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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, August 27, 2019, Vol. 22, No. 171

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Lenders Extend Standstill Anew Thru Aug. 29
AUSTRALIAN EMPLOYMENT: Second Creditors' Meeting Set for Aug. 30
DELTA LAW: Second Creditors' Meeting Set for Sept. 2
ESSENTIAL FREIGHT: Second Creditors' Meeting Set for Aug. 30
FORESITE IT: First Creditors' Meeting Set for Sept. 2

IKCSHEDS PTY: First Creditors' Meeting Set for Sept. 3
MELROSE WHOLESALE: First Creditors' Meeting Set for Aug. 22
OBJECT CONSULTING: First Creditors' Meeting Set for Sept. 2


B A N G L A D E S H

[*] Banking Sector Face BDT12,897cr Provision Shortfall at June


C H I N A

LVGEM REAL: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable
[*] CHINA: Clampdown on Asset Management Lending Sparks Defaults


I N D I A

AJIT AUTOMOIVE: Insolvency Resolution Process Case Summary
AMPS ENGINEERING: CRISIL Moves B on INR9cr Loans to Non-Cooperating
AMRIT HATCHERIES: Insolvency Resolution Process Case Summary
AMTEK AUTO: NCLAT Enters Liquidation Order
ANANDAM TEXTILES: CRISIL Withdraws B+ Ratings on INR8.75cr Loans

ANDHRA PRADESH: CRISIL Lowers Rating on INR432.20cr Bond to B+
ASTRA ROCKS: CRISIL Moves B on INR15cr Loans to Non-Cooperating
AVANT TRADING: CRISIL Moves B on INR7cr Loans to Non-Cooperating
BHUMIJA ISPAT: CRISIL Assigns B+ Ratings to INR15cr Loans
CHEMMARATHIL CASHEW: CRISIL Migrates D Ratings to Not Cooperating

CRYO-SAVE (INDIA): Insolvency Resolution Process Case Summary
DBS AFFORDABLE HOME: Insolvency Resolution Process Case Summary
DCM LIMITED: CRISIL Lowers Ratings on INR375.88cr Loans to 'D'
DEVANSHI POWERS: CRISIL Moves D on INR16cr Loans to Not Cooperating
FLAGMARK BUILDERS: CRISIL Moves D on INR10cr Loan to NonCooperating

GLOBAL SYNTEX: Insolvency Resolution Process Case Summary
HIMACHAL FLOUR: CRISIL Moves B+ on INR9.9cr Debt to Non-Cooperating
IMPERIAL GRANITES: CRISIL Moves B+ Debt Ratings to Not Cooperating
JAJODIA EXPORTS: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
JET AIRWAYS: Founder Not Cooperating in Probe, Centre Says

K K WELDING: CRISIL Lowers Rating on INR27.5cr Loan to 'D'
KANCHAN INTERNATIONAL: CRISIL Lowers Rating on INR8cr Loan
KODARMA CHEMICAL: CRISIL Moves D on INR17cr Loans to NonCooperating
MADHYA BHARAT: CRISIL Migrates 'D' Ratings to Not Cooperating
MARUTHI CORPORATION: CRISIL Withdraws B+ Rating on INR10cr Loan

MEDHATIYA CONSTRUCTION: CRISIL Cuts Ratings on INR6.85cr Loan to D
MRS LEATHER: CRISIL Migrates B+ Ratings to Not Cooperating
MURALIKRISHNA INFRACON: Insolvency Resolution Process Case Summary
NATIONAL SPOT: 63 Moons' Assets Can't Be Attached, High Court Says
PANDURONGA TIMBLO: CRISIL Lowers Ratings on INR40cr Loan to 'D'

PANEL BOARDS: Insolvency Resolution Process Case Summary
PRASAD AND COMPANY: CRISIL Lowers Rating on INR105cr Loan to D
RAMRATI JAGDISH: CRISIL Lowers Rating on INR7cr Loan to D
SAI RAYALASEEMA: Insolvency Resolution Process Case Summary
SIMPLEX INFRASTRUCTURES: Insolvency Resolution Case Summary

SUNDIAL MINING: CRISIL Hikes Ratings on INR12cr Loans to B-
SUNSHINE HOUSING: Insolvency Resolution Process Case Summary
SURYA ELECTRICALS: CRISIL Reaffirms B+ Rating on INR3cr Loan
UMANG REALTECH: NCLT Initiates Insolvency Proceedings
VARNIKA INDUSTRIES: Insolvency Resolution Process Case Summary

VENKATESH LOGISTICS: Insolvency Resolution Process Case Summary
VMC SYSTEMS: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

CRYPTOPIA LTD: Exchange Kept Users' Cryptos in Pooled Wallet
FIVEFIFTEEN HOLDINGS: Car Dealership Placed in Liquidation


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 19, 2019 to Aug. 23, 2019

                           - - - - -


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

ALITA RESOURCES: Lenders Extend Standstill Anew Thru Aug. 29
------------------------------------------------------------
The Straits Times reports that the lenders of Alita Resources have
further extended the standstill period for a secured AUD40 million
loan (SGD37.4 million) through Aug. 29, at 7:00 p.m.

This is to allow more time for discussions with various parties on
refinancing options and recapitalisation proposals, the company
said in a bourse filing on Aug. 26, the report relates.

According to the report, the consortium of lenders, led by Tribeca
Investment Partners, had earlier entered a standstill agreement
with Alita Resources until Aug. 20, in respect of certain events of
default under the loan. It was then extended to Aug. 23.

The Straits Times notes that the asserted events of default relate
to non-acceptance by lenders of an updated life of mine plan, and
an alleged failure to comply with physical parameters of the
preciously approved life-of-mine plan. A life-of-mine plan is a
formally approved long-term plan for a mine.

Another asserted event of default was Alita Resources "suffering a
material adverse effect" to its business and financial performance
as a result of lithium spot price deterioration and weakened market
demand for spodumene concentrate, the report relates.

Shares of Alita Resources have been suspended since Aug. 14, adds
The Straits Times.

Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.


AUSTRALIAN EMPLOYMENT: Second Creditors' Meeting Set for Aug. 30
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Employment Corporation Pty Ltd has been set for Aug. 30, 2019, at
11:00 a.m. at the offices of Suite 203, 517 Flinders Lane, 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 Aug. 29, 2019, at 5:00 p.m.

Trajan John Kukulovski of Chan Naylor was appointed as
administrator of Australian Employment on July 26, 2019.


DELTA LAW: Second Creditors' Meeting Set for Sept. 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Delta Law Pty
Ltd has been set for Sept. 2, 2019, at 10:30 a.m. at the offices of
Robson Cotter Insolvency Group, Unit 1, at 78 Logan Rd, in
Woolloongabba, 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 Aug. 30, 2019, at 4:00 p.m.

Bill Cotter of Robson Cotter Insolvency was appointed as
administrator of Delta Law on July 29, 2019.


ESSENTIAL FREIGHT: Second Creditors' Meeting Set for Aug. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Essential
Freight Express Pty Ltd has been set for Aug. 30, 2019, at 11:30
a.m. at Suite 203, at 517 Flinders Lane, 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 Aug. 29, 2019, at 5:00 p.m.

Trajan John Kukulovski of Chan Naylor was appointed as
administrator of Essential Freight on July 26, 2019.


FORESITE IT: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Foresite IT
Pty Ltd will be held on Sept. 2, 2019, at 10:00 a.m. at Level 27,
at 259 George Street, in Sydney, NSW.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Foresite IT on Aug. 21, 2019.


IKCSHEDS PTY: First Creditors' Meeting Set for Sept. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of IKCSheds Pty
Ltd will be held on Sept. 3, 2019, at 2:00 p.m. at the offices of
BRI Ferrier boardroom, Level 4, at 12 Pirie Street, in Adelaide,
SA.

Thomas Stuart Otway of BRI Ferrier was appointed as administrator
of IKCSheds Pty on
Aug. 22, 2019.


MELROSE WHOLESALE: First Creditors' Meeting Set for Aug. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Melrose
Wholesale Meats Pty Ltd will be held on Sept. 3, 2019, at 10:30
a.m. at the offices of Menzies Advisory, Level 54, at 111 Eagle
Street, in Brisbane, Queensland.

Michael Caspaney of Menzies Advisory was appointed as administrator
of Melrose Wholesale on Aug. 22, 2019.


OBJECT CONSULTING: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Object
Consulting Pty Ltd, Object Assets Pty Ltd, and Software Production
Company Pty Ltd, will be held on Sept. 2, 2019, at 10:00 a.m. at
Radisson Blu Plaza Hotel, at 27 O'Connell Street, in Sydney, NSW.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Object Consulting on Aug. 21, 2019.




===================
B A N G L A D E S H
===================

[*] Banking Sector Face BDT12,897cr Provision Shortfall at June
---------------------------------------------------------------
Dhaka Tribune reports that the Bangladesh banking sector faced a
combined provisioning shortfall of BDT12,897 crore at the end of
June this year, exposing their faltering financial health.
Thirteen public and private sector banks are on the list, according
to the Bangladesh Bank latest data.

Of the 13 banks, four are state-owned, while the remaining nine are
private commercial banks, the report discloses.

Dhaka Tribune relates that the thirteen banks are:

     -- Sonali Bank;
     -- Agrani Bank;
     -- Rupali Bank;
     -- BASIC Bank;
     -- AB Bank;
     -- Bangladesh Commerce Bank;
     -- Dhaka Bank;
     -- Mutual Trust Bank;
     -- National Bank;
     -- Standard Bank;
     -- Shahjalal Islami Bank;
     -- Social Islami Bank; and
     -- Trust Bank.

Some of the banks faced provisioning shortfall because they lent a
large amount of funds in violation of banking regulations, it was
alleged, the report relays.

According to experts, the rising trend of defaulted loans in the
banking sector is largely responsible for the huge provisioning
shortfall.

Dhaka Tribune, citing the central bank data, reveals the Agrani
Bank's shortfall stood at BDT852.88 crore; BASIC Bank's at
BDT3,073.5 crore; Rupali Bank's at BDT982.73 crore; and Sonali
Bank's at BDT1942.2 crore during the period.

