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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, September 10, 2019, Vol. 22, No. 181

                           Headlines



A U S T R A L I A

FORTESCUE METALS: Fitch Rates $600MM Sr. Unsec. Notes 'BB+'
GOONDICUM RESOURCES: First Creditors' Meeting Set for Sept. 17
GRANDVIEW AUSBUILDER: Second Creditors' Meeting Set for Sept. 13
INFRABUILD AUSTRALIA: Fitch Gives BB-(EXP) Issuer Default Rating
INFRABUILD AUSTRALIA: Moody's Assigns Ba3 CFR, Outlook Stable

KPG CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 18
MELIOR AUSTRALIA: First Creditors' Meeting Set for Sept. 17
MRS SERVICES: First Creditors' Meeting Set for Sept. 16
NVISION PTY: Second Creditors' Meeting Set for Sept. 16
REMAPAK PTY: Takeaway Cup Manufacturer Placed in Liquidation

SBI GLOBAL: Second Creditors' Meeting Set for Sept. 16
SPEEDCAST INT'L: Moody's Lowers CFR to B2, Outlook Still Negative
STELLER GROUP: Sorrento's Continental Hotel Sold for AUD21MM
VERMILION TRUST 2019-1: S&P Assigns Bsf Rating on Cl. F Bonds
WILD GOOSE: Second Creditors' Meeting Moved to Oct. 29

ZIP MASTER 2019-1: Moody's Gives B2 Rating on AUD20MM Cl. D Notes


C H I N A

CHINA EVERGRANDE: S&P Alters Outlook to Stable & Affirms 'B+' ICR
SHANDONG YUHUANG: S&P Lowers ICR to 'CCC+', On Watch Negative
TIANQI LITHIUM: Moody's Lowers CFR to Ba3, Outlook Negative
ZHAOJIN MINING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
ZHONGRONG XINDA: S&P Cuts ICR to 'CCC+' on Deteriorating Liquidity



I N D I A

ACORE INDUSTRIES: CRISIL Hikes Rating on INR11cr LT Loan to B-
ADS CURRY PRIVATE: Insolvency Resolution Process Case Summary
AEGAN INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
AIR PEGASUS: Insolvency Resolution Process Case Summary
ALLIED MEDICAL: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating

AMBIENCE PRIVATE: Insolvency Resolution Process Case Summary
AZURE POWER: Fitch Assigns B(EXP) Rating to New $345MM Notes
BAJAJ SINDHUDURG: CRISIL Lowers Rating on INR5.35cr Loan to B-
BRITISH INDIA: CRISIL Assigns 'B' Rating to INR2.5cr Cash Loan
DUCON TECHNOLOGIES: CRISIL Withdraws 'B' Rating on INR50cr Loan

G.E.T. POWER: Insolvency Resolution Process Case Summary
GEMS CARE: Insolvency Resolution Process Case Summary
GOEL AGRIGREEN: Insolvency Resolution Process Case Summary
GOLDSTAR POLYMERS: CRISIL Cuts Rating on INR7cr Loan to 'D'
HOTLINE CPT LIMITED: Insolvency Resolution Process Case Summary

HOUSING DEVELOPMENT: Insolvency Resolution Process Case Summary
INCODA: CRISIL Withdraws B+ Ratings on INR8cr Loans
IVRCL LTD: Liquidator Invites Expression of Interest From Bidders
JAGTAR SINGH: Insolvency Resolution Process Case Summary
JAI KRISHNA: CRISIL Raises Rating on INR13cr Loan to 'B'

JANARDHAN INDUSTRIES: Insolvency Resolution Process Case Summary
JIYA AGRO: Insolvency Resolution Process Case Summary
KONARK SYNTHETIC: CRISIL Assigns B Rating to INR17.05cr Cash Loan
KVR SALES: CRISIL Assigns B+ Ratings to INR30cr Loans
LAKHANI RUBBER: CRISIL Lowers Rating on INR8.5cr Cash Loan to B-

MARG LTD: Has Until Sept. 12 to Submit Revised Resolution Plan
NATIONAL SEWING: Insolvency Resolution Process Case Summary
NILSHIKHAA INFRA: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
NIRMAL SAGAR: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
ONEWORLD SOURCING: CRISIL Moves 'D' Debt Ratings to Not Cooperating

ORBIT ELECTROMECH: Insolvency Resolution Process Case Summary
PAWAN CASTINGS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
PRIME RETAIL: Insolvency Resolution Process Case Summary
PRIUS COMMERCIAL: Insolvency Resolution Process Case Summary
PSK ENGINEERING: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'

