---

       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 16, 2019, Vol. 22, No. 141

                           Headlines



A U S T R A L I A

AIRXPANDERS INC: Gets Notice of Proposal to Suspend AeroForm Patent
BAY JOINERY: Second Creditors' Meeting Set for July 19
ETHIUMLIVE GROUP: First Creditors' Meeting Set for July 23
HERITAGE BAY: First Creditors' Meeting Set for July 23
J & A LOGISTICS: First Creditors' Meeting Set for July 23

LIBERTY SME 2017-1: Moody's Hikes Class F Notes Rating to Ba2
MELDED FABRICS: Second Creditors' Meeting Set for July 22
PACIFIC BLUE: Second Creditors' Meeting Set for July 19
PICTON PRESS: Administrators Seek to Wind Up Firm, Terminate DOCA
SBC HOLDINGS: Second Creditors' Meeting Set for July 23

SYN DYNAMICS: First Creditors' Meeting Set for July 24


C H I N A

ANBANG INSURANCE: Watchdog Hands Units to Dajia Insurance
CHINA OIL: S&P Assigns 'BB' Rating on New USD Unsecured Notes
FANTASIA HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B'
HONGQIAO GROUP: Fitch Gives BB-(EXP) Rating to USD Unsec. Notes
MEINIAN ONEHEALTH: Moody's Reviews Ba2 CFR for Downgrade

SHANDONG RUYI: Moody's Affirms B2 CFR & Alters Outlook to Negative
SHANGHAI KUAILU: Court Upholds Ruling on Life Sentence for Execs
WEST CHINA CEMENT: Fitch Alters Outlook on BB- LT IDR to Positive
ZHONGRONG INTERNATIONAL: S&P Affirms 'BB-/B' ICRs, Outlook Negative


I N D I A

A.M. DISTRIBUTORS: CARE Cuts Rating on INR5.44cr Loan to D
ALBA ASIA: CARE Keeps C Rating on INR20cr Loan in Non-Cooperating
ASHAPURI FLOUR: CRISIL Assigns B+ Ratings to INR14.1cr Loans
B K AUTOMOBILES: CRISIL Assigns B+ Rating to INR8cr Loans
BAFNA PHARMACEUTICALS: CRISIL Reaffirms D Ratings on INR57cr Loans

D CORP AGRO: CRISIL Lowers Ratings on INR10.5cr Loans to D
JAY KHODIYAR: CRISIL Reaffirms B+ Rating on INR7.95cr Loan
JCR CINEMA: CRISIL Reaffirms 'B' Rating on INR20cr Term Loan
JET AIRWAYS: Audit Shows Diversion of Funds, Fraudulent Billing
JET AIRWAYS: NCLAT Agrees to Hear Dutch Court's Plea

NARAYAN COTTON: CRISIL Moves B on INR18cr Debt From Non-Cooperating
RAMDEV COLD: CARE Migrates 'B' in INR6cr Loans to Not Cooperating
ROHTAK-HISSAR TOLLWAY: CARE Lowers Rating on INR942.82cr Loans to D
SAI FERTILITY: CRISIL Assigns 'B' Rating to INR14cr Term Loan
SHREE MANDVI: CARE Keeps D on INR53.91cr Loans in Non-Cooperating

SHREE VISHWAKARMA: CARE Keeps D on INR6cr Loans in Non-Cooperating
SKY ALLOYS: CARE Migrates D Loan Ratings to Non-Cooperating
SRI ADHIKARI: CARE Keeps D on INR86.15cr Loan on Non-Cooperating
SRIGDHAA BEVERAGES: CRISIL Lowers Ratings on INR9cr Loans to D
TRANS FOAM: CRISIL Assigns B+ Ratings to INR12cr Loans

TUTICORIN COAL: CARE Migrates D Loan Ratings to Not Cooperating
TV VISION: CARE Maintains D on INR24.29cr Loans in Not Cooperating
WEST QUAY: CARE Maintains D Ratings in Not Cooperating Category


I N D O N E S I A

MASKAPAI REASURANSI: Fitch Affirms 'BB+' IFS Rating, Outlook Stable


N E W   Z E A L A N D

COUPLAND'S BAKERIES: Closes North Dunedin Store
KILMOUR PROPERTIES: Sudima Hotel Developer Placed in Liquidation


S I N G A P O R E

MULHACEN PTE: Fitch Affirms BB- LongTerm IDR, Outlook Stable


S R I   L A N K A

ABANS FINANCE: Fitch Affirms BB+ National Rating, Outlook Stable
BIMPUTH FINANCE: Fitch Cuts National LongTerm Rating to BB-
FINTREX FINANCE: Fitch Affirms 'B' National LongTerm Rating


X X X X X X X X

[*] BOND PRICING: For the Week July 8, 2019 to July 12, 2019

                           - - - - -


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

AIRXPANDERS INC: Gets Notice of Proposal to Suspend AeroForm Patent
-------------------------------------------------------------------
AirXpanders, Inc. has received a Notice of Proposal to Suspend the
AeroForm Patent Controlled Tissue Expander from the Australian
Register of Therapeutic Goods. Suspension of AeroForm from the
Register would result in the cessation of sales and distribution of
AeroForm in Australia for a period of six months. The Australian
Therapeutic Goods Administration has notified Emergo Australia,
AirXpanders' sponsor in the Australian market, of this Notice.

The Notice is the result of a TGA review of all textured breast
implants included in the Register. The review involved laboratory
testing of relevant breast implants, along with statistical and
clinical analysis concerning the incidence of breast implant
associated anaplastic large cell lymphoma (BIA-ALCL), and the
implants associated with those BIA-ALCL cases. Although the Notice
outlines that there have been no cases of BIA-ALCL associated with
AeroForm, the TGA considers that there are grounds to conclude that
the potential risk of BIA-ALCL associated with the device outweighs
any benefits of the device.

The Notice provides Emergo Australia and AirXpanders with an
opportunity to make submissions in response to the Notice on or
before July 24, 2019. After that date, the TGA will make a
decision on the suspension, which may require the sponsor to recall
the products and remove all remaining products from the market.
Such a recall would only apply to product that is awaiting to be
implanted, and there is not a recommendation to remove implanted
products. It is important to note that the suspension outlined in
the Notice is proposed. No decision has been made by the TGA to
suspend or cancel the entry of AeroForm on the Register at this
time.

"We are very disappointed to see this Notice," stated Frank Grillo,
CEO of AirXpanders. "There have been zero cases of BIA-ALCL
associated with the AeroForm device, which is indicated for
implantation for no more than six months. According to literature
reviews, the median time of implantation of a breast implant and
the onset of BIA-ALCL is eight years. Due to the limited history
of AeroForm in Australia, TGA has preliminarily concluded that any
link between the device and BIA-ALCL is yet to be seen in
Australia.
"We will carefully evaluate the Notice and the accompanying test
reports and literature reviews provided by the TGA," continued Mr.
Grillo. "We believe the AeroForm Tissue Expander is safe,
effective, and provides a level of convenience highly desired by
patients and their surgeons. In addition, due to the much shorter
implantation time, we do not believe a tissue expander should be
evaluated in the same manner as a permanent breast implant."

"Regardless of the outcome of the Notice, AirXpanders continues to
work diligently to bring AeroForm Smooth Shell to the market as
expeditiously as possible. This product will no longer have a
textured shell. We expect FDA clearance in the US shortly, and we
aim to achieve CE mark later this year. We will update the market
as we progress our regulatory clearances for this new product."

                         About AirXpanders

Founded in 2005, AirXpanders, Inc. -- http://www.airxpanders.com/
-- designs, manufactures and markets innovative medical devices to
improve breast reconstruction. The Company's AeroForm Tissue
Expander System is used in patients undergoing two-stage breast
reconstruction following mastectomy. Headquartered in San Jose,
California, AirXpanders' vision is to be the global leader in
reconstructive surgery products and to become the standard of care
in two-stage breast reconstruction. AirXpanders is a publicly
listed company on the Australian Securities Exchange under the
symbol "AXP."

AirXpanders reported net losses of $26.72 million in 2018, $28.98
million in 2017, and $19.42 million in 2016. As of March 31, 2019,
the Company had $18.46 million in total assets, $19.77 million in
total liabilities, and a total stockholders' deficit of $1.30
million.

SingerLewak LLP, in San Jose, California, the Company's auditor
since 2013, issued a "going concern" qualification in its report
daetd Feb. 27, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has incurred net losses and cash flow deficits from
operations since its inception and has an accumulated deficit of
$122.0 million at Dec. 31, 2018. This raises substantial doubt
about the Company's ability to continue as a going concern.


BAY JOINERY: Second Creditors' Meeting Set for July 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Bay Joinery &
Benchtops Pty Ltd has been set for July 19, 2019, at 10:00 a.m. at
Level 1, at 14 Watt Street, in Newcastle, 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 18, 2019, at 4:00 p.m.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of Bay Joinery on June 14, 2019.


ETHIUMLIVE GROUP: First Creditors' Meeting Set for July 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ethiumlive
Group Pty Ltd will be held on July 23, 2019, at 2:30 p.m. at the
offices of Hall Chadwick Chartered Accountants, Level 40, at 2 Park
Street, in Sydney, NSW.

Blair Pleash of Hall Chadwick was appointed as administrator of
Ethiumlive Group on July 11, 2019.


HERITAGE BAY: First Creditors' Meeting Set for July 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Heritage Bay
Pty Ltd, trading as Strathpine Hyperbowl, will be held on July 23,
2019, at 11:00 a.m. at Suite D, at Level 14, at 241 Adelaide
Street, in Brisbane, Queensland.

Thyge Trafford-Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Heritage Bay on July 11, 2019.


J & A LOGISTICS: First Creditors' Meeting Set for July 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of J & A
Logistics Australia Pty Ltd will be held on July 23, 2019, at 11:00
a.m. at the offices of PCI Partners Pty Ltd, Level 8, at 179 Queen
Street, in Melbourne, Victoria.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of J & A
Logistics on July 11, 2019.


LIBERTY SME 2017-1: Moody's Hikes Class F Notes Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings on five classes of
notes issued by two Liberty Series SME ABS.

The affected ratings are as follows:

Liberty Series 2017-1 SME

  Class D Notes, Upgraded to A1 (sf); previously on October 16,
  2018, Upgraded to A2 (sf)

  Class E Notes, Upgraded to Baa2 (sf); previously on October 16,
  2018, Upgraded to Baa3 (sf)

  Class F Notes, Upgraded to Ba2 (sf); previously on September 1,
  2017, Definitive Rating Assigned B1 (sf)

Liberty Series 2018-1 SME

  Class C Notes, Upgraded to Aa2 (sf); previously on August 16,
  2018, Definitive Rating Assigned Aa3 (sf)

  Class D Notes, Upgraded to A2 (sf); previously on August 16,
  2018, Definitive Rating Assigned A3 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement from note subordination and the replenishing and
non-amortizing Guarantee Fee Reserve Account available for the
affected notes.

Sequential amortization of the notes since closing led to the
increase in note subordination.

In both transactions, the Guarantee Fee Reserve Account has been
fully funded since closing. It can be used to cover charge-offs
against the notes and liquidity shortfalls that remain uncovered
after drawing on the liquidity facility.

In addition, the transaction portfolios have been performing within
Moody's expectations since closing.

Liberty Series 2017-1 SME

The note subordination available for the Class D, Class E and Class
F notes has increased to 10.2%, 6.8% and 4.1% from 9.0% and 6.0% as
of the last rating action in October 2018 for the Class D and Class
E notes and 3.0% since closing for the Class F notes. The Guarantee
Fee Reserve Account, fully funded at AUD2.5 million, provides
additional credit support of 0.7% of the current note balance.

As of May 2019, 0.9% of the outstanding pool was 30-plus day
delinquent, and 0.6% was 90-plus day delinquent. The deal has
incurred no losses to date. The scheduled loan to value ratio of
the pool remain unchanged at 62.2% compared to the last rating
action in October 2018. The proportion of bullet loans, which rely
on either refinancing or sale of the underlying property to repay
the loan at maturity, has decreased to 12.1% from 13.4% as of the
last rating action.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 2.9% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent loans.

Liberty Series 2018-1 SME

Since closing, the note subordination available for the Class C and
Class D notes has increased to 11.6% and 8.3% from 10.5% and 7.5%,
respectively. The Guarantee Fee Reserve Account, fully funded at
AUD2.25 million, provides additional credit support of 0.6% of the
current note balance.

As of May 2019, 1.1% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The deal has
incurred no losses to date. The scheduled loan to value ratio of
the pool was 62.6% compared to 62.4% at the time of closing. The
proportion of bullet loans, which rely on either refinancing or
sale of the underlying property to repay the loan at maturity, has
decreased to 16.8% from 19.8%.

Moody's has maintained its expected loss for this transaction at
2.7% as a percentage of the original pool balance.

The transactions are securitisations of loans to self-managed
superfunds, small-to-medium enterprises and individuals, originated
by Liberty Financial Pty Limited, a large Australian non-bank
lender. The loans are secured by residential or commercial
properties, or a mix of both. A portion of the portfolio consists
of loans extended to borrowers with impaired credit histories or
made on a limited documentation basis, or no documentation basis.

Due to the mixed nature of the pools, Moody's categorised the
portfolios into separate residential loan and SME sub-pools in its
analysis.