The provision shortfall of AB Bank stood at BDT3,593.5 crore;
Bangladesh Commerce Bank's at BDT511.11 crore; Mutual Trust Bank's
at BDT126.45 crore; Dhaka Bank's at BDT329.58 crore; National
Bank's at BDT727.83 crore; Shahjalal Islami Bank's at BDT100.3
crore; Social Islami Bank's at BDT370 crore; Standard Bank's at
BDT103.34 crore; and Trust Bank's provisioning deficit stood at
BDT183.61 crore, the report adds.

As per central bank regulations, banks have to keep 0.50% to 5%
provision with Bangladesh Bank against defaulted loans for general
category, 20% against classified loans of sub-standard category,
50% against classified loans of doubtful category, and 100% against
classified loans of bad or loss category, Dhaka Tribune notes.

According to Dhaka Tribune, a Bangladesh Bank official said the
capital base of the 13 banks will erode significantly as they have
to keep provisioning as per the central bank rules.

Non-performing loans (NPLs) of banks rose by a staggering BDT1,551
crore in three months till June this year, taking the amount of
stress loan in the banking sector to BDT112,425 crore, the report
notes.




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

LVGEM REAL: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based LVGEM Real Estate Investment
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
at 'B'. The Outlook is Stable. Fitch has also affirmed LVGEM's
senior unsecured rating and the rating on its outstanding US dollar
senior notes at 'B'. The Recovery Rating on its senior unsecured
rating is 'RR4'.

LVGEM's ratings are supported by its high-margin
urban-redevelopment projects in Shenzhen and its portfolio of
quality investment properties, including its centrally located NEO
Tower office buildings in Shenzhen and Hong Kong. LVGEM's recurring
EBITDA/gross interest paid was 0.38x at end-2018, higher than most
of its 'B' rated peers. LVGEM is also expecting its controlling
shareholder, Mr. Wong Hong King, to inject around 12 million sq m
in urban-redevelopment projects in the Greater Bay Area into the
company gradually in the next few years.

LVGEM's ratings are constrained by its small and fluctuating
contracted sales, limited geographical concentration and high
leverage. The company's high concentration on several projects in
Shenzhen and Zhuhai may result in fluctuation in its contracted
sales. Fitch expects LVGEM's leverage, measured by net
debt/adjusted inventory, to increase to 55% by end-2019 (54% in
2018 and 48% in 2017) due to the injection of urban-redevelopment
projects from LVGEM's largest shareholder.

KEY RATING DRIVERS

Leverage Remains High: Fitch expects LVGEM's leverage, measured by
net debt to adjusted inventory, to remain high at 50%-55% in
2019-2020 after the injection of urban-redevelopment projects in
Shenzhen and Zhuhai and the acquisition of a Hong Kong office
building. Fitch thinks LVGEM's CNY2.8 billion investment in the
Zhuhai Kaiwei project, the large-scale investment in Shenzhen's
Baishizhou project and the HK NEO Office Tower will continue to
pressure LVGEM's leverage if it doesn't generate sufficient sales
in the same period.

Volatile Contracted Sales, Higher Margins: LVGEM had contracted
sales of CNY6.28 billion in 2018, in line with its forecast of
CNY6.0 billion. Contracted sales were contributed by projects in
Shenzhen including LVGEM Mangrove Bay No. 1. Fitch expects LVGEM to
generate CNY4.9 billion of contracted sales in 2019 from projects
in Shenzhen, Maoming and Zhuhai, despite the company already
reporting contracted sales of CNY4 billion in 1H19, as Fitch
expects it to have slower contracted sales in 2H19 while gradually
pushing for urban-redevelopment projects in Shenzhen and Zhuhai.

Fitch expects the company's EBITDA margin to reach 50% in 2019
(2018: 48.8%) due to the recognition of revenue and profit from
higher margin urban-redevelopment projects in Shenzhen, including
LVGEM Hongwan and LVGEM Mangrove Bay No. 1. Nonetheless, the EBITDA
margin may drop to 39%-48% in 2020-2021 when LVGEM starts to book
its Zhuhai projects, which have lower gross margins than Shenzhen
projects.

Quality Investment-Property Portfolio: LVGEM's investment-property
portfolio includes HK NEO Office, which started leasing from June
2018, the Shenzhen NEO complex, which has office and retail
components, and four Zoll community retail centres in Shenzhen that
opened in 2017-2018. HK NEO Office will start to contribute rental
income in 2H19 and the company expects to achieve occupancy of up
to 60% by end-2019, with anchor tenants including FT Life, a Hong
Kong insurance company. The Shenzhen NEO complex in the city's
central business district is almost fully occupied and generated
more than CNY330 million in rental income in 2018. The three Zoll
centres had above-95% occupancy rates and positive rental reversion
in 2018.

Stabilising Recurring EBITDA Interest Coverage: Fitch expects LVGEM
to continue to generate strong recurring EBITDA of above CNY600
million in 2019 (CNY543 million in 2018) from rentals at its
investment-property, hotel and property-management businesses.
However, Fitch expects recurring EBITDA/interest coverage to drop
from 0.38x in 2018 to 0.31x in 2019 due to higher total debt and
hence higher interest expense, and Fitch projects the ratio will
stay around 0.32x-0.34x in 2020-2022.

DERIVATION SUMMARY

LVGEM's rating is supported by its portfolio of quality investment
properties, including its well-located Shenzhen and Hong Kong NEO
Tower office buildings. Fitch assesses LVGEM's investment
properties alone as having a business profile of around 'BB', with
more than CNY500 million in rental EBITDA per year and CNY22
billion in rental-deriving assets, setting it apart from most
Chinese homebuilders that rely on more risky development-property
sales to service their debt. This is comparable with Lai Fung
Holdings Limited's (BB-/Stable) USD60 million in recurring EBITDA
and USD2.0 billion investment-property value.

LVGEM's main business focus remains on its urban-redevelopment
projects in Shenzhen. Its contracted sales are smaller and more
volatile than most peers due to the uncertain timing of project
injections from its ultimate shareholder. Fitch also expects
LVGEM's leverage, measured by net debt to adjusted inventory, to
increase and be sustained above 50% in 2019-2020 on continuous
injections and construction spending on urban-redevelopment
projects.

LVGEM's leverage is lower than that of Kaisa Group Holdings Limited
(B/Stable), which is above 70%, as Kaisa focuses on
urban-redevelopment projects in Shenzhen with a much larger
business scale. LVGEM's leverage similar to that of Modern Land
(China) Co., Limited (B/Stable) as the latter has higher contracted
sales of CNY20 billion, a lower EBITDA margin of 12%-13% (LVGEM
50%) and a shorter land-bank life. LVGEM's leverage is higher than
that of Fantasia Holdings Group Co., Limited (Fantasia, B+/Stable)
but it has a much smaller business scale. Fantasia is more
geographically diversified although both companies focus on
urban-redevelopment projects in Shenzhen and the Guangdong Greater
Bay Area.

KEY ASSUMPTIONS

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

  - A gradual injection of a large Shenzhen urban-redevelopment
    project starting late 2019, with LVGEM financing the purchase
    from the controlling shareholder mainly via shareholder loans
    and banking facilities.

  - Contracted sales of CNY4.9 billion in 2019 and CNY10.6 billion
    in 2019 (CNY6.3 billion in 2018)

  - Recurring EBITDA to reach CNY600-800 million in 2019-2020

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes LVGEM would be liquidated in a
    bankruptcy because it is an asset-trading company.

  - Fitch has assumed a 10% administrative claim.

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

  - Fitch applied an advance rate of 80% on its adjusted
    inventory due to its high EBITDA margin (above 30%) for
    its development-property inventory.

  - Investment property/property, plant and equipment advance
    rate at 60%, investment property yield of 2.4%. Good quality
    investment-property portfolio in Shenzhen and Hong Kong.

  - Fitch also assumed LVGEM will be able to use 100% of the
    CNY3.9 billion in restricted cash to pay debt.

RATING SENSITIVITIES

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

  - Attributable contracted sales sustained above CNY10 billion
    while net debt/adjusted inventory is sustained below 45%

  - Recurring EBITDA/cash interest sustained above 0.3x

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

  - Net debt/adjusted inventory sustained above 55%

  - Failure to maintain a project pipeline (including controlling
    shareholder's land bank) sufficient for two years of
development

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: LVGEM had interest-bearing debt of CNY24
billion as of June 2019, with short-term debt of CNY3.7 billion. It
had available cash of CNY5.8 billion and restricted cash of CNY3.3
billion, enough to repay short-term debt. The company had CNY19.3
billion of credit facilities, with CNY2.6 billion unused. The
company has obtained adequate credit facilities to finance various
urban-redevelopment projects in Shenzhen and Zhuhai.

SUMMARY OF FINANCIAL ADJUSTMENTS

Convertible preference shares (CPS) held by third parties and
convertible bonds are treated as 100% debt. CPS held by founder are
treated as shareholder loans and common equity rather than
preferred shares.


[*] CHINA: Clampdown on Asset Management Lending Sparks Defaults
----------------------------------------------------------------
Don Weinland and Sherry Fei Ju at The Financial Times report that a
big source of easy financing for Chinese companies is coming under
pressure, leaving in its wake a string of corporate defaults.

According to the FT, starting in 2015, China's asset management
industry became a booming centre for "shadow finance", lending
outside the formal banking sector. Banks, securities houses and
trust companies were able to raise cash from wealthy investors and
structure lending products through accounts at asset management
companies. Loans linked to asset management companies, and
structured finance products called asset management plans became
hugely popular.

By the end of March, securities companies had CNY1.99 trillion
(SGD280 billion) in funds linked to asset managers that had been
lent out through such arrangements, according to the Asset
Management Association of China.

Meanwhile, global asset managers have been allocating more money
than ever to Chinese stocks and fixed-income products.

But after several years of abundant credit and easy refinancing,
the environment has changed, the FT notes.

The FT relates that recognising a build-up in lightly regulated,
high-risk lending that was occurring in the industry, the
government cracked down on asset management lending last year.
That, along with an overall tightening in credit starting in 2018,
has forced many companies to default on the structured loans, the
report says.