RADHA V COMPANY: CRISIL Withdraws 'B' Rating on INR2cr Cash Loan
RAJ CONTINENTAL: Insolvency Resolution Process Case Summary
RAJARSHI MOTORS: Insolvency Resolution Process Case Summary
REHAN WINE: CRISIL Assigns 'C' Rating to INR11cr Cash Loan
RMOL ENGINEERING: Insolvency Resolution Process Case Summary

ROOP RAM: CRISIL Lowers Ratings on INR30cr Loans to 'D'
RUDRA AUTO: Insolvency Resolution Process Case Summary
SALUJA CONSTRUCTION: Insolvency Resolution Process Case Summary
SATYANARAYANA TRADERS: CRISIL Assigns B+ Rating to INR5.05cr Loan
SHRADHA APPARELS: CRISIL Withdraws 'D' Rating on INR8cr Loans

SPARKSPELL HOMES: Insolvency Resolution Process Case Summary
TRUMP IMPEX: Insolvency Resolution Process Case Summary
ULTIMO FABRICS: CRISIL Moves D Debt Rating to Not Cooperating
VALLABH TEXTILES: CRISIL Cuts Rating on INR118.78cr Loan to D
WIANXX IMPEX: Insolvency Resolution Process Case Summary

YOUNG MIND: Insolvency Resolution Process Case Summary


J A P A N

HITACHI ZOSEN: Egan-Jones Lowers Senior Unsecured Ratings to BB+
L-MAP ONE: Fitch Affirms BBsf Rating on JPY41MM Class E Notes
TOSHIBA CORP: Moody's Affirms B1 CFR & Alters Outlook to Negative


M A L A Y S I A

APFT BHD: External Auditors Raise Going Concern Doubt


S I N G A P O R E

DFS ASSET: Fitch Assigns BBsf Rating on SGD11.15MM Class C Notes
EMS ENERGY: To Be Delisted From SGX on Oct. 4
STATS CHIPPAC: S&P Withdraws 'B+' LongTerm Issuer Credit Rating


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 2 to Sept. 6, 2019

                           - - - - -


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

FORTESCUE METALS: Fitch Rates $600MM Sr. Unsec. Notes 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Australia-based Fortescue Metals Group
Limited's (BB+/Stable) USD600 million senior unsecured notes due
2027 a rating of 'BB+'. The notes are issued by Fortescue's wholly
owned subsidiary, FMG Resources (August 2006) Pty Ltd, and
guaranteed by Fortescue. Fortescue expects to use the proceeds as
part of the refinancing of its USD1.4 billion syndicated term loan
due 2022. Fortescue is conducting this refinancing as part of its
management of its debt maturities.

The note is rated in line with Fortescue's existing senior
unsecured notes, based on its understanding that the notes are
issued with the same terms and conditions as its current
outstanding notes issued in 2017 and 2018. Fitch understands that
the notes are not explicitly guaranteed by Fortescue's
subsidiaries, but in Fitch's view, the investors of the notes will
have materially the same access to Fortescue's consolidated cash
flows as the investors of its existing senior unsecured notes
because Fortescue and its key subsidiaries are linked via a deed of
cross guarantee. The notes also rank pari passu in right of payment
with Fortescue's outstanding senior unsecured debt and have access
to share pledge security.

Fortescue's 'BB+' Long-Term Issuer Default Rating (IDR) reflects
its position as one of the lowest-cost iron-ore suppliers to Asia
(mainly to China), which has helped it withstand periods of weak
global iron-ore prices, and its substantial mining assets. Fitch
believes that its investment in the USD2.6 billion development in
Stage 2 of the Iron Bridge Magnetite Project supports the miner's
efforts to improve production flexibility as the investment moves
it closer to its strategic goal of having a majority of products
with greater-than-60% iron content. This, combined with the
additional flexibility to be provided by the USD1.3 billion Eliwana
mine development, will further enhance its ability to respond to
cyclical and structural global demand shifts for iron ore,
supporting its profit margins and allowing it to retain its market
share.

KEY RATING DRIVERS

Price Realisation Affects Profitability: Fortescue's cost of mining
and shipping iron ore to China compares well with other major
low-cost iron-ore producers such as Rio Tinto Ltd (A/Stable) and
BHP Group Limited (A/Stable). However, its profitability is not as
strong due to price adjustments based on its lower Fe content
blend. Its price adjustment to the benchmark (62% Fe Platts CFR
Index) has narrowed from the highest level of around 35% since
December 2018 due to increased demand from Chinese steel mills. Its
mines were in the third quartile of the iron ore global cost curves
in 2019, according to CRU's business-cost model, which adjusts for
grade and price realisation.

