TCRAP_Public/190723.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, July 23, 2019, Vol. 22, No. 146

                           Headlines



A U S T R A L I A

ANALIZ PTY: Second Creditors' Meeting Set for July 29
EMERALD II 2007-1: Fitch Affirms Bsf Rating on Class C Debt
GREGORSKI INVESTMENTS: Second Creditors' Meeting Set for July 29
HIRE ME: Second Creditors' Meeting Set for July 29
MOKO DESIGN: Second Creditors' Meeting Set for July 29

NORTHERN ENERGY: Second Creditors' Meeting Set for July 26
PORT WAKEFIELD: First Creditors' Meeting Set for Aug. 1
PRESSED JUICES: Court Appoints Cor Cordis as Liquidators
SG CORPORATE: First Creditors' Meeting Set for July 31
WINEMAKING TASMANIA: Second Creditors' Meeting Set for July 30



C H I N A

BRIGHT SCHOLAR: Fitch Publishes BB- LT IDR, Outlook Stable
CHONGQING HECHUAN: Fitch Rates $300MM Sr. Unsec. Notes BB+
DEXIN CHINA: Moody's Assigns B3  to Proposed USD Sr. Unsec. Notes
DEXIN CHINA: S&P Assigns 'B-' Rating on USD Senior Unsecured Notes
JINGRUI HOLDINGS: Moody's Rates New USD Sr. Unsec. Notes 'B3'

LANDSEA GREEN: S&P Affirms B ICR on Temporary Leverage Improvement
LIANGSHAN DEVELOPMENT: Fitch Lowers LT IDRs to BB, Outlook Stable
MEINIAN ONEHEALTH: Fitch Alters Outlook on BB+ LT IDR to Negative
REWARD GROUP: Auditor Slapped With Business Ban After Debt Scandal
YIDA CHINA: Fitch Lowers LongTerm Foreign Currency IDR to CCC

ZOOMLION HEAVY: S&P Alters Outlook to Positive & Affirms 'B' ICR


I N D I A

AIR INDIA: Time is Right to Restart Privatization Process
AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
BATLIBOI LIMITED: Ind-Ra Affirms 'B-' Long Term Issuer Rating
BHILAI INSTITUTE: CRISIL Maintains 'D' Rating in Not Cooperating
BIHAR RAFFIA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating

CARE-K: CRISIL Keeps D in INR10.14cr Loans in Not Cooperating
CHAITANYA CASHEW: CRISIL Keeps D on INR8cr Loan in Not Cooperating
CHOUDHARY BROTHERS: CARE Lowers Rating on INR10cr Loan to D
CHOWRINGHEE RESIDENCY: CARE Lowers Rating on INR194.3cr Loan to D
CVIEW INNOVATIONS: Insolvency Resolution Process Case Summary

DDE RENEWABLE: CARE Reaffirms D Rating on INR42.21cr LT Loan
EMCEE ENGINEERING: CARE Lowers Rating on INR19.03cr Loan to D
FINFOOT LIFESTYLE: CARE Lowers Rating on INR9.84cr Loan to D
FIREFLY BATTERIES: CARE Maintains D Ratings in Not Cooperating
FIREFLY BATTERIES: CRISIL Maintains 'D' Ratings in Not Cooperating

GANESHA MOTORS: CRISIL Maintains 'C' Ratings in Not Cooperating
HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
HIM STEEL: Insolvency Resolution Process Case Summary
JAYPEE INFRATECH: NCLAT Opens Door for Fresh Bids
JET AIRWAYS: Lenders Approve Interim Finance Plan to Cover Costs

KALPAKA TRANSPORT: CRISIL Lowers Rating on INR9cr Loan to 'D'
KERALA TRANSPORT: CRISIL Lowers Rating on INR42cr Cash Loan to D
KSK ENERGY: CARE Maintains D Debt Ratings in Not Cooperating
RAJA COTTON: CARE Keeps D on INR6.25cr Loans in Non-Cooperating
RAJESHREE COTEX: CARE Lowers Rating on INR10cr LT Loan to D

RAJESHREE FIBERS: CARE Lowers Rating on INR8cr LT Loan to D
RAJESHREE INDUSTRIES: CARE Lowers Rating on INR22cr Loan to D
RATNA COTTEX: CARE Lowers Rating on INR5.60cr LT Loan to D
RELIANCE HOME: CARE Lowers Rating on INR400cr LT Loan to D
RIDDHI SIDDHI: CRISIL Maintains 'D' Debt Ratings in Not Cooperating

SAMAARA LEATHERS: Insolvency Resolution Process Case Summary
SAPPHIRE EQUITIES: Insolvency Resolution Process Case Summary
SCORODITE STAINLESS: Insolvency Resolution Process Case Summary
SE FORGE: CARE Lowers Rating on INR240.92cr Loan to D
SHREE VENTURES: CRISIL Keeps D on INR6cr Loans in Not Cooperating

SHREEMAAVAISHNAVI AGRI: CARE Cuts Rating on INR4.95cr Loan to D
SN JYOTI: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
SREE GENGA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
SUKH SAGAR: CARE Keeps D on INR6.4cr Loans in Non-Cooperating
SUPRIYA COTEX: CRISIL Maintains 'D' Loans Rating in Not Cooperating

SUZLON ENERGY: Receives a Bad Loan Tag From Union Bank
SWISS RIBBONS: Insolvency Resolution Process Case Summary
TEZALPATTY TEA: CARE Keeps D on INR6.3cr Loans in Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Fitch Raises LT IDRs to B-, Outlook Stable
LIPPO KARAWACI: S&P Hikes ICR to B- on Successful Rights Issue


N E W   Z E A L A N D

OCEANIA FOOTBALL: Faces Liquidation Over Missed Payments


S I N G A P O R E

EMAS OFFSHORE: Applies For Judicial Management


V I E T N A M

MONG DUONG: Fitch Assigns BB(EXP) Rating to New USD 2029 Sec. Notes
MONG DUONG: Moody's Gives  (P)Ba3 Rating to New USD 2029 Sec. Notes


X X X X X X X X

[*] BOND PRICING: For the Week July 15, 2019 to July 19, 2019

                           - - - - -


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

ANALIZ PTY: Second Creditors' Meeting Set for July 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

  -- Analiz Pty Ltd;
  -- Birelos Development Pty Ltd;
  -- Viluti Homes Pty Ltd; and
  -- VLT 2 Pty Ltd

has been set for July 29, 2019, at 3:00 p.m. at Adina Apartment
Hotel, at 189 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2019, at 5:00 p.m.

Claudio Trimboli of Charles & Co was appointed as administrator of
Analiz Pty on July 17, 2019.


EMERALD II 2007-1: Fitch Affirms Bsf Rating on Class C Debt
-----------------------------------------------------------
Fitch Ratings has affirmed six tranches issued from two Emerald
Series of Australian reverse mortgages. The transactions are
securitisations of Australian reverse mortgage receivables
originated by Bluestone Equity Release Pty Limited (Bluestone).

Emerald II Reverse Mortgage Series 2007-1 Trust

  Class A AU3FN0003307; LT BBBsf Rating Affirmed; previously
  at BBBsf  

  Class B (Deferrable Interest Rate) AU3FN0003315; LT BBsf Rating
  Affirmed; previously at BBsf

  Class C (Deferrable Interest Rate) AU3FN0003323; LT Bsf Rating
  Affirmed; previously at Bsf

Emerald Reverse Mortgage Series 2006-1 Trust

  Class A AU300EMER013; LT AAsf Rating Affirmed; previously
  at AAsf

  Class B (Deferrable Interest Rate) AU300EMER021; LT BBBsf
  Rating Affirmed; previously at BBBsf

  Class C (Deferrable Interest Rate) AU300EMER039; LT Bsf Rating
  Affirmed; previously at Bsf

KEY RATING DRIVERS

Application of Bespoke Criteria: Fitch applied its Australian
Emerald Reverse Mortgage Bespoke Rating Criteria to reflect the
product-specific features of equity release. The key assumptions
underpinning the asset cash flows include borrowers' mortality and
morbidity (long-term care) rates, voluntary prepayment rates,
property price stresses and property price growth.

Fitch's cash flow analysis produced a model-implied rating of 'less
than Bsf' for Emerald 2007-1's class C note, which was driven by
the decreasing interest-rate scenario. The agency considered the
transaction's long-term nature (legal final maturity is in 2057)
and the application of long-term stress on variables, such as
property prices and interest rates. Fitch determined there was a
margin of safety in regards to these key variables commensurate
with a 'Bsf' rating.
     
Timing of Borrower Exits: The rate of borrower exits declined over
the 12 months to April 2019, driven by lower voluntary prepayments,
which averaged 5.1% per annum for Emerald 2006-1 and 3.9% per annum
and Emerald 2007-1. The low interest rate environment continues to
deter borrowers from prepayment due to the obligation to pay high
fixed-rate break costs at termination. The accumulation of exits to
date has resulted in the liabilities amortising to 19% and 28%
below the asset balances for Emerald 2006-1 and Emerald 2007-1,
respectively, leading to overcollateralisation as a percentage of
liabilities, excluding mark-to-market of the swap and step-up
interest.
     
Falling Residential Property Values: Property price across
Australia continued to decline over the 12 months to June 2019.
However, property prices are significantly above those at
origination, with national price rises of 49.6% since the
origination of Emerald 2006-1 and 39.5% since the origination of
Emerald 2007-1.
     
Portfolio Characteristics: At the 30 April 2019 cut-off date, the
Emerald 2006-1 portfolio consisted of 499 borrower groups with a
weighted-average (WA) unindexed loan/value ratio (LVR) of 45.0% and
a WA indexed LVR of 43.2%. The loans were spread geographically,
with the largest concentration of 45.3% of the portfolio in New
South Wales. 45.3% of the outstanding loans' borrowers were aged 80
and above. At the March 31, 2019 cut-off date, the Emerald 2007-1
portfolio consisted of 533 borrower groups with a WA unindexed LVR
of 47.5% and a WA indexed LVR of 47.2%. The mortgages were
geographically diversified, with the largest concentration of 38.4%
in New South Wales. 49.4% of the outstanding loans' borrowers were
aged 80 and above.


GREGORSKI INVESTMENTS: Second Creditors' Meeting Set for July 29
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Gregorski
Investments Pty Ltd has been set for July 29, 2019, at 10:30 a.m.
at the offices of Gervase Consulting, Level 6, at 82 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 26, 2019, at 5:00 p.m.

John Gervase Shanahan and Clare Birnie of Gervase Consulting were
appointed as administrators of Gregorski Investments on June 26,
2019.


HIRE ME: Second Creditors' Meeting Set for July 29
--------------------------------------------------
A second meeting of creditors in the proceedings of Hire Me Up Pty
Ltd, trading as JobGetter, has been set for July 29, 2019, at 11:30
a.m. at the offices of KordaMentha, Level 5, Chifley Tower, at 2
Chifley Square, 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, 2019, at 4:00 p.m.

Rahul Goyal and Scott Langdon of KordaMentha were appointed as
administrators of Hire Me Up on June 24, 2019.


MOKO DESIGN: Second Creditors' Meeting Set for July 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Moko Design &
Construct Pty Ltd has been set for July 29, 2019, at 12:00 p.m. at
the offices of Nicols + Brien, Level 2, at 350 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 29, 2019, at 12:00 p.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Moko Design on July 17, 2019.


NORTHERN ENERGY: Second Creditors' Meeting Set for July 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Northern Energy
Corporation Limited and Colton Coal Pty Limited has been set for
July 26, 2019, at 11:30 a.m. at the offices of Grant Thornton
Australia Limited, Level 18, at 145 Ann 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 25, 2019, at 12:00 p.m.

Said Jahani of Grant Thornton Australia was appointed as
administrator of Northern Energy on Oct. 18, 2019.


PORT WAKEFIELD: First Creditors' Meeting Set for Aug. 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Port
Wakefield Developments Pty Limited will be held on Aug. 1, 2019, at
10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria
Square, in Adelaide, SA.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Port Wakefield on July 22, 2019.



PRESSED JUICES: Court Appoints Cor Cordis as Liquidators
--------------------------------------------------------
Matthew Elmas at SmartCompany reports that an investigation into
the affairs of independent retailer Pressed Juices underwent on
July 22 as court-appointed liquidators seek to untangle a web of
corporations which allegedly underpaid workers.

On July 19, a NSW court appointed liquidators from Cor Cordis to
Pressed Juices Holdings Pty Ltd, a company which is understood to
control several other entities associated with the chain, the
report says.

SmartCompany relates that the development is the latest
investigation to be undertaken into Pressed Juices after ASIC
published a series of deregistration notices related to the
business in December last year.

Pressed Juices Holdings is listed as wholly owned by deregistered
company Pressed Juices Investments, while Vincent 'Leo' Pegoli, a
businessman with longstanding involvement with the brand, is listed
as sole director.

Mr. Pegoli is also listed as the director of deregistered companies
VPMP Investments Pty Ltd and Pressed Juices Manufacturing &
Production Pty Ltd.

Another company associated with the chain, Pressed Juices Retail
Pty Ltd, also lists Mr. Pegoli as its sole director and remains
actively trading, SmartCompany discloses citing records published
by the corporate regulator.

It is not the first time Pressed Juices has undertaken corporate
restructuring, the report notes. Back in 2016, the company was
placed into administration by Mr. Pegoli, a move which triggered an
investigation into a 2014 transfer of company assets to yet another
business, SmartCompany says.

More than 30 credit inquiries have built up for Pressed Juices
Holdings over the last 12 months, SmartCompany says citing
CreditorWatch data. Payment defaults have also started building up,
valued at more than AUD20,000 as suppliers continue to bill the
company, the report notes.

At its height, Pressed Juices maintained about 22 stores across the
country, predominately in Victoria and NSW, employing more than 100
staff. The company was featured in publications such as Broadsheet,
spruiked as a disruptive player bringing the cold-pressed juice
trend to the Australian market.

However, allegations surfaced late last year that Pressed Juices
had underpaid many of its workers, with details published by
Junkee, which also revealed a tangled web of companies own various
aspects of the business, according to SmartCompany.

It is not known whether workers have been back paid for any
possible underpayments, but the company has a history of
restructuring, placed into administration back in 2016.


SG CORPORATE: First Creditors' Meeting Set for July 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of SG Corporate
Services Pty Ltd will be held on July 31, 2019, at 11:00 a.m. at
the offices of David Clout and Associates, Level 3, at 26 Wharf
Street, in Brisbane, Queensland.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of SG Corporate on July 19, 2019.


WINEMAKING TASMANIA: Second Creditors' Meeting Set for July 30
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Winemaking
Tasmania Pty. Ltd., trading as Winemaking Tasmania, has been set
for July 30, 2019, at 4:00 p.m. at Rydges Hobart, at 393 Argyle St,
in North Hobart, Tasmania.

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 29, 2019, at 4:00 p.m.

David Raj Vasudevan and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Winemaking Tasmania on May 22,
2019.




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

BRIGHT SCHOLAR: Fitch Publishes BB- LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has published Bright Scholar Education Holdings
Limited's Long-Term Issuer Default Rating (IDR) of 'BB-' and senior
unsecured rating of 'BB-'. The Outlook on the Long-Term IDR is
Stable. At the same time, Fitch has assigned Bright Scholar's
proposed US dollar senior unsecured notes an expected rating of
'BB-(EXP)'.

The proposed notes are rated in line with Bright Scholar's senior
unsecured rating, as they will constitute its direct and senior
unsecured obligations and rank pari passu with the issuer's
existing and future senior unsecured debt. The proceeds from the
proposed senior unsecured notes will be for overseas business
expansion and other general corporate purposes. The final rating on
the proposed notes is contingent upon the receipt of final
documentation conforming to information already received.

The ratings on Bright Scholar reflects the company's solid market
position as the largest operator of international and bilingual
schools that cover kindergarten to 12th grade in China by
enrolment. The ratings also incorporate the education industry's
strong growth prospects and stable cash flow generation, the
company's synergistic relationship with Chinese homebuilder Country
Garden Holdings Co. Ltd. (BBB-/Stable), and its solid financial
profile with a net cash position.

The ratings are constrained by the company's relatively small
operating scale, with EBITDA of around USD56 million in the
financial year ended August 2018 (FY18), and revenue concentration
as five schools accounted for almost half of FY18 revenue. The
company's operating model and expansion strategy could also be
affected by regulatory changes.

KEY RATING DRIVERS

Fast-Growing Demand: The private school industry in China has been
expanding and revenue is expected to increase by CAGR of 11.7% in
2016-2020, according to Frost and Sullivan, driven by rising
disposable incomes and higher emphasis on quality education. Frost
and Sullivan expects international education service providers to
grow even faster, with 55% of the upper-middle class interested in
sending their children overseas for education. Bright Scholar
operates 78 schools across nine provinces in China and one overseas
school in the UK as of May 2019.

New Schools to Drive Growth: Bright Scholar is planning to expand
its school network in China by building new schools and
acquisitions. Fitch expects revenue to increase by CAGR of more
than 30% over FY19-FY22. The company's strategy for expansion is to
launch new schools in collaboration with residential property
developers, mainly Country Garden. This strategy provides Bright
Scholar with many potential opportunities as Country Garden is a
leading property developer in China with plans to develop hundreds
of sites in the next few years.

Continuing Acquisitions: Fitch expects Bright Scholar to continue
to explore suitable acquisition targets to develop its education
technology solutions and complement its school operations. Fitch
expects Bright Scholar to consider both domestic and global M&A
opportunities, which may include operators of extracurricular
programmes in China and overseas schools.

Fitch has incorporated spending of CNY2 billion and CNY334 million
in FY19 and FY20, respectively, for announced or completed
acquisitions. Fitch expects Bright Scholar to finance acquisitions
via its net cash balance and strong, consistent FCF from its school
operations, but an aggressive acquisition strategy or
slower-than-expected integration of such acquisitions could lead to
deterioration in the company's leverage.

Strong Business and Financial Profile: The company has stable
recurring revenue and profit sourced from tuition from consistent
student enrolment in its schools. The cost for students switching
to another school is high. Bright Scholar's EBITDA margin was 22.5%
in FY18 and Fitch expects the company to maintain a stable EBITDA
margin and modest leverage as it expands its school network.

Relationship with Country Garden: Bright Scholar collaborates
closely with Country Garden. The company uses the properties
developed by Country Garden, which helped to limit its capex
outlays in connection with land procurement and construction. This
will contribute to the company's lower leverage and higher FCF
margin over the next four years. The cooperation between the two
companies provides Bright Scholar with a pipeline of new schools in
prime locations to drive growth.

Limited Impact from Regulatory Change: The private education sector
in China is highly regulated. Fitch expects the recent drafts of
amendments to laws released by the Ministry of Justice in 2018 to
have limited impact on Bright Scholar's existing schools'
operation, but they may constrain its future domestic schools M&A
opportunities. Management is closely monitoring the industry
developments and will adapt to further changes in regulations.