"At the peak time, when the asset management companies developed
the fastest due to the high liquidity of the market, they invested
a lot of money in high-risk companies," the FT quotes Ivan Chung,
an associate managing director at Moody's, as saying.  "Now it has
become a vicious circle," said Mr. Chung. "The weaker corporates do
not have enough cash flow to repay their debts, leading to their
capital chains being broken, and to these defaults."

The FT says most defaults on such products do not require public
disclosure because they are not publicly traded securities.
However, in several severe cases, such as a CNY2 billion default at
Lianchu Securities earlier this year, investors have become vocal
about mounting losses. Some have taken to social media to
complain.

According to the FT, groups such as property developer Zhonghong
Zhuoye have defaulted on multiple loans from different securities
houses and trust companies. Zhonghong, which once owned a
controlling stake in SeaWorld Entertainment, used such borrowings
to buy assets overseas but has since been forced to sell off those
businesses.

"This was [China's] attempt at structured finance but it has
backfired," said a Beijing-based investment banker familiar with
the financing structure.

Defaults on the complex products are expected to continue this year
and could intensify if money market rates rise, experts warn, the
FT relays.

The FT says one popular version of the product allowed a company to
buy its own bond through an account with an asset management
company and then use that account as collateral for short-term
loans in the interbank market, effectively repurposing the original
bond into a repo market loan.

The arrangement worked well when there was ample liquidity in
China's money markets, the report notes. However, the tightening of
rates over the past year, followed by rises in interbank rates in
May and June, have made many of the bonds far too expensive to
refinance, leading to defaults, the FT relates.

"These asset management plans have to refinance constantly through
the short-term repo market, which can make them vulnerable," the
report quotes Cindy Huang, a senior director at S&P Global Ratings,
as saying. "One of the problems we see is that when these plans
fail to refinance in the repo market, some of them may default."




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

AJIT AUTOMOIVE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ajit Automotive Services Private Limited
        Registered office:
        C-91/10, Wazirpur Industrial Area
        Ring Road, New Delhi 110052

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Mohinder Singh

Interim Resolution
Professional:            Mr. Mohinder Singh
                         1102, 11th Floor, Padma Tower-1
                         Rajendra Place, New Delhi 110008
                         E-mail: mohinder@singhandsingh.in
                                 cirp.ajitauto@gmail.com

Last date for
submission of claims:    September 9, 2019


AMPS ENGINEERING: CRISIL Moves B on INR9cr Loans to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amps
Engineering and Equipments Private Limited (AMPS) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       4.8       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Proposed Long Term
   Bank Loan Facility    0.62     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AMPS for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 AMPS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMPSis consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Incorporated in 2004, AMPS is currently managed by Mr Raju and his
family members. The company manufactures bulk material handling
equipment such as rollers, idlers, and pulleys at its unit in
Jamshedpur, Jharkhand.


AMRIT HATCHERIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Amrit Hatcheries Private Limited
        158 Lenin Sarani
        3rd Floor
        Kolkata 700013
        West Bengal

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020
                               (180 days from commencement)

Insolvency professional: Ketan Mukhija

Interim Resolution
Professional:            Ketan Mukhija
                         7, Alipore Avenue
                         Opp. UCO House
                         Kolkata 700027
                         West Bengal
                         E-mail: ketanmukhija@gmail.com

                            - and -

                         J 6A, Kailash Colony
                         New Delhi 110048
                         E-mail: ip.amrit.hatcheries@gmail.com

Last date for
submission of claims:    September 3, 2019


AMTEK AUTO: NCLAT Enters Liquidation Order
------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Aug. 23 ordered for the liquidation of
debt-ridden Amtek Auto as the tribunal declined lenders' request
for extension of the insolvency resolution process deadline.

Amtek Auto was among the first list of the 12 companies that were
referred by the Reserve Bank of India (RBI) in 2017 to respective
banks for the initiation of insolvency process for defaults.

Livemint.com relates that UK-based Liberty House was selected as
the highest bidder by the committee of creditors (CoC) of Amtek
Auto. However, it later backed out citing some reasons, following
which lenders requested 90 days more time to find a new buyer.

A three-member bench headed by Chairperson Justice S.J.
Mukhopadhaya directed the Chandigarh bench of the National Company
Law Tribunal (NCLT) to pass an order of liquidation as 270 days
mandated under the IBC for finalising a resolution plan had already
lapsed, the report says.

"We are neither inclined to give any direction as was sought for by
the CoC nor to exclude any period calling for fresh Resolution
Plan," the NCLAT said in an order Aug. 23, the report relays.

It further said "more than 270 days having passed, the Adjudicating
Authority (NCLT) will pass appropriate order of liquidation, which
will be in accordance with law," according to Livemint.com.  The
Insolvency and Bankruptcy Code (IBC) mandates completion of
insolvency process within 180 days with an extension of 90 days,
failing which liquidation has to be initiated against the corporate
debtor, the report states.

The NCLAT also observed that there was no extraordinary situation
in the resolution process of Amtek Auto to exclude the 90-day
period, says Livemint.com.

"In the absence of any extraordinary situation and the fact that
more than 270 days have already passed, we find no ground to
exclude any period," the tribunal stated adding that "once a plan
is approved by the NCLT under Section 31, if it is not implemented,
that cannot be a ground to exclude any period."

The NCLAT also observed that the CoC could request for the
consideration of a  pending resolution plan or call for a fresh one
only if the earlier resolution plan is approved within the
stipulated deadline, the report relates.

                           About Amtek Auto

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

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


ANANDAM TEXTILES: CRISIL Withdraws B+ Ratings on INR8.75cr Loans
----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Anandam
Textiles (ANDMTLS) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         3.25       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Key Cash Credit     3.50       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Packing Credit      2.00       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with ANDMTLS for
obtaining information through letters and emails dated April 30,
2019, July 08, 2019 and July 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 they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ANDMTLS. This restricts CRISIL's
ability to take a forward ANDMTLS is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of ANDMTLS
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of ANDMTLS
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

AT is based in Tamil Nadu was set up in 1973 as partnership firm,
promoted by Mr M Mahalingam, the firm manufactures cotton yarn and
grey fabric. Daily operations are managed by the Mr Mahalingam's
son-in-law, Mr A Murugaraj.


ANDHRA PRADESH: CRISIL Lowers Rating on INR432.20cr Bond to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on bonds issued by Andhra Pradesh
State Financial Corporation (APSFC), and guaranteed by the
erstwhile unified Government of Andhra Pradesh to 'CRISIL B+' from
'CRISIL BB (SO)'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bond LT            432.20      CRISIL B+ (Downgraded from
                                  'CRISIL BB (SO)'; Continues
                                  on 'Rating Watch with Negative
                                  Implications')

The rating is downgraded on account of continued delays in
servicing the bank loan payments over the past few months. This is
on account of tightening of liquidity in APSFC due to curtailed
borrowings over the past one year, as per management discretion.

APSFC has been internally bifurcated into Andhra Pradesh and
Telangana divisions with each of them managing their respective
share of assets and liabilities. APSFC's board is jointly
represented by AP and Telangana. Since the beginning of fiscal
2020, APSFC has been delaying on principal repayment on few of its
bank loans (not-guaranteed and not rated), on account of cash flow
mismatch between collections and advances across its divisions.
However, the company has adhered to the T-structure and serviced
the rated bonds within due date, as confirmed by the trustee.

The ratings continue to remain on 'Rating Watch with Negative
Implications', owing to uncertainties related to any potential
dispute between AP and Telangana with respect to sharing of
liabilities of the rated debt and the consequent impact on debt
servicing.

As per Section 70 of the AP Reorganisation Act, 2014, status quo
would be maintained with respect to APSFC until completion of the
reorganisation process as per directions stipulated in the Act. A
separate state finance corporation (SFC) for Telangana has been
created but is not operational yet and APSFC services debt from its
own resources.

Since the bifurcation of Andhra Pradesh and Telangana, CRISIL has
been in discussion with both the states, with regard to sharing of
liabilities. While the bifurcation of APSFC is in progress, the
states are sharing the liabilities as per their representation in
APSFC's loans and advances since 2015. It has internally also been
maintaining separate loan departments and bank credit lines
pertaining to each state - AP and Telangana.

The rating also factors in the company's own credit risk profile,
which is supported by an adequate capital position, but constrained
on account of weak asset quality, tightening liquidity on account
of curtailed borrowings and limited diversity in exposure.

Analytical Approach

The ratings are based on a standalone assessment of APSFC, and have
been arrived at, after combining the business and financial risk
profiles of APSFC. While there exists an unconditional and
irrevocable guarantee from the erstwhile unified GoAP, guaranteeing
full principal repayment and payment of interest with a
trustee-administered payment structure, this has not been factored
into the rating, given the continued uncertainty over division of
liabilities between states.

Key Rating Drivers & Detailed Description

Strengths

* Adequate capital position: APSFC's capital position continues to
remain adequate, supported by healthy internal accrual. Networth
and tier-I capital adequacy ratio stood at INR724 crore and 28.5%,
respectively, as on March 31, 2019, (Rs 636 crore and 24.2%,
respectively, a year ago). Further, networth coverage of net NPA
also improved to 6.7 times on March 31, 2019, from 5.6 times on the
corresponding date of the previous fiscal. Further, gearing was
also comfortable at 1.9 times as on same date. Capitalisation is
expected to remain adequate, supported by healthy internal accrual
over the near to medium term.

Weaknesses

* Modest asset quality: Asset quality remains modest, with stable
gross NPA of 9.3% and net NPA of 5.4% on March 31, 2019. Further,
the corporation had restructured assets of INR125 crore as on March
31, 2019. Weakening of asset quality can be accredited to the
company's exposure to the MSME sector, which was severely impacted
by the downturn. Further, APSFC's exposure to borrowers with a
relatively weaker credit profile, makes asset quality more
vulnerable.

* Moderate, albeit improving, earnings profile: Profitability has
improved but remained moderate, particularly on account of high
credit cost over the last few fiscals and contracting loan book
since 2014. Profit of INR89 crore and RoA of 3.3% were reported for
fiscal 2019, vis-a-vis INR59 crore and 2.1%, respectively, for
fiscal 2018. Credit cost remains elevated at 3.9% for fiscal 2019,
compared to 4.2% for fiscal 2017.