Fitch expects price realisation to improve as Eliwana and Iron
Bridge come into production and raise production flexibility and
the average Fe content. Eliwana's approval has enabled Fortescue to
introduce a 60% Fe content blend - West Pilbara Fines - which was
first delivered in 2019 and volumes are likely to rise to 40
million tonnes per annum once Eliwana begins production in December
2020. Iron Bridge will enable Fortescue to market the mine's 67% Fe
content ore as a distinct product or use the ore in the blending of
other products, depending on market conditions. This will enhance
Fortescue's profitability as it can respond to changes in demand
and price realisation for various grades of ore.

Further Cost Improvements Challenging: Fortescue's C1 costs (which
include the cost of mining, processing, port and rail) averaged
around USD13 per wet metric tonne (wmt) in the financial year ended
June 2019 (FY19), which was at the top end of its guidance of
USD12-USD13/wmt, and the company has provided guidance that these
costs are expected to further increase in FY20 to
USD13.25-USD13.75/wmt. This recognises the effect of higher haulage
costs due to changes in production locations and increases in the
cost of labour following a period of minimal increases. Fitch also
continues to take into account factors beyond Fortescue's control,
such as crude oil prices and the Australian dollar exchange rate,
which can affect the mining company in its forecasts.

Investment-Grade Credit Metrics: Fortescue's credit metrics are
strong for its rating. Fitch expects FFO adjusted net leverage to
remain below 2.5x over the next four years. This includes the
impact of the Eliwana project, which will be financed by operating
cash flow, the USD2.1 billion contribution to Stage 2 of the Iron
Bridge project, which Fortescue has said will be funded by a
combination of specific non-recourse project debt and operating
cash flow - although the project financing has not yet been agreed
on - as well as Fortescue increasing its dividends to
shareholders.

Fitch's consolidation of Fortescue's debt for its proportionate
share of the Stage 2 development at this point is due to the
strategic importance of the Iron Bridge mine despite the plan for
non-recourse debt to fund the project.

Flat Iron-Ore Prices: Fitch increased its expectation for benchmark
iron-ore prices in March 2019 to USD75 per dry metric tonne (dmt)
for 2019, USD70/dmt in 2020 and USD60/dmt in 2021, keeping its
long-term price at USD55/dmt thereafter. This is based on its
forecast that iron-ore prices will remain high following the recent
rises after Vale S.A. (BBB-/Rating Watch Negative), the world's
largest iron-ore miner, said it would cut around 10% of its output
for up to three years after the collapse of a tailings dam in
January 2019, driving its expectations that Fortescue's EBITDA
margins will remain elevated in FY20 (FY19: 59%).

DERIVATION SUMMARY

Fortescue is among the leading low-cost iron-ore producers
globally, which positions it well against its peers. Both Fortescue
and Vale are highly exposed to a single commodity - iron ore. Vale
has historically been considered stronger than Fortescue due to the
high iron content in its ore and low cost, despite Fortescue
benefitting from its proximity to China and lower sovereign risk
than Brazil. However, the financial impact of the tailings dam and
the lower production caused by the incident, which resulted in
Vale's downgrade and continues to be reflected in the Rating Watch
Negative, have offset these benefits and reduced the rating
differential between the companies to one notch. The gap between
their relative strengths will continue to narrow with its
expectations of the increase in the average grade of Fortescue's
product suite as its new mines come online.

Anglo American plc's (BBB/Stable) rating reflects its significant
commodity exposure and geographic diversification as one of the
world's largest mining companies. This is despite its high exposure
to South Africa, which is a challenging environment with an active,
unionised workforce and comparatively high wage and electricity
cost inflation. Fortescue, like Anglo American, has improved its
financial profile as it prioritises balance-sheet strength.
However, Fortescue's weaker profitability is reflected in the
two-notch difference between the ratings on the two companies as a
result of lower price realisation due to the iron content of its
ore being lower than the benchmark.