Rating Constrained by Scale: Bright Scholar's ratings are
constrained by its small business scale (around USD56 million of
EBITDA in FY18) relative to companies with the same rating and
limited geographic diversification. The company's international and
bilingual schools in Guangdong province accounted for around 46% of
total revenue in FY18. In addition, the flagship Guangdong Country
Garden School in Shunde contributed to 17% of FY18 revenue.

Variable Interest Equity Structure: Chinese law restricts foreign
equity ownership in domestic companies that provide compulsory
education at the primary and middle school levels and education at
the kindergarten and high school level. Bright Scholar, which is
registered in the Cayman Islands, operates its schools in China
through consolidated affiliated Chinese entities with whom it has
contractual relationships. These variable interest equity (VIE)
arrangements are a credit weakness as they may not be as effective
in providing control as direct ownership. However, VIE structures
are the usual mechanism for overseas investors to participate in
sectors that are subject to China's investment restrictions.

In addition, the risks of such arrangements are mitigated by Bright
Scholar keeping the majority of cash and assets within its wholly
owned subsidiaries rather than the contractually controlled,
consolidated affiliated entities. The objectives of Bright Scholar
and its affiliates are also aligned and the company enjoys good
relationships with the government and regulatory authorities.

DERIVATION SUMMARY

Bright Scholar may be compared with 361 Degrees International
Limited (BB-/Stable), a Chinese maker of sportswear with modest
operations and a sustained net cash position. Bright Scholar has a
smaller operating scale at roughly 50% of 361 Degrees' EBITDA and
less geographic diversification than the sportswear maker. However,
Bright Scholar has a stronger financial profile with faster revenue
growth, higher EBITDA margin and more stable FCF generation. As a
result, the two companies are rated at the same level.

KEY ASSUMPTIONS

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

  - 22%-29% revenue growth in FY19-FY21 in the school segment
driven by new schools and higher enrolments

  - 104% revenue growth in FY19 in other segments driven by
acquisitions of overseas schools and complementary services

  - EBITDA margin of 22%-23% in FY19-FY21 (FY18:22.5%)

  - CNY50 million in capex in FY19 and CNY300 million-500 million
per year in FY20 and FY21

  - CNY2,015 million in M&A in FY19 and CNY500 million per year in
FY20 and FY21


CHONGQING HECHUAN: Fitch Rates $300MM Sr. Unsec. Notes BB+
----------------------------------------------------------
Fitch Ratings has assigned a final 'BB+' rating to China-based
Chongqing Hechuan City Construction Investment (Group) Co., Ltd.'s
(HCCT; BB+/Stable) USD300 million 6.3% senior unsecured notes due
2022.

The assignment of the final rating follows the receipt of documents
conforming to information already received. The final rating is in
line with the expected rating assigned on June 24, 2019.

KEY RATING DRIVERS

The notes are issued by HCCT and constitute its direct,
unconditional, unsubordinated and unsecured obligations and rank
pari passu with all its other present and future unsecured and
unsubordinated obligations. The proceeds will be used for repayment
of HCCT's existing debt and for general corporate purposes.

RATING SENSITIVITIES

Any change in HCCT's Issuer Default Ratings will result in similar
rating action on the notes.

DELTA MERLIN: Fitch Downgrades LT IDR to B-; Places on RWN
----------------------------------------------------------

Fitch Downgrades Delta Merlin Dunia to 'B-'; Rating Watch Negative
18 JUL 2019 04:22 AM ET
Fitch Ratings - Singapore/Jakarta - 18 July 2019:

Fitch Ratings downgraded Indonesia-based textile manufacturer PT
Delta Merlin Dunia Textile's Long-Term Issuer Default Rating to
'B-' from 'BB-' and the rating on its US dollar notes to 'B-' with
a Recovery Rating of 'RR4'. All ratings have been placed on Rating
Watch Negative.

The downgrades reflect DMDT's heightened refinancing and liquidity
risk. DMDT's liquidity has been hurt by slow sales and stretched
working capital due to intensifying competition following the
increased supply of cheap fabrics from China. This has been
exacerbated by the company's financial policy with respect to cash
holding together with foreign-currency hedges that are deep out of
the money. Fitch believes that, while DMDT's US-dollar bond
documentation provides ringfencing and does not contain cross
default from its affiliates within Duniatex group (of which DMDT is
a part), there is contagion risk that could limit DMDT's banking
and capital-market access.

The RWN reflects the tight liquidity risk associated with DMDT's
ability to meet near-term debt maturities, including the scheduled
amortised principal payment of its syndicated loan in September
2019. Fitch aims to resolve the RWN once further information is
available with respect to DMDT's and Duniatex group's liquidity
profiles and refinancing plans, which could lead to a downgrade of
at least one notch.

KEY RATING DRIVERS

Contagion Risk from Affiliates: Fitch believes DMDT's access to
banks and capital markets could be constrained. DMDT's bond
documentation does not contain a cross-default clause that links
the company's financing with the performance of affiliates, but
Fitch believes that, given the common ownership and the company's
integrated operations within Duniatex group, DMDT's banking and
capital-market access could be restricted due to an affiliate's
financial distress. This could make it difficult for DMDT to
refinance its debt, including short-term working-capital
facilities, which may not only affect day-to-day operations but
also the company's ability to make scheduled principal amortisation
repayment on its term loans. In addition, any default on DMDT's
loans, aside from the bond, of amount larger than USD10 million may
trigger the event-of-default clause in its US dollar bond
documentation.

Weakening Cash Flow Generation: The downgrades also reflect DMDT's
weakening cash-flow generation in the near term, which is partially
driven by higher supply of cheap fabrics from China. Fitch believes
the 25% tariff imposed by the US on Chinese products have forced
Chinese manufacturers to divert their products to other countries
in the region, including Indonesia. This has pressured DMDT's sales
and working-capital requirements, adversely affecting the company's
liquidity profile.

Fitch believes DMDT's cash flow is also affected by the settlement
of the company's US-dollar forward contracts in the near term.
DMDT, along with its affiliates, typically hedges a portion of its
US-dollar requirements through the use of forward contracts of six
to twelve months. Fitch understands that the company's forex
contracts are deeply out of the money and therefore the company
faces material cash outflow from the settlement of the contracts in
the short term. This may limit the company's ability to meet its
debt repayments scheduled in the near term.

Weaker Financial Discipline, Execution: Fitch believes Duniatex
group's weak financial discipline and operational execution has
further deteriorated in light of the heightened liquidity risk and
financial distress of an affiliate, which has led us to re-assess
DMDT's governance structure and revise the credit relevance of the
governance factor for DMDT's rating under Fitch's environmental,
social and governance framework to '5', from '4'. The score of '5'
reflects that DMDT's weak governance structure, on an individual
basis, significantly affects its credit rating .

DERIVATION SUMMARY

DMDT's rating may be compared with that of PT Sri Rejeki Isman Tbk
(Sritex; BB-/Stable) and PT Pan Brothers Tbk (B/Stable). Sritex is
one of Indonesia's leading textile and garment manufacturers, while
Pan Brothers is the country's largest publicly listed garment
manufacturer. The rating difference between the two companies and
DMDT reflects DMDT's deteriorating liquidity position and
heightened refinancing risk.

DMDT's rating may also be compared with that of PT Lippo Karawaci
TBK (CCC+/Rating Watch Positive) and Global Cloud Xchange Limited
(GCX; CC). DMDT is rated a notch higher than Lippo due to the
latter's compromised property sales business, weak liquidity
profile and high reliance on asset sales. DMDT's higher rating
relative to GCX reflects the higher level of credit risk relating
to the refinancing of GCX's secured notes in light of its poor
capital-market access following the default and ongoing debt
restructuring of its parent company, Reliance Communication
Limited. GCX's USD350 million secured notes are due August 1, 2019.
The company is evaluating options to refinance the notes, but does
not have a concrete plan so far. Fitch believes DMDT has better
funding access relative to GCX, supporting the rating difference
between the two companies

KEY ASSUMPTIONS

Fitch's key assumptions for its rating case include:

  - Stable utilisation rate of 81% across 2019 (2018: 76%)

  - Stable EBITDA margin at 19% over the next two years (2018:
21%)

  - No dividends for the next two years

KEY RECOVERY RATING ASSUMPTIONS

  - DMDT would be considered a going concern in a bankruptcy and
would be reorganised rather than liquidated.

  - Fitch has assumed that DMDT's going-concern EBITDA is equal to
its EBITDA in the last 12 months to 1Q19, with 10% discount applied
to reflect Fitch's view of a sustainable, post-reorganisation
EBITDA level upon which Fitch based the company's valuation

  - An enterprise value (EV) multiple of 4x is used to calculate a
post-reorganisation EV. Fitch believes this is closer to a
distressed multiple, considering that other Indonesia-based textile
and garment manufacturers - Sritex and Pan Brothers - are trading
at 5x and 9x EV/EBITDA multiples, respectively

  - Around IDR1.5 trillion of secured debt as of March 31, 2019 has
priority over the senior unsecured US dollar bond

  - 10% administrative claim to be applied on the going concern EV

- Going-concern EV to cover 91%-100% of DMDT's senior unsecured
debt, corresponding to a 'RR1' Recovery Rating for the senior
unsecured notes after adjusting for administrative claims.
Nevertheless, Fitch has rated the senior unsecured bonds 'B-'/'RR4'
because, under its Country-Specific Treatment of Recovery Ratings
criteria, Indonesia is classified under Group D of countries in
terms of creditor friendliness and the instrument ratings of
issuers with assets located in this group are subject to a soft cap
at the issuer's IDR.


DEXIN CHINA: Moody's Assigns B3  to Proposed USD Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the proposed
senior unsecured USD notes to be issued by Dexin China Holdings
Company Limited (B2 stable).

Dexin plans to use the proceeds from the proposed notes to
refinance existing debt and for working capital purposes.

RATINGS RATIONALE

"The proposed bond issuance will improve Dexin's liquidity profile
and will not materially affect its credit metrics, because the
company will use the proceeds mainly to refinance existing debt,"
says Josephine Ho, a Moody's Vice President and Senior Analyst, and
also Moody's Lead Analyst for Dexin.

Moody's expects that Dexin's debt leverage -- as measured by
revenue/adjusted debt -- will decline to 48%-50% over the next
12-18 months from 54% in 2018, and adjusted EBIT/interest coverage
to 2.2x from 2.9x over the same period.

This mild deterioration in the company's projected credit metrics
reflects Moody's expectation that Dexin's growth will be partly
debt-funded. In particular, Moody's expects that Dexin will spend
60%-70% of the cash it collects from contracted sales to acquire
land over the next 12-18 months to support its business expansion,
which is a high ratio when compared to the industry average.

Dexin, together with its joint ventures and associates, achieved
strong sales growth of 38% in 2018 and 78% in 2017, and strong cash
collection levels over the same period, demonstrating its good
sales execution.

Dexin's liquidity is adequate. Its cash balance of RMB7.5 billion
at the end of 2018 was almost at the same level as its short-term
debt of RMB7.7 billion. Moody's expects that the company's cash
holdings, along with its contracted sales proceeds after deducting
basic operating cash flow items, will be sufficient to cover its
short-term debt, committed land premiums and dividend payments over
the next 12 months.

Dexin's B2 corporate family rating reflects its long track record
of developing properties in Zhejiang Province, as well as its
quality land bank and adequate liquidity, driven by its strong cash
collections from contracted sales.

However, its credit profile is constrained by its developing
operating scale, narrow funding channels, mildly deteriorating
credit metrics and high exposure to joint venture businesses, with
the last factor lowering the transparency of its credit metrics.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Dexin's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

In terms of environmental, social and governance factors, the CFR
also takes into account the concentrated ownership by Dexin's key
shareholder, Mr. Hu Yiping, who held a total 73% stake at March 31,
2019. This risk is partly mitigated by the presence of three
independent non-executive directors out of a total of seven, with
the audit and remuneration committees chaired by the independent
non-executive directors, and the presence of other internal
governance structures and standards, as required under the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.

The stable ratings outlook reflects Moody's expectation that Dexin
will maintain adequate liquidity and grow its scale as planned.

Moody's could upgrade Dexin's rating if the company: (1) executes
its business plans and grows its operating scale; (2) strengthens
its financial profile, with revenue/adjusted debt exceeding 70% and
EBIT/interest above 2.5x-3.0x; (3) maintains adequate liquidity,
with cash/short-term debt consistently above 1.5x; and (4)
diversifies its funding channels.

On the other hand, Moody's could downgrade the rating if (1)
Dexin's contracted sales weaken; or (2) the company accelerates
land acquisitions beyond Moody's expectations, thereby weakening
its financial metrics and liquidity.

Financial metrics indicative of a rating downgrade include: (1)
EBIT/interest below 1.5x; or (2) revenue/adjusted debt below
50%-55%; or (3) a weaker liquidity position or higher refinancing
risk, such that cash/short-term debt falls below 1.0x on a
sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Dexin China Holdings Company Limited is a Zhejiang-based
residential property developer. At December 31, 2018, its land
reserves totaled 6.8 million square meters in gross floor area. Its
key operating cities include Wenzhou, Hangzhou, Nanjing and Ningbo.
At March 31, 2019, Dexin was 73% owned by its founder and chairman,
Mr. Hu Yiping.


DEXIN CHINA: S&P Assigns 'B-' Rating on USD Senior Unsecured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes proposed by Dexin
China Holdings Co. Ltd. (Dexin: B/Stable/--). The rating is subject
to S&P's review of the final issuance documentation.

S&P said, "We rate the proposed senior notes one notch below the
issuer credit rating on Dexin to reflect the substantial structural
subordination risk. As of Dec. 31, 2018, Dexin's capital structure
consists of about Chinese renminbi (RMB) 8.8 billion in secured
debt, RMB3.3 billion in unsecured debt, and RMB2 billion in
guarantees. All of Dexin's existing debt is at the subsidiary
level, and is considered priority debt to its proposed U.S. dollar
senior unsecured issuance.

"We do not expect the proposed issuance to have a material impact
on Dexin's credit profile, given the company intends to use the
proceeds primarily for refinancing its onshore debt and working
capital purposes. We expect a moderate improvement in Dexin's
debt-to-EBITDA ratio to 5.5x-6.0x in 2020, from 6.5x-7.0x in 2019,
primarily because of continued revenue growth with stable gross
margins and disciplined land acquisitions."


JINGRUI HOLDINGS: Moody's Rates New USD Sr. Unsec. Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Jingrui
Holdings Limited's (B2 stable) proposed senior unsecured USD
notes.

Jingrui plans to use the proceeds from the proposed notes mainly to
refinance its existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will lengthen the company's debt
maturity profile and support its liquidity profile without bringing
material impact to its credit metrics, because the company will use
the proceeds mainly to refinance existing debt," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

Moody's expects Jingrui's leverage, as measured by revenue/adjusted
debt, will trend toward 64%-66% over the next 12-18 months from 57%
in 2018, supported by increasing revenue growth because of the
solid contracted sales in the past year, and this will outpace the
slowing debt growth over the same period.

Additionally, its adjusted EBIT/interest coverage will slightly
improve to 2.0x-2.1x over the same period from 1.9x in 2018 due to
the strong revenue recognition and improving gross margin which
mitigate the rising funding cost.

Moody's expects Jingrui will moderately grow its total contracted
sales by 5%-10% year-on-year to RMB26-RMB28 billion in the next
12-18 months, supported by its established market position in its
core Yangtze River Delta market. Jingrui's contracted sales reached
RMB25.2 billion in 2018, up 37% year-on-year from RMB18.4 billion
in 2017.

Jingrui's B2 corporate family rating reflects its modest scale,
moderate financial profile and relatively low but improving
profitability. The rating also takes into account the company's
track record of developing properties in Shanghai and other cities
in the economically strong Yangtze River Delta area.

However, the rating is constrained by the company's small scale and
relatively high geographic concentration.

The company's B3 senior unsecured debt rating is one notch lower
than the corporate family rating due to structural subordination
risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over Jingrui's
senior unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that
Jingrui's improved sales execution for properties in higher-tier
cities in China can be sustained over the next 12-18 months.

Jingrui's liquidity position is adequate. Moody's expects the
company's cash holdings and operating cash flow will be sufficient
to cover its short-term debt and committed land payments over the
next 12 months. As of December 2018, the company has total cash
balance of RMB13.1 billion which covered 1.69x of its short-term
debt including puttable bonds of RMB8.2 million as at the same
date.

Upward ratings pressure could develop if Jingrui substantially
grows its scale, while maintaining 1) sound credit metrics, with
adjusted revenue/debt above 95%-100%, and EBIT/interest coverage
above 3.5x on a sustained basis; and 2) adequate liquidity position
on a sustained basis.

Downward ratings pressure could emerge if Jingrui's 1) liquidity
weakens, such that its cash/short-term debt falls below 100%; and
2) profit margins come under pressure, constraining its interest
coverage and financial flexibility, such that EBIT interest
coverage falls below 2.0x.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Jingrui Holdings Limited is a Shanghai-based property developer.
The company listed on the Hong Kong Stock Exchange in October 2013.
It was originally established in 1993 as Shanghai Jingrui Property
Development Company by a group of businessmen, including its
current key shareholders and executive directors, Mr. Chen Xin Ge
and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China.

As of December 2018, Jingrui had land bank of about 4.8 million
square meters, located across 13 cities in China, including
Tianjin, Ningbo, Suzhou, Hangzhou, Wuhan and Shanghai.


LANDSEA GREEN: S&P Affirms B ICR on Temporary Leverage Improvement
------------------------------------------------------------------
S&P Global Ratings, on July 18, 2019, affirmed its 'B' long-term
issuer credit rating on Landsea Green Group Co. Ltd. S&P also
affirmed its 'B-' long-term issue rating on the China-based
developer's senior unsecured notes.

S&P said, "We affirmed our ratings to reflect the likelihood that
Landsea's leverage on a consolidated and see-through basis may not
sustain at its improved levels, and will weaken over the next 12-24
months. A see-through ratio reflects proportional consolidation of
joint ventures (JVs). Landsea's see-through debt-to-EBITDA ratio
improved considerably to 4.9x in 2018, from 7.1x in 2017, due to
stronger contributions from deliveries of JV projects. However, the
company's consolidated debt-to-EBITDA ratio remains high at 6.6x,
compared with 6.7x a year ago.

"We expect Landsea's leverage to increase after further mild
improvements in 2019. This is due to the company's strong land bank
replenishment needs for expansion amid intensifying competition in
the sector. Also, our forecast improvement in 2019 relies on a
one-off disposal of Landsea's noncore long-term rental apartment
segment to its parent group, without which there would not be
significant deleveraging. We expect the company's consolidated
debt-to-EBITDA ratio to improve to 4.9x-5.1x in 2019, then weaken
to 5.7x-5.9x from 2020 onwards."

The ramp up of JV projects was the key driver for Landsea's
substantial deleveraging at the project level in 2018. These
projects contributed about Chinese renminbi (RMB) 1 billion in
EBITDA compared to the proportionate share of debt of RMB2.2
billion, indicating a debt-to-EBITDA ratio of around 2x at its
off-balance sheet JV level. S&P expects the see-through leverage to
improve to 3.7x-3.9x in 2019 also mainly due to the one-off impact
from the noncore segment disposal, but moderately retract to
4.1x-4.2x in 2020 as the company continues its mainly debt-funded
expansion.