* Curtailed borrowings partly mitigated by diverse resource
profile: APSFC's borrowings are declining each year since 2014 to
INR1,399 crore as on March 31, 2019 (vs INR1,648 crore as on March
31, 2018) with nil refinancing or fresh borrowings in fiscal 2019.
However, the resource profile is diversified, with 49.2% as non-SLR
bonds (guaranteed by state government), 37.8% as debt from banks,
and 13% as refinance from SIDBI. After SIDBI's policy to limit its
exposure to SFCs, proportion of bank debt in the company's resource
base has increased. Also, the company has not issued any capital
instruments since 2014 owing to the pending completion of all the
formalities pertaining to division of the state.

* Expectation of dispute with respect to sharing of liabilities in
the state: The watch Negative reflects expectation of dispute
between SFCs of AP and Telangana, with respect to sharing of
liabilities of the rated debt, and the consequent debt servicing.
Final bifurcation of liabilities between the SFCs is a key
monitorable.

Liquidity

APSFC's liquidity has weakened over the past six months to INR25
crore of cash as on July 31, 2019. APSFC has an overdraft facility
from Andhra bank of INR70 crores and INR25 crore with Syndicate
Bank of which around INR35 crores have been utilized. Total
repayments in fiscal 2020 of around INR301 crores and interest
payment of INR40 crore will be met from collections, existing cash
balance and other income.

APSFC is a term-lending institution, set up in 1956, for promoting
small and mid-sized scale industries in AP, under provisions of the
State Financial Corporation Act, 1951. In fiscal 2019, profit after
tax (PAT) was INR89 crore on total income of INR457 crore, against
INR59 crore and INR439 crore, respectively, in the previous fiscal.



ASTRA ROCKS: CRISIL Moves B on INR15cr Loans to Non-Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Astra Rocks
and Minerals Private Limited (ARMPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            12      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Term Loan               1      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ARMPL for obtaining
information through letters and emails dated May 30, 2019, July 12,
2019, July 19, 2019 and July 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 ARMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

ARMPL is a Vijayawada-based company involved in quarrying and
selling of rough granite blocks. Incorporated in December 2014,
operations began in December 2016. The company is promoted by Dr.
Satish Chandra and his wife Dr. Swati.


AVANT TRADING: CRISIL Moves B on INR7cr Loans to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Avant Trading
Company Private Limited (ATCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft             5        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with ATCPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 ATCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2010 in Mumbai, ATCPL trades in mobile phones,
computer peripherals, and other electronic components. It also
trades in limestone, steel, and textile goods. Operations are
managed by Mr Sudeep Kumar Saha and Mr Harsh Rajnikant Saha.


BHUMIJA ISPAT: CRISIL Assigns B+ Ratings to INR15cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
facilities of Bhumija Ispat LLP (BILLP).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          10        CRISIL B+/Stable (Assigned)
   Term Loan             5        CRISIL B+/Stable (Assigned)

The rating reflect nascent stage of operations, average financial
risk profile and vulnerability to cyclicality in the end user
industry. These weakness are partially offset by extensive industry
experience of the partners and their funding support.

Analytical Approach

Unsecured loans (outstanding at INR11.39 crore as on 31st March,
2019) have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: The firm has setup a manufacturing
unit with a capacity of 59000 MTPA which commenced commercial
operations recently. Timely stabilization of operations, ramp up in
scale and increase in operating margins will remain key rating
sensitivity factor.

* Vulnerability to cyclicality in the end user sectors:
Profitability is linked to the fortunes of the inherently cyclical
steel industry, which has strong correlation with overall growth in
gross domestic product. Operating performance will remain
susceptible to volatility in raw material prices, and offtake by
key user sectors.

* Average Financial Risk Profile: BILLP is expected to have an
average financial risk profile with expected gearing of more than
2.5 times over medium term. The debt contracted for the project and
working capital requirement shall constrain the capital structure.

Strengths

* Extensive industry experience of the partners: The partners have
an experience of over two decades in manufacturing of TMT steel
bars through group concerns. This has given them an understanding
of the dynamics of the market, and enabled them to establish
relationships with suppliers and customers. Business is further
supported by funding support of the partners in form of capital
infusion and unsecured loans.

Liquidity

Liquidity profile of the company is average. The cash accrual are
expected to be over INR1.2 crore which are sufficient against term
debt obligation of INR0.71 crore over the medium term. Bank limit
utilization is moderate at around 51 percent for the past 5 months
ended June 30, 2019. However, the bank limit utilization is
expected to increase over the medium term with expected increasing
scale of operations.

Outlook: Stable

CRISIL believes that BILLP will benefit over the medium term from
its partners extensive industry experience. The outlook may be
revised to 'Positive' if BILLP is able to ramp up in revenue while
maintain its profitability leading to improvement in financial risk
profile. Conversely, the outlook may be revised to Negative' if
BILLP generates lower cash accruals during its initial phase of
operations, or witnesses an increase in its working capital
requirements thus weakening its liquidity & financial profile.

BILLP was set up in May, 2018. It is engaged in manufacturing of
TMT bars and started its commercial operations in March 2019 in
Mandla, Madhya Pradesh with installed capacity of 59000 MTPA. It is
owned and managed by Mr. Manoj Bansal and Mr. Mukesh Bansal.


CHEMMARATHIL CASHEW: CRISIL Migrates D Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chemmarathil
Cashew Company (CCC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Packing Credit        23       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CCC for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 26, 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' rating category or
lower'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

CCC, set up in 2008 and based in Kollam (Kerala), processes and
trades in cashew nuts. Its operations are managed by partners Mr.
Sam C K and Mr. Syam C K.


CRYO-SAVE (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Cryo-Save (India) Private Limited
        No. 183, Gayatri Tech Park
        Road I B, EPIP, KIADB
        Whitefield, Bangalore

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com
                                 cryosaverp@gmail.com

Last date for
submission of claims:    September 2, 2019


DBS AFFORDABLE HOME: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: DBS Affordable Home Strategy Limited
        Block No. 130, Adalaj Koba Highway Dist.
        Gandhinagar 382421

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway
                         Makaraba, Ahmedabad 380051
                         Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    September 4, 2019


DCM LIMITED: CRISIL Lowers Ratings on INR375.88cr Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
DCM Limited (DCM) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/CRISIL
A4+/Watch Negative'. The downgrade reflects delays by DCM in
repaying the interest and principal obligation on the term loan.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bill Discounting      15       CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Cash Credit          190       CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Letter of credit &
   Bank Guarantee        13.25    CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Long Term Loan       100.51    CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Overdraft              9       CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Proposed Long Term    48.12    CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB+/Watch Negative')

The ratings continue to reflect the moderate debt protection
metrics, stretched working capital cycle, and susceptibility to
volatile cotton yarn prices and continues off take from the
automobile sector. These weaknesses are partially offset by
extensive experience of the promoters and DCM's moderate financial
risk profile.

Key Rating Drivers & Detailed Description

* Delays in debt repayment: Stretch in receivables have constrained
cash flow, resulting in delays by DCM in servicing the interest and
principal payment on the term loan.

Weaknesses

* Moderate debt protection metrics: Debt protection metrics are
moderate, with interest coverage and net cash accrual to total debt
ratios at 2.4 and 0.17 times, respectively, for fiscal 2019.

* Working capital-intensive operations: Gross current assets stood
at 123 days as on March 31, 2019, due to large inventory of 74 days
and receivables of 33 days. Working capital management was however,
aided by payables of 48 days extended by suppliers.

* Vulnerability to fluctuations in cotton yarn prices, and
continuity in sales to the automobile sector: Susceptibility to
fluctuations in raw material prices and to continuity in sales to
the automobile sector continue to constrain operations margin. The
margin has fluctuated between 2.3 and 7.2% in the five fiscals
through March 2019 (combining the business and financial risk
profiles of DCM and DCM Engineering Ltd [DCME] for fiscals before
2016).

Strengths

* Extensive experience of the promoters: The present management
comprises the fourth generation of the promoter family. Over the
years, the group has diversified into real estate, engineering, and
information technology segments, and forged healthy relationships
with customers and suppliers.

* Moderate financial risk profile: The financial risk profile is
marked by a healthy adjusted networth of INR194.2 crore and total
outside liabilities to adjusted networth ratio of 2 times as on
March 31, 2019. Financial risk profile is expected to remain
moderate in FY 20.

Liquidity

Liquidity is stretched, marked by delay in debt repayment.

Set up by the late Mr Lala Shriram in 1889, DCM (formerly, Delhi
Cloth and General Mills Company Ltd) is currently headed by Dr
Vinay Bharat Ram. It is listed on the Bombay Stock Exchange and the
National Stock Exchange. It provides services such as system
administration, storage management, backup recovery, disaster
management, and databases in the IT infrastructure services
segment. DCM also has presence in real estate.

The engineering products division was set up in 1974, in Ropar
(Punjab), as a division of DCM. The division was hived off into
DCME in 2004, following the restructuring of DCM's debt. DCME was
merged with DCM in fiscal 2016. The engineering division is one of
India's large independent manufacturers of grey iron castings,
supplied to automotive players (cars, multi-utility vehicles,
tractors, light commercial vehicles, heavy commercial vehicles, and
earth-moving equipment). DCM also specialises in cylinder heads,
cylinder blocks, and housing.


DEVANSHI POWERS: CRISIL Moves D on INR16cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Devanshi
Powers Limited (DPL) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           14       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term     2       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 DPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DPL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

DPL was set up as a partnership firm, Devanshi Electricals, by Mr
Pankaj Shah, Mr Pradip Shah, and Ms Varsha Shah, in July 2006, and
reconstituted as a closely held public limited company on October
4, 2012. The company manufactures bare copper wires and copper and
aluminum-based household, industrial, and instrumentation cables at
its two units. The Shah family has been in the copper products
segment since 1982 through their group concern in Jaipur.
Operations were shifted to Anand, Gujarat, in 2006.


FLAGMARK BUILDERS: CRISIL Moves D on INR10cr Loan to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Flagmark
Builders Private Limited (FLAGMARK) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             10       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FLAGMARK for
obtaining information through letters and emails dated July 22,
2019 and July 26, 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 FLAGMARK. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on FLAGMARK
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2013, Flagmark is engaged in real estate
development. The company is based out of Thiruvananthapuram
(Kerala). The company started its commercial operations in fiscal
2017.