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in June 2019, and
"Moody's Global Approach to Rating SME Balance Sheet
Securitizations" published in July 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.

MELDED FABRICS: Second Creditors' Meeting Set for July 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Melded Fabrics
Australia Pty Ltd has been set for July 22, 2019, at 2:00 p.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Level 10, at
550 Bourke Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 19, 2019, at 4:00 p.m.

Neil Robert Cussen and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Melded Fabrics on June 17,
2019.


PACIFIC BLUE: Second Creditors' Meeting Set for July 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Pacific Blue
Cruisecat Pty Ltd has been set for July 19, 2019, at 2:00 p.m. at
Level 9, at 123 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2019, at 5:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Pacific Blue on June
15, 2019.


PICTON PRESS: Administrators Seek to Wind Up Firm, Terminate DOCA
-----------------------------------------------------------------
Sheree Young at ProPrint reports that Picton Press is again facing
wind up action, this time from the administrators that designed a
controversial Deed of Company Arrangement that allowed the indebted
business to continue to trade.

The directors of Picton Press put the business in voluntary
administration in May 2018 with AUD9 million debts, including
AUD3.5 million to unsecured creditors, AUD1.3 million in tax and
AUD660,000 in outstanding staff pay and superannuation, according
to ProPrint.

ProPrint relates that Cor Cordis liquidator Jeremy Nipps was
appointed as administrator with creditors ultimately voting in
favor of his Deed of Company Arrangement (DOCA) that meant
unsecured creditors owed less than AUD10,000 would receive full
payment and those exceeding that, including the Australian Tax
Office and paper suppliers, would get just one to two cents in the
dollar.

It also meant 30 employees would continue to have jobs, the report
says.

ProPrint notes that the DOCA was voted on in November 2018 with the
first AUD205,000 instalment of creditors money paid into a trust
account four weeks after the vote. A further AUD275,000 was due to
be paid into the trust account on November 28, 2019, a year after
the agreement was reached.

The first instalment was paid but wind up action that was then
launched the ATO meant the money could not be transferred to
creditors effectively putting the whole process on hold. That case
is now in a process of adjournments with no resolution yet found,
ProPrint states.

Now in the latest twist and marking a change in direction, Mr.
Nipps has lodged wind up action against Picton and is seeking to
have the DOCA terminated with a creditors meeting scheduled for
July 22, 2019.

According to ProPrint, an administrators report will be considered
at the meeting with other resolutions to be voted on including
winding up the business, liquidator remuneration and approval that
once the business is wound up and after ASIC approval all company
records can be destroyed.

Mr. Nipps was unable to go into the exact details of the situation
until after the first creditors meeting but said the delays caused
by the ATO legal action had not helped the situation, the report
relays.

"I will discuss the reasons in further detail with creditors at the
meeting," Mr. Nipps told ProPrint.

"It wasn't expected but the process has taken a long time.

"The DOCA was to give the directors a mechanism to allow them to
have a financial reset but they weren't able to really do that
properly because of the action that was being taken by the ATO.
Having that in the background hasn't really helped."


SBC HOLDINGS: Second Creditors' Meeting Set for July 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of SBC Holdings
Pty Ltd has been set for July 23, 2019, at 11:00 a.m. at the
offices of Chartered Accountants Australia & New Zealand, Level 1,
Fraser Room, 33 Erskine Street, Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 22, 2019, at 4:00 p.m.

Patrick Loi of Greengate Advisory was appointed as administrator of
SBC Holdings on June 21, 2019.


SYN DYNAMICS: First Creditors' Meeting Set for July 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Syn Dynamics
Australia Pty Ltd will be held on July 24, 2019, at 2:30 p.m. at
the offices of William Buck, Level 29, at 66 Goulburn Street, in
Sydney, NSW.

Robert Whitton and Sean Wengel of William Buck were appointed as
administrators of Syn Dynamics on July 12, 2019.




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

ANBANG INSURANCE: Watchdog Hands Units to Dajia Insurance
---------------------------------------------------------
Wu Yujian and Guo Yingzhe at Caixin Global report that China's
insurance regulator on July 11 said the newly created Dajia
Insurance Group will take over several of Anbang Insurance Group
Co. Ltd.'s subsidiaries, the latest move in restructuring the
fallen financial star since it was seized by the government.

According to Caixin, the China Banking and Insurance Regulatory
Commission (CBIRC) said in a statement that Dajia will receive
Anbang's stakes in its life insurance, annuity insurance and asset
management subsidiaries, and some of the assets of its property and
casualty insurance unit.

Anbang will be barred from getting into new insurance businesses
after its subsidiaries are given to Dajia, though it will still be
in charge of its existing insurance contracts, the report says.

A ceremony was held on July 11 at Anbang's Beijing headquarters,
during which the logo on the building, which said "Anbang Insurance
Group" in Chinese, was replaced with one reading "Dajia Insurance
Group," according to Caixin.

Established on June 25, Dajia has around CNY20.4 billion (US$3
billion) of registered capital, provided by China Insurance
Security Fund Co. Ltd. (CISFC), as well as the state-owned Shanghai
Automotive Industry (Group) Corp. and state-owned oil giant China
Petrochemical Corp.

CISFC, the state-owned bailout fund that is now the controlling
shareholder of Anbang, holds 98.2% of Dajia, the report discloses.

Founded in 2008 by the Ministry of Finance, CISFC injected CNY60.8
billion into Anbang in April 2018, two months after the
government's takeover of the company, Caixin recalls.

The government team that took over Anbang will push Dajia to get
involved in Anbang's restructuring and solicit qualified strategic
investors for the company, the regulator's statement said. Anbang
will remain a private company after the restructuring, the
regulator said, Caixin relays.

So far, Anbang has disposed of, or is in the process of disposing
of, more than CNY1 trillion of assets, CBIRC Vice Chairman Liang
Tao said at a press briefing last week, according to Caixin.

According to documents on the website of the National Enterprise
Credit Information Publicity System, the legal representative of
Dajia is He Xiaofeng, leader of the Anbang takeover group, Caixin
discloses.

Dajia's general manager will be Xu Jinghui, a deputy leader of the
takeover group and former chairman of China Pacific Life Insurance
Co. Ltd., Caixin relates citing sources close to Dajia.

                       About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on  Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.


CHINA OIL: S&P Assigns 'BB' Rating on New USD Unsecured Notes
-------------------------------------------------------------
S&P Global Ratings assigned a 'BB' long-term rating to a proposed
issue of U.S. dollar-denominated senior unsecured notes by China
Oil and Gas Group Ltd. (COGG; BB/Stable/--). The ratings on the
notes are subject to S&P's review of the final issuance
documentation. The issuer intends to use the net proceeds for
repayment of its existing offshore debt and general corporate
purposes.

S&P said, "We equalize the issue rating with the issuer credit
rating on COGG because we do not see material subordination risk in
the capital structure. As of Dec. 31, 2018, COGG's secured debt
ratio and priority debt ratio were 3.6% and 23.2%, respectively,
both below our notching-down threshold of 50%. This also reflects
the fact that the proposed debt is not contractually subordinated.

"The stable outlook on COGG reflects our expectation that the
China-based company will continue its satisfactory gas sales growth
and stable capital expenditure over the next 12-18 months. This
will offset the declining profit margin and result in the ratio of
funds from operations to debt staying between 19% and 21% in
2019-2020.

"In our view, COGG's gas sales volume and revenue will grow at a
pace in the low-teens annually over the next two years benefiting
from the Chinese central government's continuous push for clean
energy. That said, the improvement in COGG's revenue may be
moderated by the pressure on the company's dollar margin and
connection fees in the coming years. The company reduced its
exposure to low-margin gas sales volume in Qinghai province, but
its margin was moderated by exposure to other low-margin provinces
such as Shanxi, Guizhou, Gansu, and Zhejiang."


FANTASIA HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
Fantasia Holdings Group Co. Ltd. (B/Stable/--). Fantasia will use
the proceeds to refinance existing debt, including its outstanding
offshore senior notes due in January 2020. The issue rating is
subject to S&P's review of the final issuance documentation.

S&P rates the notes the same as the long-term issuer credit rating,
despite Fantasia's priority debt ratio being above its notching
threshold of 50% at the end of 2018. This is because S&P expects
the ratio to fall within the threshold, after being temporarily
above, as the company will likely continue its record of using high
unsecured borrowing offshore. Fantasia has issued unsecured
offshore senior notes and "dim sum" bonds equivalent to a total of
Chinese renminbi (RMB) 3 billion since the beginning of the year.

As of Dec. 31, 2018 without considering its year-to-date unsecured
issuance, Fantasia's capital structure consisted of about RMB19
billion in secured debt and RMB24 billion in unsecured debt. RMB5.9
billion of the unsecured debt were onshore bonds issued by the
company's subsidiary.

The stable outlook on Fantasia reflects S&P's view that the
company's financial leverage will moderately improve over the next
12 months, as shown in a ratio of debt-to-EBITDA of about 9x, from
10.1x in 2018. S&P also expects the company to gradually improve
its capital structure by increasing longer-term debt and managing
its large offshore maturities in 2020 and 2021.


HONGQIAO GROUP: Fitch Gives BB-(EXP) Rating to USD Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned aluminium manufacturer China Hongqiao
Group Limited's (Hongqiao; BB-/Stable) proposed US dollar senior
unsecured notes an expected 'BB-(EXP)' rating.

The notes are rated at the same level as Hongqiao's senior
unsecured debt as they represent unsecured and unsubordinated
obligations of the company. The final rating on the proposed notes
is contingent upon the receipt of documents conforming to
information already received.

Net proceeds from the issue will mainly be used for refinancing
existing debt and general corporate purposes.

KEY RATING DRIVERS

Leading Producer, Stable Capacity: Fitch expects Hongqiao's total
primary aluminium smelting capacity and production to remain stable
at around 6.5 million tonnes per year as its current capacity is
legal and compliant with the latest government policies. The
company has retained its domestic market share of around 15% and
remains one of the largest aluminium smelters in the world.
Hongqiao's size allows it to enjoy large economies of scale, making
it one of the most profitable aluminium smelters in China.

Lower Margins: Hongqiao's EBITDA margin narrowed to 22% in 2018
from 25% in 2017, driven by weaker aluminium prices and rising
input costs. Fitch expects Hongqiao's EBITDA margin to remain at
around 20% over 2019-2020, supported by forecasts for stable
aluminium prices and lower coal prices. Hongqiao's profitability
should remain well ahead of that of other domestic aluminium
smelters due to its scale and high levels of input self-sufficiency
as Hongqiao is 100% self-sufficient in alumina production and also
has access to overseas bauxite resources in Guinea.

Positive FCF, Lower Leverage: Hongqiao's net leverage dropped to
2.1x in 2018 from around 2.3x in 2017 and 3.9x in 2016 on the back
of strong free cash flow (FCF) generation, which was used to pay
down debt. Fitch expects Hongqiao's net leverage to remain around
2.0x between 2019-2021 as Fitch forcasts the company will continue
to post positive FCF, driven by strong funds from operations (FFO)
in its core aluminium business and limited capex despite higher
dividend payouts.

Surcharge Risk Weighs on Profitability: Fitch expects Hongqiao's
aluminium profitability to decrease if the company has to start
paying power surcharges to the government (such as a renewable
energy surcharge and cross-subsidies) for electricity generated by
its captive power plants.

Its sensitivity analysis shows that a CNY0.029/kWh and
CNY0.0504/kWh increase in power tariffs could reduce the company's
aluminium gross profit per tonne by as much as CNY370 and CNY650,
respectively (2019 forecast gross profit per tonne: CNY2,200).
Hongqiao's net leverage could increase to 3.0x in 2020 and 2021 if
both surcharges are applied, although there is little clarity over
the government's plans for the surcharges.

DERIVATION SUMMARY

Hongqiao has a less sophisticated range of products than Alcoa
Corporation (BB+/Stable), but it maintains higher margins due to
the scale and efficiency of its core aluminium smelting business.
However, Hongqiao's net leverage remains higher than that of Alcoa,
even after the deleveraging in 2018.


KEY ASSUMPTIONS

  - Aluminium capacity to remain at 6.5 million tonnes

  - Capex of CNY3 billion a year between 2019 and 2021

  - 50% dividend payout ratio

RATING SENSITIVITIES

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

  - Longer record of consistent financial reporting and adequate
internal controls.

  - FFO net leverage sustained below 2.0x

  - Greater clarity on the regulatory implications surrounding
Hongqiao's unpaid power tariffs or potential imposition of power
surcharges, which will not result in any negative impact on the
company's financial metrics.

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

  - Further delays in financial reporting or evidence of weak
internal controls

  - FFO net leverage above 3.5x on a sustained basis

  - Further capacity shutdowns or significant deterioration of
market position

  - Significant increase in power surcharges paid or substantial
payment of previously unpaid tariffs.

LIQUIDITY AND DEBT STRUCTURE

Hongqiao had around CNY46 billion in cash as of end-2018, which was
adequate to cover its short-term debt of around CNY28 billion.

MEINIAN ONEHEALTH: Moody's Reviews Ba2 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service placed on review for downgrade the Ba2
corporate family rating of Meinian Onehealth Healthcare Holdings
Co., Ltd., and the Ba2 senior unsecured rating on the bonds issued
by Mei Nian Investment Limited and guaranteed by Meinian
Onehealth.

The rating outlook for both Meinian Onehealth and Mei Nian
Investment Limited is changed to review for downgrade from stable.