Landsea's see-through leverage will continue to be lower than its
consolidated leverage and the two may further diverge. This is
because we expect the company and its partners to continue
financing JV projects through capital injections and shareholder
loans, with relatively little external borrowing at the project
level. Landsea's project partners are frequently financial
institutions rather than other property developers. However, from
S&P's understanding from the company and a sample check, it
believes the projects have no debt-like or guaranteed return terms
and are purely on an equity basis.

S&P said, "We expect Landsea's attributable portion of sales to
decrease mildly to 25%-30% in 2019 and 2020. That said, we believe
a longer record of JV contribution and consistent off-balance sheet
financial disclosure could help alleviate the lack of transparency
to assess Landsea's credit profile." This is due to the company's
asset-light model where a large number of its projects are not
being reported within its audited consolidated statements.

Landsea's margins will continue to face pressure despite some
improvement in 2018. While the company's green building standards
provide product differentiation, the high construction costs
accompanied with price cap restrictions in key cities limit the
premium chargeable and constrain margins. This is partially offset
by the steady growth in higher-margin income, including project
management services and property rental. S&P forecasts Landsea's
EBITDA margin to stay at 25%-27% in the next two years.

S&P said, "In our view, Landsea's funding channel is less
diversified compared with other similarly rated peers. The company
does not have direct access to the domestic bond market and relies
on shareholder loans from parent Landsea Group. That said, Landsea
is conservative in its capital structure and has limited exposure
to trust loans.

"The stable outlook reflects our expectation that Landsea will
moderately increase its leverage on both a see-through and
consolidated basis to fund expansion. We expect the company's
steady sales growth to continue with stable margins overall due to
stronger contributions from service income.

"We may lower the rating if Landsea's leverage deteriorates over
the next 12 months, resulting in the see-through and consolidated
debt-to-EBITDA ratio worsening to above 7x on a sustained basis.
This could happen if: (1) the company's EBITDA contribution from JV
projects is weaker than we expect; or (2) its debt-funded expansion
is more aggressive than we anticipate.

"We could also lower the rating if Landsea's liquidity becomes less
than adequate.

"We could raise the rating if Landsea's see-through debt-to-EBITDA
ratio improves sustainably to below 5x while its consolidated
debt-to-EBITDA ratio remains at our base case of about 6x or below
on a sustained basis." This could happen if the company continues
to be prudent in debt-funded expansion and increases its EBITDA
contribution from JV projects.


LIANGSHAN DEVELOPMENT: Fitch Lowers LT IDRs to BB, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Liangshan Development Group Co.,
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings
to 'BB' from 'BB+'. The Outlook is Stable. All ratings have been
removed from Rating Watch Negative.

The downgrade follows Fitch's reassessment of the sponsoring
government - China's Liangshan Yi Autonomous Prefecture (Liangshan
prefecture) - in line with the agency's revised global Rating
Criteria for International Local and Regional Governments published
April 9, 2019. Fitch lowered its perception of Liangshan
prefecture's ability to provide legitimate support to LSID under
the revised criteria.

Fitch has also assigned LSID's USD300 million 7% senior unsecured
notes due 2022 a final rating of 'BB'. The notes are issued by
Liang Shan International Development Limited, an offshore directly
wholly owned subsidiary of LSID. LSID will provide an unconditional
and irrevocable guarantee for the notes, which will constitute its
direct, unsubordinated, unconditional and unsecured obligations and
will at all times rank pari passu with all its other present and
future obligations. The final rating follows the receipt of
documents conforming to information already received and is lower
than the expected rating of 'BB+(EXP)' assigned on December 3, 2018
due to the downgrade of the IDRs.

LSID ratings are assessed under Fitch's Government-Related Entities
(GRE) Rating Criteria. This reflects Liangshan prefecture's control
and ownership of the entity, the government's support record as
well as the socio-political and financial impact on the government
from a default by LSID.

LSID, formerly known as Liangshan State-Owned Investment &
Development Co., Ltd., is the prefecture's major financing and
investment platform for mineral-product and hydro-electricity
operations as well as transport and infrastructure construction. It
leads the prefecture in facilitating resource mining, improving
infrastructure, advancing the education level of minority groups,
increasing accessibility to the region and enhancing competiveness
by attracting external investments.

KEY RATING DRIVERS

'Very Strong' Legal Status and Control: The Liangshan State-owned
Assets Supervision and Administration Commission (SASAC) owned 65%
of LSID as of May 2019 with the rest held by 14 county-level SASACs
or treasuries within the prefecture. The Liangshan SASAC approves
LSID's operational and financing plans, appoints and supervises its
board members, and audits and monitors the company's performance
under its current legal status. The company's major decisions such
as M&As, spin-offs, bankruptcy and liquidation would require
verification and approval from the government. The local government
also sets the course of LSID's strategic development and appoints
most of its senior management. Its financing plans and debt levels
are also closely monitored by the government. LSID is also required
to report its operational and financial results to the government
on a regular basis.

'Strong' Support Record and Expectations: Liangshan prefecture has
been supporting LSID via financial subsidies and capital or
resource injections to ensure the company can sustain its
operations. Specific funds have been allocated to support LSID's
poverty-alleviation projects. The company's share capital increased
in 2018, reflecting the government support received, which included
state-level supporting funds for infrastructure projects, land
asset injections, share transfers of other GREs to LSID, capital
injections by the county's Ministry of Finance, and debt support
funding from the government. Fitch expects the government to
continue to provide legitimate support, if needed.

'Moderate' Social-Political Impact of Default: LSID was
commissioned by the government to boost the local economy and
alleviate the region's poverty. The existence of other GREs within
the province may provide some degree of substitution on these
duties if the company suffers severe financial distress. A default
by the company may not result in the immediate disruption of its
business activities and would have a moderate socio-political
impact on the government.

'Very Strong' Financial Consequences of Default: LSID was tasked
with raising funds for the local government for its public-welfare
projects, including the construction of roads and infrastructure,
educational institutions, hospitals and related medical facilities,
shanty-town redevelopment and the relocation of underprivileged
households. A default by LSID, an important funding platform for
the government, would impair the government's credibility and have
a significant impact on the availability and cost of domestic and
foreign financing options.

Maximum 'b' Category Standalone Credit Profile: LSID's financial
profile is characterised by high leverage due to large capex.
Capital-intensive public-work investments and its weak cash
generation weigh on its leverage, leading to high net debt to
Fitch-calculated EBITDA of 16x in 2018 with cash flow from
operations to debt and interest coverage consistently below 1x.
Fitch expects the high leverage, low debt coverage and asset growth
to continue in the medium term due to infrastructure development
needs in the prefecture and the company's policy role to alleviate
poverty. Net debt to Fitch-calculated EBITDA is likely to remain
above 20x under its rating case in the foreseeable future due to
its capex plan. Nevertheless, its stable contractual framework and
the local government's consistent financial support will mitigate
the risks.

'Weaker' Revenue Defensibility: Demand for some of LSID's major
businesses, especially mining products or commodity sales, is
largely sensitive to macroeconomic changes as well as domestic and
overseas competition as pricing pressure can affect profitability.
The diversification of its revenue sources has however mitigated
some of the sensitivity to an economic downturn.

'Mid-Range' Operating Risk: LSID incurs the majority of its costs
on the sales of mining products, its public-service operations as
well as infrastructure-project construction. These costs are
considered stable due to the company's accumulated experience and
economies of scale. LSID also has sufficient bargaining power to
manage the potential volatility in the fully competitive
construction sector in China.

DERIVATION SUMMARY

LSID's ratings are assessed under Fitch's GRE criteria. Fitch
believes the local government has a strong incentive to provide
extraordinary support to the company, if needed. Fitch has also
factored in the Liangshan prefectural government's control and
support, LSID's public-service functions such as poverty
alleviation and infrastructure development as well as the impact of
a default on the government.


MEINIAN ONEHEALTH: Fitch Alters Outlook on BB+ LT IDR to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Meinian
Onehealth Healthcare Holdings Co., Ltd.'s Long-Term Issuer Default
Rating (IDR) to Negative from Stable while affirming the IDR and
senior unsecured rating at 'BB+'. Fitch has also affirmed Meinian's
USD200 million 7.75% senior unsecured notes due 2021, issued by
subsidiary Mei Nian Investment Limited, at 'BB+'.

The Negative Outlook reflects its expectation of higher leverage as
a result of weakening cash flow generation and continued investment
needs. Meinian's FFO adjusted gross leverage rose to 4.8x in 2018
from 4.5x a year ago and is expected to stay above its negative
sensitivity over the next one-two years. Meinian's revenue growth
in 1H19 was slower than its expectation as the company, which
provides preventative health-examination services, changed its
strategy to focus on service quality and improving customer
experience. Increasing the average package price per individual
customer would ease capacity constraints and support more stable
operations, but there are execution risks during the transition as
a lower utilisation rate at its medical check-up centres may weaken
profitability in the near term. The pace of capex expansion will
also determine the company's ability to generate free cash flow.

KEY RATING DRIVERS

Change in Strategy: Meinian has grown rapidly from adding new
medical centres and acquisitions in the past two years, which put
pressure on the company's financial position and led to quality
control issues. The company is turning its focus to service quality
and customer experience, rather than aggressive network expansion
to gain market share.

Revenue growth will primarily be driven by increasing average
selling prices (ASP) and expanding its individual customer base.
Fitch expects network expansion to slow significantly in 2019 from
the previous two years. The strategy may help Meinian achieve more
sustainable growth in the long term, but Fitch expects execution
risks during the transition period as the company may lose some of
the revenue from individual customers who are price sensitive.

Profit Warning: Meinian announced that net profit for 1H19 probably
fell by 60%-90% due to the strategy change, which resulted in a
drop in individual customers. This, in turn, affected the profit
margin as the utilisation rate declined. Revenue growth in 1Q19 and
2Q19 was only around 5%, significantly slower than the growth a
year earlier. Its initial assessment considered the company's high
growth potential and positive industry dynamics, which support its
credit metrics. The first six months is seasonally slower (1H18
contributed 23% of full-year EBIT), but sustained slower revenue
growth coupled with weaker EBITDA margin may lead to deterioration
in its financial profile that is faster than its expectations.

Leverage Rises: Fitch expects Meinian's FFO adjusted gross leverage
to stay above its negative sensitivity of 4.5x on the back of
weakening cash flow generation and large investment needs.
Meinian's FFO adjusted gross leverage rose to 4.8x in 2018 from
4.5x in 2017 due to spending on capex that was higher than its
expectations. A potential equity placement will support
deleveraging slightly, but uncertainty remains over the balancing
of the company's revenue growth with its investments. Weakening
profitability would also hinder EBITDA generation, resulting in
weaker cash flow from operations.

Potential Equity Support: The company's announcement indicated
there could be a capital inflow of up to CNY2 billion from the
proceeds of the equity placement, which obtained China Securities
Regulatory Commission approval in June 2019. Fitch estimates the
proceeds, assuming they are used for repayment of debt, could lower
Meinian's FFO adjusted gross leverage to 4.4x in 2019 from its
current forecast of 5.2x.

Capex Peak in 2018: Fitch expects capex and acquisitions related to
network expansion to decrease in 2019-2022 as the company has
entered into a more controlled expansion phase. Fitch-defined capex
includes acquiring minority stakes in new centres and increasing
its investments in minority-interest centres to controlling
interests because Fitch believes these are crucial to Meinian's
growth.

Meinian's capex spiked in 2018 to CNY3.0 billion from CNY2.1
billion in 2017 due to its rapid network expansion. Capex related
to purchase of equipment and acquisition of medical centres rose to
CNY1.0 billion and CNY1.2 billion in 2018, respectively, from
CNY0.5 billion and CNY0.7 billion in 2017. This was in line with an
addition of 170 newly invested medical centres in 2018, up from 110
in 2017.

Market Leader in China: Fitch thinks Meinian's market leading
position and strong portfolio of corporate customers will be
maintained in the coming years. Meinian has been the country's
largest medical-examination service provider for the past few years
and solidified its market-share lead with last year's acquisition
of Ciming Health Checkup Management Group Co., Ltd. Fitch estimates
Meinian's market share at more than 20% in the private health
check-up segment and expects its high brand recognition and
comprehensive check-up centre network and service platform to
support its leading market position in the medium term.

DERIVATION SUMMARY

Meinian's clear market leadership in China's private health
check-up market and stable customer base compare favourably with
peers and balance its financial profile, which is relatively weak
in the 'BB' range. There are no other specific rated peers in this
market, and Fitch has therefore benchmarked Meinian against retail
companies that also use leased operating premises, although Fitch
recognises the private health check-up market in China is more
stable and has higher growth visibility.

Meinian presents a stronger business profile relative to
China-based 361 Degrees International Limited (BB-/Stable) as
Meinian is the leader in its market while 361 Degrees ranks lower
in the sportswear market. The sportswear market is also likely to
grow in China, but Fitch thinks the less fragmented health check-up
market and the strong base of corporate customers provide Meinian
with more stable traffic and growth prospects. Meinian's stronger
business profile justifies rating the company above 361 Degrees
despite a moderately weak financial profile due to rental expenses
making up a big share of costs.

Meinian's credit profile is more comparable with those of global
retail issuers such as Levi Strauss & Co. (BB+/Stable) as rental
expenses are also a large part of their costs. Meinian has a
smaller operational scale in terms of EBITDA size than Levi
Strauss, but the US-based company's revenue is mainly generated
from mature markets where the growth opportunities are limited. In
contrast, Meinian enjoys a leading market position, good growth
potential and positive industry dynamics. Financial profiles of
both companies are comparable with similar coverage. Meinian has
better EBITDA and FFO margins, which compensate for a slightly
higher gross leverage than Levi Strauss.

KEY ASSUMPTIONS

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

  - Revenue growth of 18% in 2019, moderating to 12% in 2022

  - EBITDA margin of 20%-21% in 2019-2022

  - Rental expense-to-revenue ratio of 8%-9% in 2019-2022

  - Capex of CNY2.3 billion per year in 2019-2022, including
initial minority investments in new medical centres and increasing
its investment in minority-interest centres to controlling
interests


REWARD GROUP: Auditor Slapped With Business Ban After Debt Scandal
------------------------------------------------------------------
Peng Qinqin and Han Wei at Caixin Global report that Zhongxinghua
Certified Public Accountants LLP, a Beijing-based accounting firm,
became the latest target of a regulatory crackdown on misconduct by
financial intermediaries related to financing scandals of their
clients.

Zhongxinghua Certified Public Accountants LLP was suspended from
conducting debt financing-related business for six months starting
July 15 and was warned to correct misbehavior in its auditing
business, the National Association of Financial Market
Institutional Investors (NAFMII), a bond market regulator, said on
July 18, Caixin relates.

According to Caixin, Zhongxinghua was found to have major flaws in
its audit of the 2017 financial results of Reward Science and
Technology Industry Group, a bankrupt chemicals and dairy
conglomerate ensnared in CNY6 billion ($872 million) of bond
defaults.

"As a key gatekeeper at the financial market, Zhongxinghua has
major flaws in its auditing procedure and failed to obtain
sufficient evidence for an audit,” NAFMII said in a statement.
"It violated industry rules and business norms.”

Caixin notes that the Zhongxinghua case adds to a growing list of
financial intermediaries found accountable for clients' troubles,
reflecting regulators' growing concerns over the intermediaries'
role in capital market scandals. Others swept up in the crackdown
include Ruihua Certified Public Accountants, one of China's largest
accounting firms, and GP Certified Public Accountants Co. Ltd., the
biggest auditor in Guangdong province.

According to Caixin, the regulator said Zhongxinghua failed to
verify Reward Group's actual assets and ignored the absence of
substantial business and financial documents when it signed off on
the company's financial report.

Privately owned Reward Group, also known as Luowa, failed to repay
CNY300 million of bonds in December although the company's
financial reports indicated that it had more than CNY4 billion of
cash on the books, Caixin recalls.

Caixin relates that the bond default triggered CNY6 billion of
cross defaults, including $200 million of offshore bonds, due to
the company's complex guarantees with affiliates.

A Caixin investigation found that a large part of Reward Group's
assets were pledged without clear disclosure. The company also
allegedly inflated revenue by falsifying transactions with
affiliated companies and business partners, sources told Caixin.

Following the default, Zhongxinghua issued a disclaimer on Reward
Group's 2018 financial report, which showed that the group had
total assets of CNY18.4 billion by the end of 2018 with only CNY497
million in cash, including CNY414 million under restriction, Caixin
discloses.

Reward Group in June filed for bankruptcy, Caixin discloses.
According to the National Enterprise Bankruptcy Information
Disclosure Platform, Reward Group had CNY11.2 billion of assets as
of Dec. 31 with debts of more than CNY6 billion. However, the
company is in a severe cash crunch, making it unable to repay
debts, according to the platform, Caixin relays.

In early July, the top securities regulator issued a penalty order
to Reward Group's controlling shareholder Hu Keqin and financial
director Zhao Jingwen for violations of disclosure rules. NAFMII
has also halted Reward Group's bond market financing, adds Caixin.


YIDA CHINA: Fitch Lowers LongTerm Foreign Currency IDR to CCC
-------------------------------------------------------------
Fitch Ratings has downgraded China-based business-park developer
Yida China Holdings Limited's Long-Term Foreign-Currency Issuer
Default Rating to 'CCC' from 'B-'. At the same time, Fitch has
downgraded its senior unsecured rating and the rating on its USD300
million 6.95% senior notes due 2020 to 'CCC' from 'B-' with a
Recovery Rating of 'RR4'.

The ratings have been downgraded further after Fitch's downgrade in
April 2019 to reflect an increase in the company's liquidity risk
and a weakening in its access to funding. Yida is also suffering
from greater uncertainty over the repayment of offshore notes due
to its slow asset-sale schedule.

The company's access to funding has deteriorated as some financial
institutions have refused to refinance part of its existing debt
since April or have requested the addition of clauses on new loans
that relate to its parent, China Minsheng Investment Corp., Ltd.
(CMIG), which render the newly refinanced debt immediately due upon
request. Yida's short-term debt repayment pressure started after
CNY5 billion of its non-current debt was reclassified as current at
end-2018 by its auditor, PricewaterhouseCoopers, due to covenants
related to the financial difficulties of CMIG, which owns 61.1% of
the company.

KEY RATING DRIVERS

Weakening Access to Funding: Fitch thinks Yida's access to funding
has worsened since April, evident from some domestic financial
institutions' refusal to extend new loans on collateral and their
denial of credit-line drawdowns. Newly refinanced loans also have
the added CMIG-related covenants. The total amount immediately
repayable increased to CNY8.75 billion by end-April 2019 from
CNY8.4 billion (including CNY3.4 billion in current loans and the
CNY5 billion in non-current debt reclassified to current) at
end-2018. Yida currently does not have plans to prepare liquidity
to service the reclassified debt obligations.