GLOBAL SYNTEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Global Syntex (Bhilawara) Limited
        Registered office:
        RIICO Industrial Area
        Pur Road, P.B. No. 70
        Bhilwara 311001, Bhilwara
        Rajasthan

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 17, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         P. Agrawal & Associates
                         F-106 (1st Floor)
                         Sumer Complex, Gautam Marg
                         C-Scheme 302001
                         Jaipur, Rajasthan
                         E-mail: ippagrawal@gmail.com

                            - and -

                         Building No. F-174
                         Sumer Complex, First Floor
                         F-106, Gautam Marg
                         Behind Bagadia Bhawan
                         C-Scheme 302001
                         Jaipur, Rajasthan
                         E-mail: globalsyntexcirp@gmail.com

Last date for
submission of claims:    September 4, 2019


HIMACHAL FLOUR: CRISIL Moves B+ on INR9.9cr Debt to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Himachal Flour
Mills Private Limited (HFMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           9.9      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Himachal Flour Mills
Private Limited (HFMPL) for obtaining information through letters
and emails dated July 22, 2019 and July 26, 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 HFMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HFMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

HFMPL was set up in 1972 as a partnership firm, Himachal Flour
Mills, which was reconstituted as a private limited company with
the current name in 1996. The key promoter and director, Mr
Jagmohan Lal Gupta, along with his family members, manages
operations. The company manufactures atta, suji, and maida at its
facilities in Kangra, Himachal Pradesh. The products are sold to
the state government as well as in the wholesale market under the
Hans brand.


IMPERIAL GRANITES: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Imperial
Granites Private Limited (IGPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        .5       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          9.0       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Export Packing
   Credit               5.5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit     1.7       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   2.15      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IGPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 IGPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IGPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

IGPL was incorporated in Chennai in 1986 and is promoted by Mr R.
Veeramani. The company undertakes quarrying and processing of
granites and monuments.


JAJODIA EXPORTS: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jajodia
Exports Private Limited (JEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Non-Fund Based Limit   .15     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Fund-         .35     CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JEPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 JEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

JEPL was set up as a partnership firm in 1999 by Mr Jagdish Prashad
Jajodia. This firm was re-constituted as a private limited company
with the present name in 2011. The company trades in spare parts,
agriculture machinery (used in irrigation) imported from China, and
agro-based products such as rice, wheat, jute, and corn.


JET AIRWAYS: Founder Not Cooperating in Probe, Centre Says
----------------------------------------------------------
Livemint.com reports that Naresh Goyal, founder of the now-grounded
Jet Airways, is not cooperating in the investigation in a case of
alleged fraud of INR18,000 crore, the Centre claimed in the Delhi
High Court on Aug. 23.

According to Livemint.com, the government's submission came during
the hearing of Goyal's plea for withdrawing his earlier petition
which sought permission to travel abroad.

Livemint.com relates that Goyal, in his fresh application, said the
Serious Fraud Investigation Office (SFIO) has started its probe
into the case of alleged fraud of INR18,000 crore and he was
extending full cooperation to the agency in the investigation and
accordingly, was and not pressing for the permission to go abroad
at this stage.

To this, central government standing counsel Ajay Digpaul said: "He
(Goyal) is not cooperating in the investigation of the case."

However, Justice Navin Chawla did not express anything on merits of
the case and said the petition is "dismissed as withdrawn," the
report relays.

Livemint.com says the hearing took place amidst the news that the
Enforcement Directorate (ED) conducted searches at the premises of
Goyal in connection with a case of alleged contravention of the
foreign exchange law.

According to Livemint.com, ED officials said the searches are being
carried out under the provisions of the Foreign Exchange Management
Act (FEMA) and are aimed at gathering additional evidence.

Premises in Mumbai and Delhi are being searched, they said.

Besides seeking permission to travel outside India, Goyal had also
challenged in the court a look out circular (LOC) issued against
him on the ground that as on May 25, when he was off-loaded from a
flight to Dubai, no ECIR/FIR was registered against him, according
to Livemint.com.  Livemint.com adds that Goyal said he came to know
of the LOC on May 25 when he and his wife Anita were off-loaded
from a flight to Dubai with an onward connection to London.

He said when he had filed the petition in July, he was in an urgent
need to travel abroad and thereafter, he received summons from SFIO
for recording of statement regarding the investigation which has
been initiated.

Earlier, when Goyal had moved court seeking permission to go
abroad, the judge had observed that if he wanted to go abroad, he
should first deposit INR18,000 crore as as guarantee that his
company owes to lenders.

Denying him permission to fly aborad, the court had sought the
Centre's reply to his plea, Livemint.com says.

According to Livemint.com, the court was informed by the Centre
that it was a serious fraud involving INR18,000 crore and the
investigation was being carried out by the SFIO.

Goyal has sought quashing of the LOC as well as several office
memorandums which lay down the guidelines for issuing the travel
ban, Livemint.com relates.

According to the Ministry of Corporate Affairs, the LOC was issued
after the ministry found in an inspection large-scale
irregularities in Jet Airways, which shut its operations in April
due to acute cash crunch.

Livemint.com relates that the ministry subsequently ordered a probe
by the SFIO into the affairs of Jet Airways.

Naresh and Anita Goyal had resigned from the board of Jet Airways,
which the former founded 26 years ago, in March following a debt
restructuring plan. He had also resigned as the airline's chairman,
the report notes.

                         About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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

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


K K WELDING: CRISIL Lowers Rating on INR27.5cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of K K
Welding Limited (KKWL) to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer not
cooperating' on as the company has been classified as
non-performing asset (NPA) by the banker.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          17.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Letter of Credit      5.0      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Overdraft            27.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Working      2.0      CRISIL D (ISSUER NOT
   Capital Facility               COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with KKWL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 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 KKWL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for Rashmi
Steels is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower.

KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his
family members. The company is engaged in trading of Welding
Electrodes, Welding Rods, Welding Cables, Safety Equipments,
Grinding Wheels and welding accessories. KKWL is an authorized
distributor for various companies.


KANCHAN INTERNATIONAL: CRISIL Lowers Rating on INR8cr Loan
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Kanchan International (KI; part of the Kanchan group) to 'CRISIL D'
from 'CRISIL B+/Stable'.


                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing        8        CRISIL D (Downgraded from
   Credit                         'CRISIL B+/Stable')

The downgrade reflects continuous overdues beyond 30 days from due
date in export packing credit facility and foreign bill purchase
facility owing to delay in receipt of payment from few overseas
customers.

The rating also reflects the group's working capital-intensive
operations and a weak financial risk profile of the Kanchan group.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Ramrati Jagdish Pvt Ltd (RJPL).
This is because the two entities, together referred to as the
Kanchan group, are in the same business, and have business
synergies and common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularity in export packing credit facility and foreign bill
purchase facility: There have been continuous overdues beyond 30
days from due date in export packing credit facility and foreign
bill purchase facility.  The facilities have remained unpaid for
more than 30 days from the due date owing to delay in receipt of
payment from few overseas customers.

* Working capital-intensive operations: Gross current assets were
255 days as on March 31, 2018, mainly because of stretched
receivables of 228 days; inventory was modest at 21 days. Working
capital requirement is partly supported by credit from suppliers
(reflected in payables of 164 days as on March 31, 2018) and partly
by bank lines, reflected in average bank limit utilization of 98%
over the 12 months through April 2019.

* Weak financial risk profile: Gearing was high and networth modest
at 4.76 times and INR9.3 crore, respectively, as on March 31, 2018.
Debt protection metrics were subdued, with interest coverage and
the net cash accrual to total debt ratios of 1.4 times and 0.02
time, respectively, in fiscal 2018.

Strengths

* Extensive experience of promoter: Presence of around four decades
in the ready-made garments industry has enabled the promoter and
family to establish strong relationship with customers and
suppliers.

* Moderate scale of operations and healthy customer relationship:
The group's turnover was INR166.84 crore in fiscal 2018. However,
it declined from INR218.09 crore in fiscal 2017 owing to sluggish
export demand.

Liquidity

Liquidity is weak reflected in average bank limit utilization of
98% over the 12 months through April 2019. There have been delays
in receipt of payment from few overseas customers, which has
resulted in continuous overdues beyond 30 days from due date in
export packing credit facility and foreign bill purchase facility.

Established as a proprietorship firm in 1980 by Mr Suresh Chand
Singhal, KI manufactures and exports ready-made garments for men,
women, and children. In 2012, he established RJPL.


KODARMA CHEMICAL: CRISIL Moves D on INR17cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kodarma
Chemical Private Limited (KCPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          14.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             3.05     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 KCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in June 2008 and promoted by Mr. Khiru Shaw and Mr.
Panchdev Kumar Shaw, KCPL refines and distils industrial fuels,
lubricants, and solvents (coal tar, fuel oil, and various
industrial and laboratory chemicals) at its facility in Kodarma,
Jharkhand.


MADHYA BHARAT: CRISIL Migrates 'D' Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Madhya Bharat
Phosphate Private Limited (MBPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          .9       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           20.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       8.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    16.1       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MBPPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 MBPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MBPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBPL and AP India Biotech Pvt Ltd (API).
This is because the two companies together referred to as the MB
group, have strong business linkages as they are engaged in the
same line of businesses; API has been supplying raw material (rock
phosphate) to MBPL since July 2012. Furthermore, MBPL has a
shareholding of 99.99 per cent in API and has provided loans and
advances of INR52 million to the company to support its working
capital requirements.

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilizers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).


MARUTHI CORPORATION: CRISIL Withdraws B+ Rating on INR10cr Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating Maruthi Corporation Limited
(MCL) to 'CRISIL B+/Stable Issuer Not CCooperating'. CRISIL has
withdrawn its rating on bank facility of MCL following a request
from the company. Consequently, CRISIL is migrating the ratings on
bank facilities of MCL from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'. The rating action is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Term Loan     10      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

MCL was established in 1994 as a private limited company by Dr.  K.
Ram Reddy. The company is currently undertaking a residential real
estate project of construction of villas in Shadnagar, Hyderabad.
The company has recently started a new project of affordable
housing Shantinivas.