RATINGS RATIONALE

"The review for downgrade reflects our concern over Meinian
Onehealth's earnings trend in 1H 2019, which was below our earlier
expectation," says Shawn Xiong, a Moody's Assistant Vice President
and Analyst.

Moody's review follows Meinian Onehealth's announcement on July 10
that it expects its 1H 2019 net profit to decline by 60%-90%
year-on-year, which in turn will likely result in both its revenue
and earnings dropping to levels below Moody's expectations over the
next 12-18 months.

The company attributes the significant decline in its net profit to
greater investments to improve service quality and the customer
experience, and to higher expenses related to training and
compensation of medical staff.

In addition, medical center utilization has declined following the
introduction by the company -- in an effort to improve the customer
experience -- of an appointment-based customer service system that
controls the number of customer visits per medical center.

"The company's weaker earnings will also pressure EBITDA generation
and its ability to address investment needs, as well as weaken its
liquidity and leverage positions, which in turn will pressure its
ratings," adds Xiong, also Moody's Lead Analyst for Meinian
Onehealth.

Meinian Onehealth is a leading player in China's growing private
medical examination sector, supported by the company's long
operating history.

The company has access to diversified funding sources, including
bank borrowings and the equity markets, and the onshore and
offshore bond markets. On June 14, the company announced it had
obtained regulatory approval for an A share private placement.

Moody's review will focus on Meinian Onehealth's: (1) business plan
and strategy in light of its increased focus on service quality and
the customer experience; (2) plans to improve its profit margins
and ability to achieve sustained cash flow generation; (3) business
targets and its resulting financial profile over the next 12-18
months; and (4) successful completion of its planned equity raising
and the company's ongoing liquidity position. Additionally, Moody's
will review the company's funding requirements and its plans to
meet its investment needs.

Meinian Onehealth's ratings also consider the following
environmental, social and governance (ESG) factors.

Firstly, Meinian Onehealth operates in the highly regulated
healthcare services industry. A failure to comply with relevant
regulations, or changes in government policies or regulations,
could have an adverse impact on its operations.

Secondly, Meinian Onehealth ownership is concentrated in a small
number of shareholders, who have pledged a high ratio of their
shares. This situation is partially mitigated by Meinian
Onehealth's status as a listed and regulated entity.

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

Headquartered in Shanghai, Meinian Onehealth Healthcare Holdings
Co., Ltd. is a leading Chinese preventive healthcare solutions
provider that offers medical examinations and other services. At
December 31, 2018, it operated 256 consolidated medical centers.


SHANDONG RUYI: Moody's Affirms B2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Shandong Ruyi Technology
Group Co., Ltd.'s B2 corporate family rating (CFR) and the B3
rating on the senior unsecured notes issued by Prime Bloom Holdings
Limited and guaranteed by Shandong Ruyi.

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

RATINGS RATIONALE

"The negative outlook reflects our concern over Shandong Ruyi's
deleveraging trends because of its high growth strategy and strong
acquisitive appetite," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer. "The company's growth and acquisition
strategies lead to higher business investments needs in the medium
term."

Moody's expects Shandong Ruyi's debt leverage, as measured by
adjusted debt/EBITDA, to recover to 7.0x-7.5x over the next 12-18
months from 8.5x in 2018, driven by improved EBITDA and partially
offset by an increase in debt to support its investments and
working capital needs. However, such deleveraging is slower than
Moody's had earlier expected and high for its B2 CFR.

Shandong Ruyi's profitability will likely remain under pressure,
with adjusted EBITDA margins reaching 12.5%-13.0%. While such
margins are an improvement from 12.1% in 2018, they remain lower
than the 14.4% in 2017, because of the company's high expenses to
support its high growth strategy in its new retail stores, the
online platforms of its textile and apparel businesses in China,
and newly acquired businesses.

Moody's projects that Shandong Ruyi's revenue will grow 11% in 2019
and 10% in 2020, mainly driven by (1) growth in the textile
business, because of increased production capacity, with more
advanced technology and increased capacity utilization; and (2)
sales growth from the apparel business, particularly through store
expansions and the same store sale growth of its subsidiary, SMCP
Group.

Shandong Ruyi's deleveraging is constrained by the company's and
its parent company's strong appetite for acquisitions. Such a
situation increases financial risks related to further capital
investments by Shandong Ruyi.

"The affirmation of Shandong Ruyi's B2 CFR reflects our expectation
that the company's refinancing risks remain largely manageable,
despite weak liquidity, and that its business profile will stay
solid," adds Lu.

Shandong Ruyi's liquidity remains weak, because of maturities due
in 2019, including domestic bonds totaling RMB2.7 billion maturing
and puttable in 2019 and USD345 million (RMB2.3 billion) due in
December 2019.

At the end of 2018, Shandong Ruyi's cash, including pledged
deposits of RMB9.0 billion and Moody's forecast of cash flow from
operations of RMB2.1 billion for the next 12 months, was
insufficient to cover its maturing debt of RMB13.3 billion, bills
payable of RMB4.9 billion, and estimated maintenance capital
spending of RMB100 million over the same period.

Nevertheless, Moody's believes the company's refinancing risks are
manageable, because its weak liquidity is partially mitigated by
its strong domestic banking relationships, owing to its long
operating track record and strategic shareholder, Yinchuan Finance
Holding Company Limited, a state-owned enterprise which owns 26% of
Shandong Ruyi.

Shandong Ruyi also has good access to the equity capital markets
and onshore and offshore bond financing. In March 2019, Shandong
Ruyi issued domestic medium-term notes of RMB1 billion.

The company has alternative assets which could be monetized to
address the near-term maturities in case of need. These sources
include power assets in Pakistan, newly acquired commercial
buildings in Jining, Shandong, and equity stakes in its three
listed subsidiaries.

Moody's will closely monitor the key developments of Shandong
Ruyi's refinancing plans. Signs of failure in executing its
refinancing plans could pressure the company's ratings.

From an environmental, social and governance perspective, Moody's
has made the assessments, which are incorporated into Shandong
Ruyi's B2 CFR.

Firstly, Shandong Ruyi's financial strategy is acquisitive, as
reflected in its moderate financial profile and reliance on
short-term borrowings.

Secondly, Shandong Ruyi is a privately-owned company with
concentrated ownership. The parent company, which owns a 53.5%
stake in Shandong Ruyi, is a privately-owned company with low
transparency. This situation is partially mitigated by Shandong
Ruyi's track record of a prudent dividend policy and limited
related-party transactions.

Thirdly, Shandong Ruyi's textile manufacturing businesses, which
represented 22% of total revenues in 2018, show environment risk
exposures that are partially offset by the use of more advanced
equipment.

Shandong Ruyi's B2 CFR reflects the company's established track
record of operating an integrated textile manufacturing business
with a global sales network. The rating also highlights Shandong
Ruyi's growing retail sale of apparel amid a global brand
portfolio.

At the same time, Shandong Ruyi's CFR is constrained by its strong
appetite for acquisitions, the high financial risk resulting from
its debt-funded growth, and weak liquidity position. The rating is
also constrained by its weak transparency and the strong
acquisitive appetite of its parent company, although such a
situation is partially mitigated by Shandong Ruyi's track record of
a prudent dividend policy and limited related-party transactions.

Shandong Ruyi's ratings outlook could return to stable if it (1)
maintains a track record of disciplined acquisitions and
investments, and (2) improves its liquidity management and debt
leverage. The indicators of a possible change of the outlook to
stable include adjusted debt/EBITDA below 6.5x-7.0x on a sustained
basis.

Shandong Ruyi's ratings could face downward pressure if (1) the
company takes on further debt-funded expansions or acquisitions,
such that its credit metrics weaken; in particular, if adjusted
debt/EBITDA exceeds 7.5x on a sustained basis; or (2) its liquidity
position deteriorates.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is a
vertically integrated textile company that engages in textile
manufacturing and trading, apparel manufacturing and retailing, and
cotton and wool production.

Shandong Ruyi's largest shareholder is Shandong Ruyi International
Fashion Industry Investment Holding Company Limited. Other key
shareholders include Yinchuan Finance Holding Company Limited and
ITOCHU Corporation (A3 stable).

The company has three listed subsidiaries: the Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd., the
Tokyo Stock Exchange-listed Renown Incorporated and the Euronext
Paris-listed SMCP Group.


SHANGHAI KUAILU: Court Upholds Ruling on Life Sentence for Execs
----------------------------------------------------------------
Zhu Liangtao, Jiang Fei and Timmy Shen at Caixin Global report that
a Shanghai court has dismissed an appeal and sustained the original
ruling of a fraud case against Shanghai Kuailu Investment Group Co.
Ltd., a once high-profile company involved in peer-to-peer (P2P)
lending, which had illegally raised tens of billions of yuan.

Shanghai Kuailu Investment Group Co. Ltd., along with two
affiliated companies, and 15 defendants were convicted of
fraudulent fundraising or illegal fundraising or both, Caixin
relates citing final ruling made by the Shanghai High People's
Court on July 9.

Kuailu, along with its affiliates, illegally raised more than
CNY43.4 billion (US$6.3 billion) from the public, causing 40,000
people to take financial losses, the court said, Caixin relays.

According to Caixin, Huang Jialiu and Wei Yanping, two former
Kuailu executives, were each sentenced to life in prison. Former
Chairman Xu Qi was fined and sentenced to 13 years in jail. The
rest of the defendants were fined and sentenced to at least nine
years behind bars.

Shi Jianxiang, the actual controller of Kuailu who fled China in
2016 and is still on the run, will be dealt with in a separate
case, the report states.

Kuailu was financially crippled in early 2014, Caixin recalls.
Between March 2014 and April 2016, a microlender backed by Kuailu
fabricated large amounts of claims, which were guaranteed by
another Kuailu affiliate, prosecutors said. Then the guaranteed
claims were packed into various wealth management products and sold
to the public through Kuailu and its affiliates, Caixin relates
citing court documents.

Prosecutors said Kuailu and its affiliates, without any regulatory
permit or registration, lured investors with the promise of high
returns, adds Caixin.


WEST CHINA CEMENT: Fitch Alters Outlook on BB- LT IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed West China Cement Limited's Long-Term
Issuer Default Rating and senior unsecured rating at 'BB-'. The
Outlook on the IDR is revised to Positive from Stable.

The Positive Outlook reflects Fitch's expectation that WCC will
continue to deleverage over 2019-2022 as Fitch expects the cement
market's fundamentals to remain solid. The affirmation reflects
WCC's stable business and financial profiles, which are underpinned
by its strong position in the domestic market and reduced capex.

KEY RATING DRIVERS

Improving Profitability on Higher ASP: WCC's operating EBITDA
margin has been increasing since 2015. The improvement in 2017 and
2018 was driven by a higher average selling price (ASP) due to
better market fundamentals as a result of supply-side reforms and
strong demand in China's Shaanxi province. WCC's gross profit per
tonne of its cement products surged to CNY109 in 2018 from CNY62 in
2017 as the ASP rose 30% to CNY325/tonne in 2018. Consequently,
WCC's consolidated operating EBITDA margin widened to 40.3% in 2018
from 35.0% in 2017.

Fitch expects WCC's operating EBITDA margin to continue to increase
in 2019 to around 41.8%, driven by a higher ASP, and it should
remain between 37%-41% in the next two to three years. The stable
EBITDA margins are driven by strong demand in the Shaanxi region
due to continued infrastructure spending and structural
improvements in China's cement market that limit new cement
capacity.

FCF Generation, Lower Leverage: WCC generated CNY1.39 billion of
FCF in 2018, and Fitch expects the company to continue to generate
FCF as a result of strong EBITDA and limited capex commitments.
Fitch expects WCC's annual capex in 2019-2022 to be CNY0.8
billion-1.5 billion, mainly for capacity replacement projects in
Shaanxi and Xinjiang. As a result, Fitch expects the company's FFO
adjusted net leverage to remain below 1x in 2019-2020 (end-2018:
1.0x).

Strong Domestic Market Position: WCC has a total cement production
capacity of 29.2 million tonnes per annum, close to 80% of which is
in Shaanxi province, where it is a dominant player in the southern
region. The company is among the three largest producers in central
Shaanxi. The province's economic growth remains strong with gross
regional product increasing by 11.6% in 2018 (2017: 8.0%).

Conch Shareholding Beneficial: Fitch expects the continued
collaboration between WCC and Anhui Conch Cement Company Limited
(Conch, A/Stable) to help WCC to further improve its operating
efficiency and strengthen its market position in Shaanxi. Conch has
helped WCC to reduce raw material prices and boost profitability.
They have collaborated on creating more stable market supply and
higher pricing discipline in Shaanxi and nearby regions. Conch is
WCC's second-largest shareholder, with a 21.11% stake, and has two
non-executive directors on WCC's eight-member board.

DERIVATION SUMMARY

WCC is smaller than CEMEX, S.A.B. de C.V. (BB/Stable) and China
Hongqiao Group Limited (BB-/Stable) in terms of EBITDA generation.
Hongqiao and WCC both have a strong domestic market positions, but
CEMEX has stronger geographic diversification. CEMEX has more
diverse offerings as it has some niche products while WCC mainly
sells commoditised cement products. WCC maintains higher margins
due to the efficiency of its core cement business. WCC has
continued to deleverage since 2016, with its net leverage lower
than that of both CEMEX and Hongqiao.

