TCRAP_Public/190702.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, July 2, 2019, Vol. 22, No. 131

                           Headlines



A U S T R A L I A

D&C HOMES: Goes Into Liquidation; Owes About AUD800,000
FAUNCE DEVELOPMENTS: First Creditors' Meeting Set for July 10
HARRISONS TRADE: First Creditors' Meeting Set for July 8
LIDCO ARCHITECTURAL: Second Creditors' Meeting Set for July 8
MORISSET COUNTRY: Second Creditors' Meeting Set for July 10

WELLARD LIMITED: Goes Into Trading Halt Pending Announcement


C H I N A

CHINA DATANG: Thermal Power Plant in Gansu Files for Bankruptcy
SKYFAME REALTY: Fitch Publishes B- IDR, Outlook Stable
TAHOE GROUP: Moody's Affirms B3 CFR; Alters Outlook to Stable


I N D I A

AJANTA GARTEX: CARE Cuts INR9.36cr LT Loan Rating to B, Not Coop.
ANMOL ASSOCIATES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
AVADH COTTON: CARE Maintains B+ Rating in Not Cooperating
BRAINER IMPEX: Insolvency Resolution Process Case Summary
COX & KINGS: Misses Debt Repayment on Unsecured Debt

EESAVYASA TECHNOLOGIES: Ind-Ra Cuts Issuer Rating to D, Not Coop
ENFIELD SOLAR: Insolvency Resolution Process Case Summary
ESKAY SILK: CARE Maintains D Rating in Not Cooperating
EVERSHINE SOLVEX: CARE Lowers Rating on INR14cr LT Loan to D
GAS PROJECTS: CARE Assigns 'B' Rating to INR4.75cr LT Loan

GREENCART VENTURES: Insolvency Resolution Process Case Summary
IL&FS: Board Shortlists Firms to Recast its Books
INFRA MOVES: CRISIL Migrates B+ Rating to Not Cooperating
JET AIRWAYS: Hinduja Group Keen on Bidding with Etihad
KAAS FOOTWEAR: CRISIL Migrates D Rating to Not Cooperating

KAVITA EXIM: CARE Migrates B Rating to Not Cooperating Category
M.T. PATIL: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
MANGALDEEP RICE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
MUTNEJA RICE: CRISIL Withdraws B+ Rating on INR20cr Loans
NECTAFRESH AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable

OMKAR INFRATECH: CARE Migrates B+ Rating to Not Cooperating
PRASHANT IMPEX: Insolvency Resolution Process Case Summary
QUADRA SOFTWARE: Insolvency Resolution Process Case Summary
R. C. KHINVASARA: CRISIL Migrates B+ Rating to Not Cooperating
REFRATHERM INT'L: CRISIL Moves B+ Rating to Not Cooperating

RIDDI SIDDI: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
SHREE GANESH: CRISIL Downgrades Rating on INR9.47cr Loan to D
SHREE GANPATI: CRISIL Migrates D Rating to Not Cooperating
SHREERAJ ROTO: CARE Cuts INR6.32cr LT Loan Rating to B+, Not Coop.
SINGH CYCLE: CRISIL Migrates D Rating to Not Cooperating Category

SMART AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
SRI LAXMI: CARE Downgrades Rating on INR12.5cr Loan to 'D'
VENKATADRI SPINNING: CRISIL Migrates D Rating to Not Cooperating
VIJMOHAN CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating


N E W   Z E A L A N D

CBL CORP: On the Offensive against RBNZ on Liquidation
SMITHS CITY: Net Loss Narrows to NZ$1.7MM in FY Ended April 30


S R I   L A N K A

SRI LANKA: Fitch Puts Final 'B' Rating to USD Bonds


X X X X X X X X

QISHLOG QURILISH: Moody's Affirms B2 Deposit Rating, Outlook Stable
[*] BOND PRICING: For the Week June 24, 2019 to June 28, 2019

                           - - - - -


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A U S T R A L I A
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D&C HOMES: Goes Into Liquidation; Owes About AUD800,000
-------------------------------------------------------
Cameron England at The Advertiser reports that yet another South
Australian building company has failed, with Norwood-based D&C
Homes placed in liquidation with debts of about AUD800,000.

It is the eighth SA residential builder to fail in the past 12
months, joining Coast to Coast Homes, JML Home Constructions, Tudor
Homes, Platinum Fine Homes and others, the report says.

Master Builders Association of SA chief executive Ian Markos said
it was "beyond frustrating" that practical solutions to help the
industry, which it suggested to the State Government last year, had
not been taken up.

The company's collapse left as many as 19 homes unfinished, the
report says.

FAUNCE DEVELOPMENTS: First Creditors' Meeting Set for July 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Faunce
Developments Pty Ltd will be held on July 10, 2019, at 10:00 a.m.
at the offices of Suite 508, 147 King Street, in Sydney, NSW.

William James Hamilton of WJ Hamilton was appointed as
administrator of Faunce Developments on June 28, 2019.

HARRISONS TRADE: First Creditors' Meeting Set for July 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Harrisons
Trade Centre Pty. Ltd. will be held on July 8, 2019, at 3:00 p.m.
at the offices of Dissolve Pty Ltd, Level 8, at 80 Clarence Street,
in Sydney, NSW.

Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of  Harrisons Trade on June 26, 2019.

LIDCO ARCHITECTURAL: Second Creditors' Meeting Set for July 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Lidco
Architectural Systems Pty Ltd has been set for July 8, 2019, at
11:00 a.m. at the offices of Deloitte Financial Advisory Pty Ltd,
Eclipse Tower, Level 19, at 60 Station Street, in Parramatta, 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 July 5, 2019, at 4:00 p.m.

David Ian Mansfield and Michael Charles Hird of Deloitte Financial
Advisory were appointed as administrators of Lidco Architectural on
May 31, 2019.

MORISSET COUNTRY: Second Creditors' Meeting Set for July 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Morisset
Country Club Limited has been set for July 10, 2019, at 3:00 p.m.
at Toronto Workers Club, at 9 James Street, in Toronto, 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 July 9, 2019, at 5:00 p.m.

Cameron Hamish Gray and Anthony Wayne Elkerton of DW Advisory were
appointed as administrators of Morisset Country on June 4, 2019.

WELLARD LIMITED: Goes Into Trading Halt Pending Announcement
------------------------------------------------------------
Jenne Brammer at The West Australian reports that troubled live
exporter Wellard has placed its shares in a trading halt, pending
an announcement to be released to the market by July 3.

Shares were valued at 2.4 cents when the halt was called on July 1,
the report says.

According to The West Australian, the stock has plummeted 40 per
cent from 4 cents since June 11 when the company revealed a default
had triggered a hike in repayments of its debt of AUD15 million.

Headquartered in Fremantle, Australia, Wellard Limited --
http://www.wellard.com.au/-- primarily supplies live sheep and
cattle to customers in the Middle East and Asia. It operates
through Trading and Chartering, and Other segments. The Trading and
Chartering segment engages in the business of livestock marketing;
buying livestock from various sources for export to buyers in
international markets; and logistics and transportation activities
for the delivery of livestock, which include the carriage of cargo
owned by third parties through its vessels. The Other segment
processes and distributes meat.



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C H I N A
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CHINA DATANG: Thermal Power Plant in Gansu Files for Bankruptcy
---------------------------------------------------------------
Reuters reports that China Datang Group, one of China's biggest
power generators, said a subsidiary in northwestern Gansu province
that operates a coal-fired power station has applied for bankruptcy
and liquidation after it defaulted on about CNY16.44 million ($2.39
million) of debt.

China's coal-fired power producers are struggling as Beijing
promotes the use of renewable energy and opens up the
state-controlled power market, Reuters says. Another Datang Group
coal-fired plant went bankrupt last December.

Datang International Power Generation Liancheng Power Plant in
Gansu, which has a total installed capacity of 660 megawatts, had
total assets of about CNY594 million and CNY1.77 billion of debt by
the end of May, Datang International said in a filing to the
Shanghai Stock Exchange on June 27, Reuters discloses.

Datang Group owns 55% of Datang International Power, while
state-owned China Guodian Corporation owns 25% and the provincial
government-backed GEPIC Energy Development Co has a 20% stake,
Reuters discloses.

"(A) court has accepted creditors' application for bankruptcy and
liquidation of Liancheng power plant . . . and made (a) declaration
on insolvency of the firm for settlement of outstanding debt,"
Datang said, notes the report.

In December, Datang announced the bankruptcy of its Baoding Huayuan
thermal power plant after it failed to pay out billions yuan of
debt, Reuters recalls.

China's total investment in thermal power construction in 2018 was
the lowest since 2004 and more than half of the country's
coal-fired power plants have been in the red for two years, Reuters
reports citing data from the China Electricity Council.

Datang International's net profit fell 17.5% in 2018, the report
notes.

China Datang Corporation Ltd. primarily engages in the power
generation business in China. It is involved in the investment,
development, construction, operation, and management of electric
and energy; production and sale of organizational electric heat;
and manufacturing of electricity equipment. The company also
provides maintenance and commissioning services; and power
technology development and consulting services. In addition, it
engages in power engineering; power environmental protection
project contracting and consulting; development of new energy;
development and production of coal resources for electricity; and
import and export of various commodities and technologies.

SKYFAME REALTY: Fitch Publishes B- IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings published Skyfame Realty Limited's Long-Term
Foreign-Currency Issuer Default Rating of 'B-' with a Stable
Outlook, and its senior unsecured rating of 'B-' with a Recovery
Rating of RR4. Fitch has also assigned the China-based property
developer's proposed US dollar-denominated senior notes a 'B-(EXP)'
expected rating, with Recovery Rating of 'RR4'.

Skyfame's ratings are constrained by its scale, which is smaller
than rated peers, and relatively high leverage of close to 46% at
end-2018 following its acquisition of a large project in Chongqing,
China. Its ratings are supported by a growing EBITDA margin because
of low land cost. Fitch expects its leverage to gradually drop from
2020 given its sufficient land bank to support business growth for
the next two years.

The proposed notes are rated at the same level as Skyfame's senior
unsecured rating as they represent the company's unconditional and
irrevocable obligations. Skyfame intends to use the net proceeds
from the proposed notes to refinance its existing indebtedness and
for general corporate purposes. The final rating is subject to the
receipt of final documentation conforming to information already
received.

KEY RATING DRIVERS

Scale Smaller than Peers': Skyfame's rating is constrained by its
contracted-sales scale. The company had contracted sales of CNY9.4
billion in 2018 (2017: CNY5.8 billion), smaller than most of its
'B' rated peers' of CNY20 billion-30 billion and 'B-' rated peers'
of CNY10 billion-20 billion. Fitch expects Skyfame's contracted
sales to expand to CNY12 billion-16 billion in 2019-2020. In
addition, Skyfame has fewer than 10 projects under development.
However, its ability to significantly reduce its project
concentration by securing more land is limited by its tendency to
acquire large land plots and its higher leverage in 2018, which
puts the company under pressure to generate sales to meet its
financial obligations.

Leverage to Remain High: Fitch expects Skyfame's leverage, measured
by net debt/adjusted inventory, to remain at 45%-55% in the next
two to three years as Fitch estimates Skyfame will have to spend
about 60% on land acquisitions in next one to two years. This
expectation is based on Skyfame's target of 20%-30% annual growth
in contracted sales and a land bank life sufficient for four to
five years of development (end-2018: land bank life of six years).


The company's leverage rose to 46% at end-2018, from a net cash
position in 2017 and 28% in 2016, as the company accelerated land
acquisitions and construction. The company spent CNY5.7 billion, or
61% of its contracted sales, on buying land in 2018. The
land-acquisition-to-contracted sales ratio was 49% in 2017.
Construction new starts accelerated to 2.5 million square metres
(sq m) in 2018, from 0.6 million sq m in 2017.

EBITDA Margin to Improve: Fitch expects Skyfame's EBITDA margin,
excluding capitalised interest from cost of sales, to remain above
25% in 2019-2020. The company's EBITDA margin improved to 30% in
2018, from 22% in 2017 and 15% in 2016. This was partly due to
revenue increasing faster than sales, general and administrative
expenses and the recognition of more projects with high gross
margins, such as Skyfame Byland in Guangzhou (an old-town
redevelopment project with gross margins of 56%-59%). The company
has unrecognised contracted sales of CNY8.6 billion, which carry a
gross profit margin of about 30%, similar to the recognised gross
profit margin of 31% in 2018.

Low Land Bank Costs: Skyfame's average land cost was low at below
CNY3,000 per sq m. in 2018. Land bank cost accounted for only 27%
of the cost of goods sold on average in 2014-2018, and Fitch
expects this to continue to stay below 40% in the next few years.
The company keeps land costs low by avoiding auctions and choosing
to acquire sites through M&A, old town redevelopments and
preferential auctions, in which respective local governments invite
developers to offer bids to develop land. Skyfame has been the
preferred bidder for several plots of land, given its focus on
developing youth-entrepreneurship communities.

Increasing Scale, Sufficient Land Bank: Fitch expects Skyfame to
increase its land bank to 6 million-7 million sq m in 2019-2020
from 5.9 million sq m in 2018. As of end-2018, 6% of its unsold
gross floor area was in Tier 1 cities, while 81% were in Tier 2
cities. Skyfame is shifting its land bank from mainly in the Pearl
River Delta towards the Yangtze River Delta and western China.
Skyfame may also have access to another 19.47 million of land, most
of which are old urban areas that are planned for redevelopment in
the next 10 years. For some of these sites, Skyfame has signed
preliminary agreements with local governments to acquire the land,
which need to undergo primary development prior to auction.

DERIVATION SUMMARY

Compared with Sunshine 100 China Holdings Ltd (CCC+), Skyfame has
better land bank quality with more than 75% of land in Tier 1 and 2
cities. This makes Skyfame's contracted sales more predictable
compared with that of Sunshine 100. Skyfame's churn rate is more
than double of Sunshine 100's while their EBITDA margins are
similar. As a result, Skyfame is rated one notch higher than
Sunshine 100.

Both Skyfame and Oceanwide Holdings Co. Ltd. (B-/Stable) had EBITDA
margins of about 30% in 2018, but Oceanwide had a higher contracted
sales of about CNY17 billion and slightly higher recurring
EBITDA-to-gross interest coverage. At the same time, Oceanwide's
leverage of 70%-80% is higher than Skyfame's 46%. The two companies
are rated at the same level.

Xinhu Zhongbao Co., Ltd.'s (B-/Stable) contracted sales were double
that of Skyfame's in 2018. However, Xinhu Zhongbao's ratings are
constrained Fitch's expectation that its leverage will remain high
at 70%-80% in 2019-2020 after reaching 73% at end-2018. In
comparison, Fitch expects Skyfame's leverage to be 45%-55% and have
rated the two companies at the same level.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY12 billion-16 billion in 2019-2020
(2018: CNY9.4 billion)

  - 60% of contracted sales proceeds to be spent on land
replenishment, in order to maintain a land bank sufficient for four
to five years of development

  - EBITDA margin, excluding capitalised interest from cost of
sales, at 28% in 2019-2020 (2018: 30%)

Recovery rating assumptions:

  - Skyfame would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of the
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 25% on adjusted inventory, which is
in-line with domestic peers with EBITDA margin of 25%-30%

  - Fitch applied a haircut of 50% to property, plant and
equipment

Its estimate of Skyfame's liquidation value after administrative
claims of 10% corresponds to a Recovery Rating of 'RR3'. However,
Skyfame operates in China, which Fitch classifies under Group D of
jurisdictions where the law is not supportive of creditor rights or
there is significant volatility in application of law and
enforcement of claims. As a result, the Recovery Rating for
Skyfame's senior unsecured debt is capped at 'RR4'.

TAHOE GROUP: Moody's Affirms B3 CFR; Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Tahoe Group Co., Ltd's B3
corporate family rating and the Caa1 backed senior unsecured rating
on the notes issued by Tahoe Group Global (Co.,) Limited, a wholly
owned subsidiary of Tahoe, and guaranteed by Tahoe.

At the same time, Moody's has revised the ratings outlook to stable
from negative.

RATINGS RATIONALE

"The change in outlook to stable reflects Tahoe's proactive
liquidity management, as evidenced by its recent sale of stakes in
a number of property development projects to address its
refinancing needs," says Josephine Ho, a Moody's Vice President and
Senior Analyst.

"The change in outlook also reflects our expectation that Tahoe
will control its debt leverage over the next 12-18 months," adds
Ho, who is also Moody's Lead Analyst for Tahoe.

Between March and June 2019, Tahoe announced a series of stake
sales in various projects for a total consideration of RMB9.5
billion, and Moody's expects the company will use the proceeds
primarily to repay existing debt.

The company's cash on hand also increased to RMB20.6 billion as of
March 31, 2019 from RMB14.9 billion at the end of 2018, and it
reduced its short-term debt to RMB46.1 billion from RMB57.4 billion
over the same period.

Moody's expects Tahoe will continue to proactively manage its
liquidity position, for example by scaling back its land
acquisitions, seeking new capital from its funding channels and, if
needed, undertaking further asset sales to address its debt
repayment obligations.

Moody's further expects Tahoe's debt leverage --
as measured by revenue/adjusted debt -- to trend toward 25%-30%
over the next 12-18 months from 21.3% in 2018. Its interest
coverage, as measured by adjusted EBIT/interest, should also trend
toward 1.5x-1.7x from 1.3x over the same period, driven by the
company's control on debt and an expected increase in revenue.
However, such credit metrics remain weak when compared with many of
its rated industry peers, and position the company at the lower end
of the B-rating category.

Tahoe's B3 CFR reflects the company's large business scale relative
to many B-rated Chinese developers, long operating history, and
high-quality land bank spread across various regions in China.

However, the B3 CFR is constrained by its weak liquidity, sizable
exposure to trust loans and weak financial metrics.

Moody's has taken into account the potential change of control risk
associated with the company's key shareholder, Mr. Huang Qisen,
who, acting in concert with his wife, holds an effective 59% stake,
with almost all shares pledged. This risk is incorporated in
Tahoe's B3 CFR.

Tahoe's liquidity remains weak. As of March 31, 2019, its cash
holdings of RMB20.6 billion were insufficient to cover its
short-term debt of RMB46.1 billion and the RMB6.0 billion bond
becoming puttable in the next 12 months. Moody's expects Tahoe will
need to proactively source funding to address these refinancing
needs.

The company's Caa1 senior unsecured rating is one notch lower than
the CFR because of the risk of structural subordination. This risk
reflects Moody's expectation that the majority of claims will be at
the operating subsidiaries' level and will have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the expected recovery
rate for claims at the holding company will be lower.

The outlook on the ratings is stable, reflecting Moody's
expectation that Tahoe will continue to proactively manage its
liquidity and refinance its maturing debt.

Tahoe's ratings could be upgraded in the medium term if the company
(1) improves its liquidity, with its cash/short-term debt rising
above 0.8x-1x on a sustained basis; and (2) improves its credit
metrics, with EBIT/interest coverage above 1.5x and
revenue/adjusted debt above 40% on a sustained basis.

Downgrade rating pressure could arise if (1) Tahoe's liquidity
deteriorates; (2) its contracted sales and operating cash flow
weaken significantly; (3) its access to funding weakens materially.
Credit metrics indicative of downgrade include EBIT/Interest
coverage below 1.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in 2010.
The company commenced its first residential property project in
Fuzhou in Fujian Province in 1996. Its operations are mainly
focused on residential property development, and it is also engaged
in commercial property development. At December 31, 2018, its land
bank totaled around 16 million square meters by saleable gross
floor area.



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I N D I A
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AJANTA GARTEX: CARE Cuts INR9.36cr LT Loan Rating to B, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ajanta Gartex Pvt. Ltd. (AGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.36       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No Default Statement from AGPL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 15, 2019, May 8, 2019, May 6,
2019, May 2, 2019, April 30, 2019, March 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on AGPL's bank facilities will now be denoted
as *CARE B; Stable; ISSUER NOT COOPERATING.

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

ANMOL ASSOCIATES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anmol Associates'
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating; and

-- INR200 mil. (increased from INR100 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Anmol Associates' continued medium-small
scale of operations, as indicated by revenue of INR951.12 million
in FY19 (FY18: INR231.66 million). The revenue rose on a YoY basis
because of increased order execution. As on 31 May 2019, the firm
had an order book of INR1340.60 million (1.4x of FY19 revenue),
which is to be executed by FY20. The figures for FY19 are
provisional.

