
balance sheet and deterioration in its asset quality would be
negative for the rating.

The principal methodology used in this rating was Finance Companies
published in December 2018.

Headquartered in New Delhi, Indiabulls Housing Finance Limited
reported total assets of INR1,301 billion as of March 31, 2019.

KAUSHAL FERRO: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaushal Ferro
Metal Private Limited (KFMPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            11       CRISIL D/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of credit        2       CRISIL D/Issuer Not
   & Bank Guarantee                Cooperating (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     21.2     CRISIL D/Issuer Not
   Bank Loan Facility              Cooperating (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan                .8     CRISIL D/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KFMPL for obtaining
information through letters and emails dated April 22, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KFMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFMPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KFMPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

KFMPL, established in 2004, started commercial production in 2007;
it manufactures sponge iron. The manufacturing facilities at
Sundargarh (Odisha) has an installed capacity of 60,000 tonne per
annum. Mr Sitaram Agarwal, Mr Ganesh Agarwal, and Mr Rambihari
Upadhayay are the promoters.

MARUTHI COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maruthi Cotton Mills
Private Limited (MCMPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        4         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MCMPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in January, 2014 as a partnership firm, MCMPL is
engaged in the business of cotton ginning and pressing. Based in
Srikakulan, Andhra Pradesh, the firm is promoted and managed by
Mr.P Srinivasa Rao and Mrs. P Suneetha.

MASTER CONSTRUCTION: CRISIL Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Master Construction
Company (MCC) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MCC for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MCC was set up in 1984 as a partnership firm promoted by Mr
Sundarlal Sultania. Currently it is being owned and managed by Mr
Sundarlal Sultania, Mr Sanjal Sultania and Mrs Kiran Sultania. The
company is engaged in civil construction and interior works for
government. The firm is located in Raurkela, Orissa and undertakes
operations in Orissa only.

NEUEON TOWERS: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neueon
Towers Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank   1420.24        CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

   Long-term Bank    200.02        CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

CARE had, vide its press release dated December 22, 2017, placed
the rating(s) of Neueon Towers Limited (NTL) under the 'issuer
non-cooperating' category as NTL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NTL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 24, 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 December 22, 2017 the following were
the rating strengths and weaknesses:

(Updated information taken from Bombay Stock Exchange (BSE) as it's
a listed company)

Key Rating Weaknesses

Stretched liquidity position with ongoing delays in debt servicing
During FY18, liquidity position of the company continued to remain
stretched on account of slower realization from debtors. Given the
slow realization of debtors has resulted in stretched liquidity
position of the company leading to ongoing delays in meeting debt
obligation.

Analytical approach: Standalone

Neueon Towers Limited (erstwhile Sujana Towers Limited) was
established in April 2006 after demerger of Towers Division of
Splendid Metal Products Limited (erstwhile Sujana Metal Products
Limited), pursuant to the scheme of arrangement and amalgamation as
approved by the High Court Andhra Pradesh. Neueon Towers Limited
(NTL) is engaged in manufacturing of galvanized steel towers used
in the power transmission and telecom tower sector.
NTL was initially a part of the Sujana group, promoted by Y.S.
Chowdhary who has more than 23 years of experience in steel
products manufacturing and trading. The group has diversified
business activity with presence in construction & structural steel,
power transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy saving LEDs), basic and urban infrastructure development,
precision engineering components, domestic appliances and
international trade.

ORISSA STEVEDORES: CRISIL Cuts Rating on INR74cr LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Orissa Stevedores Limited (OSL) to 'CRISIL D' from 'CRISIL C'. The
downgrade reflects instances of delay by OSL, in repayment of term
debt.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        74        CRISIL D (Downgraded
                                   from 'CRISIL C')

The rating also reflects the sizeable debt, high bank limit
utilisation, investments in group companies, and vulnerability of
operations to an economic downturn. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the stevedoring business.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in repayment of term debt: Stretch in liquidity in fiscal
2019, marked by tightly matched cash accrual against the maturing
term debt, and high bank limit utilisation, led to delay in
repayment of the long-term loan.

* Vulnerability to economic downturns: Operating performance is
significantly influenced by the level of sea trading activity at
ports where OSL is present. Demand for shipping services is further
linked to international trade, and hence, depends on economic
cycles and need for specific commodities. Hence, growth in revenue
can be adversely impacted in the event of an economic downturn.

* Sizeable investment in group companies: Financial risk profile
remains constrained by sizeable investment in group companies,
estimated around INR342 crore as on March 31, 2019, against
networth of around INR385 crore.