KEY ASSUMPTIONS

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

  - WCC's sales volume of cement to increase by 5% annually in 2019
and 2021 and remain flat in 2020 and 2022. For its new aggregate
business, Fitch assumes 1 million tonnes of sales volume in 2019
and the same annual amount thereafter.

  - The ASP for cement to increase 3% yoy in 2019 and decrease 3%
yoy in 2020 and beyond. For aggregates, the ASP at CNY35/tonne in
2019 and beyond.

  - Cement's cost of goods sold per tonne to remain around CNY212
for 2019-2022.

  - Fitch expects gross profit margin of 37%-42% for 2019-2022.

  - Capex of CNY1 billion in 2019 and 2021, CNY1.5billion in 2020
and CNY0.8 billion in 2022.

  - No major M&A in 2019 and beyond.

  - Maintain dividend payout ratio of around 25%

RATING SENSITIVITIES

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

  - FFO adjusted net leverage sustained below 1.0x

  - Successful refinancing of upcoming bond due in 2019

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

  - Failure to achieve upgrade sensitivities over the next 12
months could result in a return to a Stable Outlook.

  - Material earnings disruption or sizable increase in financial
leverage could result in a return to a Stable Outlook or place
downward pressure on ratings.

LIQUIDITY

As of end-2018, WCC had total available cash of CNY886 million and
unused banking facilities of CNY500 million and positive FCF of
CNY1,385 million. This compared with short-term debt of CNY3,051
million, most of which is its US dollar bond due in September
2019.

WCC issued three-year medium-term notes with principal amount of
CNY500 million in May 2019. The proceeds from the note issuance
will be used for debt repayment. In June 2019, WCC redeemed USD120
million of the 2019 notes, which left USD200 million of the 2019
notes outstanding.


ZHONGRONG INTERNATIONAL: S&P Affirms 'BB-/B' ICRs, Outlook Negative
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term
issuer credit ratings on Zhongrong International Holdings Ltd.
(ZRH). The outlook is negative. In addition, S&P affirmed the 'BB-'
long-term issue rating on the senior unsecured notes that ZRH
guarantees. S&P removed all ratings from CreditWatch, where they
were originally placed with negative implications on April 18,
2019.

S&P said, "The negative outlook reflects our belief the linkages
with ZRH's parent Zhongrong International Trust Co. Ltd. (Zhongrong
Trust) are weakening, and may undermine the potential for
extraordinary parental support. We took the ratings off CreditWatch
because the company has repaid its debts due in 2019 and 2020,
largely mitigating near-term liquidity risks.

"We consider ZRH as a finance company because of its
investment-driven financials, which largely consist of securities
and loans. In our view, the company has low capitalization to
weather pricing fluctuations in tradable bonds. It also has limited
buffers to deal with highly leveraged counterparty repayment risk,
particularly considering the high concentration in the overall loan
book.

"ZRH's business model is carry-trade driven, which shores up its
income-generating abilities. Our assessment of extraordinary group
support is based on the link with the parent's core asset
management business. As of Dec. 31, 2018, this is still
underdeveloped at 2% of ZRH's revenues, although senior management
is committed to develop this further with additional staff and
other allocated resources. This commitment supports ZRH's current
highly strategic subsidiary status.

"In our view, ZRH's stand-alone creditworthiness is vulnerable, and
dependent upon favorable external factors to meet its financial
commitments. The company's profitability is thin and sensitive to
market movements and credit risks. As a result of ZRH's
underwhelming performance in recent years, capital accumulation has
been insufficient to build adequate risk buffers.

"We view ZRH's loss-absorbing capacity as low despite its recent
deleveraging efforts. This is also attributable to slower capital
injections from its parent than we expected; the last was Chinese
renminbi (RMB) 100 million in the second quarter of this year." In
addition, net profit significantly declined by 65% in 2018 due to
the unfavorable market conditions that also affected its clients. A
significant reduction of its equity attributable to owners below
RMB10 million may trigger the financial covenant on the guaranteed
notes.

In recent weeks, ZRH repaid its guaranteed notes due in June 2019
and also prepaid the guaranteed notes due in June 2020. This was
largely achieved through an exchange offer with two anchor
investors and an offshore bank loan guaranteed by its onshore
parent. This pushed the next possible major repayment date to May
20, 2021, the puttable date under the recently issued bond.

S&P said, "The negative outlook reflects our view that the
likelihood of parental support is under pressure. It also reflects
the company's high leverage and low risk buffers to absorb market
and credit shocks from its highly concentrated loan portfolio over
the next 12-24 months.

"We could downgrade ZRH if we assess it to be a strategically
important subsidiary, rather than the current highly strategic
status." This could happen if:

-- The development of its asset management business is below
expectation;

-- Persistently low profits or delayed capital injections mean
risk buffers are not commensurate with its on-balance-sheet
exposures; or

-- Financial support from the parent is not direct and it is
unclear when needed. We expect a sufficient time buffer and
contingency plans when dealing with such issues should they arise,
particularly if liquidity or capitalization is concerned.

Any downgrade related to weakening group support is likely to be by
one notch, assuming no substantial improvement for ZRH. However
this could be greater if coupled with ZRH's worsened stand-alone
creditworthiness, such as if the company faces an acute liquidity
risk.

S&P said, "We may revise the outlook to stable if ZRH continues to
demonstrate features of a highly strategic subsidiary of Zhongrong
Trust. This would be indicated by increased alignment with the
parent's asset management business strategy; at the samw time, ZRH
would show a reasonable risk appetite, increased capitalization,
and sustainably higher profitability.

"We could also revise the outlook to stable if, in our view, the
company does not depend upon favorable business, financial, and
economic conditions to meet its financial commitments; and it has
substantially lower concentration risk in its investment
portfolio."




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

A.M. DISTRIBUTORS: CARE Cuts Rating on INR5.44cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
A.M. Distributors (AMD), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      5.44        CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB-; Stable
                                   on the basis of best available
                                   information

   Short term Bank     10.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4 on the
                                   Basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AMD to monitor the rating
vide e-mail communications/letters dated May 10, 2019, June 10,
2019, June 21, 2019, June 24, 2019 and June 25, 2019 and numerous
phone calls. However,
despite CARE's  repeated requests, the company has not provided
the requisite information for monitoring the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
A.M. Distributors 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 rating.

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of A.M.
Distributors takes into account ongoing delays in servicing the
interest in term loan facility.

Key Rating Weakness

Ongoing delays in servicing interest: AMD has been facing liquidity
issues from past few months, due to which the firm is unable to
service the interest obligation on term loan facility. There are
on-going delays in servicing of interest and bills for over two
months and over-drawls since July 2018.

Constitution of a partnership concern with the risk of withdrawal
of capital: The firm was established as a partnership concern and
the risk of withdrawal of partner's capital prevails. There is
parity between the existence of the firm and the life of the
partners.

Highly fragmented and competitive business segment due to presence
of numerous players: The firm is into a fragmented business segment
and competitive industry. The market consists of several small to
medium-sized firms that compete with each other along with several
large enterprises. There are several small sized firms in and
around Kerala which compete with AMD.

Key Rating Strengths

Experienced partners in auto component industry: Mr. M. Mohammed
Basheer and Mr. N. Abuty are the Managing partners of the firm and
looks after the day-to-day operations. Both the partners have more
than one decade of experience in dealing of car accessories. The
experience of the partners in the car accessories segment is
expected to benefit the firm at large.

Growing demand for car accessories in India: The auto components
sector has been observing robust growth, and turnover is
anticipated to reach US$ 200 billion by FY26 from US$ 43.5 billion
in FY18. Turnover of auto-components industry is expected to grow
to US$ 47-49 billion in FY18. India's exports of auto components
could account for as much as 26 per cent of the market by 2021.

A.M. Distributors (AMD) was established as a partnership firm by
Mr. M. Mohammed Basheer and Mr. N. Abuty in 2005 with a profit
sharing ratio of 50:50. Later in 2011, the partnership was
reconstituted among Mr. M. Mohammed Basheer, Mr. N. Abuty, Ms.
Rajeena, Ms. C.P. Fousiyabi and Mr. Faheem Nellamcheri with profit
sharing ratio of 25:15:25:15:20 respectively. AMD is working as an
authorised dealer in sale of car accessories for the supplier
namely Pioneer India Electronics (P) Ltd., Harmon International
Industries, Focal etc. The firm purchases speaker, home theatre
etc. from the supplier and sells them on wholesale basis to retail
shops in Kerala. The firm is also engaged in providing car related
services like wheel alignment, wheel balancing, nitrogen filling
etc. The firm owns a show room at Edapally in Ernakulam (Kerala)
with a storage capacity of car accessories worth INR2.50 crore. AMD
has a registered office at Palarivattom in Cochin, Kerala.


ALBA ASIA: CARE Keeps C Rating on INR20cr Loan in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ALBA Asia
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      20.00       CARE C; Issuer not
   Facilities-                     cooperating
   Term Loan           

Detailed Rationale & Key Rating Drivers

CARE had vide its Press Release dated January 22, 2018 had placed
the ratings of AAPL under the 'Issuer Not Cooperating' category as
AAPL had failed to provide information for monitoring the rating
and had not paid the surveillance fees as agreed to in its Rating
Agreement. AAPL continues to remain non-cooperative despite request
for submission of information for rating vide e-mail communications
dated May 29, 2019 and June 3, 2019. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the
extant SEBI guidelines CARE has reviewed the rating on the basis of
the best available information which however in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account the weak financial health and
reliance on promoter for funds and the risk associated with
greenfield projects.

Detailed Description of Key Rating Drivers

At the time of last rating on January 31, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experience of the promoter group in handling port operations: AAPL
is a Joint Venture between ABG Infralogistics Limited (ABG infra)
(through its wholly-owned subsidiary, ABG Ports Pvt. Ltd.) and
Louis Dreyfus Armateurs (LDA), France, holding 51% and 49% stake
respectively. ABG Infra has been in infrastructure space, primarily
crane renting, since 1983. LDA is a France-based conglomerate with
its presence in international maritime transport for more than a
century.

Key Rating Weaknesses

Weak financial health, reliance on promoter funds for debt
servicing: During FY16, AAPL's income from operations significantly
declined from around INR34 crore in FY15 to around INR20 crore in
FY16, mainly on account of an overall decline in the cargo handled
at the Vishakhapatnam and the New Mangalore port.

Risks associated with the green-field projects: The company has
undertaken execution of two green-field port terminal projects –
at Visakhapatanam (Rs.207.7 crore) and Tuticorin (Rs.592.9 crore),
through WQMPL and TCTPL wherein ABG-LDA has 49% and 74% equity
holding respectively.  Though ABG Group has substantial experience
in port operations, it has not yet developed any port terminal. The
total capital expenditure has been revised upwards to around INR
800 crore.

Issuance of substantial amount of the corporate guarantee on behalf
of its Group companies: The company has extended large corporate
guarantees on behalf of its subsidiaries/associate companies.

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling Private
Limited ) (AAPL) is a Joint Venture between ABG Infralogistics
Limited (ABG Infra) through its wholly owned subsidiary, ABG Ports
Pvt. Ltd. and Louis Dreyfus Armateurs (LDA), France, holding 51%
and 49% stake respectively. AAPL owns, operates, maintains and
rents cranes of various types and capacity, which are used for
different applications, mainly by the companies from the ports
sector. The company at present has operations in the following
ports:

* Visakhapatnam - Contributes to major cargo volumes handled by the
company (contributed to around 75% of the total cargo handled)

* New Mangalore - The Company continues to operate at the port and
the contract is renewed each year. (Contributed to 25% of the cargo
volume).


ASHAPURI FLOUR: CRISIL Assigns B+ Ratings to INR14.1cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ashapuri Flour Mill (AFM).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.9         CRISIL B+/Stable (Assigned)
   Term Loan             8.2         CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations, and exposure to
risks related to the ongoing project. These weaknesses are
partially offset by the extensive experience of AFM's partners, and
the firm's efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to the ongoing project: AFM is
scheduled to commence operations in September 2019. Intense
competition in the flour milling business, may keep demand risk
moderate. Timely completion of the project and successful
stabilisation of operations will remain key rating sensitivity
factors.
  
* Modest scale of operation: Scale of operations may remain modest,
constrained by intense competition.

Strengths
* Extensive experience of the partners: Diversified experience of
the partners, spanning over two decades in various industries, has
helped them gain strong understanding of market dynamics, and
establish healthy relationships with suppliers and customers.

* Efficient working capital management: Gross current assets are
likely to be low, in the range of 40-80 days over the medium term,
aided by moderate receivables and lower inventory.

Liquidity
Efficient working capital management should keep bank limit
utilisation moderate. Expected cash accrual of over INR1.5 crore,
INR2.4 crore and INR3.0 crore, respectively, in fiscals 2020, 2021
and 2022, should comfortably cover the maturing term debt of INR0.4
crore, INR0.96 crore and INR1.8 crore, respectively. Current ratio
is estimated to be over 1.5 times over the medium term.

Outlook: Stable

CRISIL believes AFM will continue to benefit from the extensive
experience of its partners across different industries. The outlook
may be revised to 'Positive' if timely stabilisation of operations
leads to significant growth in revenue and profitability. The
outlook may be revised to Negative' if a considerable delay in
commencement of operations, leads to lower cash accrual during the
initial phase, or  if substantial increase in working capital
requirement weakens the financial risk profile, especially
liquidity.