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

However, Anmol Associates' EBITDA margins are healthy due to the
execution of high-margin projects. The margin fell slightly to
9.06% in FY19 (FY18: 9.48%) because of a decrease in other
operating income. The return on capital employed was 53% in FY19
(FY18: 16%).

Additionally, the company's credit metrics are comfortable owing to
its low debt levels. The metrics improved on a YoY basis in FY19
due to an increase in absolute EBITDA to INR86.21 million (INR21.97
million) on the back of revenue growth. The gross interest coverage
(operating EBITDA/gross interest expense) was 7.22x in FY19 (FY18:
2.77x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 0.89x (1.04x).

The ratings also benefit from the company's comfortable liquidity
position, as indicated by 83.59% average utilization of the working
capital limits during the 12 months ended in May 2019. The cash
flow from operations declined to INR0.57 million in FY19 (FY18:
INR35.45 million) and free cash flows turned negative at INR52.11
million (INR27.41 million). The cash flows deteriorated in FY19 due
to an increase in working capital requirements and the capex
undertaken by the firm. The net cash conversion cycle deteriorated
marginally to negative 60 days in FY19 (FY18: negative 62 days), on
account of a reduction in creditor days to 130 days (157 days).

The ratings are also supported by the promoters' experience of over
two decades in the civil construction industry.               

RATING SENSITIVITIES

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

Positive: A significant improvement in the top-line and order book,
along with an improvement in the credit metrics on a sustained
basis will be positive for the ratings.

COMPANY PROFILE

Established in 2013, Anmol Associates is engaged in the
construction of roads and building, and irrigation works. It is an
approved Class A civil contractor for Uttar Pradesh Public Works
Departments and Class AA contractor for Lucknow Development
Authority and Uttar Pradesh Irrigation Department.

AVADH COTTON: CARE Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avadh
Cotton Industries (ACI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.27       CARE B+; Stable: Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE had, vide its press release dated April 2, 2018, placed the
rating(s) of ACI under the 'issuer non-cooperating' category as ACI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ACI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated December 4, 2018, January 4, 2019, January 19, 2019, April
25, 2019, June 3, 2019, June 7, 2019, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on April 2, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Financial risk profile marked by thin profit margins, leveraged
capital structure and moderate debt coverage indicators: The profit
margins of ACI have remained thin as marked by PBILDT margin of
2.70% during FY16 which has improved from 1.93% during FY15.
Further, PAT margin has also remained low at 0.11% which remained
in line as compared to previous year. The overall profitability
remained thin owing to its low value addition nature of business.
The capital structure of ACI has remained leveraged marked by an
overall gearing ratio of 2.63x as against 2.70x as on March 31,
2015 due to high debt level as against low net worth base. Further
on the back of increase in total debt level and increase in PBILDT
level, debt coverage indicators have remained at a moderate level
marked by total debt to GCA of 12.76 times as on March 31, 2016
(23.05 times as on March 31, 2015) and interest coverage of 2.34
times during FY16 (3.35 times during FY15).

Modest liquidity: The liquidity position of ACI remained modest
marked by current ratio and quick ratio of 1.30 times and 0.49
times as on March 31, 2016 as against 1.07 times and 0.34 times as
on March 31, 2015. During FY16, the operating cycle stood at 45
days as against 36 days during FY15. As on March 31, 2016, cash and
bank balance remained at INR0.82 crore. Cash flow from Operating
Activities (CFO) remained at INR0.19 crore during FY16. Average
working capital utilization for past twelve months ended September
2016 remained at 99%.

Presence in highly fragmented industry with constitution as a
partnership firm: High proportion of small scale units operating in
the cotton value chain has resulted in the fragmented nature of the
industry as well as intense competition within the players. Thus,
players present in segment operate at very low bargaining power
against its customers. Further, being a partnership firm, ACI is
exposed to the inherent risk of partner's capital at the time of
contingency.

Seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations and prices and supply for
cotton are highly regulated by government: Prices of raw material
i.e. raw cotton are highly volatile in nature and depend upon
factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and inventory carry forward of last year. Cotton being a
seasonal crop as it is available mainly from November to February
results into a higher inventory holding period for the business.
Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk. Furthermore, the
cotton prices in India are highly regulated by government through
MSP (Minimum Support Price) fixed by government, though due to huge
demand supply mismatch the prices have rarely been below the MSP.

Key Rating Strengths

Experienced partners: ACI has been managed by Mr. Bharat Vaishnav,
Mr. Rasik Vaishnav and Mr. Jaydeep Sopavadia. All the partners hold
experience of more than five years of experience in the same line
of business.

Stabilization of operations backed by increased capacity
utilization leading to increase in the scale of operations in FY16:
ACI had started its commercial production from December 2014 hence
FY16 was its first full year of operations. As per the audited
results for FY16 (refers to April 1 to March 31), ACI has reported
a total operating income (TOI) of INR35.34crore as against INR21.52
crore during FY15.

Proximity to cotton growing area of Gujarat: The manufacturing
facilities of ACI are located at Jamnagar in Gujarat. Gujarat
produces around 30% of total national production of cotton; hence,
ACI's presence in the cotton producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials at
effective prices and consistent demand for finished goods resulting
in a sustainable and clear revenue visibility.

Jamnagar (Gujarat) based ACI, a partnership firm, was constituted
in January 2014. The key partners of the firm are Mr. Bharat
Vaishnav, Mr. Rohit Sitapara, Mr.Parshotam Vaishnav, Mr.Rasik
Vaishnav and Mr. Jaydeep Sapovadia. The firm is engaged in the
cotton ginning and pressing of raw cotton with an installed
capacity of 12600 metric tonnes per annum (MTPA) of cotton bales as
on March 31, 2016.

BRAINER IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Brainer Impex Limited

        Registered office:
        102, Shree Gajanan Apartment
        Chincholi Bunder Road
        Opp. Infant Jesus School, Malad West
        Mumbai 400064

Insolvency Commencement Date: June 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 21, 2019
                               (180 days from commencement)

Insolvency professional: Vishram Narayan Panchpor

Interim Resolution
Professional:            Vishram Narayan Panchpor
                         B 506, 5th Floor, Building No. 83
                         Chembur Sindhoo CHS
                         Tilak Nagar, Chembur
                         Mumbai 400089
                         E-mail: vishramp@gmail.com

Last date for
submission of claims:    July 11, 2019


COX & KINGS: Misses Debt Repayment on Unsecured Debt
----------------------------------------------------
John Xavier at Bloomberg News reports that a travel planner in
India backed by the world's second-largest asset manager Vanguard
Group has defaulted on debt and its shares fell to a record low, as
cracks in the nation's credit market spread.

Cox and Kings Ltd. has paid only INR500 million ($73 million) of
the two billion rupees due June 26 on unsecured commercial papers,
Bloomberg discloses citing an exchange filing on June 27. Shares of
the company dropped by their daily limit of 10% on June 28, the
lowest since its trading debut in 2009, Bloomberg says.

According to Bloomberg, credit scare in India's money markets, that
started with IL&FS Group delinquency 12 months back, has worsened
off late with repayment issues faced by Dewan Housing Finance Corp.
and beleaguered tycoon Anil Ambani's companies. Cox & Kings's
market capitalization has more than halved in the last two weeks
following a downgrade of credit profile by Care Ratings Ltd, the
report says.

Earlier last week Brickwork Ratings Ltd. cut the ratings on the
company's non-convertible debentures by one notch to AA- citing
reasons including seasonal nature of tourism industry, economic
slowdown and foreign exchange fluctuations, Bloomberg recalls. The
rating of the travel company is also constrained on account of high
level of pledged shares by the founders of the company and its low
market capitalization, the rating company said in a June 24 note.

The Mumbai-based travel company is planning to repay its dues
through a combination of internal accruals and sale of assets, it
said in the filing, adds Bloomberg.

EESAVYASA TECHNOLOGIES: Ind-Ra Cuts Issuer Rating to D, Not Coop
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Eesavyasa
Technologies Private Limited's (ETPL) Long-Term Issuer Rating to
'IND D' from 'IND BB' while simultaneously migrating the ratings to
the non-cooperating category. The Outlook was Stable. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits (Long term/Short

     term) downgraded and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits (Short term)
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR80 mil. Proposed fund-based limits (Long term/Short term)
     downgraded and migrated to non-cooperating category with
     Provisional IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Proposed non-fund-based limits (Short term)
     downgraded and migrated to non-cooperating category with
     Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects the overdrawn status of ETPL's working
capital limits for more than 30 days.

RATING SENSITIVITIES

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

COMPANY PROFILE

Hyderabad-based ETPL is engaged in the design, development and
implementation of water treatment (effluent and drinking water
projects) and nanotechnology solutions. ETPL's business lines are
research and development, consultancy, project execution, and
manufacturing.

ENFIELD SOLAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Enfield Solar Energy Limited

        Registered office:
        9, Vivekananda Road, 4th Floor
        Kolkata 700007

Insolvency Commencement Date: June 27, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Bijay Murmuria

Interim Resolution
Professional:            Mr. Bijay Murmuria
                         Trinity Towers, Suit No. 3G
                         226/1 AJC Bose Road
                         Kolkata, West Bengal 700020
                         E-mail: bijay_murmuria@
                                 sumedhamanagement.com

                            - and -

                         Sumedha Management Solutions Pvt Ltd
                         11/1 Sarat Bose Road, Ideal Plaza
                         South Block, 4th Floor, Room No. 405
                         Kolkata 700020
                         E-mail: ip.enfieldsolar@gmail.com

Last date for
submission of claims:    July 11, 2019


ESKAY SILK: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eskay Silk
Industries Private Limited (ESIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.19       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank      2.50       CARE D; Issuer not cooperating;

   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2018, placed the
rating(s) of ESIPL under the 'issuer non-cooperating' category as
Eskay Silk Industries Private Limited had failed to provide
information for monitoring of the rating. Eskay Silk Industries
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated April 22, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 2, 2018, the following were the
rating strengths and weaknesses (updated for data available from
MCA website and banker feedback).

Key Rating Weaknesses

Delays in debt servicing: As per the banker the account conduct is
satisfactory. However any further NDS, bank statements and written
confirmation from the banker is not available with CARE.

Eskay Silk Industries Private Limited (ESIPL) was promoted by Shri
Motilal Jain and Shri Suresh Kumar Jain in 1984 and later taken
over by Agarwal family in 1991. ESIPL was earlier primarily engaged
in trading of high quality textile fabrics has now ventured into
fabric manufacturing from FY12. The capacity of ESIPL stood at
36.72 lakh pieces per annum as on March 31,
2015.

The company has two other group companies in similar line of
business viz. Topman Exports Ltd. 'IND D (suspended)'; rating
withdrawn on October 27, 2016] and Topman Fabrics Pvt. Ltd.

EVERSHINE SOLVEX: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Evershine Solvex Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Stable

Detailed Rationale & Key Rating drivers

CARE has been seeking no default statement from Evershine Solvex
Private Limited to monitor the rating vide e-mail communications
dated May 29, 2019, May 22, 2019, May 15, 2019, April 30, 2019,
April 3, 2019, April 1, 2019, March 30, 2019, March 7, 2019, March
5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019, February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Evershine Solvex Private
Limited's bank facilities will now be denoted as CARE D; Issuer not
cooperating.

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

The revision in the rating assigned to the bank facilities of
Evershine Solvex Private Limited takes into account instances of
delays in the servicing of the debt obligations because of weak
liquidity position of the company.

GAS PROJECTS: CARE Assigns 'B' Rating to INR4.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gas
Projects India Private Limited (GPIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           4.75       CARE B; Stable Assigned

   Short-term Bank
   Facilities           8.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GPIPL is constrained
by small scale of operations, low profit margin, highly leveraged
capital structure and weak debt coverage indicators and elongated
operating cycle along with high liquidity position. The ratings are
further constrained by tender driven nature of business, inherent
volatility associated with raw material prices and presence in
highly competitive and fragmented industry. The above constraints
are partially offset by experienced promoter and reputed customer
base.

Going forward, the ability of the GPIPL to increase in total
operating income, profitability margins and capital structure and
managing its working capital requirements are the key rating
sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Fluctuating yet small scale of operations: The total operating
income of the company has shown a fluctuating trend during FY16 to
FY19. Further, during FY18 the operating income declined by 46% and
stood INR8.34 crore in FY18 vis-à-vis INR15.37 crore in FY17 due
to lower number of tender received and order executed during that
period.

Low profit margins: GPIPL profit margins of the company stood
moderate marked by PBILDT margin and PAT margin of 5.99% and 1.87%
in FY19 (as against 9.87% and 0.74% during FY18) owing to increase
in other operating expenses in proportion to the total operating
income mainly due to increase in sub contracts charges. The PAT
margin remained below unity during FY16-FY18, whereas during FY19
it posted net loss after excluding the non-operating income of
INR0.86 crore.

Highly leveraged capital structure & weak debt protection metrics:
GPIPL's capital structure and debt coverage indicators have
remained highly leveraged over the years (FY16-19). The same has
marginally improved with overall gearing of 5.77x as on March 31,
2019 (vis-à-vis 6.13x as on March 31, 2018) due accretion of
profits to reserves although it continues to remain highly
leveraged. Further, debt service coverage indicators stood weak
marked by interest coverage ratio and total debt to GCA at 0.68x
and 35.26x in FY19 as against (1.32x and 70.58x in FY18) due to
higher debt level and very low cash accruals.

Elongated operating cycle along with high liquidity position: The
operations of GPIPL's are working capital intensive in nature with
a high level of funds of over 237-430 days blocked in inventory and
over 108-222 days blocked in debtors. On the other hand, a moderate
credit period of over 32-53 days is extended by the suppliers to
the company, thereby leading to a highly elongated operating cycle
of over 291-599 days over FY16-FY19. Further, the liquidity
position of GPIPL stood high (marked by current ratio of 3.58x for
FY19 as compare to 5.37x in FY18) whereas the working capital of
the company remained capital intensive in nature with 85-90% of
working capital utilization level for past 6 months ended May
2019.

Tender driven nature of business: GPIPL procures orders through
tender bidding process and only after successful bidding, it
receives orders. The nature of the company's order is tender-driven
and based on requisite milestones to complete the order within the
timeline frame. As the present customer of GPIPL are mainly
government controlled entities such as Indian Oil, HPCL and BPCL
which generally issues orders through tender-bidding process and
for GPIPL the requisite successful biding requires cost of
associated materials and labor with additional complexity of bid
shall be critical view in operations perspective. Going forward, on
account of various participants in the market for tender-bidding,
the probability of accepting orders by the requesting organization
shall always be critical point.

Present in competitive nature of industry: GPIPL is engaged into
manufacturing process which is highly fragmented with a high level
of competition from both the organized and largely unorganized
sector, along with the susceptibility of margins to volatile raw
material prices.

Volatility in raw material prices: The key raw material for GPIPL
is steels and engineering goods whose prices are volatile in nature
on account of demand and supply factor. Thus the fluctuating prices
for raw materials shall be critical as it can affect production
capacity to manufacture LPG cylinders and cost of such cylinders
too.

Key rating Strengths

Experienced promoters and long track record of operations: GPIPL
has a track record of around three decades in manufacturing of Auto
LPG dispensing stations and engineering project. The promoters of
the company have been associated with the company since its
inception and they has an experience of more than three decades
through his association with GPIPL & other group associates.
Operations of the company are managed by professionals with
extensive industry and management experience. GPIPL has an in-house
engineering team, with the ability to manufacture products as per
client's specifications. On account of long track record of
operations and experience of the promoters, the company has gained
a reputation and has established good relationships with its
customers & suppliers.

Reputed and diversified customer base: In past the company has been
dealing with the reputed clients across India. GPIPL has managed to
get orders from reputed clients namely Indian Oil Corporation
Limited, Hindustan Petroleum Corporation Limited, The Indian
Seamless Metal Tubes Limited, Steel Authority of India Limited,
Gujarat Organics Limited, Met LAB Services Private Limited, Tata
Steel Limited, and Metal man Auto Private Limited. Diverse and
reputed client base reduces customer concentration risk and timely
realization of receivables.

Gas Projects India Private Limited has its existence since 1982 as
Sintech Equipment Mfg Co Private Limited later on during 2001 it
got amalgamated into Gas Projects India Private Limited by Parikh
Family. The company is engaged in manufacturing and installation of
Auto LPG dispensing stations (ALDPs), Vessels, tankers and also
supplies electrical, electronics, civil automation engineering
goods. Further, GPIPL also generates revenue from turnkey solution
services with manufacturing capability and PAN India service
support network. GPIPL has its manufacturing facilities located at
Navi Mumbai and registered office located at Ghatkopar Mumbai.

GREENCART VENTURES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Greencart Ventures Private Limited

        Registered office:
        A-507-508, Riviera Towers
        Lokhandwala, Kandivali (East)
        Mumbai 400101 Maharashtra

Insolvency Commencement Date: June 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 9, 2019
                               (180 days from commencement)

Insolvency professional: Vishram Narayan Panchpor

Interim Resolution
Professional:            Vishram Narayan Panchpor
                         B 506, 5th Floor, Building No. 83
                         Chembur Sindhoo CHS
                         Tilak Nagar, Chembur
                         Mumbai 400089
                         E-mail: vishramp@gmail.com

Last date for
submission of claims:    July 9, 2019


IL&FS: Board Shortlists Firms to Recast its Books
-------------------------------------------------
The Economic Times reports that after the Serious Fraud
Investigation Office (SFIO) took a strong view against the big four
audit firms, the board of IL&FS has shortlisted Indian firms to
reopen and recast IL&FS' books and the mandate for the job is
likely to go to Borkar & Muzumdar and GM Kapadia and Co.

The recast is expected to be completed in three months once the
matter is conformed, ET says. Since the Ministry of Corporate
Affairs and the SFIO have taken a strong view against some of the
big four agencies that were auditors to IL&FS and are being probed
for their role in not being able to raise the red flag, the choice
may fall upon Indian firms from a list of potential firms available
with the board, according to ET.

"Borkar and Muzumdar would be auditing IFIN and IL&FS while GM
Kapadia would be auditing ITNL accounts for the past five years
from FY13-FY18," a person aware of the matter said on condition of
anonymity, ET relays.

ET relates that the IL&FS board has already shared its
recommendations with the MCA, which in turn will seek the court's
approval, the person said. An IL&FS spokesperson declined to
comment on the development. This move by the board follows the
Supreme Court order on June 4, 2019, allowing the company to reopen
and recast past five-year books of accounts to ascertain the extent
of irregularities by the erstwhile management in case of IL&FS,
IFIN and ITNL, the report states.

NCLAT had already approved the reopening and recasting of accounts
of IL&FS and group companies but it was challenged in the Supreme
Court, which was vacated by the apex court recently, ET notes.

This move of completing the recast in a time-bound manner will also
help in divesting assets in these companies, as the bidders would
be able to take an informed, call-based decision on the revised
audited accounts of the company, the person cited earlier said, ET
relays.

According to the report, the board has already announced divestment
of various businesses, including roads, which are in various stages
of due diligence by companies that have participated in the
expression of interest process. It has raised funds by selling
renewable energy business. Stake sale in seven wind energy SPVs is
in the final stage after Japan's Orix has conveyed its decision to
match Gail's offer, says ET.

Last week, the board reviewed the progress on divestment of all
domestic and overseas assets and decided to constitute a six-member
empowered committee--including four directors Vineet Nayyar, CS
Rajan, Bijay Kumar, N Srinivasan, and COO N Sivaraman--to discuss
and finalise the asset-wise framework of resolution with lenders,
ET reports. The board also decided to allow the bidders for toll
road assets to jointly monitor traffic data and assess the revenue
stream, adds ET.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

INFRA MOVES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Infra Moves
Private Limited (IMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    11        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IMPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 IMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in July 2010, IMPL is an authorised dealer for VE
Commercial Vehicles Ltd's Eicher brand of trucks. The company also
operates a Volvo spare parts dealership. Mr Rajiv Sabhlok, the
promoter, manages the operations. Mr Sabhlok set up a partnership
firm, Reliable (now: Reliable Industries; 'CRISIL
BBB-/Stable/CRISIL A3/Issuer Not Cooperating') in 1984, which is an
authorised dealer for Hero Motocorp and Maruti Suzuki India Ltd.

JET AIRWAYS: Hinduja Group Keen on Bidding with Etihad
------------------------------------------------------
Financial Express, citing ET Now, reports that Hinduja Group is
keen on exploring bidding terms with Jet Airways's investor Etihad
as the lenders desperately seek a resolution plan for the
beleaguered airline.  FE relates that Hinduja Group called on
lenders in London this weekend to discuss terms and conditions for
bidding under Insolvency and Bankruptcy Code, the media channel
reported, adding that the committee of creditors may seek
expression of interest (EoI) for Naresh Goyal-founded Jet Airways
as early as this week. Hinduja Group has been in talks with the
lenders for an out of court settlement as well.