Strengths:
* Extensive experience of promoters in the stevedoring business,
and established clientele: The three decade-long presence of OSL's
promoters in the stevedoring business, has helped the group gain
strong reputation, particularly in the eastern ports of India. The
group offers a wide range of services, from cargo handling at
ports, to warehousing, clearing, and forwarding of goods. OSL
handles bulk of the dry and non-mechanised cargo at the Paradip
port, and is one of the top five stevedoring agents at the
Visakhapatnam port. It also offers services at all other seaports
in India.

Liquidity
Stretch in liquidity in fiscal 2019, marked by tightly matched cash
accrual against the maturing term debt, and high bank limit
utilisation, led to delay in repayment of the long-term loan.

OSL is part of the Orissa-based OSL group, promoted by Mr
Mahimananda Mishra. Incorporated in 1978, the company offers
stevedoring and forwarding services, and liner/charter agency
activities, customs clearance, intra-port transportation, and bulk
handing of coal and other minerals. The company also undertakes
iron ore mining and related works.

PRABHAT CABLES: CRISIL Reaffirms B+ Rating on INR20cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities Prabhat
Cables Private Limited (PCPL) at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer      20        CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)                

The rating continues to reflect below-average financial risk
profile and working-capital-intensive operations. These weaknesses
are partially offset by the extensive experience of promoters in
the cable distribution industry and its established relationship
with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average Financial Risk Profile: Financial risk profile is
weak as reflected in moderate networth of INR10.55 crore and high
total outside liabilities to tangible networth of 3.04 times as on
March 31, 2018, estimated at similar levels for fiscal 2019. Debt
protection metrics are average with interest coverage and net cash
accrual to total debt ratios of 1.86 times and 0.06 time,
respectively, for fiscal 2018.

* Working Capital Intensive operations: Gross current assets were
137 days as on March 31, 2018, due to receivables of 54 days and
sizeable inventory of 50-55 days. Limited credit from supplier
leads to high reliance on external borrowings to meet working
capital requirements.

Strengths
* Extensive experience of the promoters and established customer
and supplier relationship: Benefits from the promoters' experience
of six decades and established customer base should support the
business. The company has a diverse clientele of over 8000
customers. Also, it has been associated with principal, Polycab
Cables Pvt Ltd (Polycab) for over 2 decades. Revenue increased to
INR160 crore estimated in fiscal 2019, from INR77 crore in fiscal
2014. Strong relationship with customers and supplier will help
maintain business risk profile over the medium term.

Liquidity
PCPL has stretched liquidity which is marked by high bank limit
utilization at 96% for last 12 months ended February 2019 but the
enhancement in bank lines would help the company to manage their
working capital efficiently. Company has generated Cash Accrual of
INR1.7 Crore for FY 18 which is estimated to be around INR3 Crore
for FY 19 against no debt repayment obligation.

Outlook: Stable

CRISIL believes PCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained increase in cash accruals or controlled
working capital cycle strengthens financial risk profile. The
outlook may be revised to 'Negative' if decline in cash accrual,
stretch in working capital cycle or any large debt-funded capital
expansion weakens financial profile and liquidity.

PCPL was set up as a partnership firm in 1958 in Mumbai and was
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab such as coaxial cables, polyvinyl
chloride heavy cables, and submersible cables. Mr Amrish Kacharia,
Mr Manoj Kacharia and Mr Rickin Kacharia manage operations.

PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Rating in Not Coop.
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Professional
Educational Trust (PET) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Funded Interest        4        CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

   Long Term Loan        21        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Overdraft              4        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     5        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with PET for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and postgraduate
courses in engineering and management.

PUMARTH INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pumarth
Infrastructure Private Limited (PIPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       30        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated October 31, 2018 and
April 09, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PIPL, established in 1982 by Mr Manoj Sumati Kumar Kasliwal,
develops real estate and trades in shares and commodities. The
company primarily converts agricultural land into non-agricultural
status, provides the supporting infrastructure, divides it into
plots, and sells to end customers. It also develops row houses
based on customer requirements.

RAISONS FIBRES: CRISIL Assigns 'B' Rating to INR3cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raisons Fibres (RF).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL B/Stable (Assigned)
   Term Loan             3         CRISIL B/Stable (Assigned)

The rating reflects the firm's presence in an intensely competitive
textile industry, exposure to risks related to its ongoing project,
and a leveraged capital structure. These weakness are partially
offset by the extensive industry experience of the promoters and
adoption of latest machinery in a steady industry.