AFM is currently setting up a plant to manufacture flour from
grains and beans, in the Kheda district (Ahmedabad). Commercial
operations are slated to begin from September 2019. AFM is owned by
the Patel family, and managed by Mr Viajy Patel, Mr Dhaval Patel
and 13 other partners.


B K AUTOMOBILES: CRISIL Assigns B+ Rating to INR8cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of B K Automobiles Private Limited (BKAPL).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility       2.70      CRISIL B+/Stable (Assigned)

   Cash Credit              2.55      CRISIL B+/Stable (Assigned)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                  2.75     CRISIL B+/Stable (Assigned)
   
The rating reflects a modest scale and working capital-intensive
nature of operations. These weakness are partially offset by the
extensive of the promoters in the automobile (auto) components and
ancillaries industry.

Analytical Approach

Unsecured loans of INR0.45 crore from the promoters have been
treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:  

* Modest scale of operation: Revenue was modest at INR16 crore in
fiscal 2019 in the intensely competitive auto components and
ancillaries industry, thus limiting operating flexibility.

* Working capital-intensive nature of operations: Gross current
assets were high at 107-139 days over the three fiscals ended March
31, 2019. That's due to large debtors and inventory. The company is
required to extend long credit period to customers. Furthermore,
due to its business need, large inventory has to be maintained.

Strength
* Extensive industry experience of the promoters: The promoters
have an experience of over 10 years in auto components and
ancillaries industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity
Cash accrual for fiscals 2020 and 2021 is expected at INR50-60
lakhs, against repayment obligation of INR3 lakh and INR28 lakhs,
respectively; the balance should cushion liquidity. The promoters
will also provide support in the form of interest-free unsecured
loans when required. The current ratio was moderate at 1.01 times
as on March 31, 2019. However, average bank limit utilization was
high at 98% during the 12 months through May 2019.

Outlook: Stable

CRISIL believes BKAPL will continue to benefit over the medium term
from its longstanding relationship with principals, and the
experience of the management to mitigate inherent risks in the
trading business.  The outlook may be revised to 'Positive' in case
of sustained revenue growth while the financial risk profile
improves.  The outlook may be revised to 'Negative' if business is
stagnant due to weak demand, or if a stretch in receivables or
pile-up of inventory adversely affects liquidity.

BKAPL was incorporated in 2009, promoted by Mr Pritam Singh Sahni,
Mr Suminder Kour Sahni, and Mr Rasvinder Singh Sahni, who are also
the directors. The company is an authorised distributor and service
provider for commercial vehicle spare parts, accessories, and
aggregates of Tata Motors Ltd in Andhra Pradesh.


BAFNA PHARMACEUTICALS: CRISIL Reaffirms D Ratings on INR57cr Loans
------------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Bafna
Pharmaceuticals Limited (Bafna) at 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit*            25        CRISIL D (Reaffirmed)

   Cash Credit              3        CRISIL D (Reaffirmed)

   Export Packing Credit*   8        CRISIL D (Reaffirmed)

   Foreign Bill
   Discounting*             5        CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee#          9        CRISIL D (Reaffirmed)

   Long Term Loan           1.65     CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5.35     CRISIL D (Reaffirmed)

* 100% two-way interchangeability among cash credit, export
  packing credit, and foreign bills discounting (non-letter of
  credit) limits.

# One-way interchangeability from NFB to FBWC limit to the extent
  of Rs4 crore

The rating reflects delays by Bafna in servicing its debt
obligations. The delays have been caused by sluggish operating
performance over the past year resulting in cash losses. Besides,
the company's liquidity has also weakened due to a significant
stretch in receivables.

During July 2018, one of the company's creditors, Aries had has
filed a case against the company under Insolvency and Bankruptcy
Code 2016 with the Chennai Bench of National Company Law Tribunal
(NCLT) towards total pending dues of INR49.2 crore. During January
2019, Bafna had submitted the resolution plan, which was approved
by 75% of the financial creditors at the Committee of Creditors
meeting. During February 2019, the Chennai bench of NCLT approved
the resolution plan and ordered that 70% of the claim amount shall
be paid within three months of the approval date. NCLT also ordered
the reduction in share capital of all equity shareholders to 10% of
the share capital (from 2.36 crore shares to 0.236 crore shares
outstanding).

Key Rating Drivers & Detailed Description

Weakness:

* Constrained financial risk profile: Bafna's financial risk
profile is sub-par, as reflected by weak debt protection metrics;
gearing and interest coverage ratio deteriorated to 2.33 times and
-5.91 times respectively as on March 31, 2019 from 1.16 times and
-0.59 times in the previous year. Company also reported cash losses
in fiscal 2019 due to muted operations, leading to high reliance on
short term working capital debt.

* Working capital intensive operations: Receivables was 209 days
(gross current assets of 378 days) as on March 31, 2019 due to
delayed payment from domestic institutional clients; government
hospitals in Tamil Nadu, Andhra Pradesh, Maharashtra and
Karnataka.

Strengths:

* Extensive experience of promoters: Presence of more than two
decades in the pharmaceutical industry has enables the promoter to
expand operations in both the domestic as well as global markets.

Liquidity

Liquidity remains weak. Weak operating performance in fiscal 2019
has resulted in cash loss, and delay in servicing debt. Further
because of large working capital requirement on account of
stretched receivables. Liquidity is unlikely to improve over the
medium term without equity infusion and turnaround in operations.

Bafna was set up in 1981 as a proprietary concern by Mr. Bafna
Mahaveer Chand; it was reconstituted as a public limited company in
1995. The promoter, along with his relatives and friends, owns
40.81 per cent of Bafna's equity; the remaining is owned by the
public and bodies corporate.

Bafna commenced production in October 1984 with a tablet
manufacturing facility at Madhavaram in Chennai and added capsule
and oral syrup facilities. In 2001, the company set up a unit for
producing betalactam products. While Bafna has, over the years,
focused on institutional and generic supplies of pharmaceutical
products, it has also steadily increased the number of product
registrations in the international market.

The company commissioned its second manufacturing facility in
Grantylon (Tamil Nadu). Bafna has also set up a formulations
research and development unit at the Grantylon unit. The unit
manufactures non-betalactam products for regulated markets in the
UK and the US, and new products for markets in India and Sri Lanka.
Bafna acquired the Raricap brand from Johnson and Johnson Ltd in
April 2011.

Bafna sold its branded generics business (including Raricap and
seven other brands) to Strides Arcolab Ltd (Strides Arcolab)
through a special purpose vehicle, Strides Actives Pvt Ltd (SAPL),
for INR48.1 crore and a 26 per cent stake in SAPL. Bafna has the
option to exit SAPL after five years at a minimum floor price of
INR10 crore. Bafna will continue to undertake contract
manufacturing for these products of SAPL for a period of five
years, post which the contract may be renewed.


D CORP AGRO: CRISIL Lowers Ratings on INR10.5cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility of
D Corp Agro Foods Private Limited (DCORP) to 'CRISIL D' from CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.25        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility      .05        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Term Loan              5.20        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects instances of delays in repayment of
principal and in servicing of interest in the term loan facilities
availed.

The rating continues to reflect below average financial risk
profile. This rating weakness is partially offset by the extensive
experience of promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in term loan repayments and interest servicing: The
downgrade reflects instances of delays in repayment of principal
and in servicing of interest in the term loan facilities availed
because of weak liquidity.

* Below average financial risk profile: Small networth and moderate
total outside liabilities to tangible networth (TOL/TNW) of INR
2.25 crores and 1.39 times respectively as on March 31, 2018
represents below average financial risk profile.

Strengths:

* Extensive experience of the promoters in the industry: The
promoters have been in agro-industry for over 3 decades and have
developed deep understanding of the dynamics of the local market,
which will help anticipate price trends and calibrate purchasing
and stocking.

Liquidity

Liquidity is poor as reflected in delays in interest servicing and
repayments of term loans availed by the company.

DCORP, incorporated in 2015 by Mr. Gajanan Desai, has set up a unit
for processing of cashew and its byproducts at Palghar, Maharashtra
and has started operations from July 2018.


JAY KHODIYAR: CRISIL Reaffirms B+ Rating on INR7.95cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Jay Khodiyar Cotton Private Limited (JKCPL) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         7.95       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
vulnerability of profitability to fluctuations in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the promoters in the cotton industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: Estimated
revenue of around INR80 crore for fiscal 2019, reflects the modest
scale of operations. Intense competition limits the pricing power
with suppliers and customers, thereby constraining profitability.

* Exposure to volatility in raw material prices: Profitability is
linked to fluctuations in raw material prices, as cotton (raw
material) costs accounted for almost 97% of operating income in
fiscal 2019. Thus, any sharp fluctuation in raw material cost can
adversely impact the operating margin.

Strength:
* Extensive industry experience of the promoters: Benefits from the
promoters' experience of more than 20 years in the cotton industry,
their understanding of the dynamics of the local market, and
established relationships with cotton farmers should continue to
support the business.

Liquidity
Liquidity is adequate. Bank limit utilisation averaged around 60%
during the 12 months through April 2019. Cash accrual is expected
at INR0.5-0.6 crore per fiscal, against no maturing debt. The
current ratio is estimated at around 1.2 times as on March 31,
2019.

Outlook: Stable

CRISIL believe JKCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' in case of an increase in revenue and profitability,
leading to higher cash accrual and strengthening of the capital
structure. The outlook may be revised to 'Negative' if low cash
accrual, sizable working capital requirement, or large, debt-funded
capital expenditure weakens the financial risk profile, especially
liquidity.

JKCPL was incorporated in 2007, promoted by Mr Nanabhai Kalsariya,
Mr Nagjibhai Rathod, and Mr Mangalbhai Ladumor. The company is
engaged in ginning and pressing of cotton into bales and extracting
cotton seeds. Its manufacturing facility is at Mahuva, near
Bhavnagar, Gujarat.


JCR CINEMA: CRISIL Reaffirms 'B' Rating on INR20cr Term Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of JCR Cinema Private Limited (JCR).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            20         CRISIL B/Stable (Reaffirmed)

The rating reflects the company's stretched liquidity and exposure
to occupancy-related risk. These weaknesses are partially offset by
low funding risk, strategic location of the project, and JCR's
association with PVR Cinemas (PVR).

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: Repayment will begin from July 2019. Cash
accrual is expected to remain insufficient to cover debt
obligations over the medium term. Hence, ramp up in operations and
infusion of funds by the promoters to ensure timely repayment of
term loan will remain key rating sensitivity factors.

* Moderate occupancy risk: The project is expected to commence
operations in September 2019. However, as there have been delays in
execution in the past, timely completion of project without any
cost overrun, and the ability to garner healthy occupancy will be
critical over the medium term.

Strengths

* Low funding risk: Term loan of INR15 crore has been disbursed
till May 2019, and the promoters are likely to infuse equity of
INR12 crore and unsecured loan of INR8.5 crore. The project is
close to completion; disbursement of the remaining term loan should
help fund the pending work.

* Strategic location of the project and association with PVR: The
project is 6 kilometres away from Jamnagar city. It is the first of
its kind project in Saurashtra, and is in proximity to prime
townships such as Reliance, GSFC, and Essar. Strategic location and
association with established brands such as PVR and The Fern should
continue to support the business.

Liquidity

Liquidity is under pressure. Net cash accrual is expected to remain
insufficient to cover debt obligations over the medium term.
Current ratio is estimated to remain below 1 time as on March 31,
2019.

Outlook: Stable

CRISIL believes JCR will continue to benefit from the strategic
location of the project and its association with PVR. The outlook
may be revised to 'Positive' if timely implementation of the
project and healthy ramp up in operations strengthen key credit
metrics. The outlook may be revised to 'Negative' if a delay in
project or lower-than-expected occupancy weakens liquidity.

Established in August 2012, JCPL is establishing an entertainment
hub under the name 'Firestone' in Jamnagar. This hub will include a
3-screen multiplex, drive-in theatre, 3-star hotel, rooftop
restaurant, two banquet halls, retail store/supermarket, and gaming
zone with food court. The hub is likely to become operational by
September 2019.


JET AIRWAYS: Audit Shows Diversion of Funds, Fraudulent Billing
---------------------------------------------------------------
The Economic Times reports that a State Bank of India-commissioned
forensic audit of Jet Airways books has revealed misappropriation
of funds relating to provision of loans and fraudulent billing for
JP Miles, according to two people with direct knowledge of the
matter.

ET says the report also highlights that invoices raised were not
verified leading to excess billing and fuel expenses were raised
substantially for Jet even when they remained static for other
airlines.

"Provision has been made for Rs3,353-crore loan given to Jet Lite
over four years. Board resolution, shareholder approval for making
the provision was not made available to the auditors," the forensic
audit conducted by EY says. ET has seen a copy of the report.
"Loans were given to Jet Lite despite Jet Airways recording losses
in fiscal year 2015 and declining profit over the years," the
report added.

According to ET, the government had recently ordered a probe into
Jet Airways for alleged siphoning off funds and for financial
irregularities. The MCA ordered the SFIO probe under Section 212
(1) C of the Companies Act, based on its inspection report. The
report indicated "prima facie" that the company was involved in
"malpractices, mismanagement through siphoning off funds . . .
preferential and related party transactions, prejudicial to public
interest," ET relays.

ET adds that the forensic audit also said that invoices raised on
Jet Privilege were not verified, resulting in excess billing of
nearly 1 crore during July-September 2015.