FE says the diversified business group had put certain conditions
and sought assurances from the government before it actually
invests in the airline. According to media reports, the group does
not wish to be dragged into cases pertaining to financial
irregularities in the airline that may have happened during Naresh
Goyal tenure, FE relays. Also, it wants to ensure that the group
does not suffer in any manner after it makes an investment in Jet
Airways.

Earlier in May, Hinduja Group said that it is considering a bid in
Jet Airways. However, it didn't divulge information on whether the
diversified conglomerate plans to take a haircut on loans of about
INR8,400 crore, FE recalls. The billionaire brothers Gopichand and
Srichand Hinduja-led group, if puts its weight behind Jet Airways,
may bring some respite to the consortium of lenders and Jet
Airways' employees who have not been given salary of about 4
months, FE states. Gopichand and Srichand Hinduja, are among the
richest people in the United Kingdom, FE notes.

                        About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

KAAS FOOTWEAR: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaas Footwear
Industries Private Limited (KAAS) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3.67      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             6.71      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KAAS for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 KAAS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAAS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in February 2014 and promoted by Mr Rajesh Karande and
family, Kaas started commercial operations in November 2015 and
manufactures shoes for men and women. Unit is in Khed SEZ near
Pune.

KAVITA EXIM: CARE Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Kavita
Exim Private Limited (KEPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      12.00       CARE B; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from KEPL to monitor the
ratings vide e-mail communications dated June 4, 2019, May 31,
2019, May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2019, April
30, 2019, March 31, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on KEPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

M.T. PATIL: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.T. Patil
Builders and Contractors Private Limited (Patil) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

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

--150 mil. Non-fund base facility assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect Patil's small scale of operations, as indicated
by revenue of INR456 million in FY19 (FY18: INR449 million, FY17:
INR407 million). The marginal growth in the revenue in FY19 was on
account of an increase in orders and the timely execution of orders
on hand. As on 23 May 2019, the company had an order book of
INR714.57 million (1.57x of FY19 revenue), of which L1 orders
account for INR387.04 million; the management expects the orders to
be executed during FY20. The numbers for FY19 are provisional.

The ratings also reflect the highly concentrated nature of the
order book, as the company executes work in and around Nashik
only.

The company's EBITDA margins are average due to the high
competition in the business. The EBITDA margins were in the range
of 8.4% to 10.7% during FY15-FY19. The margin increased to 10.7% in
FY19 (FY18: 9.3%) due to a reduction in the variable expenses. The
return on capital employed of the company was 13% in FY19 (FY18:
12%, FY17: 14%)

The rating factor in moderate credit metrics. The interest coverage
(operating EBITDA/gross interest expense) was 4.5x (FY18: 3.9x,
FY17: 4.4x, FY16: 4.1x) and net leverage (total adjusted net
debt/operating EBITDAR) was 0.8x (FY18: 1.6x, FY17: 1.3x, FY16:
1.9x). The metrics improved in FY19 on account of an increase in
the absolute EBITDA to INR49 million (FY18: INR42 million) and
reduction in the total debt to INR41 million (FY18: INR149 million)
due to lower utilization of the fund-based limits

The ratings are supported by the comfortable liquidity position,
with average utilization of fund-based limits and non-fund based
limits standing at 77.0% and 42.9%, respectively, during the 12
months ended April 2019. The net cash conversion cycle deteriorated
to 41 days in FY19 (FY18: negative 13 days, FY17: 10 days, FY16: 22
days), as early payment to creditors caused creditor days to
decline to eight days (FY18: 60 days, FY17: 16 days). The fund flow
from operations was positive during FY15-FY18 and stood at INR34
million in FY18 (FY17: INR27 million; FY16: INR25 million).

The ratings also benefit from the promoters' experience of more
than six decades in the civil construction business.  

RATING SENSITIVITIES

Negative: Any decline in the revenue and EBITDA margins, leading to
deterioration in the credit metrics, all on a sustained basis, will
be negative for the rating

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

COMPANY PROFILE

Patil was established in 1952 as a proprietorship firm by Mr. M.T.
Patil. It was reconstituted as a private limited company in March
1997 under the name M.T. Patil Builders And Contractors Private
Limited, with Mr. Avinash Madhavrao Patil (son of Mr. M.T. Patil)
and Mr. Ranjit Madhavrao Patil as directors. The company undertakes
civil construction and infrastructure projects, including the
construction of roads and highways, public utility buildings and
concrete structures. It is located at Nashik.

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

The instrument-wise rating actions are:

-- INR42.3 mil. Long-term loans due on March 2022 migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR60 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Mangaldeep Rice Mills is engaged in the rice
trading business.

MUTNEJA RICE: CRISIL Withdraws B+ Rating on INR20cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Mutneja
Rice Mills (MRM) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        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 MRM for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 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 MRM. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of MRM to 'CRISIL
B+/Stable Issuer not cooperating'.

MRM processes basmati rice. Its facility in Jalalabad, Punjab, has
milling and sorting capacity of 5 tonne per hour.

NECTAFRESH AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nectafresh Agro
Foods' (NAF) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR39 mil. (reduced from INR45 mil.) Term loan due on December

     2023 affirmed with IND BB-/Stable rating; and

-- INR20 mil. Fund-based limits affirmed with IND BB-/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects the firm's continued small scale of
operations as reflected by FY19 revenue of INR596 million (FY18:
INR269 million). The growth in revenue was driven by increased
orders and introduction of new product (cattle feed) and increased
installation capacity. FY19 financials are provisional in nature.

The affirmation also factors in the firm's modest operating margin
as it manufactures low-margin products. Return on capital employed
was 10% and EBITDA margins were modest at 4.82% in FY19 (FY18:
5.63%).  Deterioration in the operating margin was due to higher
raw material costs.

The ratings are constrained by NAF's tight liquidity profile, as
reflected from its 90% average working capital utilization during
the 12 months ended May 2019. The cash and cash equivalents stood
at INR1.26 million during FY19 (FY18: INR1.10 million). The cash
flow from operations was negative at INR7.16 million (FY18:
INR25.12 million) due to an increase in working capital.

The ratings also factor in the partnership nature of the firm's
business.

The ratings, however, continue to derive support from the entity's
strong credit metrics, despite the deterioration in interest
coverage. Interest coverage (operating EBITDA/gross interest
expense) deteriorated to 5.02x in FY19 (FY18: 11x) while net
financial leverage (total adjusted net debt/operating EBITDA)
improved to 3.09x (4.28x).The deterioration in the interest
coverage was due to higher interest cost on account of increased
debt which stood at INR90.20 million in FY19 (FY18: INR65.94
million) for capex. The net financial leverage, however, improved
due to improvement in the absolute EBITDA as the increase in debt
was more than offset by an increase in EBITDA.

The ratings are further supported by NAF's partners' almost 10
years of experience in manufacturing inverted sugar syrup and
cattle feed.

RATING SENSITIVITIES

Positive: A significant and sustained improvement in revenue will
be positive for the ratings.

Negative: A decline in revenue and/or EBITDA, leading to
deterioration in the credit metrics, on a sustained basis, could
lead to negative rating action.

COMPANY PROFILE

Incorporated in 2010, NAF manufactures inverted sugar syrup and
cattle feed. It is managed by Rakesh Singh and Vikesh Kumar.

OMKAR INFRATECH: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Omkar
Infratech Limited (OIL) to Issuer Not Cooperating category.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6.28      CARE B+; Stable; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No Default Statement from OIL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 15, 2019, May 8, 2019, May 6,
2019, May 2, 2019, April 30, 2019, March 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on OIL's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

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

PRASHANT IMPEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Pashant Impex Private Limited
        Wellesley House 7
        Red Cross Place, 3rd Floor
        Kolkata 700001

Insolvency Commencement Date: June 27, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional:            Mahesh Chand Gupta
                         FE-202, Salt Lake City
                         Sector 3, 1st Floor
                         Kolkata 700106
                         E-mail: mcgupta90@gmail.com
                                 pipl.cirp@gmail.com

Last date for
submission of claims:    July 11, 2019


QUADRA SOFTWARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Quadra Software Solutions Private Limited
        No. 35/4, Langford Road Cross
        Bangalore 560025

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: December 22, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Addanki Haresh

Interim Resolution
Professional:            Mr. Addanki Haresh
                         No. 36/1, 2nd Floor, Munivenkatappa
                         Complex, Bellary Road, Ganganagar
                         Bangalore 560032
                         E-mail: addanki.haresh@gmail.com

Last date for
submission of claims:    July 9, 2019


R. C. KHINVASARA: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. C.
Khinvasara (RCK) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RCK for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 RCK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 2014 as a partnership firm by Mr R C Khinvasara and
family, RCK undertakes real estate development in Aurangabad. It is
currently developing a 74-unit commercial project, Khinvasara Gold
Plex.

REFRATHERM INT'L: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Refratherm
International Private Limited (RIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          10.96      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            14.04      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 RIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

RIPL was incorporated in February 2007 and is engaged in
manufacturing of high quality Calcined Pet Coke (CPC) in different
specifications. The day-to-day operations of the company are looked
after by Mr. Krishnendu Shaw and his wife Mrs. Meeta Shaw, who are
the promoter-director of the company.

RIDDI SIDDI: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Riddi Siddi Timber Private Limited (RST), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          1.00        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities          8.40        CARE A4 Reaffirmed

Detailed Rational and key rating drivers

The ratings assigned to the bank facilities of RST continue to be
constrained by its small scale of operations along with low
profitability margins, leveraged capital structure. The ratings are
further constrained by foreign exchange fluctuation risk, presence
in a highly fragmented and competitive timber industry coupled with
high dependence on the real estate sector. The ratings, however,
continue to take comfort from experienced management in trading of
wood & wood products, moderate operating cycle and location
advantage in terms of easy accessibility to traded products.

Going forward, the ability of the company to profitably scale-up
its operations while improving its overall solvency position and
managing working capital requirements efficiently, will remain the
key rating sensitivities.

Detailed description of key rating drivers

Key rating weakness

Small, though increasing scale of operations along with low
profitability margins: Though, the scale of operations of the
company stood small, it increased by ~26% to INR26.48 core in FY19
(Prov.) owing to higher orders received during the period. The
small scale of operations limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

The profitability margins of the company stood low marked by PBILDT
margin of 0.50% and PAT margin of 0.26% in FY19(Prov.). The PBILDT
margin of the company declined marginally from 0.96% in FY18 on
account of increase in cost of traded goods that could not be
passed onto the customers. The PAT margin, however, improved
marginally from 0.24% in FY18 to 0.26% in FY19(Prov.). The gross
cash accruals of the company stood at INR0.08 crore in FY19 (Prov.)
as against INR0.07 crore in FY18.

Leveraged capital structure: The company has a leveraged capital
structure marked by overall gearing ratio of 1.42x as on March 31,
2019 (Provisional). The total debt to GCA ratio of the company
stood weak at 31.88x, as on March 31, 2019 (PY: 17.02x). The same
deteriorated in FY19 on account of higher debt levels of the
company. However, the interest coverage ratio of the company stood
moderate and improved to 5.50x in FY19 (PY: 1.85x) on account of
lower interest expenses incurred in FY19(Prov.).

Foreign currency fluctuation risk: The company is mainly importing
raw material and it's completely sold in the domestic market.
Therefore, RST's profitability margins are exposed to volatility in
foreign exchange.

Presence in a highly competitive nature of industry and dependence
on the real estate sector: The timber trading sector is highly
competitive, comprising a large number a large number of players in
the organized segment as a result of low entry barriers.
Furthermore, the timber industry is primarily dependent upon the
demand of real estate and construction sector across the globe.

Key rating strengths

Experienced promoters in trading of wood & wood products:
Mr. Anand Mittal and Mr. Kamal Kumar are promoters of RST. Mr.
Anand Mittal and Mr. Kamal Kumar have more than a decade of
experience in the wood and wood product industry through their
association with the company and associate concerns. Both the
directors collectively look after the overall operations of the
company.

Liquidity position: The operating cycle of the company remained
moderate at 25 days, as on March 31, 2019. The average utilization
of the working capital borrowings remained ~80% for the 12 month
period ended May-2019. RST does not have any external term debt
liability, as on March 31, 2019 and hence no term debt repayment
obligation in FY20. The liquidity position of the company stood
moderate marked by current ratio of 1.21x and quick ratio of 1.06x,
as on March 31, 2019.

Location advantage in terms of easy accessibility to traded
products: Proximity of the company's warehouse to the port of
Kandla reduces the logistics issues associated with wood, which is
a bulky commodity and also offers the advantage of lower freight
costs.

Delhi-based Riddi Siddi Timber Private Limited (RST) was
incorporated in July, 2012. The company is being managed by Mr
Anand Mittal and Mr Kamal Kumar. RST is engaged in trading and
sawing of timber wood at its processing facility located in
Gandhidham (Gujarat). The company imports the raw material of
timber logs from agents based in New Zealand and also procures them
domestically from agents based in Gujarat. RST sells the products
i.e. timber logs, lumber and saw dust to wholesalers and
manufacturers located across Haryana, Maharashtra, Delhi and
Gujarat.

SHREE GANESH: CRISIL Downgrades Rating on INR9.47cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shree Ganesh Education and Welfare Society (SGEW) to 'CRISIL D'
from 'CRISIL B+/Stable'.  The downgrade reflects delay by SGEW in
servicing its debt, and over-utilisation of its overdraft
facility.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        9.47       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

SGEW's scale of operations remains modest and average financial
risk profile. However, the trust benefits from healthy demand
prospects for education.

Analytical Approach

Unsecured loans (INR1.0 crore as on March 31, 2018) extended to
SGEW by the promoters have been treated as debt as they had been
withdrawn in the past.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing debt: Weak liquidity has led to delay in
interest payment and repayment of term loan availed by the society.
Moreover, its overdraft limit was overdrawn for over 30 days.

* Modest scale and limited track record of operations: Though scale
has increased marginally, it remains small, reflected in revenue of
INR9.46 crore in fiscal 2018 against INR6.27 crore in fiscal 2017.
The revenue increased because of launch of new courses such as
Bachelor of Education and Master of Business Administration.
Furthermore, the society has received approval for offering
Bachelor of Business Administration and Bachelor of Science
courses, which were launched in August 2018. Approval for offering
a graduate course in law is pending. The scale of operations will
increase over the medium term due to the new courses. SGEW has
limited track record of operations as it started offering education
courses only in 2014. Sound track record and brand are the most
critical factors in the education sector for high enrolment. The
business risk profile is likely to remain constrained by limited
track record of operations.

* Average financial risk profile: March 31, 2018, networth and
gearing were moderate at INR7.01 crore and 1.19 times, respectively
(INR5.63 crore and 1.52 times, respectively, as on March 31, 2017).
Debt protection metrics were adequate, with interest coverage at
4.26 times and net cash accrual to total debt ratio at 0.34 time in
fiscal 2018 (1.86 times and 0.11 time, respectively, in fiscal
2017). The financial risk profile should remain moderate over the
medium term.

Strength
* Healthy demand prospects for education: Over the years, there has
been a thrust on education by both state and central governments.
The institutes of SGEW are affiliated to Dr A P J Abdul Kalam
Technical University (formerly, Uttar Pradesh Technical University)
and approved by All India Council for Technical Education. The
private sector is playing a significant role in the education
sector, especially professional education, in the country. With
popularisation of private self-financing colleges and deemed
universities, the role of the private sector in education has been
accepted and recognised. This augurs well for enrolment into
educational institutions. Private institutions are likely to
witness healthy student enrolment over the medium term.

Liquidity
Liquidity is stretched, resulting in delay in interest payment and
repayment of term loan. Moreover, the society overdrew its
overdraft limit for over 30 days.

Set up in 2011 at Saharanpur (Uttar Pradesh), SGEW provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr Dinesh Kumar (president), Ms Soniya
(secretary), are Mr Om Singh (treasurer) are the promoters.

SHREE GANPATI: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ganpati
Ridhi Sidhi Agro Industries Private Limited (SGRSAI) to 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         7.7      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          2.5      CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SGRSAI for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SGRSAI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGRSAI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2013, SGRSAI mills and processes non-basmati rice
and wheat at its unit at Mau in Uttar Pradesh. It commenced
commercial operations in April 2015. The company is promoted by Mr
Nirmal Gupta and his family members.

SHREERAJ ROTO: CARE Cuts INR6.32cr LT Loan Rating to B+, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreeraj Roto India Limited (SRIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       6.32       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No Default Statement from SRIL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5 2019,
June 3, 2019, May 31, 2019, May 15, 2019 May 8, 2019, May 6, 2019,
May 2, 2019, April 30, 2019, March 31, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided No Default Statement for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on SRIL's bank facilities will now be denoted as CARE
B+;Stable; ISSUER NOT COOPERATING.

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

SINGH CYCLE: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Singh Cycle
And Motor Co. Private Limited (SCMCPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            1        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Drop Line              5        CRISIL D (ISSUER NOT
   Overdraft Facility              COOPERATING; Rating Migrated)

   Inventory Funding     10        CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCMCPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SCMCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCMCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SCMCPL was incorporated in fiscal 2013, promoted by Mr P S Bedi and
family. The company is the authorized dealer for HMIL's passenger
cars in Pune, Maharashtra. It commenced operations in January 2016
and currently has one showroom and two workshops in Pune.

SMART AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Smart Agro Food
Park Private Limited (SAFPPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Term loan due on November 2023 assigned with
     IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect SAFPPL's short operational track record as the
company's multi-commodity cold storage facility commenced
operations from April 2019 and FY20 will be the first full year of
operations.

The company set up a Mega Food Park in Telangana's Nizamabad
district. The total project cost is INR1,089.5 million, of which
promoters funded about INR319.5 million (29.33%); government-funded
INR500 million (45.89%) through grants and the remaining 24.78% was
funded by the bank.

Principal payment for the sanctioned loan was scheduled to commence
from June 2019 and the management paid its first installment in May
on an advanced basis. The repayment will be met from the promoters'
fund infusion and any delay in the infusion of the funds from the
promoters would be a key monitorable.

The ratings are supported by the promoters' knowledge in grain
milling, cold-chain operations, and marketing of agricultural
produces.

RATING SENSITIVITIES

Negative: Failure to scale up operations leading to stressed
liquidity position will be negative for the ratings.

Positive: Stabilization of operations in a timely manner could
result in a positive rating action.

COMPANY PROFILE

SAFPPL was incorporated in May 2014 and operates a multi-commodity
cold storage facility with an installed capacity of 5,500 metric
tons (mt) multi-commodity cold storage and 20mt per day turmeric
processing unit.

SRI LAXMI: CARE Downgrades Rating on INR12.5cr Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Constructions (SLC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     12.50        CARE D: ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Stable
                                   ISSUER NOT COOPERATING Based
                                   on best available information

   Short term Bank     5.45        CARE D: ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from SLC to monitor the
rating vide email communications dated May 8, 2019, May 9, 2019,
May 14, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SLC's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

VENKATADRI SPINNING: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venkatadri
Spinning Mills Private Limited (VSMPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .18       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft            4          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            8.82       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VSMPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 VSMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).

VIJMOHAN CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vijmohan
Constructions Private Limited (VCPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2         CRISIL A4 (ISSUER NOT    
                                   COOPERATING; Rating Migrated)

   Cash Credit           4         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    6         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 VCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1982 as a partnership firm and reconstituted as a
private limited company in 2003, VCPL is a Hyderabad-based civil
contractor. It undertakes road construction projects for the Public
Works Department, Telangana. It is promoted by Mrs Hymavathi Reddy.



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

CBL CORP: On the Offensive against RBNZ on Liquidation
------------------------------------------------------
Madison Reidy at Radio New Zealand reports that the directors of
collapsed insurance firm CBL have upped the ante on their campaign
against the Reserve Bank for having their business liquidated,
ahead of an independent report on the regulator's actions.

According to RNZ, Peter Harris and Alistair Hutchison booked full
page advertisements in the Weekend Herald, Dominion Post and the
Australian Financial Review over the weekend, with a list of 16
questions they wanted answered.

RNZ relates that the newspaper adverts questioned the Reserve
Bank's independence and suggested the release of a report into the
central bank's handling of CBL Insurance had been delayed.

"No directors, executives or professional advisors of CBL were
interviewed for the report--it will be based entirely on
information and opinions from inside the RBNZ," the advert in the
Weekend Herald said.