Key Rating Drivers & Detailed Description

Weakness

* Intensely competitive and highly fragmented textile industry:
High fragmentation in the textile industry, with established as
well as small players, has led to intense competition, thus
constraining the margin.

* Exposure to risks related to its ongoing project: RF is scheduled
to commence its project in June 2019. Demand risk is expected to be
moderate in the fragmented and intensely competitive textile
industry, with small capital and technological requirements. Timely
completion and successful stabilisation of operations at the new
unit will remain key rating sensitivity factors.    
  
* Expected leveraged capital structure: Financial risk profile is
expected to be average, with high gearing and modest debt
protection metrics. The project is aggressively funded through a
debt-equity ratio of 1:1 times.

Strength
* Extensive industry experience of the promoters: Benefits from
five-year-long experience of the promoters in the cotton textile
industry, their strong understanding of the market dynamics, and
healthy relationships with suppliers and customers will continue to
support the business.

* Adoption of latest machinery in a steady industry: The firm is
currently in the process of setting a new unit, equipped with
latest machinery and technology, which should support RF's business
risk profile.

Liquidity
Since operations are yet to commence, accrual is estimated to
remain low but comfortable against maturing debt. Liquidity will be
aided by the financial support extended by the promoters.

Outlook: Stable

CRISIL believes RF will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if timely stabilisation of operations at the
proposed plant and significant growth in revenue and profitability
strengthen the financial risk profile. The outlook may be revised
to Negative' if  considerable delay in commencement of operations,
significantly low cash accrual in the initial phase, or substantial
increase in the working capital requirement weakens the financial
risk profile, especially liquidity.

Established in 2019, Karnal (Haryana)-based RF is currently setting
up a plant to manufacture cotton yarn, with an installed capacity
of 10 tonne spindles. The plant is expected to be commissioned in
June 2019. Mr Neeraj Rai and his family members are the promoters.

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

The detailed rating actions are:

-- INR1,287.5 bil. Term loans (Long-term) due on June 2021
     maintained in  Non-Cooperating Category with IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR250 mil. Working capital demand loans (Long-term)
     maintained in Non-Cooperating Category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: The ratings were last reviewed on March 31, 2017. Ind-Ra is
unable to provide an update as the agency does not have adequate
information to review the ratings.

COMPANY PROFILE

RWL Healthworld is engaged in the retail business of buying and
selling pharmaceutical and wellness products.

SAI POINT: CRISIL Lowers Rating on INR13.5cr Loan to D
------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the ratings on the
bank facilities of Sai Point Cars Private Limited (SCPL) to 'CRISIL
B/Stable/CRISIL A4; issuer not cooperating'. The company has
subsequently provided the necessary information and CRISIL has
downgraded the ratings to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         1        CRISIL D (Downgraded from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Cash Credit            0.5      CRISIL D (Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Inventory Funding     13.5      CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The downgrade reflects instances of delay in servicing of term loan
and interest payments. The ratings also factors in company's
average financial risk profile and modest scale of operations.
These weaknesses are partially offset by benefits from the
extensive experience of the promoter in the automobile dealership
industry.

Analytical Approach
Unsecured loans of INR5.30 crore as on March 31. 2018 have been
treated as 75% equity and 25% debt as there is a track record of no
withdrawal for past five years and they are interest free.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of term loan: The firm has delays in the
repayment of principle for the month of December 2018 and January
2019 while interest payments have been delayed in month of February
2019.

* Average financial risk profile: The networth was small at INR3.98
crore as on March 31, 2018. The total outside liabilities to
tangible networth (TOLTNW) ratio, although improved, was high at
3.28 times as on March 31, 2018, on account of dependence on bank
lines to fund inventory as limited credit period is received from
the principal. The debt protection metrics were weak, as reflected
in the interest coverage ratio of 1.21 times and net cash accrual
total debt ratio of 0.02 in fiscal 2018. The networth is estimated
to be at INR4.50 crore as on March 31, 2019.

* Modest scale of operations and exposure to intense competition:
Revenue is generated from sale of vehicles and spare parts, and
from the service station business. On account of localised
operations and intense competition, turnover was modest at INR56.31
crore in fiscal 2018. Revenue also depends primarily on the
prospects and growth plans of the principal. Operating revenue is
estimated to be at INR74.70 crore in fiscal 2019.