MEDHATIYA CONSTRUCTION: CRISIL Cuts Ratings on INR6.85cr Loan to D
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Medhatiya Construction Company Private Limited (MCCPL) to
'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan              4       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Working Capital        2.85    CRISIL D (Downgraded from
   Demand Loan                    'CRISIL B+/Stable')

The downgrade reflects delay by the company in servicing its debt
obligations due to stretched liquidity.

The rating reflects the significant salability risks associated
with the company's ongoing project and susceptibility to
cyclicality in the real estate sector and stretched liquidity.
These weaknesses are offset by the extensive experience of MCCPL's
promoters in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks associated with ongoing project: MCCPL is developing a
residential complex in Patna, Bihar at an estimated cost of INR10.5
crore. Thus, the company's operating performance will remain
susceptible to timely completion of the project and flow of
advances from customers.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, business will remain susceptible to risks
arising from any industry slowdown and delay in flow of advances.

* Stretched liquidity: Liquidity is constrained by insufficient
cash accrual against debt obligation.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade and the company's successful
project implementation track record should support the business.

Liquidity

Liquidity is constrained by insufficient cash accrual against debt
obligation leading to delays in term loan repayment. The firm's
liquidity is expected to remain weak over the medium term.

Incorporated in 2006, MCCPL is engaged in residential real estate
development.


MRS LEATHER: CRISIL Migrates B+ Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MRS Leather
Traders (MRS) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            2       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Export Packing
   Credit                 3.5     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     0.8     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Standby Line of
   Credit                 0.7     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MRS for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 MRS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MRS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up as a partnership firm, MRS Leather Traders, in 1989, MRS
processes tanned goat skin to finished leather; the partnership
firm was reconstituted as a private limited company in 2001.


MURALIKRISHNA INFRACON: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Muralikrishna Infracon (Bangalore) Private Limited
        Head office:
        No. 7, 4th Floor, 2nd Cross, 8th Main
        Shanbag Narayanappa Layout
        Opp. Kalpatharu Apartments
        Kodigehalli, (Near Tata Nagar)
        Bangalore, Karnataka
        PIN 560092

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020

Insolvency professional: Chandrasekhar Sagutoor

Interim Resolution
Professional:            Chandrasekhar Sagutoor
                         No. 333/17, G5 & G6, Ground Floor
                         Salma Arcade Complex
                         Arcot Road, Trustpuram
                         Kodambakkam, Chennai 600024
                         E-mail: sagutoor@gmail.com
                                 claims.mipl@aditrifinancial.com

Last date for
submission of claims:    September 4, 2019


NATIONAL SPOT: 63 Moons' Assets Can't Be Attached, High Court Says
------------------------------------------------------------------
BloombergQuint reports that the Bombay High Court ruled that the
National Spot Exchange Ltd. was not a financial establishment and
hence, the attachment of assets of its promoter, 63 Moons
Technologies Ltd., under the Maharashtra Protection of Interests of
Depositors in Financial Establishments Act was not valid.

A division bench of justices Ranjit More and Bharati Dangre set
aside seven notifications issued by the Maharashtra government last
year for attachment of assets of 63 Moons Technologies, the report
says. The attachment was made as part of the Mumbai police's probe
into the alleged INR5,600-crore NSEL scam.

The attachment was made as part of the Mumbai police's probe into
the alleged INR5,600-crore NSEL scam, BloombergQuint notes.

According to BloombergQuint, the court was hearing a petition filed
by 63 Moons Technologies, formerly known as Financial Technologies
(India) Ltd., floated by Jignesh Shah, challenging the
notifications.

"We have no hesitation in concluding that the NSEL is not a
financial establishment and resultantly, the petitioner, who is a
promoter of the said establishment, cannot be proceeded against
under the provisions of the MPID Act.  We are constrained to quash
and set aside the action to which the petitioner is subjected to by
taking recourse to the provisions of the MPID Act," the court, as
cited by BloombergQuint, said.

The bench noted that those trading on the NSEL platform did not
invest with the NSEL in the form of its fixed deposits, equity or
debentures, but traded commodities, BloombergQuint relays.

"The NSEL has always voiced its stand by stating that it is not a
financial establishment and in response to the notices issued to
it, the NSEL pointed towards defaulters who were responsible for
the loss to the investors and the said contention of the NSEL was
found to be substantiated by audit reports," the order said, adds
BloombergQuint.

After the verdict was pronounced, senior counsel Rafiq Dada,
appearing for the state government, sought a stay on the ruling.
The bench, however, declined, according to BloombergQuint.

BloombergQuint says the counsels of 63 Moons Technologies -- Mukul
Rohatgi and Vikram Nankani -- had argued that the NSEL was not a
financial establishment but an electronic platform for commodity
trade.

The company did not receive any part of the INR5,600 crore that
were allegedly embezzled, they added, the report relays.

According to the report, Rafiq Dada argued that the attachment of
assets of 63 Moons Technologies was justified as the NSEL itself
did not own any property.

The Maharashtra government said 13,000 investors of the NSEL were
duped to the tune of INR5,600 crore, BloombergQuint discloses.

National Spot Exchange was a Commodities exchange in India.
Financial Technologies (India) Ltd, promoted by Jignesh Shah,
controls 99.99% of NSEL.


PANDURONGA TIMBLO: CRISIL Lowers Ratings on INR40cr Loan to 'D'
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Panduronga Timblo Industrias
(PTI) to 'CRISIL BB/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is downgraded the rating on bank facilities of
PTI from 'CRISIL BB+/Stable Issuer Not Cooperating' to 'CRISIL D'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           20       CRISIL D (Downgraded from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    20       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects instances of overdrawal in the credit facility
for a period beyond 30 days. This was on account of high gross
current asset (GCA) levels post halt in the mining operations of
the group post supreme court decision to ban mining operations in
Goa leading to stretched liquidity position.

The rating continues to reflect PTI's large working capital
requirement, average financial risk profile, modest scale of
operations and susceptibility of profit margins to volatility in
diamond prices and foreign exchange (forex) rates. These weaknesses
are partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Overdrawals in the cash credit facility: There have been
instances of overdrawal in the credit facility for a period beyond
30 days. This was on account of high gross current asset (GCA)
levels post halt in the mining operations of the group post supreme
court decision to ban mining operations in Goa leading to stretched
liquidity position.

* Heightened regulatory risks: The mining industry in India is
highly regulated and also plagued by irregularities and scams.
Owing to which the state undertakes drastic measures such as a
complete ban. With a modified regulatory mechanism in place and the
state being cautious in awarding renewed leases and environmental
clearances, the uncertainties over mining operations in Goa has
moderated.

Strengths

* Established market position supported by promoters' extensive
industry experience: Supported by extensive experience of the
promoters, PTI has established its position in domestic iron ore
mining business for more than five decades. The promoters have
maintained longstanding relations with customers while successfully
navigating through several business cycles over the years.

Liquidity

The liquidity of PTI is stretched on account of high gross current
asset (GCA) levels post halt in the mining operations of the group
post supreme court decision to ban mining operations in Goa leading
to stretched liquidity position.

Established as a partnership concern in 1961, PTI is engaged in
iron-ore mining in Goa for nearly five decades. The firm owns five
operational mines in Goa. It also operates two jetties. The day to
day operations of the firm are presently being managed by Mr.
Sarvesh pramod Timblo elder son of Mr. Pramod Panduronga Timblo.


PANEL BOARDS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Panel Boards and Laminates Limited

        Registered office:
        #104, 3rd Floor, C Block
        Surya Towers, S P Road
        Secunderabad 500003 (Telangana)

        Principal Place of Business:
        Chandrapur-Ballarshah Road
        Bhivkund Nala, Post Visapur
        Tahsil-Ballarpur
        Dist: Chandrapur 442701 (MS)

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121, Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         (Telangana)
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    September 3, 2019


PRASAD AND COMPANY: CRISIL Lowers Rating on INR105cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Prasad
and Company (Project Works) Limited (PCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        313      CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Bank guarantee        275      CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           105      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

The downgrade reflects overutilisation of the company's cash credit
facilities since July 16, 2019 and expected continuation of the
same in the short-term. Lenders have imposed 20% cutback clause on
the bills received and have mandated the company to clear the dues
by September 2019 end.

The overutilisation has been on account of invocation on the
company's bank guarantee facilities to the tune of INR63.09 crore.
The same was invoked by one of its clients (sub-contracted to PCPL)
due to cancellation of order from its awardee. The company has
cleared around INR15 crore of overutilised amount till date and is
expected to clear the remaining dues only by September 2019.
Unencumbered cash balances, which were around INR10 crore as on
March 31, 2019, currently stand at almost nil.

The ratings continue to reflect PCPL's modest debt protection
metrics due to large borrowings, working-capital-intensive
operations, and limited diversity in revenue. These weaknesses are
partially offset by its established position in the construction
industry, and stable operating margin.

Analytical Approach

For arriving at its rating, CRISIL has considered unsecured loans
extended by the promoters and shareholders (outstanding of around
INR139.8 crore as on March 31, 2019) as part of total debt as they
are interest bearing in nature and there have been
withdrawals/repayments made on these loans in the past. Further,
CRISIL has also considered the interest bearing advances from
customers as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Stretched liquidity: Invocation of BG facilities have led to
overutilisation of cash credit facilities and stretched liquidity.
Around INR50 crore of overutilised limits are yet to be regularised
as on date and the company's accruals and cash balances are
expected to be insufficient to make good of the same in the next
few days. Unencumbered cash balances, which were around INR10 crore
as on March 31, 2019, currently stand nil. The company has been
given time till September 2019 end to regularise the facilities.
Timely regularisation and maintenance of standard account over the
next few months will remain a key rating sensitivity factor.

* Working-capital-intensive operations: Operations remain working
capital intensive, as reflected in high gross current assets (GCAs)
of 302 days as on March 31, 2019 driven by sizeable inventory and
receivables. Inventory comprises work-in-progress stock, stretched
over the past few fiscals on account of delays in approvals for
some of the projects, due to non-allocation of funds from the
government. Receivables are also stretched, with over 50%
outstanding for over six months (including retention money). Delay
in project completion and political issues in some states, have
also led to a stretch in the working capital cycle. Improvement in
working capital cycle, will remain a key rating sensitivity
factor.