The Reserve Bank intended to release the findings of the
independent review on July 3, RNZ says.

RNZ notes that the regulator fought to liquidate CBLI at the High
Court in Auckland for an entire year, accusing it of breaching its
solvency standards for five years and impropriety by directors.

Over that time the directors failed to present a feasible
restructuring plan to save the business, the report relates.

The parent company of CBLI, CBL Corporation, is also in
liquidation. Prior to its collapse it was valued at nearly $750
million on the New Zealand Stock Exchange, RNZ adds.

                           About CBL Corp.

Founded in 1973, CBL Corporation Limited --
http://cblcorporation.co.nz/-- 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 Feb. 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.

SMITHS CITY: Net Loss Narrows to NZ$1.7MM in FY Ended April 30
--------------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Smiths City narrowed
its full-year loss as growth in same-store sales and a strong
performance from its finance arm offset softer retail demand in the
second half of the year.

According to BusinessDesk, the furniture and appliance retailer
reported a net loss of NZ$1.7 million in the year to April 30
versus a NZ$7.2 million loss in the prior year. Revenue was down
4.4 percent at NZ$206.4 million, following store closures and
slower trading in the second half of the year.

BusinessDesk says the company closed stores in Queenstown and
Gisborne, leaving it with 32 sites. These followed on the closure
of stores in Ngauranga Gorge and Riccarton in the prior period when
it ended the year with 34 stores.

BusinessDesk relates that the retailer's dismal result in 2018
prompted it to change tack in a plan to overhaul the business and
address underinvestment, a lack of understanding of what customers
want, and deficient IT systems.

Key initiatives included closing under-performing stores across the
country and pumping money into the ones where it sees potential,
the report notes.

Same-store sales, excluding store closures, rose 2.8 percent to
NZ$192 million, reflecting strong growth in the firm's online
channel and operational improvements across the network, it said,
the report relays.

The finance division lifted revenue 16.5 percent to NZ$10.6 million
from NZ$9.1 million in the same period a year ago, while trading
profits increased 72.4 percent to NZ$5 million from NZ$2.9 million
in the same period a year ago.

While the company has accelerated its transformation, "the strong
gains we saw in the first half of the year – when we celebrated
our centenary – have not been sustained in the second half. This
was particularly the case during the crucial Christmas trading
period and it continued into the remainder of the financial year,
partly reflecting the softening in house prices and consumer
confidence," BusinessDesk quotes chair Alistair Kerr as saying. "It
is clear Smiths City must continue to build resilience in its
business to respond to these variable market conditions," he
added.

Since the end of the financial year, it has moved to rationalise
its Auckland footprint which "does not diminish our commitment to
the upper North Island," he said. That includes exiting and
relocating from Wairau Park and shrinking its Mount Wellington
location, BusinessDesk relays.

"We are working to identify our next sites in the Auckland region
and expect to announce these in the coming months," BusinessDesk
quotes chief executive Roy Campbell as saying.

He said it has become clear Smiths City can meet demand with
smaller stores, supported by an online presence.

"Conversely, in our Christchurch stores and many across provincial
New Zealand, larger stores with broader ranges play a much greater
role in influencing customer behaviour," he added, BusinessDesk
relays.

While times were tougher in the second half, gross margins
recovered in the final month of the financial year and "this
positive sentiment has continued in the first months of the new
financial year," Mr. Kerr, as cited by BusinessDesk, said.

While it is still too early to provide guidance, the board retained
its view that it is not yet appropriate to pay a dividend.

"The board will continue to review Smiths City's dividend policy
but at present it believes the company is unlikely to resume paying
dividends in the current financial year," it said, BusinessDesk
relays.

Smiths City Group Limited -- https://www.smithscity.co.nz/ --
engages in retail trading and consumer finance businesses in New
Zealand. It is involved in the retailing of heating solutions,
consumer electronic products, kitchen appliances, indoor and
outdoor furniture, bedding, lawnmowers, cycles, and camping
equipment to middle to lower income household.



=================
S R I   L A N K A
=================

SRI LANKA: Fitch Puts Final 'B' Rating to USD Bonds
---------------------------------------------------
Fitch Ratings has assigned Sri Lanka's USD500 million 6.35% bonds
due 2024 and USD1.5 billion 7.55% bonds due 2030 a final rating of
'B'.

The final rating is in line with the expected rating assigned on 24
June 2019.

KEY RATING DRIVERS

The bonds ratings are in line with Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating of 'B' with a Stable
Outlook

RATING SENSITIVITIES

The ratings would be sensitive to any changes in Sri Lanka's
Long-Term Foreign-Currency IDR.

Fitch downgraded Sri Lanka's Long-Term Foreign- and Local-Currency
IDRs to 'B' from 'B+', with a Stable Outlook, in December 2018.



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

QISHLOG QURILISH: Moody's Affirms B2 Deposit Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed the long-term and short-term
local and foreign currency deposit ratings of Qishloq Qurilish Bank
at B2/Not Prime. The outlook on the bank's deposit ratings remains
stable. Concurrently, Moody's affirmed the bank's b3 Baseline
Credit Assessment (BCA) and adjusted BCA. Moody's has also affirmed
QQB's B1(cr)/Not Prime(cr) long-term and short-term Counterparty
Risk Assessments (CR Assessments) and its B1/Not Prime long-term
and short-term local and foreign currency Counterparty Risk
Ratings.

RATINGS RATIONALE

Moody's affirmation of QQB's ratings reflects the bank's recently
improved, but still vulnerable asset quality and profitability, as
well as declining capital, that are offset by high likelihood of
government support. The recommendation also takes into account
QQB's stable funding profile which partially mitigates the bank's
narrow liquidity buffer.

The bank's problem loans accounted for 2.7% of its gross loans as
of year-end 2018, compared with the 4.5% problem loan ratio
reported a year earlier. However, the improvement was mostly driven
by a denominator effect because QQB's total gross loans grew 49% in
2018, much faster than the 22% and 30% growth rates reported in
2017 and 2016, respectively. The fast growth masks the actual level
of problem loans and poses elevated incremental asset risks because
the quality of the bank's underwriting standards needs to be tested
over time.

Due to a gradual phase-out of the Uzbek government's subsidised
mortgage programme, where QQB continues to play a key role, the
bank's 2018 loan growth was mainly concentrated in the corporate
lending segment. Corporate loan portfolio grew 145% in 2018,
compared with a 27% growth in loans to individuals, and the share
of corporate loans (mostly loans to construction, trade and
manufacturing industries) in total loans increased significantly to
31% from 20% as of the beginning of 2018. In the corporate loan
segment alone, the aggregate share of loans overdue by more than 90
days and individually impaired loans was 5.9% as of December 31,
2018. At the same time, the level of the bank's loan-loss reserves
remained stable over the recent several years at around 2% of total
gross loans (1.8% as at the end of 2018). This level of reserves
may prove insufficient to cover potential credit losses on riskier
corporate loans, which gradually substitute low-risk mortgages
secured by residential property.

QQB's profitability is supported by the bank's consistently high
net interest margin, which exceeds 4%, reflecting its access to
low-cost government-related funding. However, the bank's
bottom-line performance is constrained by its still-low operating
efficiency. The bank posted a return on average assets of 1.1% in
2018, however, Moody's expects an increasing pressure on
bottom-line profits on the part of credit losses.

QQB's internal capital generation lags behind the fast growth of
its business volume. The government's capital contributions made in
the past help QQB to report relatively good capital adequacy
levels. However, in the absence of fresh capital injections these
levels are rapidly declining. As of December 31, 2018, QQB's ratio
of tangible common equity to risk-weighted assets plunged to 13.7%
from 24.8% a year earlier, owing to a 1.5x expansion of the bank's
loan book. The rating agency expects that the bank's capital
adequacy levels will continue to decline.

QQB benefits from the access to government-related funding, mostly
provided within the framework of the state programme of mortgage
lending for affordable rural housing. As of year-end 2018,
approximately 45% of the bank's funding had tenors of 15-20 years
and carried low interest rates of up to 4.0% per annum. At the same
time, since the government's mortgage programme is subject to a
gradual phase-out, QQB increasingly attracts customer deposits.
During 2018, customer funds doubled in nominal terms and their
share in total liabilities increased to 33% from 24%. QQB's liquid
assets stood low at 7% of its total assets as of the end of 2018.
This liquidity buffer may be insufficient to address chunky
outflows of customer funds. QQB's comfortable access to committed
liquidity lines from the government and from other state-owned
banks only partially addresses these risks.

Moody's maintains its assumption of a high likelihood of government
support for QQB's deposits. This assumption results in a one-notch
uplift of the bank's B2 long-term local and foreign currency
deposit ratings from the BCA of b3. The rating agency's assessment
is based on (1) QQB's state ownership because the bank is almost
fully controlled by the State Asset Management Agency and the Fund
for Reconstruction and Development of the Republic of Uzbekistan;
(2) QQB's socially important niche franchise in operating the
government's subsidised mortgage lending programme; and (3) the
track record of the government providing the bank with stable
funding and capital support.

WHAT COULD MOVE THE RATINGS UP / DOWN

Upward rating momentum for QQB's BCA and deposit ratings could
develop as a result of the bank reporting a sustainable good asset
quality and improved profitability and capital levels, on the
backdrop of decelerating asset growth. Another prerequisite for
Moody's positive rating action on QQB is the bank's improved
liquidity buffer.

QQB's ratings could be downgraded following any prolonged
deterioration in the bank's solvency metrics, if this deterioration
is not offset by the government support measures or if this support
is insufficient.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

Headquartered in Tashkent, Uzbekistan, QQB reported -- at year-end
2018 -- total assets of UZS9.3 trillion and total shareholders'
equity of UZS1.1 trillion under its audited IFRS report. The bank's
audited IFRS profit for 2018 amounted to UZS85.4 billion.

FULL LIST OF ALL AFFECTED RATINGS

Issuer: Qishloq Qurilish Bank

Affirmations:

Long-term Bank Deposits, Affirmed B2, Outlook Remains Stable

Short-term Bank Deposits, Affirmed NP

Adjusted Baseline Credit Assessment, Affirmed b3

Baseline Credit Assessment, Affirmed b3

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Rating, Affirmed B1

Short-term Counterparty Risk Rating, Affirmed NP

Outlook Action:

Outlook Remains Stable

[*] BOND PRICING: For the Week June 24, 2019 to June 28, 2019
-------------------------------------------------------------
Issuer                   Coupon     Maturity   Currency  Price
------                   ------     --------   --------  -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND      6.25     11/30/21    AUD      1.00
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD      0.94
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.15
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.15