Slow Asset Sales: Fitch believes Yida can meet its immediate
liquidity needs by end-2019 but it will need to rely on quick asset
sales to repay the majority of its USD300 million in offshore
senior notes due April 2020. There have not been any legally
binding sales and purchase agreements to execute the deals to date.
Fitch thinks a delay in the asset-sale schedule will increase the
repayment uncertainty over the notes. Yida has earmarked assets to
sell in 2019, which can generate cash proceeds of above CNY1.5
billion.

Opportunistic Liquidity Management: Yida's ratings will remain
constrained by the lack of an immediate comprehensive plan to
improve its debt maturity structure, causing significant
uncertainty over its business execution as it may have to dispose
of assets on short notice. Yida has not prepared sufficient funds
to repay or come up with any plans to refinance the debt that is
due immediately upon request, although its lenders have not
required the company to repay the debt. Yida has also not been able
to obtain waivers from its lenders to date due to the financial
uncertainty over CMIG.

Debt Reclassification: Yida had CNY12.6 billion in short-term debt
at end-2018. This includes the CNY5 billion in non-current debt
that Yida's auditor reclassified as short-term debt because it
would be immediately repayable if required by the lenders due to
the financial deterioration of CMIG. Yida's debt due before
end-2019, excluding the reclassified CNY5 billion, amounted to
CNY7.65 billion. Yida's reclassified non-current debt has increased
to more than CNY5 billion by end-June 2019, according to
management, because the newly refinanced debt has added CMIG
clauses for creditor protection.

Stagnant Sales Growth: Yida's total reported sales continued to
hover around CNY8 billion in 2018, more than 90% of which came from
Dalian city, Yida's home base, and most of the sales are from
residential properties within business parks. Yida only met its
2018 sales target of CNY8.5 billion after a CNY2.6 billion Dalian
Tiandi residential land sale to Longfor Group Holdings Limited
(BBB/Stable); excluding the sale, Yida's total sales would have
dropped by 18% to CNY5.9 billion. Fitch thinks Yida will be able to
generate sales of above CNY8 billion in 2019, helped by its Dalian
Tiandi residential-project launch but it may struggle to maintain
its scale in the absence of good-quality large projects and minimal
land replenishment in the medium term.

Stable Financial Profile: Yida's leverage, measured by net
debt/adjusted inventory, improved to 46% by end-2018 from 52.9%
at-end 2017 due mainly to the drop in joint-venture guarantees to
zero from CNY1 billion in 2017, and controlled development
expenditure. Fitch estimates Yida's leverage will stay low at below
45% in 2019-2020 due mainly to limited land acquisition activities.
Yida's acquisition of the remaining 70% of its 30%-owned Dalian
Tiandi project for a total consideration of CNY4.5 billion at
end-2016 accounted for the majority of its land premium budget in
2017-2019. Yida's land acquisition budget of CNY2.9 billion in 2019
is mainly to pay the remaining CNY2 billion Dalian Tiandi
acquisition payables. Yida's EBITDA margin (excluding capitalised
interest) also remained above 20% at around 25% in 2018.

Weak Parent-Subsidiary Linkage: Yida is rated on a standalone basis
due to its weak ties with CMIG. The two entities have weak legal
ties as CMIG does not guarantee Yida's debt. The operational ties
are also weak due to Yida's independent operations and the
different nature of its business from CMIG, which is mainly a
financial institution.

DERIVATION SUMMARY

Yida's business profile as a leading regional homebuilder in Dalian
and business-park developer, with a sufficient and sound land bank
to support its property development, remains commensurate with a
'B' rating. Its financial profile was stable in 2018. Yida is
similar to China South City Holdings Limited (B/Stable) in terms of
contracted sales scale of CNY7 billion-8 billion, leverage of below
50% and a recurring EBITDA interest coverage of around 0.2x. Yida's
churn rate is higher than China South City's, although the latter
enjoys higher profitability of above 30%.

However, Yida's weakening access to funding and opportunistic
liquidity management are no longer commensurate with a 'B' rating.
Yida faces constant liquidity pressure and has to execute asset
disposals to repay part of its short-term debt. The continued
weakening in its access to funding due to its parent's financial
distress will likely disrupt Yida's normal course of business in
the short-to-medium term. Yida's rating will be constrained to
'CCC' until its liquidity uncertainty is reduced.

No country-ceiling, parent/subsidiary or operating environment
aspects have an impact on the rating. The 'CCC'/'RR4' rating for
the outstanding senior unsecured bonds due 2020 reflects Fitch's
expectations of a standard recovery to creditors of above 31% under
a liquidation scenario.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to stay flat at CNY8 billion
during 2019-2021.

  - Actual attributable land premium paid to reach CNY2.9 billion
in 2019 and CNY2.3 billion in 2020-2021.

  - Rental revenue to increase by 5% per year in 2019-2021.

  - Average borrowing cost to rise to 10% in 2019-2020.


ZOOMLION HEAVY: S&P Alters Outlook to Positive & Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings, on July 17, 2019, revised its outlook on
Zoomlion Heavy Industry Science and Technology Co. Ltd. (Zoomlion)
to positive from stable and affirmed its 'B' long-term issuer
credit rating on the company. S&P also affirmed its 'B' long-term
issue ratings on the senior unsecured notes that the company
guarantees.

S&P said, "We revised Zoomlion's outlook to positive after the
company announced profit for the first half of 2019 that was
significantly above our expectation, mainly due to solid sales and
margin improvement. We expect Zoomlion's financial metrics to
improve materially in the next 12 months on high EBITDA growth and
moderate debt reduction driven by sustained sales recovery."

China's construction machinery sales momentum has remained decent
in the year-to-date, despite a high base after two years of sales
recovery from the second half of 2016, mainly thanks to rising
replacement needs and solid demand from infrastructure and property
construction.

S&P said, "The industry growth may moderate in the next 12-24
months with the sector moving into a late-cycle phase, but we
expect Zoomlion as a producer of mid-to-late cycle products to
continue to see volume growth during the period. We expect the
emission standard upgrade and tightened overloading control to
provide additional support to its concrete machinery sales growth.
The company will also likely notably grow its tower crane sales
thanks to structural demand growth from prefabrication construction
and its capacity expansion. Zoomlion is also gradually gaining
market share by expanding its product offerings. As a result, we
forecast revenue growth to accelerate to 35%-45% in 2019 from 23%
in 2018, much higher than the industry average."

On top of sales volume growth, Zoomlion continues to reap
significant margin benefit from operating leverage, product
upgrades, a shift in the sales mix toward higher-margin products,
and tight cost-control measures. All these more than offset rising
materials cost and intensified promotion activities. S&P estimates
Zoomlion's adjusted EBITDA margin could increase to 15%-17% in
2019-2020 from 12% in 2018.

S&P forecasts Zoomlion to generate annual free operating cash flow
of Chinese renminbi (RMB) 5.5 billion-RMB7.0 billion in 2019-2020
on EBITDA growth and sustained working capital inflow, and use part
of the cash to retire debt. Annual capital expenditure may increase
to about RMB0.8 billion-RMB1.0 billion in 2019-2020 from a low base
in 2018, which would mainly be spent on limited capacity expansion,
plant relocation and maintenance.

While its off-balance-sheet guarantees for credit sales may
increase moderately in the next one to two years together with
revenue increases, the volume of the guarantees should stay under
RMB6 billion-RMB7 billion (versus about RMB4 billion as of
end-2018). This is lower than the over RMB17 billion in guarantees
recorded in 2013-2014, due to more stringent commercial terms and
credit risk controls.

S&P said, "The positive outlook reflects our expectation that
Zoomlion's leverage will likely decline in the next 12-24 months,
mainly due to strong sales growth and margin recovery. By our
estimates, its debt-to-EBITDA ratio will drop below 5x in 2019,
from 6.9x in 2018. At the same time, we expect the company to
maintain sufficient liquidity to refinance short-term maturities
using its own cash or debt issuance."

S&P may revise the outlook back to stable if the improvement in
Zoomlion's financial metrics reversed. This could be due to an
unexpected sharp slowdown in sales growth or margin contraction on
deteriorating construction demand, or the company engaging in
large-scale debt-funded acquisitions.

S&P may raise the rating on Zoomlion if its debt-to-EBITDA ratio
falls well below 5x for a sustained period. This could happen if
Zoomlion continues to deliver decent revenue and profit growth as
well as generating strong operating cash flow. This also assumes
that Zoomlion adopts prudent financial policy and gradually reduces
its gross debt.




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

AIR INDIA: Time is Right to Restart Privatization Process
---------------------------------------------------------
Livemint.com reports that the environment is now conducive to
restarting the process of privatising Air India Ltd and the failure
of Jet Airways (India) Ltd to secure an investor will not affect
the disinvestment of the flag carrier, said Atanu Chakraborty,
secretary of DIPAM (Department of Investment and Asset
Management).

"If an oil firm like (Saudi Arabia's) Aramco feels that it can make
its public issue, then certainly those who use the product can
consider hitting the market," the report quotes Chakraborty as
saying in an interview on July 18.

Saudi Arabia is resuming plans for a potential initial share sale
of oil giant Aramco, months after putting the planned listing on
hold, Bloomberg reported earlier this month. The kingdom wants to
raise a record $100 billion from selling a 5% stake in Aramco,
which would make it the biggest IPO in history.

Livemint.com says the Indian government failed to receive a single
bid when it first offered to sell a stake in Air India in May last
year. A key concern among potential investors was the level of
management control they would have post purchasing a stake with the
government retaining a 24% stake and all attendant shareholder
rights available to it under law, instead of opting to remain as a
minority financial investor, the report says.

Livemint.com relates that Chakraborty said however that the offer
of retaining a 24% stake in Air India was to allow for a "quality
handholding" for the buyer. "It was meant more to help a person who
buys in. We are examining all the queries and comments that have
been made. Accordingly, the alternative mechanism (of the Cabinet
ministers) which takes a final decision will take a final call," he
said.

Asked whether the government is looking to raise substantial
revenue from a divestment of Air India or if it simply wants to get
rid of the debt-laden company, Chakraborty said: "Whenever we sell
any of our assets, I guess expecting some value out of the asset
being sold is not misplaced. However, before selling, we look at
its value and try to compare with what the buyer has to offer,"
Livemint.com relays.

Last year, the government also mandated that Air India and low-fare
international unit Air India Express will retain their combined
debt of INR24,576 crore, excluding net current liabilities, post
the sale, the report recounts. Interested investors, however, told
the government that this was not in line with Air India's future
earnings potential.

Livemint.com adds that Chakraborty said the amount of debt that
would be absorbed by the government would be decided closer to the
date of seeking expressions of interest from potential investors.

"We have already announced taking out some debt and you will see
the exact package emerging when we take out the request for
expressions for interest. We will have to look at the latest
balance sheet of Air India which is under the scrutiny of the
auditors at this stage," he said.

Asked whether there is any need to amend the substantial ownership
and effective control (SOEC) clause which mandates that Air India
will remain with Indian nationals, Chakraborty said it was not
necessary, Livemint.com relays. "In the US, only 26% (foreign)
ownership is permitted. So, it's not that SOEC everywhere is very
liberal. If you see the budget document, it talks about bringing
the economy in line with global best practices in the market. I
guess that would be the touchstone by which you should measure any
of the decisions and offerings of the government," the report
quotes Chakraborty as saying.

The government in January 2018 allowed foreign airlines to buy a
stake of up to 49% in Air India with prior government approval
before putting the carrier for sale, Livemint.com states. Until
then, foreign airlines were allowed as much as 49% in private
Indian airlines, but not in Air India. The government however later
clarified that "substantial ownership and effective control of Air
India will remain with Indian nationals" post any stake sale, says
Livemint.com.

On Jet Airways which has grounded flights since April, Chakraborty
said the airline had its own set of problems. "It would be unfair
of me to discuss that since it is already in IBC (Insolvency and
Bankruptcy Code) related process. Air India is a very robust
organization with large number of owned planes," he added.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier  
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather in
the form of INR1,000-crore equity infusion from the government on
March 26, 2014.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in equity to the
tune of INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to The
Economic Times.


AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AVK
Automart Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.44       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 27, 2018, placed the
rating(s) of AAPL under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating. AAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated
June 5, 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.

Key Rating Weaknesses

Delay in debt servicing: As per interaction with the banker, there
have been delay in debt servicing and the account has been
classified as NPA.

AVK Automart Private Limited (AAPL) was set-up in 2007 by Mr. Lalit
Kumar and his son, Mr. Puneet Kumar. The company is an authorized
dealer of Chevrolet cars in Mumbai having two showrooms located at
Goregoan and service center at Dahisar.


BATLIBOI LIMITED: Ind-Ra Affirms 'B-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Batliboi Limited's
(Batliboi) Long-Term Issuer Rating at 'IND B- (ISSUER NOT
COOPERATING)'. The Outlook is Stable. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is on based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will continue to appear as 'IND B- (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR186 mil. Fund-based facilities affirmed with IND B- (ISSUER

     NOT COOPERATING) / Stable rating; and

-- INR541.5 mil. Non-fund-based facilities affirmed with IND A4
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects Batliboi's continued weak credit profile
due to the modest EBITDA margins.

The company's EBITDA margin improved to 2% in FY19 (FY18: EBITDA
loss) because of better absorption of fixed costs due to growth in
revenue; the return on capital employed was 0.01%. The revenue
increased to INR2,489 million in FY19 (FY18: INR2,140 million) due
to increased order execution. The scale of operations continued to
be medium. Batliboi reported an operating profit of INR48 million
in FY19 as against a loss of INR42 million in FY18, leading to an
improvement in the credit metrics. The EBITDA interest coverage was
0.6x in FY19 and net leverage was 13.9x.  

The rating factor in Batliboi's moderate liquidity position. The
cash flow from operations improved to INR50 million in FY19 (FY18:
negative INR49 million) due to the improvement in the absolute
EBITDA as well as the cash conversion cycle. The cycle shortened to
89 days in FY19 (FY18: 97 days) due to a decrease in debtor days to
49 days in FY19 (FY18: 75 days).

The ratings have been maintained in the non-cooperating category as
Batliboi has not shared information regarding bank limit
utilization details, no-dues certificates, and other necessary
information despite continuous requests and follow-ups.

RATING SENSITIVITIES

Negative: The company's inability to improve the operating
profitability, leading to a stretched liquidity position, will be
negative for the ratings.

Positive: An increase in profitability, leading to an improvement
in the credit metrics, on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Established in 1892, Batliboi manufactures machine tools, textile
air engineering machinery, and air-conditioning.


BHILAI INSTITUTE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhilai Institute of
Technology Trust (BITT) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              9.75        CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with BITT for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and
post-graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR offers
graduate courses in engineering.


BIHAR RAFFIA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bihar Raffia
Industries Limited (BRIL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             20         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Funded Interest          5.21      CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)

   Proposed Long Term       4.54      CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan                1.90      CRISIL D (ISSUER NOT
                                      COOPERATING)

   Working Capital         11.80      CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)    

CRISIL has been consistently following up with BRIL for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BRIL, incorporated in 1998, manufactures bulk packaging materials
made of polypropylene and high-density poly ethylene (HDPE). The
company has two units, at Jamshedpur in Jharkhand and at Satna in
Madhya Pradesh, with combined capacity of 7500 tonne per annum.


CARE-K: CRISIL Keeps D in INR10.14cr Loans in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Confederation For
Ayurvedic Renaissance-Keralam Limited (CARe-K) continues to be
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          3           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            7.14        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CARe-K for obtaining
information through letters and emails dated
December 31, 2018 and June 12, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

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

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

Set up as a private limited company in 2004 and reconstituted as a
public limited company in 2008, CARe-K is a joint venture between
various ayurvedic enterprises and the Kerala Industrial
Infrastructure Development Corporation (KINFRA) of the Government
of Kerala. The company was formed to create infrastructure
facilities for the standardisation of ayurvedic medicines and
services, and is also supported by the AYUSH Department of
Government of India.


CHAITANYA CASHEW: CRISIL Keeps D on INR8cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Chaitanya Cashew
Company (CCC) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit          8         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with CCC for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

CCC was set up as a proprietorship firm in 2011 by Ms Veena
Prabhakumar, who also manages operations. The firm, based in
Kollam, Kerala, trades in cashew kernels.


CHOUDHARY BROTHERS: CARE Lowers Rating on INR10cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Choudhary Brothers Agri Exports Private Limited (CBEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating of CBEPL takes into account ongoing
delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing: CBEPL has Over Draft limit and
warehouse receipt limits from the bank. As per telephonic
confirmation from banker, there are ongoing delays in servicing of
Over Draft Limit as the limit stood overdrawn for more than 30
days.

Jaipur (Rajasthan) based CBEPL was incorporated in 2015 by Mr.
Amandeep Tarar and Mr. Om Prakash Tarar, with an objective to
primarily engage in trading of different agricultural commodities
including guar seeds, barley, guar gum, mustard seeds, pulses and
wheat. CBEPL procures the agriculture commodities from various
mandis in Rajasthan and thereafter supplies to various processing
and end user manufacturing units as well as traders located in the
markets of Rajasthan, Haryana and Madhya Pradesh. CBEPL is a part
of 'CGR Group' which has been involved in the business of trading
of agro commodities since 1960. Apart from this; the business
interests of CGR group includes real estate and ware housing. Other
major entities of the group include CGR Collateral Management
Limited (CCML) engaged in warehousing and collateral service as
well as Choudhary Buildmart Private Limited (CBPL) which is engaged
in real estate activities.


CHOWRINGHEE RESIDENCY: CARE Lowers Rating on INR194.3cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chowringhee Residency Private Limited (CRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      194.30      CARE D Revised from CARE BB+;
   Facilities                      Stable

Detailed Rationale and Key Rating Drivers

The revision in rating assigned to the bank facilities of CRPL
takes into account ongoing delays in debt servicing due to cash
flow mismatch.

Detailed Description of key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing of bank facilities.

Liquidity: Poor

Slower traction in sales along with short receipt of committed
stage payment led to poor liquidity resulting in lower accruals
vis-à-vis debt repayment obligation. This had constrained the
ability of the company to repay its debt obligation on timely
basis. The entire outstanding secured debt is repayable in FY20.

CRPL (erstwhile Diamond Empire Estates Pvt Ltd), was initially
incorporated by Diamond & Alcove Realty groups of Kolkata in 2007.
In 2010, Kolkata-based Mani group and Bangalore-based Sattva group
acquired 38.75% stake each in the company to develop the project
along with the original promoters.

CRPL is developing a premium residential real estate project (named
'The 42') in the central business district of Kolkata, in
Chowringhee area. The 63-storey building (Tower-I) spread over 3.57
acres of land [involving saleable area of 4.76 lakh square feet
(revised from 4.83 lakh square feet)] is being developed at a total
project cost of INR780 crore.

The company has applied to the appropriate Authority(s) for
sanction to construct of one more tower (Tower-II) of 29 storeys
(38 units comprising of saleable area of 1.57 lsf), adjacent to the
main tower, due to revision in the permissible FAR (i.e. 3.6 times)
for the project which will be developed at an estimated project
cost of INR85 crore.