Monthly invoice of Rs15 crore was accounted for by Jet Airways for
commercial activities without relevant documents supporting them.
The report also says that the company was billed Rs140 crore
fraudulent JP miles leading to a loss of Rs46 crore. Multiple other
discrepancies were noted in the miles accrued versus what the
company reported, ET discloses.

"There has been a systematic effort to siphon money from the
company. In the limited analysis conducted, it is clear that
multiple methods were used to take out funds from Jet Airways,"
said a person aware of the development.

SBI did not respond to an ET query. An official spokesperson for EY
India said, "We are bound by our client confidentiality obligations
and are unable to comment."

                         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. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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.


JET AIRWAYS: NCLAT Agrees to Hear Dutch Court's Plea
----------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT), on July 12, agreed to hear a plea filed
by a Dutch court seeking access to the financial details of Jet
Airways. Staying an order by the National Company Law Tribunal, the
NCLAT Bench headed by Chairman Justice SJ Mukhopadhaya asked the
lenders to the airline to file a response to the Dutch court's plea
within two weeks, the report says.

Earlier, the NCLT had rejected the Dutch court's plea on the
grounds that under the Insolvency and Bankruptcy Code, the debt
resolution process of Jet can be undertaken only in India,
according to the report. In April, two vendors of Jet Airways from
the Netherlands had filed a petition in a local Dutch court seeking
recovery of about INR280 crore.

Around the same time, the lenders to Jet Airways dragged the
airline to the NCLT to initiate insolvency proceedings. This raised
a key question as to whether parallel debt recovery cases can be
heard against Jet in two countries.

According to the report, the NCLT's Mumbai Bench ruled that only it
had the jurisdiction over the case and rejected the Dutch court's
request for access to Jet Airways' financials.

Staying the NCLT order, the NCLAT Bench asked the Dutch court to
assist the proceedings. The Dutch court has appointed lawyer Rocco
Mulder as its representative, the report notes.

BusinessLine relates that Mr. Mulder assured the NCLAT that he is
ready to give an undertaking that there will not be any action on
Jet Airways' assets confiscated in the Netherlands till the Indian
court gives a ruling on the issue.

The NCLAT asked Mr. Mulder to compile a list of claims and to
ensure that the airline's assets in their possession are not sold.
The NCLAT has asked the lenders to suggest a procedure that could
be followed without any conflict of interest of stakeholders in
both the countries, says BusinessLine.

The next hearing in the case has been set for August 21, the report
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. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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.


NARAYAN COTTON: CRISIL Moves B on INR18cr Debt From Non-Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its rating on the
long-term bank facilities of Narayan Cotton Industries (NCI) to
'CRISIL B/Stable issuer not cooperating'. However, NCI has
subsequently started sharing requisite information necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating its rating to 'CRISIL B/Stable' from 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

   Proposed Long Term       7.7      CRISIL B/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan                 .5      CRISIL B/Stable (Assigned)

The rating continues to reflect NCI's small scale of operations in
the highly fragmented cotton ginning industry and modest financial
risk profile. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

Modest scale of operations amid intense competition: Estimated
revenue of around INR39 crore for fiscal 2019 reflects the firm's
subdued scale. Furthermore, intense competition limits pricing
power with suppliers and customers, thereby constraining
profitability.

Modest financial risk profile: Networth and gearing are estimated
to be weak at INR4.78 crore and 2.96 times, respectively, as on
March 31, 2019. Debt protection metrics were also subdued, with
interest coverage and net cash accrual to total debt ratios of 1.4
times and 0.03 time, respectively, for fiscal 2019.

Strengths:
Extensive experience of promoters: Benefits from the decade-long
experience of promoters, their strong understanding of local market
dynamics, and healthy relationship with customers and suppliers
should continue to support business.

Liquidity
Bank limit utilization averaged 48% for the 12 months ended April
31, 2019. Cash accrual is estimated to be INR0.45-0.55 crore in
fiscals 2020 and 2021, against debt obligation of around INR0.37
crore in fiscal 2020. Current ratio is estimated at 1.7 times as on
March 31, 2019.

Outlook: Stable

CRISIL believes NCI will continue to benefit from the experience of
its promoters. The outlook may be revised to 'Positive' in case of
significantly higher cash accrual, driven by a substantial increase
in revenue or operating profitability. The outlook may be revised
to 'Negative' if financial risk profile weakens further because of
increase in working capital requirement, sizeable debt-funded
capital expenditure, or larger-than-expected capital withdrawal.

Set up in 2009 as a partnership firm by Mr Paresh Patel and others,
NCI gins and presses cotton at its facility in Kadi, Gujarat.


RAMDEV COLD: CARE Migrates 'B' in INR6cr Loans to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ramdev
Cold Storage (RCS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B; Stable; Issuer not
   Facilities                      cooperating; On the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 4, 2018 placed the
ratings of RCS under the 'issuer non-cooperating' category as RCS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. RCS continues to be
non-cooperative despite repeated requests for submission of
information through emails dated June 13, 2019, June 18, 2019, June
19, 2019, June 20, 2019 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on RCS
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on April 4, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Short track record of operations coupled with partnership nature of
constitution: RCS commenced operations from February 2016 hence
FY17 will be the first full year of operations for the entity.
During 9MFY17 (Prov.), RCS reported Total Operating Income (TOI) of
INR1.56 crore while its net worth remained small at INR2.48 crore
as on January 19, 2017 (Prov.) reflecting small scale of
operations. Furthermore, being partnership nature of constitution,
the firm is exposed to the risk of withdrawal of capital by the
partner due to personal exigencies, dissolution of the firm and
restricted financial flexibility.

Implementation and stabilization risk associated with new project:
On successful completion of its green-field project of setting up a
potato cold storage having installed capacity of 5000 metric tons
(MT), RCS had implemented another cold storage unit having same
capacity with the estimated cost of Rs.4.38 crore in FY17. The
project gearing stood high at 4.62 times.

Competition from other local players and seasonality of business:
Despite being a capital intensive business, the entry barrier for
new cold storage is low backed by capital subsidy schemes of
government. As a result, the potato storage business in the region
has become highly competitive. Furthermore, RCS's operations are
seasonal in nature as potato is a winter season crop.

Key Rating Strengths

Experienced partners in the agricultural industry albeit no
relevant experience in the storage service industry: All the
partners are having agricultural background and are actively
involved in trading of potatoes as well as farming activities. Mr.
Dipak Patel looks after overall operations of the firm.

Proximity to the potato growing region of Gujarat
The cold storage facility of the firm is located in the potato
growing belt of Gujarat having large network of potato growers,
thereby making it suitable for the farmers and potato chip
manufacturers in terms of transportation and connectivity.

Fiscal benefits from the government: As per the revised policy of
National Horticulture Mission (NHM), proposed cold storage facility
of RCS will be eligible for credit linked back-ended subsidy as
well as additional capital investment subsidy from the Government
of Gujarat (GoG).

Sabarkantha-based (Gujarat) RCS was formed in January 2015 as a
partnership firm by six partners to provide cold storage facilities
to farmers for storing potatoes on a rental basis. The cold storage
has potato storage capacity of 5000 MT as on March 31, 2016. RCS
commenced its operations from February 2016 and is now establishing
another cold storage unit with the same storage capacity. Total
project of INR4.38 crore was proposed to be funded through term
loan of INR3.10 crore and balance through unsecured loans and
capital infusion by partners.


ROHTAK-HISSAR TOLLWAY: CARE Lowers Rating on INR942.82cr Loans to D
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rohtak-Hissar Tollway Private Limited (RHTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      942.82      CARE D Revised from CARE BB+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RHTPL
factors in overdues in the account (as per lender's feedback) for
debt servicing owing to poor liquidity and debt coverage indicators
arising due to subdued toll collection on sustained basis as
against large debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Liquidity Analysis: Poor

Delay in debt servicing: There are overdues in the account of RHTPL
in servicing its debt obligations upto 15 days due to poor
liquidity on account of subdued toll collection as against large
debt obligations. Toll collection of the company during FY19 stood
at INR64.95 crore while the debt obligations (interest + principal)
stood at around INR110 crore for the same period. Further, company
has not created liquidity backup mechanism in the form of debt
service reserve account (DSRA) stipulated in terms of sanction.

RHTPL is a special purpose vehicle (SPV) incorporated and owned by
Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE A-;
Stable/CARE A2+'), the holding company of BOT projects of Sadbhav
Engineering Limited (SEL; rated 'CARE A; Stable/CARE A1'). RHTPL
entered into a 22 year concession agreement (CA) with the National
Highways Authority of India (NHAI; rated 'CARE AAA; Stable') on May
27, 2013 for the four laning of Rohtak to Hissar section of
National Highway – 10 (NH-10) from km 87/000 to km 170/000
including connecting link from km 87/000 of NH-10 to km 348/000 of
NH 71 with design length of 98.81 km on BOT - toll basis. The total
cost of the project was INR1,271.58 crore which was funded through
debt of INR952.40 crore, grant from NHAI of INR211.50 crore and
remaining through promoter's contribution.


SAI FERTILITY: CRISIL Assigns 'B' Rating to INR14cr Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sai Fertility Centre and Hospital (SFCH).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility        1.5      CRISIL B/Stable (Assigned)

   Term Loan                14.0      CRISIL B/Stable (Assigned)

The rating reflects the hospital's exposure to geographic
concentration in revenue, its modest scale of operations and weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the hospital
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Geographic concentration in revenue: Operations are localised,
compared with other corporate hospitals, thereby making the
business susceptible to the dynamics of a single market.

* Modest scale of operation: Early stage of operations and intense
competitive pressure constrain scalability: revenue is estimated at
around INR5 crore in fiscal 2019. SFCH is also susceptible to the
entry of other big players in its area of operations.

* Weak financial risk profile: Financial risk profile is weak, with
networth and gearing estimated at INR4 crore and 4.76 times,
respectively, as on March 31, 2019. Debt protection metrics are
weak, too, due to high borrowings: interest coverage are projected
at 0.75 times in fiscal 2019.

Strength
* Extensive experience of the promoters: The promoters,
Dr.M.C.Arumugam and Dr.A.M.Indira have over 20 years of experience
in the healthcare industry. This has given them a strong
understanding of the market dynamics and will enable the hospital
to establish themselves in the region.

Liquidity
Liquidity is stretched. Net cash accrual is expected to be negative
on account of the initial phase of operations. However support from
promoters in the form of unsecured loans should support liquidity.
The unsecured loans as on March 31,2019 stood at INR5.46 crores .

Outlook: Stable

CRISIL believes SFCH will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if stabilisation of operations, and significant
improvement in revenue and profitability strengthen key credit
metrics. The outlook may be revised to Negative' if significantly
low cash accrual in the early phase of operations, or substantial
increase in working capital requirements weakens financial risk
profile, specifically liquidity.

Set up in 2017, SFCH is operating a speciality hospital in
Chengalpattu (Tamil Nadu). It is owned and managed by Dr A M
Indira, Dr M C Arumugam, and Ms. A Kiruthika.


SHREE MANDVI: CARE Keeps D on INR53.91cr Loans in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udyog Mandli Ltd. (SMSKL) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     53.91        CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 10, 2017, placed the
rating of SMSKL under the 'Issuer Not-Cooperating' category as
SMSKL had failed to provide information for monitoring of the
ratings. SMSKL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated June 17, 2019, June 19, 2019 and June 20, 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 ratings.

The ratings continue to remain constrained on account of on-going
delays in servicing of SMSKL's debt obligations.

Detailed description of the key rating drivers

At the time of last rating on June 21, 2018, the following were the
rating strengths and weaknesses (updated for the information
available from lenders feedback and publicly available
information):

Key Rating Weaknesses

On-going delays in servicing of debt obligations: During 11MFY16,
SMSKL produced 20,548 metric tonne (MT) sugar and reported 69.06%
of capacity utilization. The total operating income (TOI) during
the period was INR44.58 crore including sale of stock of previous
year. However, delays in the commencement of operations of the
manufacturing facility, lower than envisaged generation of cash
accruals owing to depressed sugar prices and lower level of
sanctioned working capital facilities compared with its scale of
operations resulted into cash-flow mismatches and consequently
delay in its debt servicing.

Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
society was not able to make payments in cash to its farmers for
procurement of sugarcane and because of this during the sugarcane
crushing season, it was not able to break even, which led to its
temporarily shut down its plant, which is non-operational at
present.


SHREE VISHWAKARMA: CARE Keeps D on INR6cr Loans in Non-Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.00        CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 14, 2018, placed the
rating of SVCS under the 'issuer non-cooperating' category as SVCS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. SVCS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
November 13, 2018, November 20, 2018, December 4, 2018, April 4,
2019, April 16, 2019 and June 7, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on March 14, 2018, the following
were the rating weaknesses:

Key rating weaknesses:

Ongoing delays in debt servicing: The rating assigned to the bank
facilities of SVCS takes into account the on-going delays in debt
servicing due to the weak liquidity position of the firm.

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai
Suthar, Mr. Thannaji Suthar and Mr.Chunilal Chaudhary. However, Mr.
Veljibhai Suthar retired from SVCS from October 2016. SVCS was set
up to provide cold storage facilities at Deesa (Gujarat) with total
installed capacity of 2,85,000 bags (50 kg each). The main
objective of setting up SVCS is to preserve potatoes for longer
duration. The plant will be located at Deesa (Gujarat) which is one
of the major Potatoes growing area region in Gujarat.