  CHINA
  -----

AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.00
AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.52
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY     50.60
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY     56.78
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY     38.00
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY     40.44
ANHUI FOREIGN ECONOMIC      5.80     07/13/21    CNY     70.01
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY     41.33
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY     47.18
ANJI COUNTY STATE-OWNED     8.30     04/24/21    CNY     41.48
ANJI COUNTY STATE-OWNED     8.30     04/24/21    CNY     44.57
ANKANG DEVELOPMENT & IN     6.35     03/06/20    CNY     20.29
ANQING URBAN CONSTRUCTI     6.01     04/27/22    CNY     60.00
ANQING URBAN CONSTRUCTI     6.01     04/27/22    CNY     61.47
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY     20.01
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY     20.03
BAODING NATIONAL HI-TEC     7.33     12/24/19    CNY     20.14
BAOJI HI-TECH INDUSTRIA     8.25     04/21/21    CNY     40.00
BAOJI HI-TECH INDUSTRIA     8.25     04/21/21    CNY     41.18
BAOTOU CITY SCIENCE EDU     6.48     03/25/22    CNY     61.40
BAOTOU STATE OWNED ASSE     7.03     09/17/19    CNY     20.05
BAYAN ZHUOER HETAO WATE     8.54     03/31/22    CNY     47.52
BAZHONG STATE-OWNED ASS     8.50     04/25/21    CNY     41.67
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY     40.23
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY     40.50
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY     40.00
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY     41.02
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY     41.13
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY     41.80
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY     41.30
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY     41.30
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY     20.10
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY     20.43
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY     20.00
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY     25.12
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY     25.25
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY     40.64
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY     43.68
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY     39.80
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY     40.45
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY     40.50
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY     40.70
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY     40.87
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY     40.98
BEIJING SHIJINGSHAN STA     6.08     08/18/21    CNY     61.31
BEIJING SHIJINGSHAN STA     6.08     08/18/21    CNY     63.87
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY     41.10
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY     41.56
BEIJING XINGZHAN INVEST     6.48     08/31/19    CNY     20.00
BEIJING XINGZHAN INVEST     6.48     08/31/19    CNY     20.07
BEIJING XINGZHAN INVEST     6.66     04/24/21    CNY     41.10
BEIJING XINGZHAN INVEST     6.66     04/24/21    CNY     41.43
BEIPIAO CITY CONSTRUCTI     6.70     03/25/23    CNY     75.07
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY     40.00
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY     41.57
BENXI URBAN CONSTRUCTIO     6.24     01/22/22    CNY     60.00
BENXI URBAN CONSTRUCTIO     6.24     01/22/22    CNY     60.10
BIJIE CONSTRUCTION INVE     6.50     01/28/22    CNY     61.66
BIJIE CONSTRUCTION INVE     6.50     01/28/22    CNY     65.65
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY     41.21
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY     50.00
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY     41.19
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY     43.40
BINZHOU ZHONGHAI VENTUR     6.65     04/13/22    CNY     60.00
BINZHOU ZHONGHAI VENTUR     6.65     04/13/22    CNY     60.95
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY     40.00
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY     40.43
C&D REAL ESTATE CORP LT     6.15     04/03/20    CNY     20.37
CANGZHOU CONSTRUCTION &     6.72     01/23/20    CNY     20.20
CEFC SHANGHAI INTERNATI     4.08     09/09/21    CNY     60.00
CEFC SHANGHAI INTERNATI     4.98     12/10/20    CNY     61.29
CHANGCHUN MODERN AGRICU     7.00     07/25/21    CNY     60.75
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY     20.09
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY     20.23
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY     41.11
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY     43.30
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY     20.31
CHANGDE URBAN CONSTRUCT     5.63     09/01/20    CNY     40.36
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY     40.43
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY     46.00
CHANGSHA COUNTY TONGTU      6.00     06/19/22    CNY     61.62
CHANGSHA COUNTY TONGTU      6.00     06/19/22    CNY     68.20
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY     58.52
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY     61.00
CHANGSHA ECONOMIC & TEC     8.45     04/13/22    CNY     46.87
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY     62.51
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY     64.02
CHANGSHA PILOT INVESTME     6.70     12/10/19    CNY     20.27
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY     41.45
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY     44.00
CHANGSHU BINJIANG URBAN     6.39     09/11/21    CNY     60.00
CHANGSHU BINJIANG URBAN     6.39     09/11/21    CNY     61.19
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY     20.10
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY     20.19
CHANGSHU DONGNAN ASSET      6.53     03/26/22    CNY     62.22
CHANGSHU DONGNAN ASSET      6.53     03/26/22    CNY     67.32
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY     41.62
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY     47.00
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY     40.86
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY     40.96
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY     41.54
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY     50.30
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY     20.00
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY     20.11
CHANGXING URBAN CONSTRU     6.00     12/03/21    CNY     59.00
CHANGXING URBAN CONSTRU     6.00     12/03/21    CNY     60.14
CHANGZHI CITY CONSTRUCT     6.46     02/26/20    CNY     20.21
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY     40.00
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY     41.52
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY     20.00
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY     20.23
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY     20.00
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY     20.38
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY     60.68
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY     61.20
CHANGZHOU TIANNING CONS     6.48     02/12/22    CNY     60.00
CHANGZHOU TIANNING CONS     6.48     02/12/22    CNY     60.69
CHAOHU URBAN TOWN CONST     6.50     04/30/22    CNY     62.28
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY     20.22
CHENGDU ECONOMIC & TECH     6.90     05/30/21    CNY     41.29
CHENGDU ECONOMIC & TECH     6.90     05/30/21    CNY     46.00
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY     20.01
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY     20.20
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY     20.11
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY     20.35
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY     40.84
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY     38.50
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY     40.67
CHENGDU PIDU DISTRICT S     6.95     04/01/22    CNY     60.95
CHENGDU PIDU DISTRICT S     6.95     04/01/22    CNY     68.83
CHENGDU SHUZHOU CITY CO     6.58     05/26/22    CNY     59.30
CHENGDU SHUZHOU CITY CO     6.58     05/26/22    CNY     60.29
CHENGDU XINGCHENG INVES     6.17     01/28/20    CNY     20.21
CHENGDU XINGCHENGJIAN I     6.00     03/20/22    CNY     60.00
CHENGDU XINGCHENGJIAN I     6.00     03/20/22    CNY     61.54
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY     20.19
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY     25.40
CHENGDU XINKAIYUAN URBA     7.43     08/12/21    CNY     61.22
CHENGDU XINKAIYUAN URBA     7.43     08/12/21    CNY     62.30
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY     40.00
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY     41.44
CHENZHOU BAIFU INVESTME     6.54     08/28/21    CNY     60.25
CHENZHOU BAIFU INVESTME     6.54     08/28/21    CNY     60.82
CHENZHOU HIGH-TECH KLC      6.45     01/23/22    CNY     60.61
CHENZHOU HIGH-TECH KLC      6.45     01/23/22    CNY     68.60
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY     40.00
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY     40.11
CHENZHOU XINTIAN INVEST     6.15     04/24/22    CNY     59.38
CHENZHOU XINTIAN INVEST     6.15     04/24/22    CNY     65.30
CHENZHOU XINTIAN INVEST     5.38     03/08/26    CNY     66.30
CHINA MEDIA GROUP           6.00     04/04/21    CNY     94.00
CHINA MINSHENG INVESTME     7.00     12/26/20    CNY     36.65
CHINA SECURITY CO LTD       4.45     11/11/19    CNY     31.00
CHINA WANDA GROUP CO LT     6.50     01/24/22    CNY     70.00
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY     39.99
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY     40.59
CHONGQIN XINLIANG INVES     4.76     08/26/23    CNY     74.27
CHONGQIN XINLIANG INVES     4.76     08/26/23    CNY     74.65
CHONGQING BANAN ECONOMI     7.00     08/20/21    CNY     61.00
CHONGQING BANAN ECONOMI     6.17     03/13/22    CNY     61.35
CHONGQING BANAN ECONOMI     7.00     08/20/21    CNY     61.49
CHONGQING BANAN ECONOMI     6.17     03/13/22    CNY     64.00
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY     40.88
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY     41.00
CHONGQING BEIFEI INDUST     7.13     12/25/19    CNY     20.18
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY     20.10
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY     23.10
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY     60.00
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY     60.94
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY     40.00
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY     41.38
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY     20.17
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY     22.56
CHONGQING DASUN ASSET D     6.98     09/10/20    CNY     40.76
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY     20.20
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY     20.22
CHONGQING DAZU INDUSTRI     6.30     04/28/22    CNY     60.00
CHONGQING DAZU INDUSTRI     6.30     04/28/22    CNY     60.14
CHONGQING FULING DISTRI     7.89     03/20/21    CNY     41.36
CHONGQING FULING DISTRI     7.89     03/20/21    CNY     47.33
CHONGQING FULING STATE-     6.39     01/21/20    CNY     20.17
CHONGQING FULING STATE-     6.39     01/21/20    CNY     21.20
CHONGQING FULING TRAFFI     6.68     02/03/22    CNY     60.00
CHONGQING FULING TRAFFI     6.68     02/03/22    CNY     60.95
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY     41.86
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY     50.80
CHONGQING GARDENING IND     8.45     06/03/21    CNY     40.00
CHONGQING GARDENING IND     8.45     06/03/21    CNY     41.25
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY     40.00
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY     40.00
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY     40.73
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY     41.00
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY     20.26
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY     20.32
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY     61.45
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY     20.12
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY     20.15
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY     20.27
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY     25.00
CHONGQING INTERNATIONAL     7.08     10/18/20    CNY     40.68
CHONGQING INTERNATIONAL     7.08     10/18/20    CNY     40.70
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY     60.90
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY     61.15
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY     20.00
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY     20.08
CHONGQING JIULONG HI-TE     6.60     08/19/21    CNY     59.00
CHONGQING JIULONG HI-TE     6.60     08/19/21    CNY     60.68
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY     40.63
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY     40.85
CHONGQING LIANGJIANG NE     6.70     04/25/21    CNY     41.46
CHONGQING LIANGJIANG NE     5.88     09/16/21    CNY     61.42
CHONGQING LIANGJIANG NE     5.88     09/16/21    CNY     61.49
CHONGQING LIANGJIANG NE     3.60     04/19/21    CNY     69.50
CHONGQING LIANGJIANG NE     3.60     04/19/21    CNY     69.56
CHONGQING LIANGJIANG NE     3.17     01/13/21    CNY     69.57
CHONGQING LIANGJIANG NE     3.17     01/13/21    CNY     69.75
CHONGQING MAIRUI CITY I     6.82     08/17/19    CNY     20.05
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY     20.00
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY     20.06
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY     20.27
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY     20.36
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY     40.99
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY     41.70
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY     20.10
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY     20.23
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY     40.00
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY     40.61
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY     20.25
CHONGQING SHUANGQIAO EC     5.99     11/19/21    CNY     60.24
CHONGQING SHUANGQIAO EC     5.99     11/19/21    CNY     66.25
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY     41.66
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY     41.80
CHONGQING TEA GARDEN IN     7.70     05/20/21    CNY     40.92
CHONGQING TONGLIANG JIN     6.59     04/08/22    CNY     60.00
CHONGQING TONGLIANG JIN     6.59     04/08/22    CNY     61.18
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY     20.18
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY     20.20
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY     41.12
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY     43.90
CHONGQING WANSHENG ECO      6.95     08/25/21    CNY     60.70
CHONGQING WANSHENG ECO      6.95     08/25/21    CNY     65.00
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY     20.03
CHONGQING XIYONG MICRO-     6.58     07/25/21    CNY     61.53
CHONGQING XIYONG MICRO-     6.58     07/25/21    CNY     62.33
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY     20.20
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY     20.32
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY     41.55
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY     41.60
CHONGQING YUELAI INVEST     6.09     04/29/22    CNY     60.00
CHONGQING YUELAI INVEST     6.09     04/29/22    CNY     61.74
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY     20.00
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY     20.10
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY     41.18
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY     42.47
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY     19.52
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY     20.17
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY     41.00
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY     41.31
CHUN'AN XINANJIANG DEVE     6.10     03/11/22    CNY     61.28
CHUN'AN XINANJIANG DEVE     6.10     03/11/22    CNY     64.55
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY     19.46
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY     19.80
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY     20.22
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY     20.25
CHUZHOU CITY CONSTRUCTI     6.40     08/22/21    CNY     61.52
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY     20.00
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY     20.18
CITIC GUOAN GROUP CORP      4.23     12/15/20    CNY     21.74
CITIC GUOAN GROUP CORP      4.49     03/08/21    CNY     47.25
CITIC GUOAN GROUP CORP      4.90     11/06/19    CNY     47.25
CITIC GUOAN GROUP CORP      5.80     12/15/19    CNY     47.25
CIXI CITY CONSTRUCTION      6.18     08/18/21    CNY     61.28
CIXI CITY CONSTRUCTION      6.18     08/18/21    CNY     68.80
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY     20.13
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY     20.20
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY     40.00
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY     40.88
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY     40.91
DALIAN DETA HOLDING CO      6.50     11/15/19    CNY     20.10
DALIAN PUWAN ENGINEERIN     7.09     02/20/21    CNY     39.76
DALIAN RONGDA INVESTMEN     5.69     12/05/21    CNY     60.87
DALIAN RONGDA INVESTMEN     5.69     12/05/21    CNY     60.88
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY     41.14
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY     41.15
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY     41.19
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY     41.20
DANDONG PORT GROUP CO L     5.50     01/27/21    CNY     59.00
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY     40.00
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY     41.32
DANYANG HI-TECH INDUSTR     6.40     04/24/22    CNY     58.71
DANYANG HI-TECH INDUSTR     6.40     04/24/22    CNY     60.00
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY     25.13
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY     25.53
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY     40.00
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY     40.64
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY     20.11
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY     20.12
DAWA COUNTY CITY CONSTR     6.29     06/12/22    CNY     57.99
DAWA COUNTY CITY CONSTR     6.29     06/12/22    CNY     62.50
DAYE ZHENHENG CITY DEVE     7.30     03/03/21    CNY     40.83
DAYE ZHENHENG CITY DEVE     7.95     11/27/20    CNY     41.00
DAYE ZHENHENG CITY DEVE     7.95     11/27/20    CNY     41.40
DAYE ZHENHENG CITY DEVE     7.30     03/03/21    CNY     43.53
DAZHOU DEVELOPMENT HOLD     6.55     01/14/22    CNY     60.00
DAZHOU DEVELOPMENT HOLD     6.55     01/14/22    CNY     61.67
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY     20.16
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY     20.34
DEHONGZHOU HONGKANG INV     6.68     01/23/22    CNY     60.18
DEHONGZHOU HONGKANG INV     6.68     01/23/22    CNY     61.03
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY     40.77
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY     48.26
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY     20.17
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY     20.30
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY     41.39
DONGTAI UBAN CONSTRUCTI     8.65     01/13/21    CNY     41.48
DONGYING CITY URBAN ASS     5.57     03/31/22    CNY     60.84
DONGYING CITY URBAN ASS     5.57     03/31/22    CNY     61.26
DR PENG TELECOM & MEDIA     6.00     06/16/22    CNY     60.00
DR PENG TELECOM & MEDIA     7.00     04/25/23    CNY     70.10
DUJIANGYAN XINGYAN INVE     6.10     03/12/22    CNY     60.00
DUJIANGYAN XINGYAN INVE     6.10     03/12/22    CNY     60.45
EASTAR HOLDINGS GROUP C     7.30     10/31/20    CNY     63.00
ELION CLEAN ENERGY CO L     6.42     07/19/20    CNY     63.86
ELION CLEAN ENERGY CO L     7.30     04/23/20    CNY     68.41
ENSHI URBAN CONSTRUCTIO     7.55     10/22/19    CNY     20.21
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY     41.36
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY     47.54
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY     41.72
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY     46.50
EZHOU CITY CONSTRUCTION     6.68     09/19/21    CNY     60.53
EZHOU CITY CONSTRUCTION     6.68     09/19/21    CNY     61.00
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY     41.32
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY     42.00
FENGCHENG CITY CONSTRUC     6.49     02/10/22    CNY     64.49
FENGXIAN URBAN INVESTME     6.48     03/20/22    CNY     60.00
FENGXIAN URBAN INVESTME     6.48     03/20/22    CNY     60.84
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY     40.00
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY     40.82
FUGUINIAO CO LTD            6.30     04/22/20    CNY     13.00
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY     60.30
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY     61.57
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY     20.20
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY     20.44
FUJIAN LONGYAN CITY CON     7.45     08/14/19    CNY     20.04
FUJIAN NANPING HIGHWAY      6.69     01/28/20    CNY     20.21
FUJIAN PROVINCE LIANJIA     6.29     04/30/22    CNY     60.00
FUJIAN PROVINCE LIANJIA     6.29     04/30/22    CNY     61.92
FUNING URBAN INVESTMENT     7.19     08/15/21    CNY     60.80
FUNING URBAN INVESTMENT     7.19     08/15/21    CNY     61.15
FUQING CITY STATE-OWNED     6.66     03/01/21    CNY     39.88
FUQING CITY STATE-OWNED     5.94     11/26/22    CNY     70.31
FUXIN INFRASTRUCTURE CO     6.18     03/18/22    CNY     59.82
FUXIN INFRASTRUCTURE CO     6.18     03/18/22    CNY     62.80
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY     20.19
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY     20.36
FUZHOU JIANGONG GROUP C     6.80     12/10/19    CNY     40.40
FUZHOU URBAN AND RURAL      5.48     01/26/22    CNY     60.00
FUZHOU URBAN AND RURAL      5.48     01/26/22    CNY     60.53
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY     40.20
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY     40.46
GANZHOU CITY DEVELOPMEN     5.50     06/16/22    CNY     60.00
GANZHOU CITY DEVELOPMEN     5.50     06/16/22    CNY     61.54
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY     25.37
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY     25.41
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY     32.60
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY     33.50
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY     39.00
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY     41.18
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY     20.12
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY     25.00
GOLMUD INVESTMENT HOLDI     8.70     12/30/20    CNY     40.66
GOOCOO INVESTMENT CO LT     7.20     02/01/21    CNY     50.00
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY     25.19
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY     25.25
GUANGAN DEVELOPMENT AND     6.39     03/24/22    CNY     60.95
GUANGAN DEVELOPMENT AND     6.39     03/24/22    CNY     64.00
GUANGAN ECONOMIC & TECH     7.10     09/22/21    CNY     60.80
GUANGAN ECONOMIC & TECH     7.10     09/22/21    CNY     60.90
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY     19.99
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY     20.00
GUANGXI BAISE DEVELOPME     7.27     06/20/21    CNY     40.79
GUANGXI LAIBIN INDUSTRI     5.97     11/26/21    CNY     60.00
GUANGXI LAIBIN INDUSTRI     5.97     11/26/21    CNY     60.70
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY     41.29
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY     44.77
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY     41.39
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY     43.00
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY     41.35
GUANGYUAN YUANQU CONSTR     8.35     08/26/21    CNY     62.05
GUANGYUAN YUANQU CONSTR     8.35     08/26/21    CNY     67.00
GUANGZHOU METRO GROUP C     6.45     04/02/24    CNY     70.00
GUANGZHOU METRO GROUP C     6.05     06/03/24    CNY     73.50
GUANGZHOU METRO GROUP C     6.05     06/03/24    CNY     74.05
GUANGZHOU METRO GROUP C     6.45     04/02/24    CNY     74.72
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY     40.00
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY     60.56
GUILIN ECONOMIC CONSTRU     5.60     04/22/22    CNY     60.00
GUILIN ECONOMIC CONSTRU     5.60     04/22/22    CNY     61.63
GUIRENNIAO CO LTD           7.00     12/03/19    CNY     49.50
GUIYANG BAIYUN INDUSTRY     7.30     03/27/22    CNY     61.24
GUIYANG BAIYUN INDUSTRY     7.30     03/27/22    CNY     65.00
GUIYANG HI-TECH HOLDING     6.01     12/01/19    CNY     25.02
GUIYANG URBAN CONSTRUCT     5.23     12/02/22    CNY     74.00
GUIYANG URBAN DEVELOPME     6.20     02/28/20    CNY     20.05
GUIZHOU FANJINGSHAN INV     6.95     01/28/22    CNY     60.00
GUIZHOU FANJINGSHAN INV     6.95     01/28/22    CNY     61.53
GUIZHOU GUILONG INDUSTR     7.80     04/28/22    CNY     74.25
GUIZHOU HONGCAI INVESTM     6.00     06/07/23    CNY     72.02
GUIZHOU HONGCAI INVESTM     6.00     06/07/23    CNY     73.01
GUIZHOU RAILWAY INVESTM     7.20     03/27/22    CNY     62.95
GUIZHOU RAILWAY INVESTM     7.20     03/27/22    CNY     63.04
GUIZHOU RAILWAY INVESTM     7.50     04/23/24    CNY     74.14
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY     40.00
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY     40.84
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY     41.12
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY     49.00
HAIFENG MARINE INFRASTR     6.84     04/29/22    CNY     60.00
HAIFENG MARINE INFRASTR     6.84     04/29/22    CNY     60.71
HAIMEN CITY DEVELOPMENT     6.22     04/03/22    CNY     61.93
HAIMEN CITY DEVELOPMENT     6.22     04/03/22    CNY     62.20
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY     40.22
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY     40.55
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY     37.50
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY     40.31
HAINING CITY DEVELOPMEN     5.58     10/22/21    CNY     61.15
HAINING CITY DEVELOPMEN     5.58     10/22/21    CNY     65.20
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY     40.79
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY     41.42
HAINING STATE-OWNED ASS     6.08     03/06/20    CNY     20.32
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY     41.28
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY     42.00
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY     40.68
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY     40.70
HANDAN CONSTRUCTION & I     5.48     05/27/22    CNY     61.40
HANDAN CONSTRUCTION & I     5.48     05/27/22    CNY     67.20
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY     20.30
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY     20.33
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY     41.33
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY     41.33
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY     60.40
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY     61.87
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY     20.22
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY     22.40
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY     41.10
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY     41.56
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY     41.35
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY     41.40
HANGZHOU YUHANG ECONOMI     7.45     03/03/21    CNY     41.17
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY     20.00
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY     20.29
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY     41.56
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY     41.85
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY     41.19
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY     46.60
HEBEI RONG TOU HOLDING      6.76     07/08/21    CNY     68.03
HEBI ECONOMIC CONSTRUCT     7.88     08/01/21    CNY     61.26
HEBI ECONOMIC CONSTRUCT     7.88     08/01/21    CNY     63.26
HEFEI GAOXIN DEVELOPMEN     6.90     03/12/20    CNY     40.48
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY     20.32
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY     21.12
HEGANG KAIYUAN CITY INV     6.50     07/19/19    CNY     20.05
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY     45.27
HEILONGJIANG HECHENG CO     5.60     11/11/21    CNY     59.76
HEILONGJIANG HECHENG CO     5.60     11/11/21    CNY     60.00
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY     13.17
HEILONGJIANG POST-DISAS     7.10     11/19/20    CNY     35.49
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY     49.91
HEILONGJIANG POST-DISAS     7.10     11/19/20    CNY     50.79
HENAN JIYUAN CITY CONST     7.50     09/25/19    CNY     20.12
HENGYANG BAISHAZHOU DEV     6.87     08/22/21    CNY     58.93
HENGYANG BAISHAZHOU DEV     6.87     08/22/21    CNY     64.50
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY     20.10
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY     20.12
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY     20.00
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY     20.15
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY     41.10
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY     41.35
HEYUAN CITY RUNYE INVES     6.20     12/03/21    CNY     60.62
HEYUAN CITY RUNYE INVES     6.20     12/03/21    CNY     65.88
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY     40.00
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY     41.17
HEZHOU URBAN CONSTRUCTI     8.16     05/16/21    CNY     41.58
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY     20.00
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY     20.27
HUACHEN ENERGY CO LTD       6.63     05/18/20    USD     64.60
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY     20.20
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY     20.30
HUAIAN CITY URBAN ASSET     5.70     04/23/22    CNY     61.70
HUAIAN CITY URBAN ASSET     5.70     04/23/22    CNY     61.85
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY     20.04
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY     41.27
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY     47.84
HUAIAN HONGRI TRANSPORT     5.09     04/20/23    CNY     65.84
HUAI'AN NEW CITY INVEST     7.45     03/04/21    CNY     40.00
HUAI'AN NEW CITY INVEST     7.45     03/04/21    CNY     41.25
HUAI'AN NEW CITY INVEST     6.95     07/28/21    CNY     61.24
HUAI'AN NEW CITY INVEST     6.95     07/28/21    CNY     67.50
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY     20.19
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY     24.14
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY     40.20
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY     40.27
HUAIHUA ECONOMIC DEVELO     6.80     03/26/22    CNY     60.00
HUAIHUA ECONOMIC DEVELO     6.80     03/26/22    CNY     60.52
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY     61.16
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY     61.65
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY     41.10
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY     41.69
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY     41.78
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY     43.50
HUANGSHAN CHENGTOU GROU     5.95     05/06/22    CNY     60.65
HUANGSHAN CHENGTOU GROU     5.95     05/06/22    CNY     61.48
HUANGSHI CIHU HIGH-TECH     8.70     12/05/20    CNY     41.33
HUANGSHI CIHU HIGH-TECH     9.30     01/21/21    CNY     41.73
HUANGSHI URBAN CONSTRUC     6.96     10/25/19    CNY     20.17
HUANGSHI URBAN CONSTRUC     5.99     04/29/22    CNY     60.00
HUANGSHI URBAN CONSTRUC     5.99     04/29/22    CNY     61.26