CVIEW INNOVATIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: CView Innovations Private Limited
        T-39 Vishnu Garden
        New Delhi West
        Delhi DL 110018
        IN

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, Bench-II, New Delhi

Estimated date of closure of
insolvency resolution process: December 11, 2019

Insolvency professional: Anand Chandra Swain

Interim Resolution
Professional:            Anand Chandra Swain
                         Expo Tower, Plot-1307, Flat-4(a&b)
                         Nandankanan Road, P.O.-kiit
                         Bhubaneswar, Odisha 751024
                         E-mail: anand.swain2@gmail.com
                                 cirpcview@gmail.com

Last date for
submission of claims:    June 28, 2019


DDE RENEWABLE: CARE Reaffirms D Rating on INR42.21cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
DDE Renewable Energy Private Limited (DREPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank        42.21       CARE D Reaffirmed
   Facilities          

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
DREPL continue to take into account the instances of delay in
servicing of debt obligations by the company.

Going forward, the ability of the company to service the debt
obligations in a timely manner shall remain key rating
sensitivity.

Key Rating Weaknesses

Instances of delay in servicing of debt obligations: As
communicated by the company and confirmed with DREPL lenders, there
have been few instances of delay in debt servicing over the past
one year with the last delay in May 2019.

Below average financial risk profile: The company has a below
average financial risk profile characterized by leveraged capital
structure and low debt coverage indicators. The leveraged capital
structure is largely due to high debt and low net worth which is
largely due to accumulated losses. Further, the company has been
continuously reporting net losses since incorporation (INR1.25
crore during FY19 and INR1.27 crore during FY18). The overall
gearing of the company deteriorated and remained high 14.42x during
FY19 (PY:10.76x).

Climatic conditions and technological risks: The operations of the
company are exposed to climatic conditions as well as technological
risks pertaining to adequate availability of sunlight and any
redundancy associated with the operational efficiency of PV
modules. Accordingly, the achievement of desired CUF is subject to
changes in climatic conditions, amount of degradation of modules as
well as other technological risks.

Key Rating Strengths

Long term power off take arrangement: DREPL has signed a Power
Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited
(NVVNL) to supply power generated from the 5 MW solar projects for
a period of 25 years from COD which was on January 10, 2012.
According to the PPA, the power is to be sold at a fixed tariff
rate of INR 11.55 per KWH. In the event that the payments are
delayed beyond the due date, NVVNL would be liable to pay late
payment surcharge for the delayed amount at 1.25% per month for the
actual period of delay.

Stable operational track record: The operational performance of 5
MW grid connected solar photovoltaic (SPV) power plant constructed
by DREPL at Askandra Village, Jaisalmer district, Rajasthan which
was commissioned on January 10, 2012 remained satisfactory with CUF
(Capacity utilization factor) of 18.25% during FY19 (PY: 18.93%).

Liquidity: Stretched
The liquidity of the company is marked by tightly marked cash
accruals to repayment obligations, no working capital limits
and low cash and bank balance. The company had cash and bank
balance of INR0.13 crore as on March 31, 2019.

DREPL was incorporated on November 17, 2009 and is a joint venture
between Nine Infracon Private Limited (NIPL) and Lanco Solar Energy
Private Limited (LSEPL), with NIPL holding 51% shares and LSEPL
holding 49% shares respectively. DREPL has set up a 5 MW solar
energy project in Askandra Village, Jaisalmer district, Rajasthan
under the Phase I of Jawaharlal Nehru National Solar Mission
(JNNSM) of Government of India. The project was funded in debt
equity ratio of 66:34; the project achieved Commercial Operations
Date (COD) on January 10, 2012. The company has signed a 25 years
long term Power Purchase Agreement (PPA) with NTPC Vidyut Vyapar
Nigam Limited (NVVNL) at a fixed tariff rate of INR11.55/kWh in
January 2011.


EMCEE ENGINEERING: CARE Lowers Rating on INR19.03cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Emcee Engineering Works (EEW), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       19.03      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; stable
                                   Issuer not cooperating

   Short term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4 Issuer
                                   not cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2018, placed the
rating(s) of EEW under the 'issuer non-cooperating' category as EEW
had failed to provide information for monitoring of the rating. EEW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated June 24, 2019, June 25, 2019, June 26, 2019 and June 27, 2019
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Emcee
Engineering Works factors liquidity issues and unable to
meet debt obligations.

Key Rating Weakness

Ongoing delays in meeting of debt obligations: Emcee Engineering
Works has been liquidity issues hence couldn't able to meet its
debt obligations.

Emcee Engineering Works (EEW) was converted into proprietorship
concern in 1980 after the exit of Mr. K. Shanmugasundaram. In 1985,
EEW forayed into fabrication of heavy box, column, beam, auto
welding etc. (on job work) which are used in boiler manufacturing.
From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping, loose
bends etc. required for boilers. In 2008, the firm commenced its
second unit in Mandaiyur Village, Pudukottai, and Tamil Nadu for
producing similar boiler components for BHEL.

During FY15 (Prov), the firm reported PAT of INR0.81 crore on a
total operating income of INR14.16 crore as against PAT of INR0.71
crore on a total operating income of INR9.20 crore in FY14
respectively.


FINFOOT LIFESTYLE: CARE Lowers Rating on INR9.84cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Finfoot Lifestyle Private Limited (FLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.84       CARE D Revised from CARE B-:
   Facilities                      Stable

   Short Term Bank
   Facilities           0.20       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of FLPL
takes into account delays in servicing of debt obligations. The
ability of the company to regularize its payments is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligations: As per banker feedback and
term loan statements, there are delays in servicing debt obligation
in the term loan facility.

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton cloth
at its facility located at Kolhapur, Maharashtra, having an
installed capacity to manufacture 10,000 metres of fabric per day.
CLR Facility Services Private Limited is the group company of FLPL
and offers facility management services across 8 states including
Maharashtra, Karnataka, Goa, Gujarat, Andhra, Delhi, Madhya Pradesh
and Tamil Nadu.


FIREFLY BATTERIES: CARE Maintains D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Firefly
Batteries Private Limited (FBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      23.00       CARE D; Issuer Not Cooperating;
   Facilities                      on the basis of best available
                                   information

   Long-term/Short-     8.70       CARE D/CARE D; Issuer Not
   term Bank                       Cooperating; on the basis of
   Facilities                      Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 9, 2018, placed the
rating(s) of FBPL under the 'issuer non-cooperating' category as
FBPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. FBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated June 20, 2019, June 21, 2019, June 24, 2019, June 26, 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.

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

Detailed description of the key rating drivers

At the time of last rating on April 9, 2018 the following were the
rating strengths and weaknesses:

Key rating weaknesses

Ongoing delays in debt servicing: FBPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.
  
Ahmedabad (Gujarat) based, FBPL was established in the year 2011 as
a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in automobile industry, renewable
energy and industrial sector such as telecom and hospitality. FBPL
is managed by experienced directors Mr. Jinal Shah & Mr. B.K.
Vaishya.


FIREFLY BATTERIES: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Firefly Batteries
Private Limited (FBPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Cash Credit            7.7         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Term Loan             12.3         CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with FBPL for obtaining
information through letters and emails dated February 26, 2019 and
June 24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

FBPL (formerly, Epsilon Batteries Private Limited) was incorporated
in 2011, and is managed by Mr Jinal Shah, Mr Satish Mehta, and Mr
Anand Pandya. The company manufactures uninterruptible power supply
(UPS) systems, inverters, advanced lead-acid batteries, and carbon
foam batteries providing renewable energy storage solutions and
load-shift applications. It commenced commercial operations from
December 2014; its manufacturing facility in Bavla, Gujarat has an
installed capacity of 0.3 million batteries per annum. It has a
technical collaboration with Firefly International Energy USA.


GANESHA MOTORS: CRISIL Maintains 'C' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ganesha Motors
Private Limited (GMPL) continues to be 'CRISIL C Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.13         CRISIL C (ISSUER NOT
                                      COOPERATING)

   Proposed Fund-        2.77         CRISIL C (ISSUER NOT
   Based Bank Limits                  COOPERATING)

   Term Loan              .60         CRISIL C (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in June 2013, GMPL is an authorised dealer of
passenger vehicles and spare parts of FCA India Automobiles Pvt Ltd
(Fiat India). GMPL is promoted by Mr Mohan Singh Guleria and
managed by Mr Guleria and his wife, Mrs Rita Guleria.The company
currently operates two showrooms'one in Mandi and the other in
Hamirpur (both in Himachal Pradesh), equipped with sales, service
and spares (3S) facilities.


HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Highbar
Technologies Limited (HTL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       11.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statements from HTL to monitor the
rating vide email communications/letters dated February 28 2019,
March 1, 2019, March 5, 2019, March 7, 2019, March 15, 2019, March
30, 2019, April 1, 2019, April 3, 2019, April 16, 2019 , April 30,
2019, May 6, 2019, May 8, 2019, May 15, 2019, May 31, 2019, June 3,
2019, June 5, 2019, June 7, 2019, June 18, 2019, June 20, 2019 and
June 24, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided no default
statements for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on HTL'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 rating.

The ratings assigned to the bank facilities of HTL factors in the
ongoing delay in debt servicing on the rated term loan due to
the weak liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on 02-April-19 following were the key
strengths and weaknesses:

Key rating weakness

Ongoing delay in debt servicing: The weak liquidity position has
constrained the company's ability to service its debt in a timely
manner and there have been continuing delays in servicing of debt
obligations to the lenders.

HTL, a 100% subsidiary of Hindustan Construction Company Ltd (HCC;
rated CARE D for its bank facilities and instruments), was formed
in 2009 by spinning off the IT department of HCC-one of the largest
infrastructure development companies which has implemented
Enterprise Resource Planning (ERP) as well as other Information
Technology (IT) solutions to connect all its project locations on
SAP platform. Information technology is very crucial for the
infrastructure sector, considering multiple locations and projects
that the companies operate in. Thus, HCC leveraged its technical
expertise in the infrastructure sector to provide end to end IT
services to infrastructure clients. HTL's business mainly involves
developing, designing, marketing of supporting services, products
and accessories used in field of IT.


HIM STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Him Steel Pvt Ltd
        D-9 Udyog Nagar Rohtak Road
        New Delhi 110041

Insolvency Commencement Date: July 16, 2019

Court: National Company Law Tribunal, Principal Bench, Delhi

Estimated date of closure of
insolvency resolution process: January 12, 2020

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         C-51, RDC
                         Opp Dr Lal Pathlab
                         Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 irp.himsteel@rrinsolvency.com

Last date for
submission of claims:    July 30, 2019


JAYPEE INFRATECH: NCLAT Opens Door for Fresh Bids
-------------------------------------------------
Arpan Chaturvedi at BloombergQuint reports that the National
Company Law Appellate Tribunal (NCLAT) has asked the lenders to
Jaypee Infratech Ltd. to submit the terms and conditions for
bidders in the resolution process of the debt-laden company.

BloombergQuint relates that the terms and conditions have to be
submitted by the committee of creditors before July 19, the bench
headed by Justice SJ Mukhopadhayay said. It will then pass further
directions. The interest of the homebuyers, the tribunal said, will
have to be protected by the resolution applicant.

According to BloombergQuint, the court's directive may open the
door for fresh bid for Jaypee Infratech, including one from the
Adani Group whose resolution plan has not been considered by the
CoC so far.

BloombergQuint says the CoC had rejected the two bids it has
received so far, including one from government-owned NBCC (India)
Ltd., which had raised the prospects of liquidation of the
company.

Earlier this month, the appellate tribunal had directed the
representatives of lenders, allottees and other stakeholders in
Jaypee Infratech to appear before it on July 17 after banks
rejected NBCC's bid.

This insolvency process has been going on for more than two years
now, BloombergQuint says. The company was one of the 12 large
corporate accounts shortlisted by the Reserve Bank of India in June
2017 for insolvency proceedings. In October last year, the Supreme
Court restarted the process after the homebuyers moved the court
seeking a direction to protect their interests in the resolution
process.

According to BloombergQuint, the 180-day deadline mandated in the
bankruptcy law expired in May this year and another 90-day
extension will be over on July 29. After the expiry of the 270-day
deadline, a company has to mandatorily go into liquidation, as per
the provisions of the insolvency code.

The homebuyers and the committee of creditors, however, urged the
appellate tribunal to extend the 270-day deadline by excluding the
period that went into litigation, the report states.

BloombergQuint meanwhile reports that the advocate for Adani Group
-- one of the interested bidders -- informed the court that it
wants to submit an improved bid for the Jaypee Infratech. Earlier,
the Justice Mukhopadhayay-headed bench had said it was not keen to
consider Adani Group's bid as it has no experience in
construction.

                         About Jaypee Infratech

Jaypee Infratech Limited (JIL) engages in infrastructure
development business in India. The company constructs, operates,
and maintains Yamuna Expressway, a 165 kilometer six lane access
controlled expressway in the state of Uttar Pradesh connecting
Noida and Agra. It is also developing 25 million square meters of
land for commercial, amusement, industrial, and institutional
purposes across five locations along the Yamuna Expressway. In
addition, Jaypee Infratech Limited operates a 504 bed super
specialty hospital under the name Jaypee Hospital in Noida.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.


JET AIRWAYS: Lenders Approve Interim Finance Plan to Cover Costs
----------------------------------------------------------------
Nupur Anand at Reuters reports that lenders to Jet Airways on July
19 agreed to provide some interim financing to the bankrupt airline
to help it cover legal and other costs, as resolution experts look
to find a potential buyer.

In a regulatory filing, bankruptcy resolution firm Grant Thornton
said Jet's lenders had also approved the eligibility criteria for
potential buyers, Reuters says.

Reuters relates that the filing did not say how much interim
funding had been approved, but a source familiar with the matter
told Reuters the lenders had agreed to provide $10 million.

The committee of creditors (CoC), via an electronic voting process,
also agreed to appoint SBI Caps to help with the whole resolution
process, according to Reuters.

Reuters notes that SBI Caps, the investment banking arm of State
Bank of India (SBI) (SBI.NS), previously led an unsuccessful sale
process for the airline before it was dragged to bankruptcy court.

Reuters relates that the source said Grant Thornton planned to open
bidding for the airline on July 19. The only criterion for bidders
will be having a net worth of INR10 billion ($145 million), added
the source.

This is similar to the parameter used when lenders initially tried
to sell the airline. Bidding is likely to be open for 15 days and
may be extended if there are no suitors, said the source, Reuters
relays.

Last month, Jet's creditors, led by SBI, took the airline to
bankruptcy court after failing to agree on a revival plan.

Financial creditors, who have the first right to proceeds recovered
from a bankruptcy resolution, have submitted claims worth INR102
billion out of which INR85 billion have been admitted. Apart from
this, about 2,400 operational creditors have made claims worth some
INR123.72 billion, Reuters discloses citing reports.

                        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.


KALPAKA TRANSPORT: CRISIL Lowers Rating on INR9cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Kalpaka
Transport Co Private Limited (KTCPL) to' CRISIL D' from 'CRISIL
B+/Stable'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Overdraft             9          CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects overutilization of cash credit limit,
leading to delay in interest payment. The delays is due to
declining business leading to insufficient cash flows.

The group has below-average financial risk profile because of high
gearing and weak debt protection metrics and susceptibility to
intense competition in logistics business. These rating weaknesses
are partially offset by promoters' experience in the industry.

Analytical Approach
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kerala Transport Company (KTC) and
Kalpaka Transport Company Pvt Ltd (KTCPL). This is because the two
entities, together referred to as the KTC group, are in the same
line of business, under a common management, and have significant
operational linkages and fungible cash flows between them.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt: KTC group has delayed in debt
servicing of working capital facility due to stretched liquidity.

* Below-average financial risk profile: Networth was estimated at
INR4.35 crore and high total outside liabilities to adjusted
networth of 27.78 times as on March 31, 2018. Interest coverage
ratio was weak 1.15 times and net cash accruals to total debt of
0.02 times estimated in fiscal 2018. Financial profile is expected
to remain weak over the medium term.

* Susceptibility to intense competition in logistics business: The
domestic road freight transport is largely dominated by small
players because of low entry barriers on account of modest capital
and technology requirements and easy availability of finances for
vehicles. This restricts revenue growth and profitability.

Strength
* Extensive experience of the promoters: KTC group benefits from
the promoters' decade-long experience in the industry. Their
experience has helped identify potential untapped market regions
and establish relationship with customers.

Liquidity
KTC group has weak liquidity as reflected in delay in repayment of
debt obligations on account of weak cash flows.

KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr P V
Chandran and family members. It provides freight transportation
services to players in the fast moving consumer goods, automobiles,
paints, and tyres industries all over India. In addition to the
logistics business, the firm also owns and operates two Indian Oil
Corporation fuel bunks in Calicut, Kerala and provides clearing and
shipping services at the Cochin Airport and the Cochin Port.


KERALA TRANSPORT: CRISIL Lowers Rating on INR42cr Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facility of Kerala
Transport Company (KTC) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          3          CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit            42          CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects overutilization of cash credit limit,
leading to delay in interest payment. The delays is due to
declining business leading to insufficient cash flows.

The group has below-average financial risk profile because of high
gearing and weak debt protection metrics and susceptibility to
intense competition in logistics business. These rating weaknesses
are partially offset by promoters' experience in the industry.

Analytical Approach
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTC and Kalpaka Transport Company Pvt
Ltd (KTCPL). This is because the two entities, together referred to
as the KTC group, are in the same line of business, under a common
management, and have significant operational linkages and fungible
cash flows between them.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt: KTC group has delayed in debt
servicing of working capital facility due to stretched liquidity.

* Below-average financial risk profile: Networth was estimated at
INR4.35 crore and high total outside liabilities to adjusted
networth of 27.78 times as on March 31, 2018. Interest coverage
ratio was weak 1.15 times and net cash accruals to total debt of
0.02 times estimated in fiscal 2018. Financial profile is expected
to remain weak over the medium term.

* Susceptibility to intense competition in logistics business: The
domestic road freight transport is largely dominated by small
players because of low entry barriers on account of modest capital
and technology requirements and easy availability of finances for
vehicles. This restricts revenue growth and profitability.

Strength
* Extensive experience of the promoters: KTC group benefits from
the promoters' decade-long experience in the industry. Their
experience has helped identify potential untapped market regions
and establish relationship with customers.

Liquidity
KTC group has weak liquidity as reflected in delay in repayment of
debt obligations on account of weak cash flows.

KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and operates
two Indian Oil Corporation fuel bunks in Calicut, Kerala and
provides clearing and shipping services at the Cochin Airport and
the Cochin Port.


KSK ENERGY: CARE Maintains D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KSK Energy
Ventures Limited (KEVL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      100.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank     230.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Long-term/Short-    500.00      CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of KEVL under the 'issuer non-cooperating' category as
KEVL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. KEVL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2019 & June 18, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings takes into account the stretched liquidity position of
the company with delay in implementation of major thermal power
project undertaken at subsidiary level and weak operational and
financial performance at consolidated level resulting in delays in
servicing of debt obligations.