Strength:
* Extensive industry experience of the promoter: The promoter has
been in the automobile dealership industry for about a decade
through a group company. Over the years company has developed
established relationship with its principal, Maruti Suzuki India
Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), India's largest
car manufacturer. Currently, ACPL has two showrooms.

Liquidity
Liquidity is inadequate. Cash accrual is expected at INR0.65-0.72
crore, against debt repayment obligation of INR1.03-1.48 crore, per
fiscal over the medium term. The fund-based working capital bank
limit was highly utilised at an average of around 97% over the 12
months through March 2019. The current ratio was low at 0.83 time
as on March 31, 2018, and is expected to remain at a similar level
over the medium term. Capital expenditure of INR3 crore in fiscal
2020 will be funded through term debt up to 75% and the balance
through internal cash accrual/own funds. Liquidity is likely to
remain inadequate, though partially supported by unsecured loans
from the promoter as seen in the past.

SCPL was set up in 2008 by Mr Dilip Patil and commenced commercial
operations in fiscal 2011. The company is an authorised dealer for
Maruti Suzuki India Ltd in Salcette, Goa. It also deals in spare
parts and provides workshop facilities for these vehicles.

SANDCITY AUTOTEC: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sandcity
Autotec Private Limited (SAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          12.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.08      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAPL for obtaining
information through letters and emails dated April 22, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SAPL to 'CRISIL B+/Stable Issuer not cooperating'.

SAPL was incorporated in June 2014 at Odisha by Shri Shiv Kumar
Poddar and Shri Ankit Poddar of Balasore. However, the company
commenced operations from January 2015. It is an authorised dealer
of Hyundai Motor India Ltd (HMIL) for its passenger vehicles,
spares and accessories in Odisha. Currently, SAPL has its three
showroom, one each in Balasore, Baripada, Bhadrak and a workshop at
Balasore where it also provides repair and refurbishment services
for HMIL passenger vehicles.

SHREE B.S. COTTON: CRISIL Withdraws B+ Rating on INR7cr Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Shree
B.S. Cotton Private Limited (SBCPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term     2        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SBCPL for obtaining
information through letters and emails dated November 30, 2018,
February 14, 2019 and February 20, 2019, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBCPL. This restricts CRISIL's
ability to take a forward SBCPL is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BBB rating category or lower. Based on the last
available information, the rating on bank facilities of SBCPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2012, SBCPL is based in Sendhwa (Madhya Pradesh).
The company is promoted by Tayal family who has more than 25 years
of experience in the cotton industry. SBCPL is engaged in the
business of cotton ginning and pressing.

SHRI GANESH: CRISIL Hikes Rating on INR3.5cr Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shri Ganesh Agro Industries (SGAI; part of the Shri Ganesh group)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.5        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Bank        1.0        CRISIL B+/Stable (Upgraded
   Guarantee                       from 'CRISIL B/Stable')

   Working Capital      3.0        CRISIL B+/Stable (Upgraded
   Demand Loan                     from 'CRISIL B/Stable')

The upgrade reflects the Shri Ganesh group's sustainable scale of
operations and profitability. Revenue remained stable at INR63
crore in fiscal 2019 despite lower availability of crop and reduced
demand from overseas. Operating margin is estimated at 5.5% for
fiscal 2019. Stable scale and profitability led to moderate cash
accrual and debt protection metrics.

The rating continues to reflect the group's modest scale of
operations in the intensely competitive rice industry,
susceptibility to volatility in raw material prices, and average
financial risk profile. These weaknesses are partially offset by
the experience of the partners and their funding support.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SGAI and Shri Ganesh Agro Products
(SGAP), together referred to herein as the Shri Ganesh group. Both
the entities are in the same business and under a common
management.

Unsecured loans of INR11.63 crore from the partners and their
family members as on March 31, 2018 have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations amid intense competition: Small scale,
reflected in revenue of INR63.54 crore in fiscal 2018 and estimated
at INR63.0 crore for fiscal 2019, amid intense competition limits
the pricing power with suppliers and customers, thereby
constraining profitability.

* Exposure to volatility in raw material prices: Raw material
(paddy) prices have been volatile in the past few years and are
regulated by government policies. Thus, operating margin is
susceptible to fluctuations in input prices.

* Average financial risk profile: Networth was small at INR5.17
crore as on March 31, 2018, while gearing was high at 4.74 times,
however networth is estimated at INR4.94 crore , while gearing is
estimated at 3.42 times for fiscal 2019.  