HUBEI FUXING SCIENCE AN     7.60     06/15/21    CNY     59.70
HUBEI PROVINCE CHANGJIA     6.15     04/03/22    CNY     62.17
HUBEI PROVINCE CHANGJIA     6.15     04/03/22    CNY     62.40
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY     40.22
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY     40.32
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY     20.03
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY     20.03
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY     40.52
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY     40.65
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY     67.70
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY     72.69
HULUNBEIER INVESTMENT C     6.31     04/30/22    CNY     60.00
HULUNBEIER INVESTMENT C     6.31     04/30/22    CNY     60.73
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY     41.20
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY     42.25
HUNAN LOUDI ECONOMIC &      6.36     03/13/22    CNY     57.20
HUNAN LOUDI ECONOMIC &      6.36     03/13/22    CNY     67.00
HUNAN LOUDI ECONOMIC &      4.89     03/30/23    CNY     73.95
HUNAN LOUDI ECONOMIC &      4.89     03/30/23    CNY     74.33
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY     41.10
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY     41.26
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY     41.78
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY     42.72
HUNAN TIER GROUP CO LTD     4.20     03/17/23    CNY     74.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY     40.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY     41.50
HUNNAN JINYANG INVESTME     5.70     11/27/21    CNY     58.60
HUNNAN JINYANG INVESTME     5.70     11/27/21    CNY     59.82
HUZHOU CITY INVESTMENT      6.70     12/14/19    CNY     20.13
HUZHOU URBAN CONSTRUCTI     6.48     08/28/21    CNY     61.11
HUZHOU URBAN CONSTRUCTI     6.48     08/28/21    CNY     62.38
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY     40.80
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY     41.27
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY     40.00
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY     41.68
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY     20.00
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY     20.08
INNER MONGOLIA KE'ERQIN     6.50     03/11/22    CNY     50.49
INNER MONGOLIA KE'ERQIN     6.50     03/11/22    CNY     60.00
INNER MONGOLIA KE'ERQIN     6.45     04/30/22    CNY     60.00
INNER MONGOLIA KE'ERQIN     6.45     04/30/22    CNY     60.16
INNER MONGOLIA SHENGXIA     8.18     08/21/21    CNY     60.91
INNER MONGOLIA SHENGXIA     8.18     08/21/21    CNY     64.00
INNER MONGOLIA ZHUNGEER     6.54     12/31/21    CNY     60.82
INNER MONGOLIA ZHUNGEER     6.54     12/31/21    CNY     62.01
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY     41.00
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY     20.16
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY     41.41
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY     46.50
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY     41.69
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY     20.38
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY     20.41
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY     40.85
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY     40.90
JIANGMEN NEW HI-TECH IN     6.03     04/22/22    CNY     61.39
JIANGSU FURU DONGHAI DE     7.09     09/13/20    CNY     40.00
JIANGSU FURU DONGHAI DE     7.09     09/13/20    CNY     40.37
JIANGSU HAIZHOUWAN DEVE     5.37     03/29/23    CNY     59.50
JIANGSU HENGYUAN INVEST     8.60     01/09/21    CNY     41.49
JIANGSU HENGYUAN INVEST     8.60     01/09/21    CNY     49.30
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY     20.16
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY     20.30
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY     40.00
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY     41.12
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY     40.00
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY     40.83
JIANGSU JURONG FUDI BIO     7.70     03/21/21    CNY     71.00
JIANGSU JURONG FUDI BIO     7.70     03/21/21    CNY     72.25
JIANGSU NANTONG NO2 CON     8.10     07/10/21    CNY     60.07
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY     40.38
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY     44.90
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY     20.13
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY     20.25
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY     41.31
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY     45.00
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY     40.00
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY     41.50
JIANGSU WANGTAO INVESTM     6.82     09/15/20    CNY     50.82
JIANGSU WANGTAO INVESTM     6.82     09/15/20    CNY     51.10
JIANGSU WUZHONG ECONOMI     5.49     11/19/21    CNY     60.32
JIANGSU WUZHONG ECONOMI     5.49     11/19/21    CNY     61.25
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY     20.14
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY     31.00
JIANGSU YANGKOU PORT CO     6.23     04/10/22    CNY     60.93
JIANGSU YANGKOU PORT CO     6.23     04/10/22    CNY     67.50
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY     41.14
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY     50.19
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY     20.17
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY     20.25
JIANGSU ZHUFU INDUSTRIA     4.93     12/29/20    CNY     69.88
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY     20.06
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY     20.07
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY     40.98
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY     49.34
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY     41.05
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY     41.09
JIANGYIN GAOXIN DISTRIC     6.60     02/27/20    CNY     20.27
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY     40.40
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY     41.00
JIANHU COUNTY DEVELOPME     7.29     09/25/21    CNY     60.78
JIANHU COUNTY DEVELOPME     7.29     09/25/21    CNY     62.75
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY     20.19
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY     21.50
JIANHU URBAN CONSTRUCTI     6.30     06/01/22    CNY     60.95
JIANHU URBAN CONSTRUCTI     6.30     06/01/22    CNY     62.86
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY     20.28
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY     24.43
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY     41.79
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY     45.17
JIAXING NANHU INVESTMEN     7.45     02/26/21    CNY     41.27
JIAYUGUAN CITY INFRASTR     7.83     09/23/21    CNY     60.00
JIAYUGUAN CITY INFRASTR     7.83     09/23/21    CNY     60.92
JIEYANGSHI CHENGSHI TOU     6.55     08/27/21    CNY     61.29
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY     20.14
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY     25.00
JILIN LIYUAN PRECISION      7.00     09/22/19    CNY     16.00
JILIN RAILWAY INVESTMEN     7.18     03/04/21    CNY     40.84
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY     41.25
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY     41.41
JINAN CITY LICHENG DIST     5.00     06/23/22    CNY     60.01
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY     41.12
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY     20.08
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY     59.00
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY     60.60
JINGDEZHEN STATE-OWNED      6.59     06/25/20    CNY     40.45
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY     39.00
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY     40.65
JINGJIANG HARBOUR GROUP     7.30     08/05/21    CNY     60.75
JINGJIANG HARBOUR GROUP     7.30     08/05/21    CNY     68.68
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY     40.77
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY     61.81
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY     62.00
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY     41.19
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY     41.80
JINHU COUNTY STATE-OWNE     7.75     08/25/21    CNY     61.43
JINHU COUNTY STATE-OWNE     7.75     08/25/21    CNY     66.95
JINING CITY SHIZHONG DI     6.39     01/29/22    CNY     61.42
JINING CITY SHIZHONG DI     6.39     01/29/22    CNY     64.44
JINING HI-TECH TOWN CON     6.09     04/30/22    CNY     61.50
JINING HI-TECH TOWN CON     6.09     04/30/22    CNY     61.76
JINSHAN STATE-OWNED ASS     6.65     11/27/19    CNY     20.16
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY     20.00
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY     20.16
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY     41.27
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY     41.95
JINZHOU CITY INVESTMENT     6.44     08/18/21    CNY     60.57
JINZHOU CITY INVESTMENT     6.44     08/18/21    CNY     64.91
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY     41.10
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY     41.45
JISHOU HUATAI STATE OWN     7.18     02/09/22    CNY     60.65
JISHOU HUATAI STATE OWN     7.18     02/09/22    CNY     62.82
JIUJIANG CITY CONSTRUCT     5.50     05/22/22    CNY     59.55
JIUJIANG CITY CONSTRUCT     5.50     05/22/22    CNY     61.34
JIUJIANG LAND INVESTMEN     6.20     03/23/22    CNY     60.36
JIUJIANG LAND INVESTMEN     6.20     03/23/22    CNY     61.82
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY     20.29
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY     20.30
JIUQUAN ECONOMIC DEVELO     7.40     02/26/21    CNY     41.19
JIXI STATE OWN ASSET MA     6.87     01/19/22    CNY     48.50
JIXI STATE OWN ASSET MA     6.87     01/19/22    CNY     60.85
KAIFENG DEVELOPMENT INV     6.47     07/11/19    CNY     20.02
KAIFENG NEW DISTRICT IN     6.35     03/23/22    CNY     60.00
KAIFENG NEW DISTRICT IN     6.35     03/23/22    CNY     60.11
KANGDE XIN COMPOSITE MA     5.50     01/15/19    CNY     55.00
KANGDE XIN COMPOSITE MA     5.50     02/15/22    CNY     55.00
KANGMEI PHARMACEUTICAL      5.29     08/16/22    CNY     10.52
KANGMEI PHARMACEUTICAL      5.20     07/17/22    CNY     11.77
KANGMEI PHARMACEUTICAL      5.47     09/15/22    CNY     12.16
KANGMEI PHARMACEUTICAL      7.00     09/03/19    CNY     14.00
KANGMEI PHARMACEUTICAL      6.80     06/28/21    CNY     14.00
KANGMEI PHARMACEUTICAL      7.00     06/21/21    CNY     14.00
KANGMEI PHARMACEUTICAL      6.28     03/20/21    CNY     14.76
KANGMEI PHARMACEUTICAL      6.10     03/28/21    CNY     14.82
KANGMEI PHARMACEUTICAL      5.50     04/20/21    CNY     15.31
KANGMEI PHARMACEUTICAL      5.33     01/27/22    CNY     36.69
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY     49.75
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY     50.63
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY     25.49
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY     25.52
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY     20.21
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY     20.22
KUNMING DONGJUN REAL ES     4.50     11/02/21    CNY     73.91
KUNMING EXPRESSWAY CONS     7.50     01/21/20    CNY     20.23
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY     20.13
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY     23.01
KUNSHAN CHUANGYE HOLDIN     6.28     11/07/19    CNY     20.11
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY     41.62
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY     45.45
KUNSHAN HIGH TECHNOLOGY     7.10     03/26/21    CNY     41.25
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY     41.34
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY     41.40
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY     54.90
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY     59.87
LEIYANG CITY AND RURAL      7.80     04/10/22    CNY     57.50
LEIYANG CITY AND RURAL      7.80     04/10/22    CNY     65.00
LEQING CITY STATE OWNED     6.50     06/29/19    CNY     20.02
LEQING CITY STATE OWNED     6.50     06/29/19    CNY     20.02
LEQING CITY STATE OWNED     5.99     10/20/21    CNY     60.85
LEQING CITY STATE OWNED     5.99     10/20/21    CNY     61.14
LESHAN STATE-OWNED ASSE     5.68     10/22/21    CNY     60.79
LESHAN STATE-OWNED ASSE     5.68     10/22/21    CNY     65.60
LIANYUNGANG TRANSPORT G     5.47     11/17/21    CNY     60.39
LIANYUNGANG TRANSPORT G     5.47     11/17/21    CNY     65.00
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      7.27
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY     11.57
LILING LUJIANG INVESTME     8.10     05/22/21    CNY     41.16
LILING LUJIANG INVESTME     8.10     05/22/21    CNY     43.00
LILING LUJIANG INVESTME     7.18     09/05/21    CNY     61.02
LILING LUJIANG INVESTME     7.18     09/05/21    CNY     65.23
LINCANG STATE-OWNED ASS     6.58     04/11/20    CNY     20.32
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY     20.23
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY     20.25
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY     40.00
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY     40.24
LINFEN YAODU DISTRICT I     7.19     03/13/22    CNY     60.30
LINFEN YAODU DISTRICT I     7.19     03/13/22    CNY     60.37
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY     20.06
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY     20.50
LINYI ECONOMIC DEVELOPM     8.26     09/24/19    CNY     20.15
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY     25.00
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY     25.48
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY     20.10
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY     20.14
LIUYANG URBAN CONSTRUCT     6.98     08/22/21    CNY     61.71
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY     62.19
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY     40.91
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY     41.00
LIUZHOU INVESTMENT HOLD     6.98     08/15/19    CNY     20.06
LIUZHOU LONGJIAN INVEST     8.28     04/30/24    CNY     74.62
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY     20.10
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY     20.18
LIYANG KUNLUN URBAN CON     5.90     10/24/21    CNY     58.00
LIYANG KUNLUN URBAN CON     5.90     10/24/21    CNY     60.84
LONGHAI STATE-OWNED ASS     6.58     08/15/21    CNY     60.85
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY     41.61
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY     50.31
LOUDI TIDU INVESTMENT D     7.18     08/27/21    CNY     60.00
LOUDI TIDU INVESTMENT D     7.18     08/27/21    CNY     61.43
LUJIANG CITY CONSTRUCTI     6.70     04/16/22    CNY     60.00
LUJIANG CITY CONSTRUCTI     6.70     04/16/22    CNY     60.67
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY     20.13
LUOHE CITY CONSTRUCTION     5.25     09/11/20    CNY     70.43
MA'ANSHAN CIHU HIGH TEC     6.85     09/09/21    CNY     61.54
MA'ANSHAN CIHU HIGH TEC     6.85     09/09/21    CNY     63.00
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY     20.22
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY     21.13
MAANSHAN ECONOMIC TECHN     6.49     03/06/22    CNY     60.98
MAANSHAN ECONOMIC TECHN     6.49     03/06/22    CNY     64.99
MAANSHAN HUASHAN DISTRI     6.07     04/20/22    CNY     60.99
MAANSHAN HUASHAN DISTRI     6.07     04/20/22    CNY     61.94
MACROLINK HOLDING CO LT     6.98     03/06/20    CNY     67.98
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY     41.38
MEISHAN HONGDA CONSTRUC     6.56     06/19/20    CNY     40.40
MEIZHOU CITY XIN JIN YE     6.02     04/22/22    CNY     61.21
MEIZHOU CITY XIN JIN YE     6.02     04/22/22    CNY     65.32
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY     40.43
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY     40.68
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY     40.90
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY     40.90
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY     20.34
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY     20.36
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY     25.03
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY     25.15
NANCHANG ECONOMY TECHNO     6.88     01/09/20    CNY     20.21
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY     20.20
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY     20.45
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY     20.36
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY     20.37
NANCHONG AIRPORT INVEST     6.80     01/26/22    CNY     60.80
NANCHONG AIRPORT INVEST     6.80     01/26/22    CNY     61.37
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY     41.18
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY     51.20
NANJING HEXI NEW TOWN A     3.47     06/17/21    CNY     69.50
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY     20.09
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY     22.52
NANJING LISHUI ECONOMIC     6.27     09/22/21    CNY     61.46
NANJING LISHUI ECONOMIC     6.27     09/22/21    CNY     62.10
NANJING LISHUI URBAN CO     5.80     05/29/20    CNY     20.27
NANJING LISHUI URBAN CO     5.80     05/29/20    CNY     20.50
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY     20.00
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY     20.13
NANJING STATE OWNED ASS     5.40     03/06/20    CNY     20.21
NANJING STATE OWNED ASS     5.60     03/06/23    CNY     62.22
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY     61.26
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY     66.80
NANJING XINGANG DEVELOP     6.80     01/08/20    CNY     20.10
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY     61.45
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY     64.80
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY     40.46
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY     40.83
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY     41.44
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY     45.40
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY     20.24
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY     24.00
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY     20.25
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY     20.28
NANTONG SUTONG SCIENCE      6.20     03/18/22    CNY     60.00
NANTONG SUTONG SCIENCE      6.20     03/18/22    CNY     61.22
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY     40.91
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY     41.66
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY     48.53
NEOGLORY HOLDING GROUP      8.00     10/22/20    CNY     56.00
NEOGLORY HOLDING GROUP      8.00     09/25/20    CNY     60.00
NEOGLORY HOLDING GROUP      8.10     11/23/18    CNY     72.00
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY     41.55
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY     46.30
NINGBO CITY ZHENHAI INV     5.85     12/04/21    CNY     61.18
NINGBO CITY ZHENHAI INV     5.85     12/04/21    CNY     61.49
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY     20.29
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY     20.32
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY     41.54
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY     49.00
NINGBO MEISHAN ISLAND D     6.27     03/23/22    CNY     61.84
NINGBO MEISHAN ISLAND D     6.27     03/23/22    CNY     68.29
NINGBO SHUNNONG GROUP C     7.20     10/16/19    CNY     20.14
NINGBO YINCHENG GROUP C     6.50     03/18/20    CNY     20.40
NINGBO YINCHENG GROUP C     6.50     03/18/20    CNY     20.41
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY     40.00
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY     41.66
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY     41.24
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY     41.50
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY     41.51
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY     45.00
NINGXIANG CITY CONSTRUC     6.70     01/20/22    CNY     60.20
NINGXIANG CITY CONSTRUC     6.70     01/20/22    CNY     61.88
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY     41.59
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY     42.70
PANJIN CITY SHUANGTAIZI     7.25     01/22/22    CNY     60.54
PANJIN CITY SHUANGTAIZI     7.25     01/22/22    CNY     61.40
PANSHAN COUNTY STATE-OW     7.48     01/21/22    CNY     60.00
PANSHAN COUNTY STATE-OW     7.48     01/21/22    CNY     61.96
PANZHIHUA STATE OWNED A     5.41     07/29/20    CNY     39.30
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY     40.32
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY     41.35
PANZHIHUA STATE OWNED A     8.18     03/13/22    CNY     62.88
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY     20.18
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY     20.09
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY     20.10
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY     41.39
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY     43.00
PINGLIANG CHENGXIANG CO     7.10     09/17/20    CNY     40.65
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY     20.20
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY     20.21
PINGXIANG HUIFENG INVES     6.60     01/26/22    CNY     60.00
PINGXIANG HUIFENG INVES     6.60     01/26/22    CNY     60.74
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY     20.12
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY     20.14
PIZHOU CITY HENGRUN INV     6.46     12/05/21    CNY     61.17
PIZHOU CITY HENGRUN INV     6.46     12/05/21    CNY     62.46
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY     20.08
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY     20.13
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY     41.96
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY     48.80
PUTIAN HIGH TECHNOLOGY      5.90     05/03/22    CNY     75.29
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY     40.00
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY     40.95
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY     40.00
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY     41.79
QIANAN URBAN CONSTRUCTI     7.19     08/11/21    CNY     60.00
QIANAN URBAN CONSTRUCTI     7.19     08/11/21    CNY     61.64
QIANAN XINGYUAN WATER I     6.25     04/22/22    CNY     61.49
QIANAN XINGYUAN WATER I     6.25     04/22/22    CNY     66.90
QIANDONGNAN TRANSPORTAT     5.79     12/21/22    CNY     73.96
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY     19.92
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY     41.00
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY     41.47
QIANNANZHOU INVESTMENT      6.43     03/09/22    CNY     59.88
QIANNANZHOU INVESTMENT      6.43     03/09/22    CNY     66.80
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY     19.99
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY     20.06
QIDONG STATE-OWNED ASSE     7.30     11/20/22    CNY     62.46
QIDONG URBAN CONSTRUCTI     7.90     04/28/21    CNY     41.50
QIDONG URBAN CONSTRUCTI     7.90     04/28/21    CNY     41.66
QIDONG URBAN CONSTRUCTI     8.20     04/04/21    CNY     41.78
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY     62.38
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY     62.98
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY     41.13
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY     41.51
QINGDAO JIAOZHOU CITY D     6.59     01/25/20    CNY     20.27
QINGDAO JIAOZHOUWAN DEV     6.33     09/18/21    CNY     61.37
QINGDAO JIAOZHOUWAN DEV     6.33     09/18/21    CNY     61.50
QINGDAO JIMO CITY TOURI     5.47     11/17/21    CNY     60.80
QINGDAO JIMO CITY TOURI     5.47     11/17/21    CNY     61.05
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY     25.39
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY     25.90
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY     40.62
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY     48.79
QINGHAI PROVINCIAL INVE     6.40     07/10/21    USD     74.80
QINGYANG CITY ECONOMIC      7.98     04/16/21    CNY     41.06
QINGYUAN TRANSPORTATION     8.20     12/19/20    CNY     41.57
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY     20.00
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY     20.15
QINGZHOU HONGYUAN PUBLI     7.59     05/29/21    CNY     41.83
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY     40.00
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY     40.78
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY     41.57
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY     44.61
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY     40.55
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY     41.50
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY     60.00
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY     60.80
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY     40.10
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY     40.24
QIONGLAI CITY CONSTRUCT     6.98     03/25/22    CNY     60.62
QIONGLAI CITY CONSTRUCT     6.98     03/25/22    CNY     64.90
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY     20.07
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY     22.00
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY     41.47
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY     42.55
QUJING ECO TECH DEVELOP     7.48     07/21/21    CNY     60.55
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY     41.61
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY     41.81
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY     41.81
REWARD SCIENCE AND TECH     5.53     07/05/21    CNY     29.10
REWARD SCIENCE AND TECH     6.40     03/03/22    CNY     70.00
RIGHT WAY REAL ESTATE D     7.30     07/15/21    CNY     40.20
RIZHAO CITY CONSTRUCTIO     5.80     06/06/20    CNY     20.18
RUCHENG COUNTY HYDROPOW     6.65     04/25/20    CNY     40.48
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY     19.50
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY     20.15
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY     41.25
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY     45.90
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY     41.10
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY     44.03
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY     41.82
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY     49.00
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY     20.31
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY     20.81
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY     41.71
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY     42.43
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY     20.26
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY     20.40
RUICHANG CITY INVESTMEN     5.68     03/25/23    CNY     68.68
RUNHUA GROUP CO LTD         7.80     08/27/21    CNY     74.96
RUZHOU CITY XINYUAN INV     6.30     09/16/21    CNY     74.57
SANMEN COUNTY STATE-OWN     6.80     03/18/22    CNY     59.91
SANMEN COUNTY STATE-OWN     6.80     03/18/22    CNY     60.00
SANMEN COUNTY STATE-OWN     6.85     10/29/21    CNY     60.00
SANMEN COUNTY STATE-OWN     6.85     10/29/21    CNY     60.93
SHAANXI ANKANG HIGH TEC     8.78     09/17/21    CNY     61.91
SHAANXI ANKANG HIGH TEC     8.78     09/17/21    CNY     67.00
SHAANXI PROVINCIAL EXPR     5.99     06/18/20    CNY     61.37
SHAANXI XIXIAN NEW AREA     6.85     08/15/21    CNY     60.10
SHAANXI XIXIAN NEW AREA     6.85     08/15/21    CNY     65.50
SHAANXI XIXIAN NEW AREA     6.89     01/05/22    CNY     61.36
SHAANXI XIXIAN NEW AREA     6.89     01/05/22    CNY     63.10
SHANDONG BOXING COUNTY      8.00     12/22/21    CNY     62.41
SHANDONG BOXING COUNTY      8.00     12/22/21    CNY     62.82
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY     62.01
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY     62.15
SHANDONG FUYU CHEMICAL      7.70     09/18/22    CNY     70.00
SHANDONG GAOCHUANG CONS     6.05     06/18/22    CNY     60.72
SHANDONG GAOCHUANG CONS     6.05     06/18/22    CNY     62.45
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY     41.17
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY     44.00
SHANDONG JINMAO TEXTILE     6.97     04/01/21    CNY     20.70
SHANDONG JINMAO TEXTILE     8.00     09/25/20    CNY     35.84
SHANDONG PUBLIC HOLDING     7.18     01/22/20    CNY     20.18
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY     40.46
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY     43.40
SHANDONG SANXING GROUP      7.50     10/16/20    CNY     69.90
SHANDONG SNTON GROUP CO     5.18     09/08/21    CNY      8.52
SHANDONG SNTON GROUP CO     6.20     05/30/21    CNY      9.50
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY     20.17
SHANDONG TAIYANG INDUST     5.97     03/02/21    CNY     71.43
SHANDONG TENGJIAN INVES     6.00     06/08/22    CNY     60.00
SHANDONG TENGJIAN INVES     6.00     06/08/22    CNY     60.24
SHANDONG WANTONG PETROL     5.97     11/29/21    CNY     33.95
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY     39.10
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY     39.55
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY     18.50
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY     20.35
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY     40.96
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY     40.97
SHANGHAI CHENJIAZHEN CO     7.18     11/06/19    CNY     25.22
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY     25.50
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY     25.59
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY     20.32
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY     20.40
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY     41.30
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY     41.32
SHANGHAI JINSHAN URBAN      6.60     12/21/19    CNY     20.16
SHANGHAI LAKE DIANSHAN      5.95     01/30/21    CNY     51.13
SHANGHAI LAKE DIANSHAN      5.95     01/30/21    CNY     51.28
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY     20.20
SHANGHAI MINHANG URBAN      5.63     04/20/22    CNY     60.79
SHANGHAI MINHANG URBAN      5.63     04/20/22    CNY     61.90
SHANGHAI MUNICIPAL INVE     4.63     07/30/19    CNY     20.02
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY     25.09
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY     25.50
SHANGHAI NANHUI URBAN C     6.04     08/20/21    CNY     61.36
SHANGHAI PUTAILAI NEW E     5.30     05/18/20    CNY     66.67
SHANGHAI URBAN CONSTRUC     5.25     11/30/19    CNY     20.15
SHANGHAI YONGYE ENTERPR     6.84     05/21/20    CNY     25.56
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY     25.13
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY     40.75
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY     45.40
SHANGQIU DEVELOPMENT IN     6.60     01/15/20    CNY     20.19
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY     48.25
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY     20.20
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY     20.20
SHAOXING CHENGBEI XINCH     6.13     04/30/22    CNY     61.43
SHAOXING CHENGBEI XINCH     6.13     04/30/22    CNY     68.29
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY     20.08
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY     20.30
SHAOXING CHENGZHONGCUN      6.09     04/27/22    CNY     60.00
SHAOXING CHENGZHONGCUN      6.09     04/27/22    CNY     61.53
SHAOXING CITY INVESTMEN     6.40     11/09/19    CNY     20.10
SHAOXING CITY INVESTMEN     6.40     11/09/19    CNY     20.15
SHAOXING CITY INVESTMEN     5.75     04/17/22    CNY     62.03
SHAOXING CITY INVESTMEN     5.75     04/17/22    CNY     68.00
SHAOXING CITY KEQIAO DI     6.40     08/20/21    CNY     61.30
SHAOXING CITY KEQIAO DI     6.40     08/20/21    CNY     65.26
SHAOXING COUNTY KEYAN C     6.28     03/24/22    CNY     60.00
SHAOXING COUNTY KEYAN C     6.28     03/24/22    CNY     61.67
SHAOXING KEQIAO ECONOMI     7.00     12/10/21    CNY     60.00