* Modest debt protection metrics: Despite sustained profitability,
debt of INR330 crore (inclusive of interest-bearing advances and
unsecured loans from the promoters and shareholders) as on March
31, 2019, has constrained debt protection metrics. Interest
coverage and net cash accrual to total debt ratios remained modest
at 1.49 times and 0.06 times, respectively, in fiscal 2019.

* Limited diversity in revenue: Operations are restricted to the
infrastructure segment, primarily irrigation and power. A large
proportion of the current orders comprise irrigation projects, in
which there have been considerable delays in release of funds and
getting relevant approvals. Further, the top five orders comprise
around 60% of the total unexecuted projects, leading to customer
concentration risk.

Strengths:

* Established position in the construction industry, and moderate
revenue visibility: Over four decade-long experience of the
promoters, established execution capabilities and healthy relations
with customers, should continue to support the business. Order
execution cycle is typically 2-3 years, providing medium-term
revenue visibility. Revenue for fiscal 2019 was moderate at INR573
crore supported by established execution capabilities of the
company. Marginal decline in revenue from earlier levels was due to
the absence of timely approvals and fund allocation for some of the
projects in hand. However, executable orders of around INR2500
crore as of June 2019 should continue to support revenue visibility
and operations of the company over the medium term.

* Stable operating margin: Profitability is supported by stable
operating margin of around 10%. Operating margin, on a provisional
basis, stood at 10.3% for fiscal 2019 leading to moderate net cash
accrual of INR15 crore. The company is expected to generate stable
cash accruals over the medium term supported by healthy revenue
visibility and profitability. Stability in profitability, while
improving the scale will remain a key rating sensitivity factor.

Liquidity

Liquidity is stretched due to overutilised fund-based limits and
minimal cash balances. Fund-based bank limits of INR105 crore are
usually fully utilised, and with the invocation of Bank Guarantee
facilities in July 2019 have been overutilised since then. Further,
unencumbered cash balances have been almost nil since July 2019.
The facilities are not expected to be regularised in the next few
days given the stretched liquidity.

PCPL was set up as a partnership in 1963, and was reconstituted as
a private limited company in 1983. It was founded by the late Mr
Sagi Ramakrishnam Raju, and is currently managed by his son, Mr
Sagi Prasad Raju. The company undertakes irrigation and civil
infrastructure construction projects across India, mainly in Andhra
Pradesh, Telangana, and Maharashtra.

PCPL primarily worked on irrigation projects of state and central
governments in its early stage of operations. Gradually, it
ventured into power projects, roads and highways, and building and
housing segments.


RAMRATI JAGDISH: CRISIL Lowers Rating on INR7cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ramrati Jagdish Private Limited (RJPL; part of the Kanchan group)
to 'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Foreign Bill
   Purchase              7        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects continuous overdues beyond 30 days from due
date in export packing credit facility and foreign bill purchase
facility owing to delay in receipt of payment from few overseas
customers.

The rating also reflects the group's working capital-intensive
operations and a weak financial risk profile of the Kanchan group.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RJPL and Kanchan International (KI).
This is because the two entities, together referred to as the
Kanchan group, are in the same business, and have business
synergies and common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularity in export packing credit facility and foreign bill
purchase facility: There have been continuous overdues beyond 30
days from due date in export packing credit facility and foreign
bill purchase facility.  The facilities have remained unpaid for
more than 30 days from the due date owing to delay in receipt of
payment from few overseas customers.

* Working capital-intensive operations: Gross current assets were
255 days as on March 31, 2018, mainly because of stretched
receivables of 228 days; inventory was modest at 21 days. Working
capital requirement is partly supported by credit from suppliers
(reflected in payables of 164 days as on March 31, 2018) and partly
by bank lines, reflected in average bank limit utilization of 98%
over the 12 months through April 2019.

* Weak financial risk profile: Gearing was high and networth modest
at 4.76 times and INR9.3 crore, respectively, as on March 31, 2018.
Debt protection metrics were subdued, with interest coverage and
the net cash accrual to total debt ratios of 1.4 times and 0.02
time, respectively, in fiscal 2018.

Strengths

* Extensive experience of promoter: Presence of around four decades
in the ready-made garments industry has enabled the promoter and
family to establish strong relationship with customers and
suppliers.

* Moderate scale of operations and healthy customer relationship:
The group's turnover was INR166.84 crore in fiscal 2018. However,
it declined from INR218.09 crore in fiscal 2017 owing to sluggish
export demand.

Liquidity

Liquidity is weak reflected in average bank limit utilization of
98% over the 12 months through April 2019. There have been delays
in receipt of payment from few overseas customers, which has
resulted in continuous overdues beyond 30 days from due date in
export packing credit facility and foreign bill purchase facility.

Established as a proprietorship firm in 1980 by Mr Suresh Chand
Singhal, KI manufactures and exports ready-made garments for men,
women, and children. In 2012, he established RJPL.


SAI RAYALASEEMA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sai Rayalaseema Paper Mills Limited
        Flat No. S3, Priya Apartments
        6-3-1104/1, Somajiguda
        Hyderabad, Telangana 500082
        India

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EzResolve LLP
                         402B, 4th Floor
                         Technopolis, Chikoti Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: Raghu@EzResolve.in

Last date for
submission of claims:    September 2, 2019


SIMPLEX INFRASTRUCTURES: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Simplex Infrastructures Limited
        'Simplex House' 27
        Shakespeare Sarani
        Kolkata, WB 700017
        IN

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020

Insolvency professional: Sanjeev Jhunjhunwala

Interim Resolution
Professional:            Sanjeev Jhunjhunwala
                         Siddha Weston
                         9 Weston Street
                         Suite no. 134, 1st Floor
                         Kolkata 700013
                         Mobile: +91-9123353471
                         E-mail: sanjeevjhunjhunwala@gmail.com
                                 cirp.simplex@gmail.com

Last date for
submission of claims:    August 22, 2019


SUNDIAL MINING: CRISIL Hikes Ratings on INR12cr Loans to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sundial Mining and Metals LLP (SMML) to 'CRISIL B-/Stable' from
'CRISIL D'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            9       CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Proposed Cash
   Credit Limit           3       CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The upgrade reflects regularisation in debt servicing by SMML,
supported by increased cash accrual, sizeable revenue resulting
from the increase in orders from existing clients, and healthy
profitability. Revenue rose to INR15.82 crore in fiscal 2019 from
INR6.51 crore in fiscal 2018, while the operating margin enhanced
to 20% in fiscal 2019. Consequently the accruals improved to
INR1.35 crore in fiscal 2019. The upgrade also takes into account
CRISIL's belief that the business risk profile should remain strong
over the medium term, backed by steady rise in orders.

The rating further factors in the susceptibility to government
regulations, fluctuation in raw material prices, modest scale of
operations, and a weak financial risk profile. These weaknesses are
partially offset by the expertise of the partners in the mineral
trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to government regulations and fluctuation in raw
material prices: Operations are likely to remain vulnerable to
risks related to volatility in raw material prices and unfavourable
regulatory changes in bauxite mining and trading. Since cost of
procuring bauxite accounts for a bulk of the total expense, even a
slight variation in price can drastically impact profitability.
Further, while domestic bauxite exporters thus far have been able
to pass on the input cost increases owing to the strong demand from
China, the regulatory interventions undeniably have reduced the
export competitiveness.

* Modest scale of operations amid intense competition: The iron ore
trading market is highly fragmented, with larger players that
source from self-owned or leased mines and export directly to
international markets. SMML's limited track record of operations in
this intensely competitive business may continue to constrain
scalability, pricing power, and profitability. Revenue was modest
at INR15.82 crore estimated in fiscal 2019.

* Weak financial risk profile: Financial risk profile is likely to
remain modest. Gearing and total outside liabilities to tangible
networth ratio were high at 205.92 times and 288.23 times,
respectively, as on March 31, 2019, with networth low at INR0.13
crore. Debt protection metrics were also average, with interest
coverage and net cash accrual to total debt ratios of 2.55 times
and 0.05 time as estimated, correspondingly, in fiscal 2019.

Strength

* Expertise of the partners: Benefits from the partners' experience
of nearly 15 years, their strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business.

Liquidity
Liquidity may remain stretched. Cash accrual is expected at less
than INR0.5 crore per annum in the near term, against nil maturing
debt. The fund-based limit of INR9 crore has been almost fully
utilised during the 12 months through March 2019.

Outlook: Stable

CRISIL believes SMML will continue to benefit from the expertise of
the partners. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and profitability
along with prudent working capital management strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if unfavourable regulatory changes disrupt the firm's
supplies to international markets, or if lower-than-expected
revenue or profitability or sizeable capital withdrawal or debt
funded capex plans deteriorates the liquidity.

SMML was set up in September 2013 as a limited-liability
partnership between Mr G Ravi Kumar and family. This
Bengaluru-based firm trades in and exports bauxite and iron ore; it
primarily exports to China.


SUNSHINE HOUSING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sunshine Housing & Infrastructure Private Limited
        Room No. 5, 1st Floor
        Plot No. 7, Sharda Sadan
        Swami Gyanjivandas Marg
        Dadar Railway Station
        Dadar (East), Mumbai 400014

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 4, 2019

Insolvency professional: Rajendra M. Ganatra, Ph.D.

Interim Resolution
Professional:            Rajendra M. Ganatra, Ph.D.
                         B-202, Ishan
                         547, Jame Jamshed Road
                         Mumbai 400019
                         E-mail: rmganatra@gmail.com

                            - and -

                         C/o 305 & 306, 3rd Floor, Magnum Opus
                         Behind Mudra Group, Santacruz (East)
                         Mumbai 400055
                         E-mail: sunshine-cirp@outlook.com

Last date for
submission of claims:    May 22, 2019


SURYA ELECTRICALS: CRISIL Reaffirms B+ Rating on INR3cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Surya
Electricals - Khurja (SEK) at 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       3.5       CRISIL A4 (Reaffirmed)

   Cash Credit          3.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit         0.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a small scale of operations and
stretched working capital requirement. These weaknesses are
partially offset by the extensive experience of the proprietor in
the electrical contracting industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The modest scale restricts the
ability to bid for large projects. Moreover, given the low entry
barrier and tender-based nature of business, the firm faces intense
competition. Also, revenue is susceptible to the quantum of tenders
floated and the ability to bid successfully for them.