Strengths
* Experience of the partners and their funding support: The
partners' experience of five decades and healthy relationships with
customers and suppliers should continue to support the business.
The partners are also likely to continue extending unsecured loans
(Rs 11.63 crore as on March 31, 2018) to aid liquidity.

Liquidity
Liquidity is likely to remain adequate over the medium term. Cash
accrual, estimated at INR1.00 crore in fiscal 2019 and expected at
INR1.15 crore for fiscal 2020, should comfortably cover annual debt
obligation of INR0.60 crore. Bank limit utilisation averaged 88%
for the 12 months ended February 2019. Current ratio was healthy at
1.70 times as on March 31, 2018, and is estimated to have improved
to 1.34 times as on March 31, 2019.

Outlook: Stable

CRISIL believes the Shri Ganesh group will continue to benefit from
the experience of the partners. The outlook may be revised to
'Positive' if a substantial increase in revenue and profitability,
or capital infusion, along with prudent working capital management,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if an aggressive, debt-funded expansion, a
significant decline in revenue and profitability, or sizeable
capital withdrawal weakens the financial risk profile.

SGAI and SGAP were set up in 2010 and 2017, respectively. Both
firms are partnerships between Mr Dinesh Bhutada and Mr Survesh
Bhutada. The Shri Ganesh group mills and processes paddy into rice,
rice bran, and broken rice. The processing facilities at Gondiya
(Maharashtra) have installed capacity of 8 tonne per hour.

SION CERAMICS: CRISIL Lowers Rating on INR6.18cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sion
Ceramics Private Limited (SCPL) to 'CRISIL D from 'CRISIL B
/Stable.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     3.32     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan              6.18     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects delays by SCPL in repayment of term loan it
availed of. The ratings also factor in working capital intensive
operations, modest scale of operations, and below-average financial
risk profile. These weakness are partly offset by extensive
experience of SCPL's promoters and their funding support.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in repayment of term loan: The firm has defaulted in the
repayment of term loan for the month of December 2018 and January
2019.

* Modest scale of operation: Despite some improvement, scale of
operation remains modest with sales of INR12 crore in fiscal 2017
and INR16 crore in fiscal 2018 on account of intense competition.

* Below-average financial profile: Modest net worth of INR5.66
crore and gearing of 1.60 times as on March 31, 2018 constrain
financial risk profile. Moreover, liquidity is tight given the fact
that bank lines are fully utilized and the company has repayment
obligations of INR1.14-1.15 crore over the medium term.

* Working capital intensive operations: Extension of significant
credit to customers and modest inventory results in high working
capital requirement as reflected in estimated gross current assets
in excess of 6 months for the current fiscal.

Strengths

* Extensive experience of the promoters and their funding support:
Benefits from the promoters' experience of 18 years in the industry
through group firm and established relationship with customers and
suppliers should support the business. Need-based funding support
from promoters is expected to continue.

* Favorable location of the manufacturing facility: The
manufacturing facilities is in Morbi, Gujarat, the hub of the
ceramics industry in India. Significant benefits are expected from
the location, including easy access to clay (main raw material),
and availability of contractors and skilled labor. Other critical
infrastructure such as gas and power is also well-established in
the area.

Liquidity

* High Bank Limit Utilization: The bank limits remain fully
utilized. CRISIL believes that the bank limit utilization will
remain on a higher side on account of large working capital
requirement

* Cash accrual insufficient to meet debt obligation: The firm has
been incurring losses and hence has no cash accrual. Owing to this
the firm has defaulted in the repayment of term loan.

* Moderate current ratio: The current ratio is moderate at 1.46
times as on March 31, 2018

Incorporated in 2013, SCPL, promoted by Mr Pravin Karshan Patel, Mr
Himalay Narbheram Patel, and Mr Dilip Prabhu Dangroshiya,
manufactures ceramic wall tiles.



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

CBL CORP: Placed in Liquidation; Directors Withdraw Objection
-------------------------------------------------------------
Jenny Ruth at BusinessDesk reports that CBL Corp directors Peter
Harris and Alistair Hutchison said they didn't oppose an action
heard in the Auckland High Court on May 13 to liquidate the
company.

BusinessDesk says the firm's main operating subsidiary, CBL
Insurance, was placed in liquidation last November with the Reserve
Bank's counsel, Nathan Gedye, QC, saying the prudential regulator
had evidence of serious impropriety, chronic insolvency and failure
to comply with the central bank's directions.

Then High Court judge, Justice Patricia Courtney, had ordered the
immediate appointment as liquidators of Kare Johnstone and Andrew
Grenfell of McGrathNicol, who had acted as interim liquidators,
BusinessDesk relates.