SHAOXING KEQIAO ECONOMI     7.00     12/10/21    CNY     61.66
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY     20.12
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY     20.37
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY     41.15
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY     43.90
SHAOXING SHANGYU COMMUN     6.70     09/11/19    CNY     20.07
SHAOXING SHANGYU HANGZH     6.95     10/11/20    CNY     40.72
SHAOXING SHANGYU URBAN      6.80     08/07/21    CNY     61.60
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY     41.21
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY     41.41
SHAOYANG DULIANG INVEST     5.50     04/13/23    CNY     74.19
SHAOYANG DULIANG INVEST     5.50     04/13/23    CNY     74.47
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY     61.86
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY     62.30
SHENMU CITY STATE-OWNED     7.28     06/23/21    CNY     41.00
SHENMU CITY STATE-OWNED     7.28     06/23/21    CNY     41.48
SHENYANG DADONG STATE-O     6.05     03/20/22    CNY     60.00
SHENYANG DADONG STATE-O     6.05     03/20/22    CNY     61.08
SHENYANG ECONOMIC AFFOR     7.17     04/29/22    CNY     59.77
SHENYANG ECONOMIC AFFOR     7.17     04/29/22    CNY     61.26
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY     20.00
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY     20.30
SHENYANG TIEXI STATE-OW     6.00     01/14/22    CNY     60.79
SHENYANG TIEXI STATE-OW     6.00     01/14/22    CNY     67.50
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY     61.60
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY     61.65
SHENZHEN METRO GROUP CO     6.75     01/24/24    CNY     74.40
SHENZHEN METRO GROUP CO     6.75     01/24/24    CNY     74.63
SHIJIAZHUANG HUTUO NEW      5.28     12/24/25    CNY     71.07
SHIJIAZHUANG HUTUO NEW      5.28     12/24/25    CNY     75.00
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY     20.23
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY     20.29
SHIJIAZHUANG STATE-OWNE     5.75     04/09/22    CNY     61.35
SHIJIAZHUANG STATE-OWNE     5.75     04/09/22    CNY     67.20
SHISHI CITY CONSTRUCTIO     6.10     05/04/22    CNY     60.00
SHISHI CITY CONSTRUCTIO     6.10     05/04/22    CNY     61.59
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY     40.68
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY     40.68
SHIYAN CITY INFRASTRUCT     6.58     08/20/21    CNY     60.00
SHIYAN CITY INFRASTRUCT     6.58     08/20/21    CNY     61.40
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY     40.55
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY     42.87
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY     25.39
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY     25.42
SHUANGLIU COUNTY WATER      6.92     07/30/20    CNY     50.59
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY     20.10
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY     22.00
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY     40.00
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY     41.25
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY     40.29
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY     40.31
SICHUAN COAL INDUSTRY G     7.70     01/09/18    CNY     45.00
SICHUAN NAXING INDUSTRI     7.17     09/11/21    CNY     60.71
SICHUAN TIANYIN INDUSTR     6.79     03/25/22    CNY     61.10
SICHUAN TIANYIN INDUSTR     6.79     03/25/22    CNY     68.00
SIHONG COUNTY HONG YUAN     6.15     03/16/22    CNY     60.00
SIHONG COUNTY HONG YUAN     6.15     03/16/22    CNY     61.66
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY     41.12
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY     60.00
SONGYUAN URBAN DEVELOPM     5.79     12/04/21    CNY     59.82
SONGYUAN URBAN DEVELOPM     5.79     12/04/21    CNY     61.10
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY     41.20
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY     47.82
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY     40.79
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY     60.65
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY     20.20
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY     20.23
SUINING FUYUAN INDUSTRY     6.39     03/17/22    CNY     55.01
SUINING FUYUAN INDUSTRY     6.39     03/17/22    CNY     64.18
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY     40.00
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY     40.34
SUIZHOU CITY URBAN CONS     7.18     09/02/21    CNY     61.20
SUIZHOU CITY URBAN CONS     7.18     09/02/21    CNY     61.29
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY     16.61
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY     20.11
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY     41.38
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY     41.83
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY     41.91
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY     42.02
SUNSHINE KAIDI NEW ENER     6.12     08/23/20    CNY     59.01
SUNSHINE KAIDI NEW ENER     6.12     08/23/20    CNY     70.39
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY     40.71
SUQIAN WATER GROUP CO       6.55     12/04/19    CNY     20.22
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY     20.28
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY     24.80
SUZHOU FENHU INVESTMENT     7.49     02/28/21    CNY     41.00
SUZHOU NEW DISTRICT ECO     6.20     07/22/21    CNY     61.37
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY     20.00
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY     20.14
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY     40.97
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY     20.09
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY     24.50
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY     41.30
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY     42.60
TAHOE GROUP CO LTD          7.50     09/08/20    CNY     73.80
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY     20.24
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY     20.41
TAICANG ASSETS MANAGEME     7.00     02/27/21    CNY     41.40
TAICANG HENGTONG INVEST     7.45     10/30/19    CNY     20.25
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY     20.30
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY     20.31
TAIXING CITY CHENGXING      8.30     12/12/20    CNY     40.94
TAIXING CITY CHENGXING      8.30     12/12/20    CNY     43.14
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY     40.00
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY     41.58
TAIYUAN HIGH-SPEED RAIL     6.50     10/30/20    CNY     40.95
TAIYUAN HIGH-SPEED RAIL     5.18     09/06/20    CNY     70.65
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY     41.43
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY     46.50
TAIZHOU CITY CONSTRUCTI     6.92     10/16/23    CNY     72.70
TAIZHOU CITY CONSTRUCTI     6.92     10/16/23    CNY     74.29
TAIZHOU CITY CONSTRUCTI     6.53     07/11/21    CNY     61.00
TAIZHOU CITY CONSTRUCTI     6.53     07/11/21    CNY     61.46
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY     25.10
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY     25.73
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY     40.40
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY     40.60
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY     40.85
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY     41.10
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY     19.80
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY     20.14
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY     41.13
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY     41.20
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY     20.24
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY     20.33
TANGSHAN CAOFEIDIAN DEV     7.50     10/15/20    CNY     40.18
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY     40.49
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY     42.62
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY     40.67
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY     47.15
TIANJIN BEICHEN TECHNOL     6.87     08/20/21    CNY     60.22
TIANJIN BEICHEN TECHNOL     6.87     08/20/21    CNY     67.00
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY     20.13
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY     20.25
TIANJIN BINHAI NEW AREA     6.10     11/23/21    CNY     61.90
TIANJIN DONGFANG CAIXIN     5.19     01/29/22    CNY     59.59
TIANJIN DONGFANG CAIXIN     5.19     01/29/22    CNY     60.67
TIANJIN DONGLI CITY INF     6.05     06/19/20    CNY     20.00
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY     20.05
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY     20.07
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY     20.17
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY     22.00
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY     60.00
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY     61.38
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY     56.65
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY     58.58
TIANJIN GUANGCHENG INVE     7.45     07/24/21    CNY     59.78
TIANJIN GUANGCHENG INVE     7.45     07/24/21    CNY     69.00
TIANJIN HARBOR CONSTRUC     8.00     04/01/21    CNY     71.96
TIANJIN HARBOR CONSTRUC     8.80     01/24/21    CNY     72.28
TIANJIN HI-TECH INDUSTR     6.65     09/12/21    CNY     60.63
TIANJIN HOPETONE CO LTD     7.50     07/25/21    CNY     69.76
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY     40.35
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY     41.33
TIANJIN HUANCHENG URBAN     5.75     04/27/22    CNY     60.24
TIANJIN HUANCHENG URBAN     5.75     04/27/22    CNY     61.70
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY     60.85
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY     61.48
TIANJIN JINNAN CITY CON     6.50     06/03/21    CNY     41.02
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY     41.00
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY     41.31
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY     40.94
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY     47.50
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY     37.00
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY     40.99
TIANJIN RESIDENTIAL CON     8.00     12/19/20    CNY     40.64
TIANJIN TEDA CONSTRUCTI     6.89     04/27/20    CNY     20.31
TIANJIN WATER INVESTMEN     8.40     01/15/21    CNY     50.51
TIANJIN WATER INVESTMEN     6.60     07/28/21    CNY     57.83
TIANJIN WATER INVESTMEN     6.60     07/28/21    CNY     61.80
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY     41.00
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY     41.21
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY     41.33
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY     41.80
TIANMEN CITY CONSTRUCTI     8.20     08/28/21    CNY     62.03
TIANMEN CITY CONSTRUCTI     8.20     08/28/21    CNY     65.16
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY     40.54
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY     42.50
TONGLING DAJIANG INVEST     6.50     01/19/22    CNY     61.36
TONGLING DAJIANG INVEST     6.50     01/19/22    CNY     68.00
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY     40.98
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY     41.48
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY     20.30
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY     20.37
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY     25.08
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY     26.70
TULUFAN DISTRICT STATE-     6.20     03/19/22    CNY     60.97
TULUFAN DISTRICT STATE-     6.20     03/19/22    CNY     62.50
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY     20.01
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY     20.08
URUMQI ECO&TECH DEVELOP     6.40     04/13/22    CNY     60.00
URUMQI ECO&TECH DEVELOP     6.40     04/13/22    CNY     62.10
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY     20.20
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY     20.21
WAFANGDIAN COASTAL PROJ     3.98     02/01/23    CNY     73.08
WANGCHENG ECONOMIC DEVE     6.57     01/22/22    CNY     61.43
WANGCHENG ECONOMIC DEVE     6.57     01/22/22    CNY     68.81
WEIFANG BINHAI INVESTME     6.16     04/16/21    CNY     40.55
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY     20.15
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY     24.30
WEINAN CITY INVESTMENT      6.09     03/11/22    CNY     60.00
WEINAN CITY INVESTMENT      6.09     03/11/22    CNY     61.52
WENLING CITY STATE OWNE     7.18     09/18/19    CNY     20.10
WENLING CITY STATE OWNE     7.18     09/18/19    CNY     21.20
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY     20.20
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY     20.51
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY     41.00
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY     41.35
WENZHOU HIGH-TECH INDUS     7.95     03/21/21    CNY     41.68
WENZHOU LUCHENG CITY DE     5.58     11/03/21    CNY     60.89
WENZHOU LUCHENG CITY DE     5.58     11/03/21    CNY     63.00
WINTIME ENERGY CO LTD       7.50     05/19/19    CNY     36.00
WINTIME ENERGY CO LTD       7.50     11/16/20    CNY     43.63
WINTIME ENERGY CO LTD       7.50     04/04/21    CNY     43.63
WINTIME ENERGY CO LTD       7.30     08/06/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     12/15/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     07/05/18    CNY     43.63
WINTIME ENERGY CO LTD       7.50     12/06/20    CNY     43.63
WINTIME ENERGY CO LTD       7.00     08/25/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     04/26/19    CNY     43.63
WINTIME ENERGY CO LTD       6.78     10/23/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     03/19/19    CNY     43.63
WINTIME ENERGY CO LTD       7.90     03/29/21    CNY     43.63
WINTIME ENERGY CO LTD       7.70     11/15/20    CNY     43.63
WINTIME ENERGY CO LTD       7.90     12/22/20    CNY     43.63
WINTIME ENERGY CO LTD       7.50     07/07/19    CNY     54.28
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY     41.81
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY     41.37
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY     44.36
WUHAN CITY HUANPI DISTR     6.43     09/17/21    CNY     61.51
WUHAN CITY HUANPI DISTR     6.43     09/17/21    CNY     63.02
WUHAN JIANGXIA URBAN CO     8.99     01/20/21    CNY     42.03
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY     20.21
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY     20.21
WUHAN METRO GROUP CO LT     5.25     04/14/22    CNY     61.40
WUHAN URBAN CONSTRUCTIO     5.60     03/08/20    CNY     20.29
WUHU COUNTY CONSTRUCTIO     6.60     12/08/21    CNY     61.49
WUHU COUNTY CONSTRUCTIO     6.60     12/08/21    CNY     66.35
WUHU JINGHU CONSTRUCTIO     6.68     05/16/20    CNY     20.34
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY     40.00
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY     41.92
WUHU YIJU INVESTMENT GR     6.45     08/11/21    CNY     61.45
WUHU YIJU INVESTMENT GR     6.45     08/11/21    CNY     61.54
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY     20.21
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY     20.46
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY     40.76
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY     41.09
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY     42.53
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY     20.09
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY     20.10
WUXI HUNING METRO HUISH     4.38     06/08/21    CNY     69.94
WUXI HUNING METRO HUISH     4.38     06/08/21    CNY     73.00
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY     40.73
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY     40.77
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY     20.12
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY     21.40
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY     20.00
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY     20.17
WUYANG CONSTRUCTION GRO     7.80     09/11/20    CNY     32.48
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY     40.38
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY     40.39
WUZHOU DONGTAI STATE-OW     7.40     09/03/19    CNY     20.09
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY     41.27
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY     44.88
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY     20.24
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY     21.80
XI'AN AEROSPACE CITY IN     6.96     11/08/19    CNY     20.16
XIAN CHANBAHE DEVELOPME     6.89     08/03/19    CNY     20.06
XI'AN INTERNATIONAL HOR     6.20     10/21/21    CNY     59.83
XI'AN INTERNATIONAL HOR     6.20     10/21/21    CNY     61.46
XIAN QUJIANG DAMING PAL     6.39     03/21/20    CNY     50.75
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY     20.00
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY     20.01
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY     40.77
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY     48.99
XIANGTAN JIUHUA ECONOMI     7.15     10/15/20    CNY     39.88
XIANGTAN JIUHUA ECONOMI     6.59     01/21/22    CNY     57.85
XIANGTAN LIANGXING SOCI     7.89     04/23/21    CNY     41.43
XIANGTAN WANLOU XINCHEN     6.90     01/14/22    CNY     55.49
XIANGTAN WANLOU XINCHEN     6.90     01/14/22    CNY     58.56
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY     39.97
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY     40.00
XIANGYANG HIGH TECH STA     7.00     05/29/21    CNY     41.07
XIANGYANG HIGH TECH STA     7.00     05/29/21    CNY     43.38
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY     20.21
XIANNING HIGH-TECH INVE     6.29     02/10/22    CNY     61.19
XIANNING HIGH-TECH INVE     6.29     02/10/22    CNY     65.00
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY     41.80
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY     41.96
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY     41.64
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY     52.72
XIAOGAN GAOCHUANG INVES     6.87     09/22/21    CNY     61.71
XIAOGAN GAOCHUANG INVES     6.87     09/22/21    CNY     66.69
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY     41.35
XINGHUA CITY ECONOMIC D     5.28     06/13/22    CNY     74.17
XINGHUA CITY ECONOMIC D     5.28     06/13/22    CNY     74.20
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY     50.00
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY     50.29
XINING ECONOMIC DEVELOP     5.90     06/04/20    CNY     20.05
XINJIANG HUIFENG URBAN      6.10     05/23/20    CNY     17.88
XINJIANG HUIFENG URBAN      6.10     05/23/20    CNY     20.15
XINJIANG KAIDI INVESTME     7.80     04/22/21    CNY     41.50
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY     50.27
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY     50.43
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY     40.88
XINJIANG XINYE STATE-OW     6.20     08/15/19    CNY     50.55
XINTAI CITY COORDINATIN     6.35     03/23/22    CNY     60.75
XINTAI CITY COORDINATIN     6.35     03/23/22    CNY     61.31
XINXIANG INVESTMENT GRO     5.85     04/15/20    CNY     20.16
XINYANG HONGCHANG PIPE      6.49     06/20/20    CNY     72.87
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY     41.32
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY     46.30
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY     40.50
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY     40.87
XINYI URBAN TRANSPORTAT     6.14     02/06/22    CNY     61.70
XINYI URBAN TRANSPORTAT     6.14     02/06/22    CNY     61.83
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY     40.88
XINYU CITY SHANTYTOWN Z     6.42     12/09/20    CNY     70.81
XINYU CITY YUSHUI DISTR     7.70     06/24/22    CNY     61.48
XINYU URBAN CONSTRUCTIO     7.08     12/13/19    CNY     20.20
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY     24.90
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY     25.01
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY     50.00
XINZHENG NEW DISTRICT D     6.40     01/29/21    CNY     50.00
XINZHENG NEW DISTRICT D     6.40     01/29/21    CNY     51.18
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY     51.36
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY     40.00
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY     41.42
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY     41.46
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY     43.41
XUANCHENG CITY ECONOMY      7.95     09/22/21    CNY     61.37
XUANCHENG CITY ECONOMY      7.95     09/22/21    CNY     66.00
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY     41.73
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY     46.00
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY     40.38
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY     40.66
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY     40.46
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY     41.50
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY     41.57
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY     51.50
XUZHOU TRANSPORTATION H     7.09     05/15/21    CNY     41.00
XUZHOU TRANSPORTATION H     7.09     05/15/21    CNY     41.62
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY     37.00
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY     41.34
YAAN STATE-OWNED ASSET      7.39     07/04/19    CNY     20.01
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY     20.00
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY     20.18
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY     41.30
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY     41.76
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY     41.89
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY     38.30
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY     40.79
YANCHENG ORIENTAL INVES     6.99     10/26/19    CNY     20.12
YANCHENG ORIENTAL INVES     6.48     09/15/21    CNY     59.70
YANCHENG ORIENTAL INVES     6.48     09/15/21    CNY     60.59
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY     20.15
YANCHENG SOUTH DISTRICT     6.70     07/30/21    CNY     61.00
YANCHENG SOUTH DISTRICT     6.70     07/30/21    CNY     61.65
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY     40.70
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY     40.75
YANGJIANG HENGCAI CITY      6.24     04/14/22    CNY     60.00
YANGJIANG HENGCAI CITY      6.24     04/14/22    CNY     61.44
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY     41.10
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY     46.00
YANGZHOU ECONOMIC & TEC     7.40     03/05/21    CNY     70.00
YANGZHOU ECONOMIC & TEC     7.40     03/05/21    CNY     72.44
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY     20.18
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY     20.44
YANGZHOU HANJIANG URBAN     5.88     06/15/22    CNY     66.63
YANGZHOU JIANGDU YANJIA     7.48     07/29/20    CNY     50.55
YANGZHOU JIANGDU YANJIA     7.48     07/29/20    CNY     50.64
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY     20.02
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY     20.03
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY     20.11
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY     20.40
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY     41.42
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY     43.47
YICHUN VENTURE CAPITAL      6.70     03/23/22    CNY     60.36
YICHUN VENTURE CAPITAL      6.70     03/23/22    CNY     65.00
YIHUA ENTERPRISE GROUP      6.50     05/02/22    CNY     29.06
YIHUA ENTERPRISE GROUP      5.99     11/26/20    CNY     66.00
YIHUA ENTERPRISE GROUP      3.80     10/20/21    CNY     71.00
YIHUA LIFESTYLE TECHNOL     6.88     07/16/20    CNY     45.00
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY     41.55
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY     41.90
YINCHUAN URBAN CONSTRUC     6.88     05/12/21    CNY     41.32
YINGKOU COASTAL DEVELOP     6.45     01/26/22    CNY     58.71
YINGKOU COASTAL DEVELOP     6.45     01/26/22    CNY     60.29
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY     62.92
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY     62.93
YINGTAN LONGGANG ASSET      6.75     07/31/22    CNY     60.38
YINING CITY STATE OWNED     8.90     01/23/21    CNY     41.81
YINING CITY STATE OWNED     8.90     01/23/21    CNY     49.95
YINYI CO LTD                7.03     06/21/21    CNY     72.00
YIWU URBAN & RURAL NEW      4.25     11/24/21    CNY     74.13
YIXING CITY CONSTRUCTIO     6.16     03/30/22    CNY     60.00
YIXING CITY CONSTRUCTIO     6.16     03/30/22    CNY     61.89
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY     20.10
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY     20.18
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY     41.50
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY     43.50
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY     20.07
YIYANG GAOXIN TECHNOLOG     7.00     03/30/22    CNY     60.63
YIYANG GAOXIN TECHNOLOG     7.00     03/30/22    CNY     68.00
YONG ZHOU CITY CONSTRUC     7.30     10/23/20    CNY     40.82
YONG ZHOU CITY CONSTRUC     7.30     10/23/20    CNY     42.80
YONGJIA INVESTMENT GROU     6.50     11/12/21    CNY     60.00
YONGJIA INVESTMENT GROU     6.50     11/12/21    CNY     60.77
YONGXING YINDU CONSTRUC     5.60     03/24/23    CNY     73.27
YUEYANG CITY DONGTING N     6.15     03/20/22    CNY     60.25
YUEYANG CITY DONGTING N     6.15     03/20/22    CNY     60.29
YUEYANG HUILIN INVESTME     5.50     11/03/21    CNY     60.06
YUEYANG HUILIN INVESTME     5.50     11/03/21    CNY     62.00
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY     40.26
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY     20.17
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY     20.40
YUHUAN CITY COMMUNICATI     5.65     11/03/21    CNY     60.86
YUHUAN CITY COMMUNICATI     6.18     03/20/22    CNY     61.55
YUHUAN CITY COMMUNICATI     6.18     03/20/22    CNY     64.47
YUHUAN CITY COMMUNICATI     5.65     11/03/21    CNY     64.50
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY     20.15
YUNCHENG URBAN CONSTRUC     7.48     10/15/19    CNY     20.16
YUNNAN METROPOLITAN CON     6.77     05/23/21    CNY     41.13
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY     41.69
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY     48.16
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY     20.20
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY     20.40
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY     40.76
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY     46.04
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY     40.90
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY     41.45
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY     20.17
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY     20.30
ZHANGJIAJIE ECONOMIC DE     7.40     10/18/19    CNY     20.10
ZHANGJIAJIE ECONOMIC DE     7.80     04/17/21    CNY     41.39
ZHANGYE CITY INVESTMENT     6.92     09/22/21    CNY     58.00
ZHANGYE CITY INVESTMENT     6.92     09/22/21    CNY     60.83
ZHANGZHOU CITY CONSTRUC     6.60     03/26/20    CNY     20.28
ZHANGZHOU ECONOMIC DEVE     6.17     04/27/22    CNY     60.00
ZHANGZHOU ECONOMIC DEVE     6.17     04/27/22    CNY     61.69
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY     61.60
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY     40.65
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY     40.85
ZHAOQING GAOYAO DISTRIC     6.68     04/14/22    CNY     60.00
ZHAOQING GAOYAO DISTRIC     6.68     04/14/22    CNY     60.69
ZHAOYUAN STATE-OWNED AS     6.64     12/31/19    CNY     20.14
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY     41.14
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY     50.00
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY     41.62
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY     49.00
ZHEJIANG GUOXING INVEST     6.94     08/01/21    CNY     61.24
ZHEJIANG GUOXING INVEST     6.94     08/01/21    CNY     68.50
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY     20.08
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY     20.20
ZHEJIANG OUHAI CONSTRUC     6.45     04/23/22    CNY     60.00
ZHEJIANG OUHAI CONSTRUC     6.45     04/23/22    CNY     60.98
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY     20.12
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY     20.23
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY     20.29
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY     22.90
ZHEJIANG PROVINCE XINCH     5.88     10/30/21    CNY     60.15
ZHEJIANG PROVINCE XINCH     6.95     12/31/21    CNY     61.00
ZHEJIANG PROVINCE XINCH     6.95     12/31/21    CNY     61.34
ZHEJIANG PROVINCE XINCH     5.88     10/30/21    CNY     64.99
ZHENGZHOU MOUZHONG DEVE     7.48     12/11/21    CNY     61.48
ZHENGZHOU MOUZHONG DEVE     7.48     12/11/21    CNY     66.20
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY     40.34
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY     40.38
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY     40.96
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY     41.42
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY     48.49
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY     52.27
ZHENJIANG CULTURE TOURI     6.60     01/30/20    CNY     20.08
ZHENJIANG DANTU DISTRIC     5.89     11/03/21    CNY     59.60
ZHENJIANG DANTU DISTRIC     5.89     11/03/21    CNY     59.66
ZHENJIANG NEW AREA URBA     8.35     02/26/21    CNY     41.10
ZHENJIANG NEW AREA URBA     8.99     01/16/21    CNY     41.25
ZHONGMINTOU LEASING HOL     7.55     09/21/21    CNY     49.49
ZHONGRONG XINDA GROUP C     7.10     01/22/21    CNY     33.70
ZHONGSHAN TRANSPORTATIO     5.25     11/26/21    CNY     60.00
ZHONGSHAN TRANSPORTATIO     5.25     11/26/21    CNY     61.00
ZHONGTIAN FINANCIAL GRO     7.00     10/15/20    CNY     74.53
ZHOUKOU INVESTMENT GROU     7.49     04/21/21    CNY     41.07
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY     40.85
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY     41.65
ZHOUSHAN DINGHAI STATE-     7.13     08/04/21    CNY     61.57
ZHOUSHAN DINGHAI STATE-     7.13     08/04/21    CNY     65.00
ZHOUSHAN ISLANDS NEW DI     6.98     10/22/22    CNY     71.36
ZHOUSHAN ISLANDS NEW DI     6.98     10/22/22    CNY     73.44
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY     60.01
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY     72.41
ZHUHAI HUIHUA INFRASTRU     7.15     09/17/20    CNY     40.75
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY     41.17
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY     44.50
ZHUJI CITY YUEDU INVEST     6.38     04/07/22    CNY     60.00
ZHUJI CITY YUEDU INVEST     6.38     04/07/22    CNY     61.51
ZHUJI URBAN & RURAL INV     6.92     12/19/19    CNY     20.30
ZHUJI URBAN & RURAL INV     6.92     12/19/19    CNY     20.33
ZHUZHOU CITY CONSTRUCTI     6.95     10/16/20    CNY     40.78
ZHUZHOU CITY CONSTRUCTI     8.36     11/10/21    CNY     62.50
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY     20.04
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY     20.10
ZHUZHOU GECKOR GROUP CO     6.38     04/17/22    CNY     60.00
ZHUZHOU GECKOR GROUP CO     6.38     04/17/22    CNY     60.86
ZHUZHOU GECKOR GROUP CO     6.95     08/11/21    CNY     61.18
ZHUZHOU GECKOR GROUP CO     6.95     08/11/21    CNY     61.19
ZHUZHOU REAL ESTATE GRO     6.25     03/25/22    CNY     61.43
ZHUZHOU REAL ESTATE GRO     6.25     03/25/22    CNY     68.53
ZHUZHOU RECYCLING ECONO     4.38     03/24/23    CNY     74.64
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY     20.11
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY     20.50
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY     40.89
ZJ HZ QINGSHAN LAKE SCI     7.90     04/23/21    CNY     41.41
ZJ HZ QINGSHAN LAKE SCI     7.90     04/23/21    CNY     44.00
ZUNYI ROAD & BRIDGE CON     6.10     04/27/23    CNY     70.22
ZUNYI ROAD & BRIDGE CON     6.10     04/27/23    CNY     72.96