Detailed description of the key rating drivers

At the time of last rating on March 26, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Subdued operational & financial performance of power generating
units of the KSK group, resulting in stretched liquidity position:
KEVL is the holding company for all the power SPVs of the KSK group
and hence the financial performance of KEVL is mainly
dependent on the performance of major power generating units of its
SPVs. During FY19, the majority of operational SPVs have been
facing operational issues due to low PLF level. Consequently, KEVL
reported net loss of INR360.29 crore and cash loss of INR325.55
crore in FY19, at consolidated level. This apart, the cash flow has
been strained due to significant cost and time overrun in execution
of under construction 2400 MW mega power project under KSK Mahanadi
Power Company Ltd (out of 3600 MW). Consequently there have been
delays in debt servicing.

Key Rating Strengths

Experienced promoter group with continued financial support: KSK
group, promoted by Mr. K. A. Sastry and Mr S. Kishore, has been
engaged in the business of power generation for more than two
decades and has set up a large number of renewable and
non-renewable power projects across India. The promoters have been
actively involved in the day-to-day business with Mr. Sastry
heading the operations and execution divisions and Mr Kishore
taking care of the business development and capital formation
segment of the group. The promoters have been infusing funds
continuously to support the business operation.

Analytical approach: KEVL operates through its subsidiaries which
are majorly operating SPVs and hence the financial risk
profile of the company is derived from that of the subsidiaries.
Given the strong linkage as parent-subsidiaries; the overall
financial profile of KEVL and its subsidiaries have been considered
for analysis purpose. The subsidiaries considered in the
consolidated financials are as follows:

1. Global Coal Sourcing PLC
2. KSK Wind Energy Private Power Limited
3. KSK Surya Photovoltaic Power Venture Limited
4. KSK Dibbin Hydro Power Power Private Limited
5. Kameng Dam Hydro Power Power Limited
6. KSK Upper Subansiri Hydro Power Energy Limited
7. KSK Jameri Hydro Power Power Private Limited
8. KSK Dinchang Power Company Power Private Limited
9. J R Power Gen Private Power Limited
10. KSK Wind Power Aminabhavi Power Chikodi Private Limited
11. Tila Karnali Hydro Electric Power Company Private Limited
12. Bheri Hydro Power Company Power Private Limited
13. KSK Electricity Financing Investment India Private Limited
14. KSK Wind Energy Halagali Power Benchi Private generation
Limited
15. KSK Wind Energy Mothalli Power Haveri Private Limited
16. KSK Wind Power Sankonahatti Power Athni Private Limited
17. Sai Lilagar Power Generation Power Limited
18. Sai Maithili Power Company Power Private Limited

Incorporated in 2001, KSK Energy Ventures Limited (KEVL) is engaged
in developing, operating and maintaining power projects. KEVL is
the holding company of power projects being developed by the KSK
group under KSK Electricity Financing India Private Limited
(KEFIPL). The company also provides project management services to
various group Special Purpose Vehicles (SPVs)/companies setting up
power plants. The company has total installed power capacity of
2071.95 MW [Coal based 1869 MW, Gas based 57.95 MW, Lignite based
135MW and Solar power 10 MW] and has been involved in the
construction of coal based power of 1800 MW (600MW X 3) under KSK
Mahanadi Power Company Ltd.


RAJA COTTON: CARE Keeps D on INR6.25cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raja Cotton
Industries (RCI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.25       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 8, 2018, placed the
ratings of RCI under the 'issuer non-cooperating' category as RCI
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. RCI continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 1, 2019, May
6, 2019, June 4, 2019, June 24, 2019, and June 25, 2019. 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 of RCI'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 rating.

Detailed description of the key rating drivers
At the time of last rating done on October 8, 2018, the following
was the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: The rating assigned to the bank facilities
of RCI takes into account the fact that the account of RCI has
become NPA on the back of on-going delay in its debt servicing due
to weak liquidity position.

RCI is a partnership firm established by five partners led by Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya in the year 2009. Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya has 33 years and 13
years of industry experience respectively. RCI is engaged into the
business of cotton ginning & pressing and seed crushing. Its plant
is located at Amreli (Gujarat) with an installed capacity of 200
bales per day as on March 31, 2016 and is spread across 3,500 sq.
yard of area. All the partners of RCI also held partnership in A
Raja Cottex (ARC), a partnership firm established in the year 2013.
ARC is engaged into the business of cotton ginning & pressing.
RCI's plant located at Amreli (Gujarat) with an installed capacity
of 400 bales per day as on March 31, 2016 and is spread across
1,295 sq. meters of area.


RAJESHREE COTEX: CARE Lowers Rating on INR10cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajeshree Cotex (RC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   Issuer Not Cooperating

   Long-term/short     18.00       CARE D/CARE D; Issuer Not
   Term Bank                       Cooperating; Revised from
   Facilities                      CARE BB-; Stable/CARE A4;
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2019, placed
the rating of RC under the 'issuer non-cooperating' category as RC
had failed to provide information for monitoring of the rating. RC
continues to be noncooperative despite repeated requests for
submission of 'Default, if any, Statement' since November 2018. RC
has not submitted 'Default, if any, Statement' sought through
e-mails dated February 28, 2019, March 31, 2019, April 30, 2019,
May 31, 2019 and June 29, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of RC
takes into account on-going delays in the debt servicing as
per interaction with its banker. The rating on RC's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in servicing of debt obligations: As per telephonic
interaction with the banker of RC, the banker has confirmed that
there are on-going delays in debt servicing due to poor liquidity.
The firm's cash credit limits have been overdrawn for more than 30
days.

RC is part of the Rajeshree group, formed in 2005. RC is a
partnership firm promoted by seven partners with unequal share of
profit among them. The key partners of RC are Mr. Nilesh Gandhi and
Mr. Rajendra Kumar Mahajan. The firm is engaged in the ginning of
raw cotton with processing of bales of cotton at its manufacturing
facility at Jalgaon in Maharashtra. The Rajeshree group has other
two entities, namely, Rajeshree Fibers and Rajeshree Industries
India Private Limited. Both these entities are also involved in the
business of cotton ginning and pressing.


RAJESHREE FIBERS: CARE Lowers Rating on INR8cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajeshree Fibers (RF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.00       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 28, 2019, placed the
rating of RF under the 'issuer noncooperating' category as RF had
failed to provide information for monitoring of the rating. RF
continues to be noncooperative despite repeated requests for
submission of 'Default, if any, Statement' since November 2018. RF
has not submitted 'Default, if any, Statement' sought through
e-mails dated February 28, 2019, March 31, 2019, April 30, 2019,
May 31, 2019 and June 29, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of RF
takes into account delays in the servicing of its debt obligations
as per interaction with its banker. The rating on RF's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in servicing of debt obligations: As per telephonic
interaction with the banker of RF, the banker has confirmed that
there are on-going delays in debt servicing due to poor liquidity.
The firm's cash credit limits have been overdrawn for more than 30
days.

Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mrs. Rajeshree Mahajan and
Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex
and Rajeshree Industries India Pvt. Ltd which are involved in the
business of cotton ginning and pressing. All the partners of
Rajeshree Fibers are also partners in Rajeshree Cotex. Mr. Nilesh
Gandhi is also the Managing Director in RIPL.


RAJESHREE INDUSTRIES: CARE Lowers Rating on INR22cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajeshree Industries India Private Limited (RIIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       22.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking 'Default, if any, Statement' from RIIPL vide
e-mail communications dated January 31, 2019, February 28, 2019,
March 31, 2019, April 30, 2019, May 31, 2019 and June 29, 2019
along with numerous phone calls. However, despite CARE's repeated
requests, the client 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. The ratings on RIIPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of RIIPL
takes into account on-going delays in its debt servicing as
per interaction with its banker.

Detailed description of the key rating drivers

Key Rating Weakness

On-going delays in debt servicing: There are on-going delays in
debt servicing by RIIPL on account of poor liquidity and the same
has been confirmed by the banker of RIIPL. The company's cash
credit limits have been overdrawn for more than 30 days.

Incorporated in 2011, RIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under partnership
firms Rajeshree Cotex and Rajeshree Fibers.


RATNA COTTEX: CARE Lowers Rating on INR5.60cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ratna Cottex (Ratna), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.60       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating on basis

                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has revised the rating from CARE B+; Stable; Issuer Not
Cooperating to CARE D; Issuer Not Cooperating based on best
available Information. Despite CARE's request via email dated
July 1, 2019 and numerous phone calls, the entity has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the ratings of RATNA
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on RATNA'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 has been revised on account of the delays in debt
repayments owing to cash-flow mismatch.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: RATNA has been irregular in
servicing its debt obligation due to cash-flow mismatch of the
firm.

Morbi based Ratna Cottex (Ratna) was established in May, 2015 as a
partnership firm owned and managed by Mr. Harshad Jasmatbhai
Ghodasara, Mr. Manojkumar Jasmatbhai Ghodasara and Mr. Jasmatbhai
Valjibhai Ghodasara. The firm is currently engaged in cotton
ginning and pressing for BT variety of cotton with short and medium
staple fibre, having sole manufacturing facility located in Morbi,
with an annual installed capacity of 5,488.56 Metric Tons of cotton
bales and 10977.12 Metric Tons of cotton seeds as on March 31,
2017. Ratna commenced its operations from December, 2015 with 24
ginning machines.


RELIANCE HOME: CARE Lowers Rating on INR400cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Home Finance Limited (RHFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Debt        400       CARE D Revised from CARE C;
   Programme                       Stable

Detailed Rationale & Key Rating Drivers

The rating revision takes into account the recent instance of
rescheduling of non-convertible debenture by the company to address
the timing mismatches of receipts. This indicates that the company
did not have funds to meet their debt obligation on the given date.
The liquidity profile of the group continues to be under stress on
account of delay in raising funds from the asset monetization plan
and impending debt payments.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: The Debenture Trustee for
Non-convertible debentures (NCD) issued by RHFL has informed CARE
via its email dated July 1, 2019 that RHFL had due date for
redemption of NCD for INR400 crore on June 28, 2019 which has been
rescheduled and now the due date is October 31, 2019. Further, the
company has been delaying in servicing of bank facilities which
has been already downgraded to CARE D.

Extension in sale of group assets/investments as per timelines
provided by RCL: In November, 2016, the group announced sale of its
radio business and general entertainment TV business. The
transaction relating to the sale of the TV business has been
completed and the sale proceeds of INR300 crore were realized in
August 2017. The management is exploring new avenues and expects
inflow of about INR1700 crore from the sale of radio business which
has been further delayed and is now expected to be concluded by
June 2019. The company also plans to sell upto 49% stake in
Reliance General Insurance via IPO, which, however, has been
rescheduled from December 2018 to June 2019. The company has also
announced sale of their entire stake of 42.9% in the AMC business
while is under process and is now expected to be completed by June
2019 which was earlier planned for May 2019. The company has
further committed to exit from its media businesses to pare down
its debt levels.

RCL has been able to achieve only about a third of the total exits
planned by the management by September 2018 with timelines for
other exits being extended. Some of the key exits achieved during
the period FY19 are Yatra Online stake sale and Codemasters sale.
Overall, timely disinvestment is crucial for RCL's credit profile.
As at the end of FY18, RCL had total exposure of INR17,653 crore to
its group companies in the form of CCDs of INR7,700 crore (P.Y.
INR6,250 crore) and loans & advances of INR9,953 crore (P.Y.
INR8,575 crore). These exposures were mainly towards the
non-financial businesses of the group. However, out of the total
investments in the non-financial business, the management has
stated timelines for exits from the radio business, Mahindra First
Choice and Prime Focus stake sale.

Prime Focus and Mahindra First Choice stake sale is expected to be
concluded by May and June 2019 respectively instead of earlier
expectations of April 2019. Further, RCL has exposure towards RCOM
(rated 'CARE D') and its group companies and on a consolidated
basis, the company has fully provided for RCOM exposure as on
December 31, 2018. RCOM has decided to implement the debt
resolution plan through the NCLT framework as announced on February
1, 2019.

Liquidity profile
As per the ALM statement as on February 28, 2019, there are no
negative cumulative mismatches till 1 year time bucket. Cash and
Bank balance stood at INR158 crore as on March 18, 2019 and cash
credit facility stands fully utilized. As stated by the management,
the company securitized about INR291 crore during the month of
March 2019.

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

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


RIDDHI SIDDHI: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Riddhi Siddhi Cotspin
Private Limited (RSCPL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            17.75       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       .40       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan               2.15       CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with RSCPL for obtaining
information through letters and emails dated
December 31, 2018 and June 12, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

RSCPL was incorporated in April 2013, by promoters, Mr Ankit
Lotiya, Mr Sureshkumar Lotia, and Mr Kanu Vekariya. The company has
a cotton-ginning unit in Rajkot (Gujarat) and commenced operations
in March 2014. It sells cotton bales and cotton seeds.


SAMAARA LEATHERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Samaara Leathers Private Limited
        No. 103, 2nd Floor, General Patters Road
        (Thiru-vi-ka High Road)
        Off. Anna Salai
        Chennai TN 600002

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 8, 2019
                               (180 days from commencement)

Insolvency professional: K Muruganandan

Interim Resolution
Professional:            K Muruganandan
                         No. 10, KPN Colony 2nd Street
                         Union Mill Road
                         Tirupur 641601
                         Tamilnadu
                         E-mail: kanandca@gmail.com

Last date for
submission of claims:    April 29, 2019


SAPPHIRE EQUITIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sapphire Equities Private Limited
        12, Shivnath Shastri Sarani
        Block-E, New Alipore
        Kolkata 700053

Insolvency Commencement Date: July 10, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 6, 2020

Insolvency professional: CA Pankaj Lunawat

Interim Resolution
Professional:            CA Pankaj Lunawat
                         Everest House, Suite No. 8C
                         8th Floor, 46C
                         Jawaharlal Nehru Road
                         Kolkata 700071
                         E-mail: plunawatca@gmail.com

Last date for
submission of claims:    July 24, 2019


SCORODITE STAINLESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Scorodite Stainless (India) Private Limited
        Registered office as per MCA Records:
        203/204, 'OMKAR' Tower
        2nd floor, 3rd Khetwadi lane
        SVP Road Mumbai MH 400004
        IN

Insolvency Commencement Date: July 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 11, 2020

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road
                         Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    July 30, 2019


SE FORGE: CARE Lowers Rating on INR240.92cr Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SE Forge Limited (SEFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     240.92       CARE D Revised from CARE BB+;
   Facility-Term                   Negative
   Loan               
                                   
   Long term Bank      46.45       CARE D Revised from CARE BB+;
   Facility-Fund                   Negative
   Based Working
   capital limits      
                                   
   Short term Bank     96.00       CARE D Revised from CARE A4+
   Facility-Non Fund
   based working
   capital limits      

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SEFL takes into account the delays/defaults in debt servicing on
the loans rated by CARE resulting from stretched liquidity
position.

Key rating Weaknesses

As per the NDS dated July 1, 2019, the company has defaulted in
term loan obligations.

SE Forge Ltd. (SEFL), incorporated in July 2006, is a wholly owned
subsidiary of Suzlon Energy Ltd. (SEL; rated CARE D). SEFL was
established by SEL as a backward integration to its Wind Turbine
Generators (WTGs) design and manufacturing facilities. SEFL is
engaged in the business of manufacturing Iron Castings and Forged
products, primarily used as components in the WTGs and other
related equipment. SEFL has a Forging unit with an installed
capacity of approx. 42,000 rings per annum at Vadodara in Gujarat
and a Foundry unit with an installed capacity of approx. 1,20,000
MT p.a. at Coimbatore in Tamil Nadu, both situated in high-tech
engineering Special Economic Zones (SEZs).


SHREE VENTURES: CRISIL Keeps D on INR6cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Ventures -
Nagpur (SV) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit              5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       1         CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with SV for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2011 in Nagpur as a proprietorship concern by Mr. Ujwal
Pagariya, SV is engaged in wholesale trading of agricultural
products.


SHREEMAAVAISHNAVI AGRI: CARE Cuts Rating on INR4.95cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreemaavaishnavi Agri Producer Company Limited (SMV), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.95       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated May 31, 2019, placed the
rating of SMV under the 'issuer non-cooperating' category as SMV
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SMV continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
May 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 rating(s).

The ratings have been revised on account of ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Delay in Debt Servicing: As per banker interaction, there are
ongoing delays in the debt serving.

SMV based out of Madhya Pardesh was incorporated in 2016. It is
engaged in the trading of agricultural commodities including wheat,
soyabean, Chana etc. During FY17, the company undertook a project
for establishing a dall processing mill with an installed capacity
of 720 tonne per day.


SN JYOTI: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SN Jyoti
Associates Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING).'

The instrument-wise rating actions are:

-- The IND BB rating on the INR100 mil. Fund-based working
     the capital limit is withdrawn; and

-- The IND BB rating on the INR120 mil. Non-fund-based working
     the capital limit is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

Incorporated in 2012, SN Jyoti Associates executes civil
construction work contracts for private and government
departments.


SREE GENGA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sree Genga Mills
Private Limited (SGMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating.'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        .2           CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit          3             CRISIL D (ISSUER NOT
                                      COOPERATING)

   Term Loan            3.3           CRISIL D (ISSUER NOT
                                      COOPERATING)

   Working Capital      1.5           CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)

CRISIL has been consistently following up with SGMPL for obtaining
information through letters and emails dated
December 31, 2018 and June 12, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Incorporated in 1999 and promoted by Mr.E Ramaswamy, SGMPL
manufactures cotton yarn. Operations are managed by Mr. R
Srinivasan.


SUKH SAGAR: CARE Keeps D on INR6.4cr Loans in Non-Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Motors Private Limited (SSMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.48       CARE D; Issuer not cooperating;

   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
rating of SSMPL under the 'issuer non-cooperating' category as
SSMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 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 rating(s).

Detailed description of the key rating drivers

Key Rating Weakness

Delay in debt servicing: There are ongoing delays in interest
servicing.

Sukh Sagar Motors Private Limited (SSMPL), incorporated in the year
2008, is promoted by Mr Amandeep Singh Khanna and family members.
The company has entered into an authorized dealership agreement
with Tata Motors Limited (TML) for sales and service of passenger
cars along with sale of spare parts in Jabalpur, Madhya Pradesh.
SSMPL's revenue sources include sale of vehicles and their spare
parts, service income, target incentive from TML and commission
from financers.


SUPRIYA COTEX: CRISIL Maintains 'D' Loans Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Supriya Cotex Private
Limited (SCPL) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             4          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      0.25       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan               1.75       CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SCPL, set up in 2011, processes cotton bales, and has capacity of
500 bales per day at its unit in Jalna, Maharashtra. Operations are
managed by Mr Satish Patil Nagare.


SUZLON ENERGY: Receives a Bad Loan Tag From Union Bank
------------------------------------------------------
Livemint.com reports that state-run Union Bank of India has tagged
Suzlon Energy Ltd as a bad loan and more banks are expected to
follow suit as the stressed wind turbine maker has struggled to
repay its lenders, two people aware of the development said.