When trading in CBL shares on NZX was suspended in February last
year, the company's market capitalisation was $747 million, the
report discloses.

According to BusinessDesk, directors Harris and Hutchison said now
that they have been unable to get the company's bankers to agree to
a Deed of Company Arrangement.

"Unfortunately, even after 15 months, the banks have not seen any
material money from the sales of CBLC assets, most of which are
still in process, so the very large bank debt has not been
reduced," they said in a statement, BusinessDesk relays. "The banks
have been prepared to give us time to present a structure for
satisfying their debt, and we thank them for that, but with the
debt not reduced after 15 months, we can't deal with the total debt
and they can't continue to wait until we are just dealing with the
residual debt."

While they had enough creditors by number to support a DOCA, they
didn't have the creditors by value without the banks, the report
says.

BusinessDesk relates that Mr. Harris said the Reserve Bank and
liquidator McGrathNicol's opposition to a DOCA "was a devastating
blow and their actions over the past 15 months call for an
explanation to New Zealand policyholders and creditors and to the
public."

The prudential regulator and the accounting firm "both relentlessly
focused on putting CBLI into liquidation, as if to simply prove
themselves right," Mr. Harris said, notes the report.

The Reserve Bank and McGrathNicol had "offered inducements for the
two major creditors, Elite and Alpha, to successfully support
liquidation efforts," Mr. Harris said.

That was despite the largest creditor, Elite Insurance, agreeing to
take on CBLI's European liabilities at the value recommended by its
statutory actuary, PricewaterhouseCoopers and which CBLI adopted in
its balance sheet, says BusinessDesk.

"This was a critical example of the market speaking to the numbers.
It puts a line through any other expert theoretical estimates of
the future liabilities, including estimates that McGrathNicol and
the RBNZ chose to rely on in pushing for liquidation," BusinessDesk
quotes Mr. Harris as saying.

Policyholders and creditors of CBLI, and the public, "also deserve
to be told that McGrathNicol has since done this deal--in January
2019--to pay Elite in full and ostensibly at the PwC recommended
and accepted values in the CBLI balance sheet," Mr. Harris, as
cited by BusinessDesk, said.

"The question is, why was it done in secret without notifying all
creditors and why should the largest CBLI creditor get paid in full
when not one other creditor or New Zealand policyholder claim gets
paid at all?"

BusinessDesk adds that Mr. Harris said the RBNZ had used values
higher than the PwC valuations "to try and justify liquidation in
November."

He said the DOCA he was proposing and that RBNZ opposed "would have
benefitted all creditors and policyholders of CBLI," BusinessDesk
relays.

KordaMentha's Brendon Gibson and Neale Jackson were appointed
liquidators of CBL Corp by the High Court on May 13.

                          About CBL Corp.

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

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

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

The administration relates to New Zealand-domiciled companies.

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



===============
P A K I S T A N
===============

PAKISTAN: Reaches Deal with IMF for $6 Billion Bailout
------------------------------------------------------
Farhan Bokhari at The Financial Times reports that Pakistan and IMF
negotiators have reached an agreement on a $6 billion loan for the
country, the finance ministry said on May 11.

Speaking on state-run Pakistan Television, Abdul Hafeez Shaikh,
head of the finance ministry, said: "We have reached an agreement
with the IMF staff for $6 billion for the next three years. There
will be adjustments involved but we will try to make certain that
the extent of pain on low-income people is minimal," the FT
relays.

The FT says the agreement is yet to be formally confirmed by the
IMF's management and its executive board. But senior Pakistani
officials told the FT that the staff level deal announced on May 12
was the most important element in negotiating a new loan. "The
foundation has now been laid for an agreement," said one.

The FT relates that the IMF announced the move on its website.
"Pakistan is facing a challenging economic environment, with
lacklustre growth, elevated inflation, high indebtedness and a weak
external position," it said.

According to the FT, the south Asian country has faced an economic
crisis over the past year, during which its external foreign
currency reserves sunk to the equivalent of less than two months of
imports.

Imran Khan, prime minister, who came to power last year, has faced
opposition criticism for delaying an approach to the fund for more
than nine months after taking office, hoping that the country could
receive financial support from allies such as Saudi Arabia, the UAE
and China.

However, in spite of support from the three countries to boost
liquid reserves, confidence in Pakistan's economy remains weak.
Last month, Asad Umar resigned as finance minister, and his
portfolio was taken over by Mr. Shaikh. Mr Umar was considered to
have delayed an approach to the fund, instead relying on friendly
countries to help.