SKY ALLOYS: CARE Migrates D Loan Ratings to Non-Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sky
Alloys & Power Pvt. Ltd. (SAPPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     95.94        CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     10.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPPL to monitor the ratings
vide e-mail communications/letters dated May 9, 2019,
May 27, 2019, June 13, 2019, June 18, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, Sky Alloys & Power Pvt. Ltd. has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Sky Alloys & Power Pvt. Ltd.'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 rating assigned to the bank facilities of Sky Alloys & Power
Pvt. Ltd. (SAPPL) takes into account the on-going delays in debt
servicing arising out of stretched liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in debt
servicing on account of stretched liquidity position. Small scale
of operations: SAPPL is a relatively small sized player in the iron
and steel industry with installed capacity of sponge iron of 60,000
MTPA, ingot of 48,000 MTPA, 2x6 MVA ferro-alloy furnaces and power
plant of 16 MW. Thus, it suffers from lack of economies of scale in
an industry marked by presence of large organized players.
Furthermore, the small size restricts the financial flexibility of
the company in times of stress.

Financial risk profile: SAPPL's total operating income remained
stable at around INR130 cr in both FY15 & FY16 whereas it witnessed
an y-o-y increase of 25.36% in FY17 to INR161.74 cr. The company
reported operating profit of INR0.36 cr. in FY17 vis-à-vis
operating losses in earlier years. The company has been incurring
cash losses since last three years. The company has been servicing
debt obligation with a delay mainly out of equity infusion from the
promoters and unsecured loans. The entity remains highly leveraged
with an overall gearing of 23.16x as on March 31, 2017 (25.94x as
on March 31, 2016).

Key Rating Strengths

Experienced Promoters: Shri Ravi Singhal has more than a decade's
experience in steel manufacturing business. Besides, he is also
involved in other business activities such as transportation and
trading of iron-ore. Other directors of the company also have rich
experience in related business activities.

Sky Alloys and Power Private Limited (SAPPL), incorporated in 2009,
had set up a 60,000 MTPA sponge iron, 48,000 MTPA ingot and 16 MW
captive power plant [of which 4 MW is based on Waste Heat Recovery
Boiler (WHRB)] in Raigarh, Chhattisgarh. The sponge iron unit along
with 4 MW WHRB commenced operation from Apr 2013, ingot facility
got commissioned in Jun 2013 and 12 MW coal-based power plant from
Oct 2013. The company also set up a 2x6 MVA ferro alloy furnaces
(with an annual capacity of 19,000 MTPA of silico manganese &
25,000 MTPA of ferro manganese) by October, 2014.

The company is promoted by Shri Ravi Singhal along with his friends
and family members - Shri Sankar Hari Aggarwal, Shri Sandeep
Aggarwal, Shri Vinay Aggarwal, Shri Sumeet Kukerja and Shri Arun
Singhal. Shri Ravi Singhal has an experience of more than a decade
in steel manufacturing.


SRI ADHIKARI: CARE Keeps D on INR86.15cr Loan on Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Adhikari Brothers Television Network Limited (SABTNL) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bank Facilities-    86.15       CARE D; Issuer not cooperating;
   Rupee Term Loan                 Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2018, placed the
rating of  SABTNL under the 'Issuer non-cooperating' category as
SABTNL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SABTNL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings take into account the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle, resulting in
deterioration of liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delay in debt servicing: As per the audit report for FY18
and Limited Audit Report available with the company's stock
exchange disclosure for FY19's abridged results, there are ongoing
delays in debt servicing. Further, the audit reports mention that
the account has been classified as Non-Performing Asset (NPA) by
the banks due to delay in repayment of loans taken from the banks.
The same is on account of stretched working capital cycle resulting
from high debtor days. The low business performance combined with
elongated working capital cycle has led to weak liquidity
position.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed on
bourses in 1995. It is in the business of content production and
syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005.

TV Vision Ltd (TVVL; earlier a wholly owned subsidiary of SABTNL)
is engaged in the business of broadcasting. The company has
channels like Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi.
Mastiii is music channel for pan India. Dabangg and Dhamaal are
R-GECs catering to the Hindi speaking belt of Bihar, Uttar Pradesh
and Jharkhand and Gujarat respectively. Maiboli is a regional
Marathi channel for Maharashtra while Dillagi is a dedicated TV
channel for small towns and villages of India.

At present, the group operates in two major segments i.e. (i)
content production and distribution/syndication and (ii)
broadcasting.


SRIGDHAA BEVERAGES: CRISIL Lowers Ratings on INR9cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Srigdhaa Beverages to 'CRISIL D' from 'CRISIL B/Stable' owing to
delays in debt servicing. The delays have been caused by weak
liquidity.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             1.1        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Long Term Loan          7.29       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term       .61       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

The firm also has a weak financial risk profile and working
capital-intensive operations. However, it benefits from the
extensive experience of the partners in the fast-moving consumer
goods (FMCG) distributorship industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: There have been instances of delay in
repayment of the term loan for the last two and half months due to
stretched liquidity.

* Weak financial risk profile: Financial risk profile is
below-average/weak marked by a modest networth, leveraged capital
structure and average debt protection metrics.

* Working capital-intensive operations: Gross current assets were
243 days, driven by inventory and receivables of 164 days and 69
days, respectively, as on March 31, 2019.

Strengths:

* Extensive industry experience of the partners: The partners have
around two decades of experience in the FMCG distributorship
industry. With their experience and the contacts built over the
years, marketing of products from the new facility should not pose
any significant challenge.

Liquidity

Liquidity is weak, indicated by delays in servicing term debt
obligation. Cash accrual is insufficient to meet repayment
obligation.

SB was established as a partnership firm in February 2016 by Mr
Dumbla Vijender Reddy and Mrs Dumbla Balajyothi. The firm is in the
processing of purified drinking water and soda and is based out of
Hyderabad.


TRANS FOAM: CRISIL Assigns B+ Ratings to INR12cr Loans
------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term bank
facilities of Trans Foam Industries Private Limited (TFIPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Facility                2         CRISIL B+/Stable (Assigned)

   Term Loan               2.88      CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit            3.00      CRISIL B+/Stable (Assigned)

   Proposed Term Loan      4.12      CRISIL B+/Stable (Assigned)

The rating reflects susceptibility to intense competition and
volatile raw material prices. These weaknesses are partially offset
by the extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Intense industry competition: Intense competition in the
fragmented plastic industry constrains scalability, ramp-up of
operations, and bargaining power.

* Weak financial risk profile: Financial risk profile is weak: net
worth was INR2.2 crore and total outside liabilities to adjusted
networth was 4.85 times in fiscal 2019. The metrics should improve
over the medium term in the absence of any debt-funded capital
expenditure.

Strengths
* Extensive industry experience of the promoters: Benefits from the
four-decade-long experience of the promoters in the plastic
industry, their strong understanding of the market dynamics, and
healthy relationships with suppliers and customers should continue
to support the business.

Liquidity
Liquidity should remain adequate: cash accrual, expected at
INR0.80-1 crore per annum over the medium term, should sufficiently
cover annual maturing debt of INR0.1-0.40 crore.

Outlook: Stable

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

Incorporated in 2018, TFIPL manufactures expanded polyethylene
(EPE) foam and other related products, such as EPE foam rolls, EPE
foam sheets, EPE foam articles, and EPE foam rods. The
manufacturing facility is in Sonipat, Haryana. Mr. Kartik Gupta and
their family members are the promoters.


TUTICORIN COAL: CARE Migrates D Loan Ratings to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Tuticorin Coal Terminal Private Limited (TCTPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     281.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Fund based)                    information

   Short term Bank     47.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TCTPL to monitor the
rating(s) vide email communications dated June 3, 2019 and May 29,
2019. However, despite CARE's repeated requests, the company 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. Further, Tuticorin Coal Terminal Private Limited has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Tuticorin Coal Terminal Private
Limited will now be denoted as CARE D/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 rating(s).

The reaffirmation of rating assigned to the bank facilities of
TCTPL takes into account the delay in debt servicing obligation by
the company.

Detailed description of the key rating drivers

At the time of last rating based on complete required information
on January 31, 2017, the following were the rating strengths and
weaknesses At the time of last rating on the following factors were
considered:

Delays in debt servicing: The revision in the rating assigned to
the bank facilities Tuticorin Coal terminal Private Limited (TCTPL)
considers the delay in debt servicing obligation by the company due
to its weak liquidity position.

Tuticorin Coal Terminal Private Limited (TCTPL), a Special Purpose
Vehicle (SPV), is promoted by ABG Group (holding 51% stake through
ALBA Asia) and Louis Dreyfus Armateurs SAS (LDA, holding 49 %
equity stake), a French conglomerate with its presence in
international maritime transport for more than a century. In 2010,
ALBA Asia Private Ltd. won the contract in a public tender to build
and operate a coal-loading facility at VO Chidambaranar Port Trust
(VOCPT) for 30 years by placing the highest revenue share price bid
of 52.17%. Tuticorin Coal Terminal Pvt Ltd (TCTPL), the special
purpose vehicle (SPV) set up to implement the project, invested
INR640 crore to construct the facility. TCTPL was awarded the
project on the tariff setting norms finalised by the Shipping
Ministry in 2008. The total project cost overshot the original
estimates of INR465 crore mainly due to a two-year delay in
dredging the berth by VOCPT to accommodate Panamax-size ships at
the facility.


TV VISION: CARE Maintains D on INR24.29cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of TV Vision
Limited (TVVL) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      24.39       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 03, 2018, placed the
rating of TVVL under the 'Issuer non-cooperating' category as TVVL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TVVL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 7, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings take into account the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle, resulting in
deterioration of liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing Delay in debt servicing: As per the audit report for FY18
and Limited Audit Report available with the company's stock
exchange disclosure for FY19's abridged results, there are ongoing
delays in debt servicing. Further, the audit reports mention that
the account has been classified as Non-Performing Asset (NPA) by
the banks due to delay in repayment of loans taken from the banks.
The same is on account of stretched working capital cycle resulting
from high debtor days. The low business performance
combined with elongated working capital cycle has led to weak
liquidity position.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed on
bourses in 1995. It is in the business of content production and
syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005.


WEST QUAY: CARE Maintains D Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of West Quay
Multiport Private Limited (WQMPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     116.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Fund based)                    information

   Short term Bank     25.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Non Fund Based)                information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from WQMPL to monitor the
rating(s) vide email communications/letters June 3, 2019, May 29,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the company 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. Further, West Quay
Multiport Private Limited has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating West Quay Multiport Private Limited will now be denoted as
CARE D/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 rating(s).

The reaffirmation of rating assigned to the bank facilities of
WQMPL takes into account the delay in debt servicing obligation by
the company.

Detailed description of the key rating drivers

At the time of last rating on January 31, 2017 the following
factors were considered:

Delays in debt servicing: The revision in the rating assigned to
the bank facilities West Quay Multiport Private Limited considers
the delay in debt servicing obligation by the company due to its
weak liquidity position.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for development
of West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5
million tonnes per annum at Visakhapatnam Port on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. The port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel and Granite
for the first five years.

WQMPL has been promoted by Alba Asia Private Limited (AAPL,
erstwhile ABG-LDA Bulk Handling Pvt. Ltd) (AAPL holds 49%) and ABG
Infra-logistics Ltd. (ABG Infra, holds 51%). AAPL is a Joint
Venture (JV) in which ABG Infra through its majority owned
subsidiary, ABG Ports Pvt. Ltd. - holds 51% equity stake and LDA
holds balance 49% of the equity.




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

MASKAPAI REASURANSI: Fitch Affirms 'BB+' IFS Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed PT Maskapai Reasuransi Indonesia Tbk's
international Insurer Financial Strength Rating at 'BB+'
(Moderately Weak). Fitch Ratings Indonesia has also affirmed the
insurer's National Insurer Financial Strength Rating of 'AA-(idn)'.
The Outlooks are Stable.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country or monetary union, across all
industries and obligation types.

KEY RATING DRIVERS

The company's rating reflects its 'Moderate' business profile,
'Strong' capitalisation and 'Strong' financial performance.

Fitch has assessed Marein's business profile as 'Moderate' due to
its substantive domestic franchise, which is balanced by its 'Least
Favourable' operating scale compared with its international peers.
It also takes into account a risk appetite that is on a par with
the sector and somewhat diversified business lines. Therefore,
Fitch has scored Marein's business profile at 'bb-' under the
agency's credit-factor scoring guidelines in line with the ranking.


Marein is one of the biggest life reinsurers in Indonesia. Its
average market share of 31% by life reinsurance gross written
premiums (GWP) over 2016-2018 was the second highest among domestic
life reinsurance companies. However, Marein's share of the total
reinsurance industry's (life and non-life business) GWP was small
at 12% as of end-2018.

Fitch believes Marein's capitalisation is strong. The company's
risk-based capital ratio of 364% at end-December 2018 comfortably
exceeded the 120% regulatory requirement. The company is committed
to keeping the RBC ratio above 200% and it does not plan to issue
debt in the medium term. Fitch expects the company's capitalisation
to be continuously supported by surplus growth.

Fitch expects Marein to maintain the stability of its underwriting
businesses. The company's financial performance is strong, with a
three-year average (2016-2018) gross premium growth and return on
average equity of around 27% and 16%, respectively. The company's
non-life combined ratio was maintained at 96% at end-2018,
underpinned by its selective underwriting practices, premium growth
and manageable claims.