In the quarter ended June 30, Union Bank has updated the status of
the account as non-performing in the central bank's Central
Repository of Information on Large Credits database, said one of
the two people cited above, Livemint.com relates.

"Union Bank had to classify Suzlon as a bad loan after repayments
were delayed by over 90 days," Livemint.com quotes the person said
on condition of anonymity as saying. The credits database is a
repository of borrower-wise data on loan status.

Last week, Suzlon's consortium of lenders initiated work on a
resolution plan for the firm and one of the rescue plans could
involve Canadian asset manager Brookfield Asset Management, as
Bloomberg reported on July 11, offering to buy a majority stake in
the wind turbine maker, Livemint.com recalls.

Livemint.com says the bad loan tag by one of Suzlon's lenders will
force other Indian banks to set aside money to cover potential
losses on their exposure to the firm. It will also add to the
INR9.49 trillion pile of bad loans on their books as of March 31.
Last week, Suzlon also missed a deadline to pay $172 million due to
foreign currency convertible bondholders, Livemint.com adds.

"While Union Bank's exposure is a little over INR70 crore and not
that large, it will be incumbent upon other members of the
consortium to declare it an NPA as well," the second person said,
confirming the NPA classification, Livemint.com relays.

Under RBI's asset classification guidelines, banks have to set
aside 15% of their outstanding loans to a non-performing account as
provisions. To be sure, banks have to set aside money for every
loan they make, but the quantum is just 0.4% till it remains
standard.

Loans are classified into three major categories: standard,
substandard and doubtful, depending on their repayment trends,
Livemint.com notes.

The Pune-based company, led by founder Tulsi Tanti, reported a
total debt of INR11,141 crore as of March 31, Livemint.com
discloses.

On July 16, Suzlon Energy said in a regulatory filing that it is
working on a holistic solution for its debt and continues to be in
discussions with stakeholders to repay its outstanding debt,
including bonds, Livemint.com discloses. It also said that all its
secured lenders have signed an inter-creditor agreement for the
company's debt resolution.

The central bank had, under former governor Raghuram Rajan, in FY16
conducted an asset quality review to standardize asset
classification across banks. "An alternative approach is to try to
put the stressed project back on track rather than simply applying
band aids. This may require deep surgery," Rajan said in a speech
on Feb. 11, 2016.

Other lenders to Suzlon include Bank of India, Bank of Baroda,
Central Bank of India, IDBI Bank and Punjab National Bank.

This isn't the first time Suzlon has defaulted on bonds, the report
notes. In 2012, it defaulted on payments of $221 billion, forcing
the firm into corporate debt restructuring, Livemint.com discloses.
In the year ended March 31, it reported a loss of INR294.64 crore.
Total consolidated income from operations declined to INR1,450.47
crore in the quarter ended March 31 from INR2,189.18 crore in the
year-ago period.

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,  
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.


SWISS RIBBONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Swiss Ribbons Pvt Ltd
        2/1415, Jariwala House
        Opp. J K Towers
        Ring Road, Surat
        Gujrat 395002

Insolvency Commencement Date: July 16, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 12, 2020

Insolvency professional: George Samuel

Interim Resolution
Professional:            George Samuel
                         217, Ganesh Glory
                         Jagatpur, SG Highway
                         Ahmedabad 382481
                         E-mail: gsforgs@gmail.com

Last date for
submission of claims:    July 30, 2019


TEZALPATTY TEA: CARE Keeps D on INR6.3cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tezalpatty
Tea Company Private Limited (TTPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            5.20       CARE D; Issuer not cooperating:
                                   Based on best available
                                   Information

   Cash Credit          1.15       CARE D; Issuer not cooperating:
                                   Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TTPL to monitor the rating
vide email communications/letters dated June 6, 2019, June 10,
2019, June 12, 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 the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
TTPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Further, banker could not be contacted.

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

The rating of bank facility of Tezalpatty Tea Private Limited takes
into account on-going delay in servicing of its debt obligation.

Liquidity

There are on-going delays in servicing of its debt repayment
obligation.

Tezalpatty Tea Private Limited (TTPL) was established in 1994 by
Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The
company is engaged in the processing of black tea and has an
installed capacity of 10 lakh kg per annum. The manufacturing
facility is located at Guwahati, Assam.




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

LIPPO KARAWACI: Fitch Raises LT IDRs to B-, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based property developer PT
Lippo Karawaci TBK's Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'B-' from 'CCC+' and the long-term rating on the
outstanding senior unsecured bonds issued by Theta Capital Pte Ltd
to 'B-' with Recovery Rating of 'RR4', from 'CCC+/RR4'. At the same
time, Fitch Ratings Indonesia has upgraded Lippo's National
Long-Term Rating to 'BB+(idn)' from 'BB-(idn)'. The Outlook is
Stable. The ratings have been taken off Rating Watch Positive (RWP)
on which it was placed on March 19, 2019.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country. Within the
context of the country, payment is uncertain to some degree and
capacity for timely repayment remains more vulnerable to adverse
economic change over time.

KEY RATING DRIVERS

Enhanced Liquidity, Financing Flexibility: The upgrade reflects
Lippo's improved liquidity position and limited refinancing risk
following the completion of its USD787.5 million rights issue on
July 16, 2019. Fitch believes the company now has sufficient
financing flexibility to meet operating expenses, interest costs
and debt maturities at least through to end-2020 while it
implements plans to revive property presales at the standalone
company; that is, excluding key listed subsidiaries PT Lippo
Cikarang Tbk and PT Siloam International Hospitals Tbk. Fitch
continues to assess Lippo on a standalone basis due to its limited
access to the cash flow of Lippo Cikarang and Siloam - given the
subsidiaries' expansionary medium-term focus.

Presales Revival Faces Challenges: Fitch expects Lippo's cash flow
from operations (CFFO) will remain negative at least until 2020, as
the company is likely to face challenges in sustainably improving
presales in the next two years, limiting upward rating momentum
over this period. Key challenges include regaining buyer confidence
and securing significant advance-payments from customers to fund
construction costs due to a number of failed projects and delayed
deliveries over several years. Fitch expects Lippo to pre-sell
around IDR700 billion of properties in 2019 at the standalone
entity level and around IDR2 trillion in 2020, as the company's
plans to complete existing projects using equity proceeds to gain
traction. Presales could be higher than Fitch expects in 2020 if
the company is successful in launching its new high-rise projects
starting 2H19.

Operational Execution is Key: Lippo is yet to demonstrate its
ability to successfully execute its shift into high-rise,
high-density projects in the affordable segment, from its erstwhile
focus on the mid- to middle-upper segment. Fitch has lowered the
level of credit relevance assigned to Lippo's management strategy
to '4' from '5' under the agency's Environmental, Social and
Governance (ESG) framework. The ESG score of '4' indicates that,
depending on the degree of success of the management's strategy, it
may have either a materially positive or negative impact on Lippo's
rating, in conjunction with other factors.

The sales performance of its Meikarta project, widely seen as a
pilot project in the affordable segment and which Lippo owns via an
associate company, has gradually weakened over the last 12 months.
Meikarta presold just IDR69 billion of properties in 1Q19 and only
slightly more in 2Q19, compared with more than IDR5 trillion in
2018 and over IDR7 trillion in 2017. Lippo has earmarked USD200
million of its new equity to fund the first phase of the project,
which, if successful, should improve its reputation and help it
conquer the affordable-housing space at the standalone company
starting in 2H19. However, Fitch does not expect Meikarta to return
significant cash flow to Lippo in the medium-term because it will
require large ongoing investment.

Puri Mall Sale Pending: Lippo continues to expect to complete the
sale of Lippo Mall Puri, the Singapore-listed Lippo Malls Indonesia
Retail Trust (LMIRT, BB(EXP)/Stable) ,in 4Q19 at a consideration of
USD200 million net of Lippo's investment in LMIRT's upcoming rights
issuance. Fitch has not factored this sale into its rating case for
2019 - given the delays that the transaction may face, particularly
in obtaining strata-title certificates; a lengthy process in
Indonesia. The net proceeds should boost Lippo's liquidity and help
it meet operational expenses and debt-service obligations through
to end-2021.

DERIVATION SUMMARY

Lippo's IDR can be compared with that of peers such as PT Alam
Sutera Realty Tbk (ASRI, B/Stable), PT Modernland Realty Tbk
(B/Stable) and PT Kawasan Industri Jababeka Tbk (KIJA,
B/A-(idn)/Rating Watch Negative). ASRI and Modernland are rated
higher than Lippo to reflect their larger property-development
businesses, with more than IDR2 trillion-3 trillion of annual
presales. Furthermore, both peers have sustained neutral CFO, which
Fitch attributes to a higher mix of landed property in their
presales. Landed properties typically have faster cash-collection
cycles and lower committed construction costs than high-rise
properties. Both developers have also relied on bulk land-bank
sales to institutional buyers and joint-ventures with other
developers to varying degrees, which Fitch believes has boosted
cash collections further.

Lippo's property-presale scale is similar to that of KIJA, as Fitch
expects both companies to sell around IDR1 trillion in annual
presales. KIJA's presales stem mainly from industrial land bank,
which can be more volatile than residential property sales during
downturns. However, the company has gradually reduced its
industrial sales mix in the last few years in favour of higher
residential properties and commercial plots. In contrast, Lippo's
presales have dried up in the last few years owing to weak
operational execution, despite its focus on residential property,
and a sustained turnaround is yet to be seen. KIJA is rated higher
than Lippo to reflect the availability of recurring cash flow from
a long-term power-purchase agreement with state-owned utility, PT
Perusahaan Listrik Negara (Persero) (BBB/Stable), which covers its
interest payments. The Rating Watch Negative on KIJA reflects
potentially heightened liquidity risk should it be determined that
a change of control has occurred, as defined in the indentures of
its USD300 million notes due 2023, which would then require the
issuer to buy the notes back.

Lippo's National Long-Term Rating is higher than that of PT
Greenwood Sejahtera Tbk (BB(idn)/Stable), reflecting Lippo's
abundant liquidity following the completion of its rights issue and
strong turnaround prospects. In contrast, Greenwood's rating is
constrained by the risk that it may use debt to fast track the
development of its Capital Square project through to 2020, even if
presales remain weak, thereby weakening its healthy recurring cash
flow interest coverage and rising liquidity risk.

KEY ASSUMPTIONS

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

  - Presales of IDR700 billion in 2019 and IDR2 trillion in 2020,
in line with company guidance (2018: IDR597 billion)

  - Annual construction costs of IDR2 trillion in 2019-2020 (2018:
IDR1 trillion)

  - Annual rent payments to REITs of IDR1 trillion in 2019-2020
(2018: IDR1 trillion)

  - Annual interest payments of around IDR1 trillion in 2019-2020
(2018: IDR1.25 trillion)

  - IDR2.6 trillion of debt (around USD185 million) to be repaid in
aggregate through 2020

  - CFFO at the standalone company to remain at negative IDR3
trillion in 2019, and fall to negative IDR2 trillion in 2020 (2018:
IDR2.7 trillion)

  - The USD200 million investment into Meikarta (around IDR2.8
trillion) to be expensed by mid-2020

  - Fitch has not factored in the sale of Lippo Mall Puri

Key Recovery Rating Assumptions:

  - Fitch assumes Lippo will be liquidated in a bankruptcy rather
than continue as a going concern, because it is an asset-trading
company

  - To estimate Lippo's liquidation value, Fitch has assumed a 75%
advance rate against accounts receivable at the standalone level
and a 50% advance rate against the carrying value of adjusted
inventory and fixed assets

  - Proceeds from the disposal of Lippo's 51% share of Siloam
Hospital's market value will be available during a liquidation

  - Based on the above calculation of the adjusted liquidation
value after administrative claims, Fitch estimates the Recovery
Rating of the senior unsecured bonds at 100%, which corresponds to
a Recovery Rating of 'RR1'. However, Fitch has rated the senior
unsecured bonds 'B-'/'RR4' because Indonesia falls into Group D of
creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at the
company's IDR.


LIPPO KARAWACI: S&P Hikes ICR to B- on Successful Rights Issue
--------------------------------------------------------------
S&P Global Ratings, on July 18, 2019, raised its long-term issuer
credit rating on PT Lippo Karawaci Tbk. (Lippo) to 'B-' from
'CCC+'. S&P said, "We also raised our long-term issue ratings on
the company's outstanding guaranteed senior unsecured notes to 'B-'
from 'CCC+'. At the same time, we removed the ratings from
CreditWatch, where they were placed with positive implications on
March 14, 2019."

The upgrade reflects significant improvement in Lippo's holdco
liquidity post the successful completion of the rights issuance.
The company will now have sufficient holdco liquidity to meet
rental and interest obligations over the next 12-18 months. In
addition, S&P expects the company to also deleverage modestly. The
company's high leverage, the limited track record of its new
management team, and its launching of massive property projects
during weak industry conditions remain risks for the rating.

Liquidity has substantially improved.  The completed rights issue
of US$787.5 million will significantly improve Lippo's liquidity.
S&P said, "The Riady family, mainly through PT Inti Anugerah
Pratama, subscribed to its share of the rights issue though we do
not have visibility on the source of funds. We expect the planned
sale of Puri Mall in the second half of the year to further bolster
the company's financial and liquidity position. The company has
entered into a conditional sales and purchase agreement with Lippo
Malls Indonesia Retail Trust (LMIRT) and we estimate that it would
result in net inflow of about US$200 million." These substantial
capital events will help Lippo's business continuity and support
Lippo's cash flow until end 2020.

Credit metrics improved modestly from debt repayment but the
capital structure remains highly leveraged.  Lippo has repaid a
US$50 million bank loan through advanced subscriptions of US$280
million and plans to repay a US$75 million private bond in August
2019, resulting in total reduction of debt and interest obligations
of US$125 million and US$11 million, respectively. While this
results in modest improvement in credit metrics, S&P continues to
forecast thin interest serving capability at the holdco. This is
because company will have limited operating cash flows at the
holdco level, and we expect no dividends from two major
subsidiaries, PT Lippo Cikarang Tbk. (Cikarang) and PT Siloam
International International Hospitals Tbk. (Siloam). In S&P's base
case, it forecasts Lippo's adjusted EBITDA interest coverage to
peak at 2.4x in 2019, backed by the Puri Mall sale, before dipping
to around 1.0x in 2020.

S&P said, "Revamped leadership team should aid business continuity,
but we expect improvement will not manifest until mid-2020.  We
believe the current management has adequate expertize and
sufficient time to understand the business and is committed to
drive business continuity and growth. However, the track record of
successful implementation of business strategy and delivery of
operation target remain untested. We expect Lippo's major business,
property development, to remain soft in 2019 given the absence of
new project launches at the holdco. As of the end of March 2019,
Lippo achieved Indonesian rupiah (IDR) 235 billion in property
sales, meeting 25% of our full year expectation. We expect the
company to launch value home projects in mid-2020, with annual
property sales of about IDR2 trillion over the next two to three
years. The proposed new launch, if successful, should support
Lippo's cash flow and EBITDA recognition post 2020.

"The stable outlook reflects our expectation that Lippo will have
sufficient liquidity and adequate cash flows over the next 12-18
months, backed by the completed rights issue and planned assets
sales in the next few months.

"We could lower the rating if liquidity at the holdco declines with
no prospect of recovery. This could materialize if Lippo depletes
its cash balances because of aggressive investments in working
capital or expansion, or it further delays monetizing its remaining
asset base, leading to a material shortfall between liquidity
available at the holdco and interest servicing requirements. We
could also lower the rating in the event of protracted weakness in
the company's property sales in 2020." Evidence of rating pressure
would be a sum of cash balance and cash flows below IDR2 trillion
on an ongoing basis.

An upgrade would be contingent upon management demonstrating
consistent operating strategy and successful delivery of operation
targets over the next two years. The upgrade would also be
contingent upon Lippo showing steady property sales, prudent
capital spending, a sound liquidity buffer, and keeping its EBITDA
interest coverage above 2.0x sustainably. An upgrade would also be
contingent upon no major debt maturities over a two-year period.




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

OCEANIA FOOTBALL: Faces Liquidation Over Missed Payments
--------------------------------------------------------
SBS-The World Game reports that a New Zealand judge has ordered the
Oceania Football Confederation (OFC) to pay more than NZD400,000 to
a contractor that worked on its controversial Home of Football in
Auckland, or face liquidation.

In a judgement released by the High Court, Associate Judge Warwick
Smith ordered the OFC to pay for six unpaid invoices between
February and April 2018, SBS relays.

According to the report, Mr. Smith said if the amount was not paid
within 10 working days, the company, ESSL, could apply to have the
confederation placed in liquidation.

The Home of Football project was launched by the OFC in 2012 and
was to include two FIFA-standard football pitches, a grandstand,
offices and an indoor futsal complex.  FIFA provided a US$10
million interest-free loan in September 2012 to assist with the
development.

The first stage of the project was completed and work on stage two
began in 2014, the report says.

ESSL joined the project in 2017 and its contract ended in September
2018.

SBS relates that OFC acting general secretary Frank Castillo said
on July 16 that US$11 million had been spent on the project and
stage two was not complete.

SBS notes that FIFA suspended its funding to OFC when the Home of
Football went millions of dollars over budget and announced in
April 2018 it was conducting a forensic audit of the project.

OFC president David Chung and secretary general Tai Nicholas
subsequently resigned and have been suspended by FIFA for financial
misconduct, SBS relates.

SBS says Mr. Nicolas was banned for eight years for
"misappropriation of FIFA funds allocated to the OFC between 2014
and 2017 in relation to the OFC Home of Football".

Chung, a former FIFA senior vice-president, was banned for
six-and-a-half years for "having offered and accepted gifts" and
for having a "conflict of interest" around the project.

Both men were also fined, SBS notes.




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

EMAS OFFSHORE: Applies For Judicial Management
----------------------------------------------
Fiona Lam at The Business Times reports that Emas Offshore has
applied to be placed judicial management, it said in a bourse
filing on July 22.

This comes five months after another rescue plan for the company
was called off, the report says.

Judicial management is a rescue procedure to restructure a
distressed company's debt, BT notes. An independent judicial
manager will be appointed to take control of the company's affairs,
business and property, in an attempt to help it survive, get a
scheme of arrangement approved or a more advantageous realisation
of the company's assets versus that in a liquidation.

According to the report, Emas said it filed an application in the
High Court of Singapore on July 19 for, among other things, a court
order that it be placed under judicial management pursuant to
Section 227B of the Companies Act.

With this application, a moratorium will be in place until either
the order is granted for judicial management or the application is
dismissed. For instance, no resolution can be passed to wind up
Emas, and no steps can be taken to enforce any security over its
property.

BT relates that Emas said it will provide further updates on the
application, in compliance with Oslo listing requirements or when
there are material developments.

The firm noted that shareholders should consult their financial,
tax or other advisers when in doubt as to the action they should
take, the report relays.

BT says the latest development follows failed attempts to bail out
Emas or related units.