Economists told the FT that the fund was insisting on a
free-floating mechanism for the exchange rate of the rupee, which
has devalued by about 34 per cent since late 2017.

The IMF's announcement appeared to suggest Pakistan had conceded to
the demand, the FT notes.

"A market-determined exchange rate will help the functioning of the
financial sector and contribute to a better resource allocation in
the economy. The authorities are committed to strengthening the
State Bank of Pakistan's operational independence and mandate," the
IMF's announcement said, the FT relays.

According to the FT, the Karachi-based president of one Pakistani
bank warned that a further steep devaluation of the rupee could
potentially unleash an opposition backlash against Mr. Khan's
government. "The effects of already-taken-place devaluation are
very bad. More would be terrible for this government," he said.

Mr. Khan already faces mounting opposition over his choice of Reza
Baqir, a respected former IMF official, to become the new central
bank governor after his predecessor was forced to resign, the FT
says.

A senior government official told the FT that Mr. Shaikh's decision
to go on state-controlled news rather than face Pakistan's
independent media suggested "this agreement with the IMF is not
going to be an easy sell".

The IMF's team left Pakistan earlier on May 12, leaving details of
the draft agreement to be released in a press statement, the FT
adds.



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

HYFLUX LTD: UAE's Utico Submits Binding Offer to Invest $400MM
--------------------------------------------------------------
Reuters reports that utility firm Utico has submitted a binding
offer to invest $400 million in Singapore's indebted water
treatment firm Hyflux, the chief executive of the United Arab
Emirates-based utility said on May 12.

Utico would provide working capital and any urgent interim funding
to Hyflux as part of the offer, Mr. Richard Menezes said, Reuters
relays.

Reuters says Hyflux is now under a court-supervised restructuring
process that could wipe out the holdings of tens of thousands of
its retail investors.

Mr. Menezes told Reuters his firm would engage with Singapore's
water agency PUB and retail investors in Hyflux.

"We submitted the binding term sheet last week. We are looking for
the right deal that provides all stakeholders a satisfactory
position in the company," Reuters quotes Mr. Menezes as saying.  

On May 7, the Singapore High Court prevented a group of banks from
being carved out of Hyflux's debt moratorium to file an application
to have Hyflux placed under judicial management, Reuters says.

The court also granted Hyflux a five-day extension on its debt
moratorium, originally set for May 24.

Reuters adds that Hyflux said on May 10 that it received another
non-binding letter of intent for investment worth $500 million in
the group from Oyster Bay Fund.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

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

SWISSCO HOLDINGS: Completes Disposal of Substantial Part of OSV
---------------------------------------------------------------
The Straits Times reports that Swissco Holdings has completed the
disposal of a substantial part of its offshore support vessels
(OSV) division. The judicial managers of Swissco
subsidiary--Swissco Offshore Pte Ltd (SOPL)--have also been
discharged from their appointment by the High Court, the report
says.

According to the report, the OSV business disposal involved six of
the group's subsidiaries including SOPL, Swissco International
(SIPL), Swissco Maritime (SMPL), Swissco Ship Services (SSSPL),
Swissco Asia (SAPL) and Singapore Marine Logistics (SM LOG).

The subsidiaries had entered into a master sale and purchase
agreement with Allianz Middle East Inc on Dec. 6, 2018, ST
recalls.

ST notes that the disposal was meant to help reduce the group's
liabilities, including all the issued and paid-up ordinary shares
in the capital of SOPL and SM Log; as well as a 49 per cent stake
in SW Marine (M) held by Swissco International.

The report relates that the disposal also comprised the sale of
vessels owned by SOPL, SMPL, SSSPL, SAPL and SM Log; as well as
Swissco Garnet, one of four vessels subjected to a put option by
SOPL.

Following the disposal, the High Court has ordered that the
judicial managers of SOPL, Ee Meng Yen Angela and Purandar
Janampalli, to be released and discharged from their appointment,
ST says.

This was after they had overseen the survival of SOPL, or the whole
or part of its undertaking as a going concern; the scheme of
arrangement between SOPL and its creditors; and the "more
advantageous realisation" of SOPL's assets as opposed to it being
wound up and liquidated, ST states.

Swissco shares are suspended from trading, adds ST.