Management is committed to producing a sound bottom-line
performance through prudent underwriting instead of only top-line
growth. Fitch believes Marein could benefit from further growth in
its non-life business, which would reduce its reliance on the life
segment and strengthen its overall market position in the
Indonesian reinsurance market.

The company's investment mix is conservative with cash equivalents
and fixed-income instruments accounting for more than 80% of
invested assets at end-2018. Exposure to risky assets is manageable
relative to equity capital. Fitch expects the company to maintain
the equity capital proportion in light of its prudent investment
approach.

RATING SENSITIVITIES

Upgrade rating sensitivities include:

  - Significant and sustained improvement in the company's business
profile, and

  - Maintenance of strong profitability, with a non-life combined
ratio consistently below 93%

Downgrade rating sensitivities include:

  - Weakening capitalisation with the local statutory ratio below
200% on a sustained basis, or

  - Material deterioration in business profile, or

  - Significant deterioration in operating performance with a
non-life combined ratio consistently higher than 100%




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

COUPLAND'S BAKERIES: Closes North Dunedin Store
-----------------------------------------------
Sally Rae at Otago Daily Times reports that Coupland's Bakeries has
closed the doors of its North Dunedin store, citing poor
performance.

According to the report, managing director Lance Coupland said the
main reason for the closure was the lease for the building was up
for review and he did not believe the site had ever met the
company's expectations.

Given rising costs, there was no room in the company "to have an
arm of the business dragging the chain", Mr. Coupland said, Stuff
relays.

Nine staff had been employed at the store, five of whom had been
deployed to other Coupland's stores, the report says.

The company's other two Dunedin stores, in Kaikorai Valley and
Andersons Bay, were "going very well," Stuff notes.

Both would go through a brand refresh and have some renovations
done.

Overall, the company was on the "front foot" and going into
reinvestment mode, making significant reinvestment in both
manufacturing and retail.

Two new stores would open in Christchurch over the next 12 months,
he said, adds Stuff.


KILMOUR PROPERTIES: Sudima Hotel Developer Placed in Liquidation
----------------------------------------------------------------
Stuff.co.nz reports that Kilmour Properties, the property developer
behind one of Christchurch's newest hotels, is in liquidation.

After completing the luxury NZ$40 million Sudima Hotel and attached
office building, Kilmour Properties 2014 Ltd sold the complex to
the Sudima chain in May, the report says. The hotel opened in
June.

Kilmour's Auckland shareholders then put the company into
liquidation with at least 17 creditors, including the Christchurch
City Council, Stuff relates.

The sale has been settled and the price, which has not yet been
disclosed, is understood to be a little over NZ$30 million,
according to Stuff.  

Kilmour's sole director is Neil Barr. Its shareholder is St Francis
Trustee Ltd, which is made up of a group of Auckland investors with
Barr as the sole listed director and shareholder, Stuff discloses.

Creditors include building companies, consultants, and suppliers.

According to Stuff, the first report from liquidator Clive Bish, of
Ecovis KGA Ltd, said the hotel development "did not eventuate
entirely as planned".

"The liquidators understand that the project suffered considerable
delays that caused cost overruns, leaving a significant debt due to
the funders upon completion, together with other unpaid amounts to
the construction contractor and other consultants," the report, as
cited by Stuff, says.




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

MULHACEN PTE: Fitch Affirms BB- LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Mulhacen Pte Ltd's Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook. At the same
time, the agency has affirmed Mulhacen's senior secured
payment-in-kind (PIK) toggle notes at 'BB-'.

KEY RATING DRIVERS

IDRS AND DEBT RATING

Mulhacen is a Singapore-based non-operating holding company set up
by Varde Partners to acquire the Spanish bank, WiZink Bank, S.A.
The bank (the operating company) is Mulhacen's only asset, and the
issuer does not have any material sources of income other than
dividends up-streamed from the operating company.

Mulhacen's Long-Term IDR is primarily driven by the structural
subordination of Mulhacen's creditors to those of WiZink and
reliance on dividend payments from WiZink to service the holding
company's debt.

The ratings also factor in Mulhacen's commitment to the Bank of
Spain, to reduce net cash flow leverage over the life of the bond
by retaining part of the received cash dividends as interest
reserve account (assigned for debt service). The ratings further
reflect Mulhacen's adequate estimated gross cash flow leverage
ratios (as measured by gross debt/annual received dividends) and
WiZink's strong profit generation capacity. In Fitch's view, debt
issued by Mulhacen is sufficiently isolated from WiZink and
therefore the rating of the senior unsecured PIK notes are aligned
with Mulhacen's Long-Term IDR.

Fitch estimates minimum committed cash at end-2019 will be
equivalent to 1.8x the annual interest expense of the senior
secured notes and for it to improve in the following years,
supported by the interest reserve account. This sufficiently
supports Mulhacen's liquidity profile and reduces non-performance
risk of the senior secured notes or the likelihood of the PIK
mechanism being triggered, which would constitute a default under
its criteria.

Mulhacen's credit profile is strongly correlated with that of
WiZink, as highlighted by the holding company's intrinsic
dependence on the bank's dividends as the sole source of cash flow.


The credit profile of WiZink is highly influenced by the dependence
of its franchise and business model on the revolving credit segment
in Spain and Portugal and its high risk appetite. Its assessment on
WiZink also reflects the variability of financial metrics over
economic cycles given the nature of its business and deterioration
in its asset quality. The bank is adequately capitalised but
constraints to dividend payments could also stem from WiZink's
regulatory capital requirements. Other factors influencing
dividends include lack of operating income diversification and its
sensitivity to economic cycles.

RATING SENSITIVITIES

IDRS AND DEBT RATING

Both the IDR of Mulhacen and long-term rating of notes would be
downgraded if it suffers a significant depletion of liquidity,
which would affect its ability to service its debt obligations.
This would most likely be prompted by a material fall in earnings
at WiZink or, for instance, any regulatory restriction on the
bank's capacity to pay dividends or increased regulatory capital
requirements.

Given the structural subordination to WiZink creditors and
Mulhacen's reliance on dividends to service the notes, upside for
Mulhacen's Long-Term IDR is limited. This is reflected in the
Stable Outlook of the Long-Term IDR.

Fitch view's the senior PIK notes as Mulhacen's reference
liabilities. Consequently, any payment in kind (instead of cash
payments) would be viewed as non-performance of the notes and would
consequently constitute a default of the issuer under Fitch's Bank
Rating Criteria.



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

ABANS FINANCE: Fitch Affirms BB+ National Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Abans Finance PLC's National
Long-Term Rating at 'BB+(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects Fitch's view that support would be
forthcoming from the parent, Abans PLC (BBB+(lka)/Stable), if
needed. Its expectation stems from Abans being the largest
shareholder in Abans Finance, the parent's involvement in strategic
decisions through board representation and a common brand name.

Abans Finance is rated three notches below its parent because of
its limited contribution to the group's core businesses. The
company financed less than 1% of Abans' consumer durables revenue
in the financial year ending March 2019 (FY19). It mainly provides
vehicle financing, with 47% of its lending channelled through the
sale of two-wheelers by Abans Auto (Pvt) Limited, a company owned
by Abans' shareholders but positioned outside of the Abans group.
Abans Finance only contributed 5% of group revenue and 7% of group
operating profit in FY19.

Its assessment of Abans Finance's limited importance also
incorporates its parent's decreasing shareholding, which has fallen
to 50%, from 89%, following capital infusions into Abans Finance
(FY18: LKR277 million, FY17: LKR462 million) coming mostly via its
private-equity investor. Fitch believes earning retention alone
will be insufficient to achieve the regulatory minimum capital
requirements of LKR2 billion by end-2019 and LKR 2.5 billion by
end-2020. In January 2019, the Central Bank of Sri Lanka had
imposed a temporary cap on Abans Finance's deposit base.

Abans Finance's intrinsic financial strength is significantly
weaker than its support-driven rating due to its small franchise,
limited operating history and high-risk appetite. Its asset-quality
metrics are the weakest of Fitch-rated peers, with a reported
regulatory gross non-performing loan ratio over six months of 18.0%
at FY19, significantly above the industry average of 7.7%.


BIMPUTH FINANCE: Fitch Cuts National LongTerm Rating to BB-
-----------------------------------------------------------
Fitch Ratings Lanka has downgraded Bimputh Finance PLC's National
Long-Term Rating to 'BB-(lka)' from 'BB(lka). The Outlook is
Stable.

The downgrade stems from a sharp deterioration in Bimputh's capital
position, which Fitch believes is no longer commensurate with its
high-risk appetite. This is due to the significant decline in asset
quality and sustained fall in pre-impairment operating
profitability.

KEY RATING DRIVERS

Bimputh's rating reflects its high-risk appetite stemming from its
substantial exposure to microfinancing and SME lending, which tends
to be more vulnerable to economic conditions.

The rating also captures Bimputh's weakened capital buffers,
despite its expectation of capital infusions in line with
regulatory requirements. Bimputh's regulatory core capital has
fallen below the interim minimum threshold of LKR1.5 billion, which
applied from January 1, 2019. Bimputh will need at least another
LKR1.35 billion in additional equity capital to meet the Sri Lankan
regulator's enhanced capital requirement of LKR2.5 billion by
January 1, 2021, and its internal capital generation is unlikely to
be sufficient to meet the threshold. In addition, its share of
uprovisioned non-performing loans (NPL) has increased, further
pressuring its capitalisation.

Bimputh's reported six-month regulatory gross NPL ratio
deteriorated sharply to 16.8% in the financial year ending March
2019 (FY19) (FY18: 6.4%) and is now significantly higher than the
sector's 7.7%. Furthermore, the company has already charged-off
10.8% of its average gross loans in last two years (FY19: 5.1%;
FY18: 5.7%). Fitch expects asset-quality pressure to persist in
FY20, especially from its legacy portfolio, as a meaningful
economic recovery is not probable in the short term.

The contraction of Bimputh's high-yield micro-finance portfolio and
regulatory interest-rate cap on micro-finance lending continued to
exert pressure on its net-interest margin. Loan impairment charges
increased to 222.8% of pre-impairment operating profit in FY19
(FY18: 60.8%), further eroding Bimputh's already-small capital
base. Fitch expects profitability pressure to persist in the
medium-term due to high credit costs. The company's pre-tax return
on assets declined to -3.5% in FY19, from a high of 11.4% in FY16.


Bimputh's heavy reliance on secured funding is likely to further
limit its financial flexibility, especially in distressed-market
conditions. The Central Bank of Sri Lanka has imposed regulatory
sanctions on Bimputh by way of a deposit cap of LKR 2.2 billion due
to its non-compliance with interim minimum capital requirement. Its
unsecured debt/total debt ratio was only 41.1% in FY19 due to a low
share of deposits (24.7% of total funding) in the funding mix
compared with peers.

Bimputh is a small finance company accounting for 0.6% of licensed
finance-company and specialised leasing-company sector assets at
FYE19 (FYE18: 0.7%). Fitch expects microfinance to remain a
dominant product for Bimputh, although lending to this segment
declined to 45% of total lending in FY19.


FINTREX FINANCE: Fitch Affirms 'B' National LongTerm Rating
-----------------------------------------------------------
Fitch Ratings Lanka has affirmed Fintrex Finance Limited's National
Long-Term Rating at 'B(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Fintrex's rating reflects its high risk appetite, which stems from
its large exposure to the riskier segment of the finance and
leasing market, evolving underwriting standards and risk controls,
and aggressive growth aspirations. The rating also captures
Fintrex's modest capital base, heavy reliance of secured funding
and its small franchise.

Fintrex is likely to experience more asset-quality pressures in the
medium-term in light of its aggressive loan growth in the financial
year ended March 2019 (FY19), against  the backdrop of a weak
operating environment due to an economic slowdown. Fintrex's
reported non-performing loan ratio (greater than 180 days overdue)
increased sharply - a trend across the finance and leasing sector -
to 7.7% in FY19 (FY18: 5.7%).

Fitch regards Fintrex's absolute capital base as small, but Fitch
expects Fintrex will receive additional capital from its main
shareholder - Bluestone1 Private Limited - to meet the enhanced
minimum capital requirement of LKR2.5 billion by January 1, 2021.
Fitch estimates that Fintrex would require at least another LKR1
billion and its internal capital generation is unlikely to be
sufficient to meet the threshold. The company's debt/tangible
equity ratio of 4.1x at end-FY19 remained better than similar-rated
peers. Still, the ratio could increase in the medium-term as the
company executes its ambitious expansion.

Fintrex's pre-tax net income/average assets ratio of 4.0% at
end-FY19 was lower than better-rated peers, but has improved over
the last few years as interest margins widened. However,
profitability could come under pressure from rising credit costs
through asset-quality pressures.

Fintrex in FY19 shifted towards a high reliance on secured funding,
which will limit the company's financial flexibility, especially in
distressed-market conditions The changes in its funding profile
highlights potential funding vulnerabilities. Its unsecured
debt/total debt declined to 17.7% by end-FY19 from 67% at end-FY18.


Fintrex is one of the smallest finance and leasing companies in Sri
Lanka, accounting for only 0.6% of total sector assets at end-FY19.



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

[*] BOND PRICING: For the Week July 8, 2019 to July 12, 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 ***