In February this year, Philippine group Udenna Corporation informed
Emas that its proposed investment of US$73.29 million would not
take place, after both parties had inked a non-binding term sheet
in October 2018, BT recalls. No reasons were given in the
announcement for Udenna's decision.

BT notes that the deal would have seen Udenna pumping the money
into Emas' subsidiary as part of the group's financial
restructuring. A portion of the funds was to have gone towards
buying Emas vessels that have been secured to bank lenders.

Prior to that, in July 2018, oil and gas equipment supplier Baker
Technology also pulled out of its plan to invest in Emas. Baker
Technology terminated the term sheet for an equity injection of
US$50 million.

Trading in dual-listed Emas was suspended in Singapore in 2017, and
the stock has been the target of delisting attempts by the Oslo
Stock Exchange, the report notes.

Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services to
customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division,
and Offshore Production Services division.

Emas Offshore reported a net loss of US$705.7 million for the year
ended Aug. 31, 2017, compared with US$535.2 million in 2016.

The group's total assets amounted to US$466.5 million as at Aug.
31, 2017, down from US$1.09 billion as at Aug. 31, 2016. However,
liabilities increased by 8 per cent to US$1.13 billion as at Aug.
31, 2017, due mainly to recognition of payable due to former
subsidiary Lewek Champion Shipping which is in compulsory
liquidation and increase in provision for onerous contracts.




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

MONG DUONG: Fitch Assigns BB(EXP) Rating to New USD 2029 Sec. Notes
-------------------------------------------------------------------
Fitch Ratings assigned Vietnam-based AES - VCM Mong Duong Power
Co.,Ltd's proposed US dollar senior secured notes due 2029 an
expected rating of 'BB(EXP)'. The Outlook is Positive. The proposed
debt securities will be issued by Mong Duong Finance Holdings B.V.,
a Netherland-domiciled SPV that will acquire all of AES - VCM's
outstanding project financing loans.

Principal and interest payments for the US dollar notes rely on
payments made by AES - VCM to the offshore SPV under the project
financing loans. The final rating is contingent on the receipt of
final documents conforming to information already received as well
as the final pricing and financial close of the notes.

AES - VCM benefits from a favourable 25-year power purchase
agreement (PPA) with state-owned Vietnam Electricity (EVN,
BB/Positive) until 2040. The PPA provides for capacity and energy
payments to cover the fixed and variable costs of company's plant -
Mong Duong 2 (MD2) - subject to a minimum performance level. A
coal-supply agreement (CSA) is signed with state-owned Vinacomin at
a price regulated by the Vietnamese government, which covers the
entire project life.

The MD2 project also benefits from a government guarantee on all
payment obligations and financial commitments of the Ministry of
Industry and Trade (MOIT) under a build-operate-transfer (BOT)
agreement for the entire project life. The government guarantee
also covers the obligations of EVN under the PPA and Vinacomin
under the CSA for 18 years from the commercial operation date.

The notes' rating is capped at 'BB(EXP)'/Positive by Vietnam's
sovereign rating (BB/Positive) due to the government guarantee of
Vietnamese state counterparty obligations. The underlying
Standalone Credit Profile is 'bbb-'.

KEY RATING DRIVERS

Strong Long-Term PPA: Revenue Risk – Midrange

MD2's revenue stream under the PPA includes capacity payments that
are intended to cover debt service, fixed operating costs and
provide a return on equity. The PPA also includes energy payments
to cover variable costs, including fuel and variable operating
costs. However, full fuel-cost pass-through is dependent on meeting
the contracted heat rate. MD2 has no exposure to merchant
power-price risk.

The PPA foresees pass-through of costs associated with changes in
environmental legislation or permits to EVN. Fitch regards the
termination provisions as mostly in line with these types of power
projects. Fixed-capacity charges are indexed to the US dollar,
providing protection against foreign-exchange fluctuation; a
portion of operating expense payments is in Vietnamese dong to
cover costs in local currency.

The project's revenue risk assessment is constrained to 'Midrange'
due to EVN's credit quality. EVN's performance and financial
obligations under the PPA are covered by the government guarantee
until 2033.

Self-Operated; Experienced Sponsors: Operation Risk - Midrange
MD2 uses conventional commercially proven technology and has an
operating history of four years. The project is self-operated and
shareholders provide technical consulting services through a
cost-plus technical services agreement.

MD2 has maintained its availability above the contracted level. The
project is liable to a capacity damages charge if outages energy is
greater than the allowance. The allowed outages energy is
calculated annually. This means that a forced outage in one month
could be compensated by higher availability in the next month. MD2
is also allowed to carry up to 160GWh of allowed outages energy
from one year to another if it remains unutilised.

The plant has previously achieved plant heat rates higher than
contracted heat rates, with average underperformance of 2.1% during
2018 and 1.9% during 2017. Management has implemented measures to
tackle the problem and heat rates improved in the first three
months of 2019, with underperformance lowered to 0.9%. However, a
longer record is needed to confirm that the improvement is
sustainable. The company does not anticipate a heat-rate deviation
relative to the PPA in its projection. Fitch's rating case
forecasts a 2% underperformance relative to the PPA.

The plant is protected against low-load dispatch, as the heat rate
is adjusted to dispatch level. Fitch's operation-risk assessment is
constrained to 'Midrange' due to heat-rate underperformance, the
self-operated contractual structure and limited technical advisor
input in the rating process.

Fuel Supply Risk Passed-Through: Supply Risk - Midrange
MD2 has a coal-supply agreement with state-owned Vinacomin until
2040, in line with the PPA, at a coal price regulated by the
government but no higher than that charged to other EVN power
plants. There are several coal mines close to the power plant and
Fitch expected that the coal will be supplied by those coal mines
during the entire project life. Vinacomin's payment obligations and
financial commitments are covered by a government guarantee until
2033.

The BOT contract protects the project against coal-supply
interruption, other than that caused by AES - VCM. The company will
still receive capacity charges from the MOIT if Vinacomin fails to
supply the coal and the plant cannot generate electricity

AES - VCM also has the right to buy coal from a different supplier.
Vinacomin is obligated to cover any difference if the cost of coal
between the alternative source and Vinacomin is less than 3%.
However, it is unlikely that AES - VCM will be able to buy coal in
the market with only a 3% increase in cost, since Vinacomin is
Vietnam's largest coal producer and the cost would be at market
prices, not the government-regulated price.

Non-Standard Structure/Security Package: Debt Structure - Midrange
The offshore SPV will issue a four-year floating-rate loan, which
Fitch expects to be hedged, and 10-year senior-secured fixed-rate
notes. The SPV will use the proceeds to purchase the existing BOT
loan for around USD1.1 billion. The new debt, which has the same
quantum and amortisation profile as the BOT loan, will be serviced
by BOT-loan debt-service payments.

The security package of the existing financing is available to the
new lenders, but indirectly through the loan provided by the
offshore SPV to AES - VCM. The new lenders will also benefit from
pledge of shares in the SPV and security over the SPV's assets. The
transaction's structure is not standard due to a lack of a direct
relationship between the offshore SPV and AES - VCM, either through
shareholding of the offshore SPV or a guarantee from AES - VCM.

The proposed debt is fully amortising and ranks pari passu. The
amortisation will be sequential among the two tranches; the 10-year
bond will start amortising when the four-year loan is fully
amortised in 2023. Covenants include limitations on indebtedness,
business activities and asset disposals. The debt also benefits
from a backward-looking distribution lockup at a 1.15x debt service
coverage ratio (DSCR). A debt service reserve letter of credit will
be maintained at the amount of debt service in the next six months.
A maintenance reserve account will prefund major overhaul capital
expenditure over the next six years.

Financial Profile

Fitch focuses on the minimum and average annual DSCR given the
fully amortising debt and the limited term of the PPA, which
terminates in 2040. Under Fitch's base case, the average annual
DSCR for the 10-year senior secured notes is 1.47x, with a minimum
of 1.41x. Fitch's rating case incorporates stresses on
availability, heat rate, operating costs and capital expenditure;
under this scenario, the average annual DSCR for the notes is
1.39x, with a minimum of 1.32x.

PEER GROUP

The notes issued under Minejesa Capital BV, which are guaranteed by
PT Paiton Energy, are rated 'BBB-' with a Stable Outlook. Paiton is
the second-largest independent power producer in Indonesia's
eastern Java and the rating applies to three units of the plant,
one of which (Unit 3) is also using super-critical pulverised coal
technology. The project is fully contracted under a long-term PPA
with fuel cost effectively passed through and is run by a
sponsor-owned operator. Paiton's debt structure is typical of
project-finance transaction, featuring a fully amortising,
six-month debt-service reserve account, 12-month major maintenance
reserve account and a distribution lockup covenant of 1.2x DSCR.
MD2 has a non-standard structure and security package, but benefits
from a six-month debt service reserve letter of credit and a 1.15x
lock-up covenant. Paiton benefits from stronger metrics and a
longer operating history, with an average profile DSCR of 1.45x and
a minimum of 1.18x in Fitch's rating case.

The notes issued under LLPL Capital Pte. Ltd., which are guaranteed
by Indonesian-based PT Lestari Banten Energi (LBE), are rated
'BBB-' with a Stable Outlook. LBE operates a 635MW super-critical
coal-fired power plant in west Java. Similarly to MD2, the project
has a favourable long-term PPA with the state-owned electricity
supplier, which provides capacity payments and a pass-through
element to cover operating costs. Both projects have cost-plus
operation and maintenance structure. LBE benefits from input from
US-based Black & Veatch, which allows us to apply lower stress in
its rating case. LBE's debt is fully amortising with a six-month
debt service reserve account and a distribution lockup at 1.20x
DSCR, which is slightly stronger than that of MD2. LBE has an
average profile DSCR of 1.44x and a minimum of 1.28x in Fitch's
rating case.

RATING SENSITIVITIES

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

  - Upgrade of the sovereign rating of Vietnam to 'BB+' with no
deterioration in the Standalone Credit Profile

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

  - Downgrade of the sovereign rating of Vietnam to 'BB-'

  - Operational difficulties or other developments that result in
the projected annual DSCR dropping below 1.20x in Fitch's rating
case

TRANSACTION SUMMARY

The transaction is an issuance of US dollar senior secured notes
due 2029. The offshore SPV will use the proceeds to acquire
existing project-financing loans of AES - VCM. The transaction is
to refinance the project-financing loans at a lower interest rate.

Fitch Cases

The key assumptions underpinning Fitch's base and rating cases
under its Thermal Power Project Rating Criteria refer to
availability, dispatch, heat rate, operating and capital costs, and
cost indexation. The rating case incorporates a combination of
operational and economic stresses that simulates a scenario of
material underperformance, with the stresses based on Fitch's
experience, peer comparison, and the opinions expressed by the
technical advisor.

The Fitch base case utilises MD2 management's projections for
availability factors, dispatch factors, coal costs, routine
operating expenses and scheduled maintenance costs. Fitch forecasts
the heat rate to be 0.5% above the PPA's target. The Fitch base
case also reflects its macroeconomic assumptions for US CPI,
Vietnam CPI and exchange rates.

The Fitch rating case applies further stresses to the Fitch base
case, including stresses on outage durations (1pp increase to
annual forced outages duration and 10% stress to planned outage
durations), and a heat rate 2% above the PPA's target to reflect
historical underperformance of the plant. Fitch stresses the
operating costs and capital expenditure by 15% following guidance
in the Thermal Power Projects Criteria.

Asset Description

MD2 is a 2x560MW (net capacity: 1,120MW) sub-critical coal-fired
power plant located 220km east of Hanoi in northern Vietnam's Quang
Ning province. The plant is one of the first independent power
producers in Vietnam and is operating under a 25-year BOT agreement
between AES Mong Duong Holdings B.V. and the MOIT until 2040.


MONG DUONG: Moody's Gives  (P)Ba3 Rating to New USD 2029 Sec. Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to the proposed senior secured USD notes of Mong Duong Finance
Holdings BV due 2029.

This is the first-time that Moody's has assigned a rating to Mong
Duong Finance.

The outlook on the rating is stable.

The provisional status of the rating will be removed upon
completion of the transaction under satisfactory terms.

Mong Duong Finance is a finance entity created by the shareholders
of AES-VCM Mong Duong Power Company Limited (MDP), which owns and
operates coal-fired power plants. In tandem with the notes, Mong
Duong Finance will also raise a four-year amortizing bank loan
facility.

Mong Duong Finance will use the proceeds from the USD notes and the
bank loan facility to purchase MDP's project loan from the existing
lenders. Post this proposed transaction, Mong Duong Finance will be
a major lender to MDP.

MDP is the largest private sector power project in Vietnam, with a
capacity of 1,120 megawatts of two sub-critical coal-fired power
plants. It operates under a long-term power purchase agreement
(PPA), selling electricity to Vietnam Electricity, and under a coal
supply agreement with the Vietnam National Coal-Mineral Industries
Group (Vinacomin).

MDP benefits from the Government of Vietnam's (Ba3 stable)
guarantee on the performance of all payment obligations and all
financial commitments of Vietnam Electricity and Vinacomin, and the
government's compensation for MDP's operational difficulties
stemming from a failure of coal supply by Vinacomin, under
Government Guarantee and Undertaking Agreement (GGU) and the Build
Operate Transfer (BOT) contract.

The holders of the USD notes will be supported by several
structural features which establish a close linkage between the
credit profiles of MDP and Mong Duong Finance.

Such features encompass (1) Mong Duong Finance's status as the
major lender of MDP's existing project loan, with a matching
repayment structure between the proposed notes and MDP's project
loan; (2) MDP's undertaking to indemnify Mong Duong Finance's costs
associated with administration, letter of credit-based debt service
reserves and other operating costs; (3) a trustee-managed cash flow
waterfall; (4) collateral package; and (5) covenants with certain
carve outs.

Because of these features, the rating of Mong Duong Finance is
closely linked to MDP's credit profile.

RATINGS RATIONALE

"The (P)Ba3 rating of the notes primarily reflects MDP's cash flow
visibility, stemming from the fully contracted cash flow under the
long-term PPA and from strong support from the Vietnamese
government, and its solid debt service coverage metrics," says Mic
Kang, a Moody's Vice President and Senior Credit Officer.

MDP has a robust tariff structure that helps in the recovery of
capital costs and pass through of foreign exchange and fuel costs.
In addition, more than half of the company's revenue is derived
from a stable and predictable capacity charge, which represents a
core cash source for operating costs and debt repayment.

"The government's strong support is an important factor in driving
MDP's predictable operating cash flow, because it guarantees
Vietnam Electricity's performance of its payments and financial
commitments under the PPA, and its commitment mitigates MDP's
exposure to fuel supply risk," adds Kang.

The (P)Ba3 rating also recognizes MDP's solid debt service coverage
metrics, which provide credit support.

The rating also reflects Moody's expectation of the major sponsors'
— AES Corporation (Ba1 stable) and POSCO Energy, a subsidiary of
POSCO (Baa1 stable) — strong commitment and expertise, which will
likely continue to support MDP's operating performance.

Moody's believes AES Corporation and POSCO Energy will continue to
support MDP's operations, because the sponsors are long-term
investors in the Vietnamese power sector, with extensive
experience.

The (P)Ba3 rating of the notes is constrained by 1) MDP's
concentration in a single offtaker and a single coal supplier; (2)
MDP's short track record of above four-year operations; and (3)
Vietnam's sovereign rating of Ba3 stable.

Any material disruptions at Vietnam Electricity or Vinacomin, or
both, will have a meaningful impact on MDP's operations, given
MDP's full reliance on Vietnam Electricity for power sales and on
Vinacomin for coal supply. Nevertheless, this risk of concentration
in a single off-taker and a single coal supplier is mitigated by
the government's strong support through the GGU and the BOT
contract.

MDP has been performing well since commissioning, and the company
has implemented enhancements in the past year to improve its heat
rate, which was high until 2018. The maintenance of an improved
heat rate is key, given its impact on MDP' operational performance
and cash flow.

Moody's expects that MDP will achieve an average debt service
coverage ratio of between 1.4x and 1.5x over the next few years.
This result supports the (P)Ba3 rating of the notes.

Mong Duong Finance has in place a debt service reserve facility
equivalent to six months of debt service. However, such an
instrument has weaker features than cash-funded debt service
reserves.

Nevertheless, the credit quality of the notes benefits from typical
project finance structural features and collateral package,
including the share pledge by Mong Duong Finance and its accounts
under the notes, and share pledge by MDP, substantially all of
MDP's assets, project agreements, MDP's accounts and insurance and
reinsurance proceeds. MDP has no refinancing risk, given the fully
amortizing notes.

The stable rating outlook reflects Moody's expectation that the
Vietnamese government's strong commitment to MDP, mainly through
the GGU and the BOT contract, will remain intact, and that MDP's
performance will unlikely experience a material change over the
next 12-18 months when compared with Moody's base-case
projections.

Upward momentum in the rating is unlikely in the absence of an
upgrade of Vietnam's sovereign rating. Consequently, the rating
could be upgraded if (1) Vietnam's sovereign rating is upgraded;
and (2) MDP maintains its solid operations and financial leverage
within Moody's base case expectations.

The rating could come under downward pressure if (1) Vietnam's
sovereign rating is downgraded, (2) the government's support of the
company weakens, because of changes in regulations and in the
absence of compensation, and/or (3) MDP's debt service coverage
ratio falls materially to below 1.1x during the amortization
period. Moody's does not see such a scenario as likely.

Moody's considers MDP's exposure to environmental, social and
governance risk as moderate. MDP's plants are coal fired, and
therefore have a high intrinsic exposure to carbon transition
risks.

But such exposure is mitigated by the government's compensation for
most incremental costs against unfavorable changes in the law —
including environmental laws and regulations — through direct
payments or adjustments of the tariff structure under the BOT
contract. The sponsors' strong commitment to the company provides
additional comfort in MDP's ability to manage carbon transition
risk.

The principal methodology used in this rating was Power Generation
Projects published in June 2018.

AES-VCM Mong Duong Power Company Limited (MDP) is a limited
liability joint venture, which owns and operates two sub-critical
coal fired power plants with a total capacity of 1,120 megawatts.
The plants are located around 220 kilometers east of Hanoi (50 km
north-east of Ha Long City in Quang Ninh Province).

MDP is owned by AES Mong Duong Holdings B.V. (51%) — a subsidiary
of AES Corporation (Ba1 stable) — PSC Energy Global Co., Ltd
(30%) — a subsidiary of POSCO Energy, and which is in turn owned
by POSCO (Baa1 stable) — and Stable Investment Corporation (19%),
which is owned by China Investment Corporation, a sovereign wealth
fund of the Government of China (A1 stable).

Mong Duong Finance Holdings BV is the issuer of the proposed USD
notes. Initially, the entity is indirectly owned by AES Corporation
and China Investment Corporation. It will be owned by the same
shareholders as MDP and in the same proportional shareholding, if
POSCO Energy becomes a shareholder of Mong Duong Finance Holdings
BV.




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

[*] BOND PRICING: For the Week July 15, 2019 to July 19, 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.



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