                      About Swissco Holdings

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries --
http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering services
for the oil and gas industry. The Company's segments are Drilling,
which includes drilling rig chartering; Offshore support vessels
(OSV), which includes vessel chartering (such as sale of
out-port-limit services), ship repair and maintenance services,
maritime related services (such as sale of vessels) and OSV related
investment activities; Service assets, which includes accommodation
and service rig chartering, and Others segment, which includes
corporate activities. Its OSV segment owns and operates a fleet of
over 40 offshore support vessels that provide a range of offshore
chartering services for the marine, offshore oil and gas, and civil
construction industries. Its subsidiaries include Swissco Energy
Services Pte Ltd, Swissco Offshore (Pte) Ltd (SOPL) and Seawell
Drilling Pte Ltd.

Swissco and SOPL entered into judicial management in November 2016
after the listed holding company slipped into a US$296 million
quarterly loss on booking massive impairments.

A Singapore court in April 2017 approved the application made by
Swissco to be placed under judicial management.



=============
V I E T N A M
=============

VIETNAM ELECTRICITY: Fitch Affirms BB IDR, Alters Outlook to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Vietnam Electricity and
National Power Transmission Corporation to Positive from Stable.
The agency has affirmed the two companies' Issuer Default Ratings
and senior unsecured ratings at 'BB'. The rating actions follow the
revision of Vietnam's (BB/Positive) Outlook to Positive from Stable
on May 8, 2019.

KEY RATING DRIVERS

Under Fitch's Government-Related Entities Rating Criteria, EVN's
ratings are equalised with those of the sovereign provided EVN's
linkages with the state do not deteriorate significantly. EVN's
standalone credit profile is assessed at 'bb'.

EVNNPT's ratings are based on the consolidated profile of EVN,
which owns 100% of EVNNPT, in line with Fitch's Parent and
Subsidiary Rating Linkage criteria. The consolidated rating
approach is driven by strong linkages between EVNNPT and its
parent. EVNNPT's standalone credit profile is assessed at 'bb+'.

Vietnam Electricity; LT IDR BB; Affirmed
  
Senior Unsecured; LT BB; Affirmed   

National Power Transmission Corporation; LT IDR BB; Affirmed
  
Senior Unsecured; LT BB; Affirmed

VIETNAM JOINT: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Long-Term Issuer
Default Ratings of two state-owned Vietnamese banks--Vietnam Joint
Stock Commercial Bank for Industry and Trade (Vietinbank) and Joint
Stock Commercial Bank For Foreign Trade of Vietnam
(Vietcombank)--to Positive from Stable. At the same time, the
agency has affirmed the banks' Long-Term IDRs at 'BB-'.

The Outlooks on the banks have been revised following a revision of
its Outlook on the Vietnam sovereign to Positive from Stable on May
9, 2019 in light of an improving record of economic management,
which is evident in strengthening external buffers. The
improvements are characterised by persistent current account
surpluses, falling government debt levels, high economic growth
rates and stable inflation. For more details on the Outlook
revision on the sovereign, see the rating action commentary, Fitch
Revises Vietnam's Outlook to Positive; Affirms at BB, dated May 9,
2019.

The two banks' Viability Ratings were not part of this review.

KEY RATING DRIVERS

The Outlook revision reflects Fitch's view of the sovereign's
improving ability to provide extraordinary support.

The Long-Term IDRs of Vietinbank and Vietcombank are driven by
Fitch's expectation of a moderate probability of government support
given the banks' high systemic importance and the government's
controlling stakes (Vietinbank: 64%, Vietcombank: 75%). The banks
are among the country's top-four banks by assets and have large
domestic franchises.

The IDRs and Support Rating Floors are one notch below the
sovereign rating, as Fitch believes the banking industry's large
size relative to GDP and the government's improving but
still-limited resources may hamper the timeliness of support.

RATING SENSITIVITIES

The Long-Term IDRs and Support Rating Floors of Vietinbank and
Vietcombank are sensitive to movements in the sovereign's ratings.
An upgrade of the sovereign ratings would likely lift the banks'
support-driven ratings.

Joint Stock Commercial Bank For Foreign Trade of Vietnam

LT IDR BB-; Affirmed
  
ST IDR B; Affirmed
   
Support3; Affirmed
   
Support Floor; BB- Affirmed   

Vietnam Joint Stock Commercial Bank for Industry and Trade

LT IDR BB-; Affirmed
  
ST IDR B; Affirmed
   
Support3; Affirmed
  
Support Floor BB-; Affirmed



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

BOND PRICING: For the Week May 6, 2019 to May 10, 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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