HONG KONG
---------

DR PENG HOLDING HONGKON     5.05     06/01/20    USD     74.09


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25     03/13/17    USD     46.00
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD     46.00
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.06
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.06
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.10
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.10


INDIA
-----


3I INFOTECH LTD             2.50     03/31/25    USD     10.75
ACME FAZILKA POWER PVT      0.01     09/07/46    INR     10.38
AMPSOLAR SOLUTION PVT L     0.01     11/03/37    INR     20.50
AMPSOLAR SOLUTION PVT L     0.01     10/27/37    INR     20.53
APG HABITAT PVT LTD         1.00     09/09/28    INR     50.55
APG INTELLI HOMES PVT L     1.25     02/04/35    INR     34.14
APG INTELLI HOMES PVT L     1.25     02/04/35    INR     36.95
AUTOMOTIVE EXCHANGE PVT     4.00     06/01/30    INR     57.12
AUTOMOTIVE EXCHANGE PVT     4.00     10/11/30    INR     57.17
BENGAL AEROTROPOLIS PRO     5.00     12/01/29    INR     67.46
BENGAL AEROTROPOLIS PRO     5.00     12/01/28    INR     69.23
BENGAL AEROTROPOLIS PRO     5.00     12/01/27    INR     71.30
BENGAL AEROTROPOLIS PRO     5.00     12/01/26    INR     73.60
BLUE DART EXPRESS LTD       9.50     11/20/19    INR     10.04
BOTHE WINDFARM DEVELOPM    10.00     11/28/32    INR     69.52
BRIGHT BUILDTECH PVT LT     1.00     09/01/23    INR     70.01
BRIGHT BUILDTECH PVT LT     1.00     09/01/23    INR     70.01
CORE EDUCATION & TECHNO     7.00     05/07/49    USD      0.24
CUMULUS TRADING CO PVT      0.01     05/21/32    INR     31.29
CUMULUS TRADING CO PVT      0.01     12/29/29    INR     38.36
CUMULUS TRADING CO PVT      0.01     01/23/30    INR     52.27
DAYAKARA SOLAR POWER PV     0.10     04/05/26    INR     54.20
DEWAN HOUSING FINANCE C     8.50     04/18/23    INR     35.00
EDELWEISS ASSET RECONST     2.00     01/15/29    INR     53.68
EDELWEISS ASSET RECONST     2.00     10/07/28    INR     54.43
EDELWEISS ASSET RECONST     2.00     11/20/27    INR     57.04
EDELWEISS ASSET RECONST     2.00     03/28/27    INR     58.76
GREEN URJA PVT LTD          0.01     02/14/30    INR     39.07
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      4.59
HIMGIRI ENERGY VENTURES     1.00     09/30/22    INR     73.90
HINDUSTAN CONSTRUCTION      0.01     01/05/27    INR     48.63
HITODI INFRASTRUCTURE L     0.01     06/30/27    INR     44.98
JAIPRAKASH ASSOCIATES L     5.75     09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR     7.00     05/15/17    USD      5.00
JASPER AUTO SERVICES PV     0.01     02/11/23    INR     72.27
JCT LTD                     2.50     04/08/11    USD     25.75
JSM CORP PVT LTD            0.01     08/31/36    INR     22.17
JTPM ATSALI LTD             0.01     08/29/48    INR      6.82
KANAKADURGA FINANCE LTD     0.01     04/15/36    INR     20.85
KVK ENERGY & INFRASTRUC     0.01     01/25/24    INR     65.26
LIC HOUSING FINANCE LTD     7.81     04/27/20    INR      6.08
MARIS POWER SUPPLY CO P     2.00     04/18/28    INR     58.15
MYAASHIANA MANAGEMENT S     0.25     02/02/23    INR     72.53
MYTRAH AADHYA POWER PVT     0.01     07/05/35    INR     24.87
MYTRAH ADVAITH POWER PV     0.01     07/13/36    INR     22.97
MYTRAH AKSHAYA ENERGY P     0.01     07/13/36    INR     22.97
ORIGAMI CELLULO PVT LTD     0.01     11/14/36    INR     21.99
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D     0.40     10/15/33    INR     37.80
PUNJAB INFRASTRUCTURE D     0.40     10/15/32    INR     40.29
PUNJAB INFRASTRUCTURE D     0.40     10/15/31    INR     43.02
PUNJAB INFRASTRUCTURE D     0.40     10/15/30    INR     45.96
PUNJAB INFRASTRUCTURE D     0.40     10/15/29    INR     49.16
PUNJAB INFRASTRUCTURE D     0.40     10/15/28    INR     52.63
PUNJAB INFRASTRUCTURE D     0.40     10/15/27    INR     56.41
PUNJAB INFRASTRUCTURE D     0.40     10/15/26    INR     60.51
PUNJAB INFRASTRUCTURE D     0.40     10/15/25    INR     64.95
PUNJAB INFRASTRUCTURE D     0.40     10/15/24    INR     69.74
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD      1.00
R L FINE CHEM PVT LTD       0.10     08/19/36    INR     22.65
REDKITE CAPITAL PVT LTD     2.50     03/30/29    INR     57.80
REDKITE CAPITAL PVT LTD     2.50     01/15/28    INR     61.24
REI AGRO LTD                5.50     11/13/14    USD      0.01
REI AGRO LTD                5.50     11/13/14    USD      0.01
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD     24.80
SURBHI INVESTMENTS & TR     2.50     10/21/28    INR     59.22
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD      0.82
TN URJA PVT LTD             0.10     02/22/36    INR     25.36
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD     33.38
WATSUN INFRABUILD PVT L     4.00     10/16/37    INR     51.87
WS T&D LTD                  0.10     03/24/29    INR     42.57


JAPAN
-----

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


KOREA
-----

DB METAL CO LTD             2.00     04/03/20    KRW     10.11
HEUNGKUK FIRE & MARINE      5.70     12/29/46    KRW     50.16
KIBO ABS SPECIALTY CO L     5.00     02/26/21    KRW     66.03
KIBO ABS SPECIALTY CO L     5.00     08/28/21    KRW     69.54
KIBO ABS SPECIALTY CO L     5.00     02/28/20    KRW     69.83
KIBO ABS SPECIALTY CO L     5.00     12/25/19    KRW     73.84
KIBO ABS SPECIALTY CO L     5.00     08/29/19    KRW     74.84
SAMPYO CEMENT CO LTD        8.10     04/12/15    KRW     70.00
SAMPYO CEMENT CO LTD        8.30     09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD        8.10     06/26/15    KRW     70.00
SAMPYO CEMENT CO LTD        8.30     04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD        7.50     07/20/14    KRW     70.00
SINBO SECURITIZATION SP     5.00     12/21/20    KRW     65.51
SINBO SECURITIZATION SP     5.00     03/21/21    KRW     65.74
SINBO SECURITIZATION SP     5.00     08/31/21    KRW     67.02
SINBO SECURITIZATION SP     5.00     07/26/21    KRW     67.03
SINBO SECURITIZATION SP     5.00     02/23/22    KRW     68.16
SINBO SECURITIZATION SP     5.00     01/26/22    KRW     68.44
SINBO SECURITIZATION SP     5.00     08/31/22    KRW     68.91
SINBO SECURITIZATION SP     5.00     07/26/22    KRW     69.08
SINBO SECURITIZATION SP     5.00     06/29/21    KRW     69.77
SINBO SECURITIZATION SP     5.00     06/29/22    KRW     70.13
SINBO SECURITIZATION SP     5.00     09/27/21    KRW     72.20
SINBO SECURITIZATION SP     5.00     08/25/21    KRW     72.46
SINBO SECURITIZATION SP     5.00     06/23/20    KRW     72.51
SINBO SECURITIZATION SP     5.00     07/27/21    KRW     72.67
SINBO SECURITIZATION SP     5.00     03/15/20    KRW     73.24
SINBO SECURITIZATION SP     5.00     02/28/21    KRW     73.85
SINBO SECURITIZATION SP     5.00     01/27/21    KRW     74.10
SINBO SECURITIZATION SP     5.00     12/22/20    KRW     74.38
SINBO SECURITIZATION SP     5.00     06/24/19    KRW     74.81
SINBO SECURITIZATION SP     5.00     09/23/20    KRW     75.08


MALAYSIA
--------

AEON CREDIT SERVICE M B     3.50     09/15/20    MYR      1.50
ASIAN PAC HOLDINGS BHD      3.00     05/25/22    MYR      0.68
BERJAYA CORP BHD            5.00     04/22/22    MYR      0.32
ELK-DESA RESOURCES BHD      3.25     04/14/22    MYR      1.23
HIAP TECK VENTURE BHD       5.00     06/23/21    MYR      0.27
HUME INDUSTRIES BHD         5.00     05/29/24    MYR      1.62
I-BHD                       3.00     10/09/19    MYR      0.28
MALAYAN FLOUR MILLS BHD     5.00     01/24/24    MYR      1.39
PERODUA GLOBAL MANUFACT     0.50     12/17/25    MYR     74.69
PMB TECHNOLOGY BHD          3.00     07/12/23    MYR      3.07
REDTONE INTERNATIONAL B     2.75     03/04/20    MYR      0.12
SENAI-DESARU EXPRESSWAY     1.35     06/30/31    MYR     65.23
SENAI-DESARU EXPRESSWAY     1.35     12/31/30    MYR     66.26
SENAI-DESARU EXPRESSWAY     1.35     06/28/30    MYR     67.31
SENAI-DESARU EXPRESSWAY     1.35     12/31/29    MYR     68.30
SENAI-DESARU EXPRESSWAY     1.35     12/29/28    MYR     70.57
SENAI-DESARU EXPRESSWAY     1.35     06/30/28    MYR     71.83
SENAI-DESARU EXPRESSWAY     1.35     12/31/27    MYR     73.06
SOUTHERN STEEL BHD          5.00     01/24/20    MYR      0.80
THONG GUAN INDUSTRIES B     5.00     10/10/19    MYR      2.45
VIZIONE HOLDINGS BHD        3.00     08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT      6.00     10/31/21    MYR      0.31


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

PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD      1.17


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

BAYAN TELECOMMUNICATION    15.00     07/15/06    USD     22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     3.00     03/28/25    SGD     51.38
ASL MARINE HOLDINGS LTD     3.00     10/01/26    SGD     51.38
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.09
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.09
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.01
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.01
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
ENERCOAL RESOURCES PTE      9.25     08/05/14    USD     44.50
EZION HOLDINGS LTD          0.25     11/20/27    SGD     67.86
EZRA HOLDINGS LTD           4.88     04/24/18    SGD      5.00
HYFLUX LTD                  4.20     08/29/19    SGD     39.88
HYFLUX LTD                  4.25     09/07/18    SGD     39.88
HYFLUX LTD                  4.60     09/23/19    SGD     39.88
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD     57.00
ITNL OFFSHORE PTE LTD       7.50     01/18/21    CNY     36.15
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD     30.00
NEPTUNE ORIENT LINES LT     4.40     06/22/21    SGD     73.91
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD     46.00
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
SWIBER CAPITAL PTE LTD      6.50     08/02/18    SGD      4.20
SWIBER CAPITAL PTE LTD      6.25     10/30/17    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


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD      0.55
MDX PCL                     4.75     09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.01
DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.56


                           *********


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

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

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

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

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



                *** End of Transmission ***