* Average financial risk profile: The total outside liabilities to
tangible net worth ratio was high, estimated at 8.22 times as on
March 31, 2019, mainly on account of substantial creditors.

* Geographical concentration in revenue: Operations are
concentrated in Uttar Pradesh, making the firm highly dependent on
local tenders and vulnerable to changes in state government
policies.  Limited geographic and revenue diversity restricts
growth potential.

Strength

* Extensive industry experience of the proprietor: A presence of
almost three decades in the substation and transmission line laying
business has enabled the proprietor to develop a strong
relationship with customers and suppliers.

Liquidity

Liquidity is stretched marked by high bank limit utilisation
averaging at 97.98% over the 12 months through March 2019 and is
expected to remain high over the medium term owing to
working-capital intensive operations reflected by gross current
assets estimated at 263 days as on March 31, 2019. But liquidity is
somewhat supported by modest net cash accrual expected at INR84
lacs for FY20 against low debt obligation of around INR22.5 lacs.
Current ratio is average estimated at 1.13 times as on March 31,
2019 and is expected to remain stable over the medium term.

Outlook: Stable

CRISIL believes SEK will continue to benefit from the extensive
industry experience of the proprietor. The outlook may be revised
to 'Positive' in case of significant and sustained increase in
revenue, along with improvement in profitability, working capital
cycle, and capital structure. The outlook may be revised to
'Negative' if a considerable decline in revenue profitability, a
stretched working capital cycle, or large, debt-funded capital
expenditure weakens the financial risk profile.

SEK, established in 1988 as a proprietorship firm by Mr Satyabir
Singh, sets up substations and transmission lines for state power
transmission and distribution utilities in Uttar Pradesh. It also
undertakes civil construction for substations and laying of cable
lines for residential and government projects.


UMANG REALTECH: NCLT Initiates Insolvency Proceedings
-----------------------------------------------------
ETRealty.com reports that the National Company Law Tribunal (NCLT)
has initiated corporate insolvency resolution process against real
estate company Umang Realtech under Section 7 of the Insolvency and
Bankruptcy Code 2016 upon the petition of a certain homebuyer.

According to the report, the court has appointed Manish Kumar Gupta
as the interim resolution professional (IRP) for the case.

The IRP has been directed to make public announcement within three
days of the order.

ETRealty.com relates that the homebuyer, represented by advocate
Aditya Parolia and Piyush Singh, partners at PSP Legal, booked an
apartment in Umang Realtech's Winter Hills 77 project in March 2013
for INR1.01 crore. The expected turnover of the housing project,
situated in Sector 77, Gurugram, was June 2016 but has been
unfinished to date.

In a separate report, Times of India noted that the India
government has amended the Insolvency and Bankruptcy Code in August
last year so that homebuyers were given the status of financial
creditors on par with lender banks.

ETRealty.com notes that given the initiation of insolvency
proceedings, the court has ordered a stay on all ongoing/pending
suits or proceedings against Umang Realtech. It has also prohibited
the company from transferring, encumbering or disposing of its
assets. Any foreclosure of company's assets has also been
prohibited.

The directors, promoters and management of the company have been
ordered to extend their co-operation to the IRP, the report
states.

The homebuyer has been ordered to deposit INR2 lakh to the IRP to
meet the expenses to perform his function within three days of the
order, adds ETRealty.com.


VARNIKA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Varnika Industries Private Limited
        First Floor, Sai Arcade
        1-8-619 (29/2RT), Prakashnagar
        Hyderabad 500016
        India

Insolvency Commencement Date: July 4, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 31, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Arun Kumar Malani

Interim Resolution
Professional:            Mr. Arun Kumar Malani
                         6-1-68/3/1, Sy No. 96
                         H.No. 33, Dream Valley
                         (Adj P 306 Pvn Ex. Fly)
                         Shivram Pally, Aaramghar
                         RR District, Hyderabad 500052
                         Tel.: 8977055544
                         E-mail: arunkumarmalani@gmail.com
                                 arunkumarmalani29@gmail.com

Last date for
submission of claims:    July 31, 2019


VENKATESH LOGISTICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Venkatesh Logistics Private Limited
        12, India Exchange Place
        Jute House, 1st Floor
        Kolkata 700001

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020
                               (180 days from commencement)

Insolvency professional: Vinod Kumar Kothari

Interim Resolution
Professional:            Vinod Kumar Kothari
                         1006-1009, Krishna Building
                         224 AJC Bose Road
                         Kolkata 700017
                         E-mail: resolution@vinodkothari.com
                                 cirp.vlpl@gmail.com

Last date for
submission of claims:    September 2, 2019


VMC SYSTEMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: VMC Systems Limited
        4th Floor, D No. 2-56/2/19
        Vijaya Towers
        100 Ft Road, Khanamet Village
        Hitech City Madhapur
        Hyderabad Telangana 500081
        India

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 14, 2020

Insolvency professional: Dr. K.V. Srinivas

Interim Resolution
Professional:            Dr. K.V. Srinivas
                         3-4-756/1, Flat No. 402, 4th Floor
                         Sai Raghavendra Residency
                         Barkatpura, West Marredpally
                         Telangana 500027
                         Tel.: +91 8309310156
                                   9959223615
                         E-mail: kvsrinivas12@gmail.com

                            - and -

                         Kamala Tower, 4th Floor
                         1-8-304 to 307 Patigadda Road
                         Begumpet, Hyderabad 500017
                         E-mail: irp_vmcsl@aaip.co.in

Last date for
submission of claims:    September 2, 2019




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

CRYPTOPIA LTD: Exchange Kept Users' Cryptos in Pooled Wallet
------------------------------------------------------------
Daniel Palmer at Coindesk reports that Grant Thornton New Zealand,
the assigned liquidator for Cryptopia Ltd., said it is making
progress in determining customer holdings, but that the management
of user funds by the exchange has caused delays.

Grant Thornton was assigned to oversee the liquidation process in
May, after the exchange had failed to recover from a major hack in
mid-January, Coindesk relays.

In its latest update on Aug. 21, Grant Thornton provided some good
news, saying that it had managed to retrieve Cryptopia data that
was stored in a third-party data center in Arizona, Coindesk
relays. The liquidator previously filed for bankruptcy protection
in the U.S. in order to protect that data, as the Arizona firm was
in dispute with Cryptopia and was seeking $2 million in
compensation.

According to Coindesk, Grant Thornton also provided an insight into
the way the exchange had been managed, listing two primary reasons
it has taken so long to find out which and what amount of
cryptocurrency customers held with Cryptopia.

Firstly, the firm said, customers were not assigned individual
wallets. Instead, "the crypto-assets themselves were pooled
(co-mingled) in coin wallets. As a centralised exchange, users'
trades would occur in the exchange's internal ledger without
confirmation on the blockchain."

As such, Grant Thornton said it's not possible to determine
individual ownership using the keys in users' wallets. Cryptopia
did keep records of customer holdings and "reported these on the
exchange," however.

Coindesk reveals that the liquidator said the the second reason for
the delay is that Cryptopia never reconciled its customer databases
with the cryptocurrencies actually held in its wallets. As such,
the liquidator must undertake the mammoth task of manually
comparing the database with the wallets to ascertain customers'
holdings.

"We are hopeful this process will show us the holdings of
individual account holders. This process is well underway but will
still take some time to complete. We are working to reconcile the
accounts of over 900,000 customers, many holding multiple
crypto-assets, millions of transactions and over 400 different
crypto-assets. These must be reconciled one-by-one," Grant
Thornton, as cited by Coindesk, said.

The update added that as a precaution, Grant Thornton is continuing
to move the remaining crypto assets held by Cryptopia into a secure
environment, as it is still not clear how the exchange was hacked,
Coindesk relays.

The liquidator is also still working with the New Zealand Police
and "other authorities internationally" to pinpoint the source of
the January hack and retrieve the funds, according to Coindesk.

The New Zealand Courts must yet direct the return of Cryptopia's
crypto assets to its former users, Grant Thornton said.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- is a
cryptocurrency exchange based in New Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.


FIVEFIFTEEN HOLDINGS: Car Dealership Placed in Liquidation
----------------------------------------------------------
Otago Daily Times reports that Fivefifteen Holdings Ltd, an
Alexandra car dealership, has been placed in liquidation through a
special shareholders' resolution.

Fivefifteen Holdings, which traded under the name Grant Ward Auto
Central, was placed in liquidation on Aug. 19, ODT discloses.

The company's profile on the New Zealand Companies Office register
lists Grant and Jenny Constable of Alexandra as its directors and
joint shareholders, the report discloses.

It comes about a fortnight after Mr. Constable closed the BP fuel
service station in Centennial Ave., ODT notes

Geoff Brown -- gbrown@rodgersreidy.co.nz -- of Rodgers Reidy
Chartered Accountant confirmed his company had been appointed
liquidators, according to ODT.

A notice affixed to the fencing at the site said the landlord
terminated the lease because of "ongoing breaches of the covenant
to pay rent".

ODT adds that Mr. Brown said the company ceased trading on  August
17, when the landlord re-entered the premises before all vehicles
owned by the company were removed from the site.




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

[*] BOND PRICING: For the Week Aug. 19, 2019 to Aug. 23, 2019
-------------------------------------------------------------
Issuer                    Coupon     Maturity   Currency  Price
------                    ------     --------   --------  -----

  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND      6.25     11/30/21    AUD      1.01
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD      0.94
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.19
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.19


  CHINA
  -----

AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.00
AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     59.63
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
---------

HNA GROUP INTERNATIONAL     6.25     10/05/21    USD     69.36


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      0.38
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.38
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.38
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.38


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      2.01
TKJP CORP                   0.85     03/06/19    JPY      2.01
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      1.26


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

BAYAN TELECOMMUNICATION    15.00     07/15/06    USD     22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     3.00     03/28/25    SGD     51.37
ASL MARINE HOLDINGS LTD     3.00     10/01/26    SGD     51.37
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.42
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.42
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.00
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.00
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     74.25
DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.36



                           *********


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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