KEY ASSUMPTIONS

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

  - Benchmark iron-ore price to average USD75/dmt for the
    remainder of 2019, USD70/dmt for 2020, USD60/dmt for 2021
    and USD55/dmt for 2022

  - Fortescue's C1 cost to be around USD14/wmt in FY20

  - Capex of around USD2.4 billion for FY20, including the
    contribution to Iron Bridge, in line with company guidance

  - Dividend payout ratio to remain within Fortescue's guidance
    of 50%-80% of net profit after tax from FY20 to FY22, with
    the level reflecting the company's capex commitments

RATING SENSITIVITIES

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

  - Maintaining FFO adjusted net leverage at less than 2.5x
    on a sustained basis (FY19: 0.4x).

  - Cost position of key operations, adjusted for grade and
    price realisation, moving to the second quartile on a
    sustained basis.

  - Maintaining neutral free cash flow on average on a
    sustained basis.

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

  - FFO adjusted net leverage that is higher than 3.0x for
    a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Debt Structure: Fortescue had USD1.9 billion
of cash on hand at FYE19 and a USD1,025 million undrawn revolving
credit facility. Following the refinancing of its USD1.4 billion
term loan, the company will have no debt maturities until 2022,
when the first tranche of the unsecured notes issued in FY17 of
USD750 million falls due. Total debt (including finance leases) of
USD4.0 billion at FYE19 does not include financial maintenance
covenants. This provides the flexibility to reshape its capital
structure, which is supported by its strengthened financial credit
profile.


GOONDICUM RESOURCES: First Creditors' Meeting Set for Sept. 17
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Goondicum
Resources Pty Ltd will be held on Sept. 17, 2019, at 10:30 a.m. at
the offices of Pitcher Partners, Level 38, at 345 Queen Street, in
Brisbane, Queensland.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Goondicum Resources on Sept. 8,
2019.


GRANDVIEW AUSBUILDER: Second Creditors' Meeting Set for Sept. 13
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Grandview
Ausbuilder Pty Ltd has been set for Sept. 13, 2019, at 11:00 a.m.
at the offices of O'Brien Palmer, Level 9, at 66 Clarence Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 12, 2019, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Grandview Ausbuilder on Aug. 12, 2019.


INFRABUILD AUSTRALIA: Fitch Gives BB-(EXP) Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned InfraBuild Australia Pty Ltd. a
first-time Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB-(EXP)'. The Outlook is Stable. Fitch has also assigned the
company's proposed US dollar senior unsecured notes an expected
'BB-(EXP)' rating.

The proposed notes are rated at the same level as the company's IDR
as they will be unconditionally, jointly and severally guaranteed
by restricted subsidiaries that represent more than 99% of the
group's consolidated total assets and net income. Fitch does not
believe the capital structure, which contains secured debt, will
impair recoveries for InfraBuild's senior unsecured creditors, as
secured debt constitutes 0.4x EBITDA (forecast for the year ended
June 2020 (FY20)). Fitch believes when prior-ranking debt is more
than 2.0x to 2.5x EBITDA, this may indicate a material possibility
of subordination and lower recoveries for unsecured debt. The
expected IDR assumes that InfraBuild will raise sufficient funds
from the proposed US dollar bonds to refinance and restructure its
existing facilities. The final ratings are contingent upon the
success of the proposed bond issue and the receipt of final
documents materially conforming to information already received.

InfraBuild's ratings are underpinned by the company's leading
market position in steel long products in Australia, its vertically
integrated business model and electric arc furnaces (EAF), which
allow the company to operate flexibly with low capital intensity.

The company's ratings are constrained by its relatively weak cost
position against international peers and small scale operation from
an international perspective.

The Stable Outlook reflects its expectation that the company will
maintain its market leadership and stable earnings profile,
benefiting from its vertically integrated and flexible operation
with EAFs. Fitch expects leverage, as measured by total adjusted
debt/operating EBITDAR, to remain between 3.9x-4.4x over the next
four years (FY20: 4.4x).

KEY RATING DRIVERS

Vertical Integration, Flexible Operation: InfraBuild is able to
maintain a stable earnings profile through the cycle given the
flexible operating structure of its EAFs, which can adjust
production levels to match demand and have low fixed costs. This
flexibility supports InfraBuild's credit profile over blast
furnaces, which have high fixed costs and less flexible operating
profiles. InfraBuild also benefits from backward integration into
scrap, which comprises the largest component of raw-material costs
(FY19: 25%). This vertical integration smooths the company's
earnings profile by improving diversification.

Market-Leading Position: InfraBuild is Australia's sole EAF steel
long product manufacturer and operates the country's second-largest
ferrous and non-ferrous recycling business. Its strong market
position has allowed InfraBuild to maintain around 60% volume share
of domestic steel long products over the last decade, despite stiff
competition from imports. In addition, InfraBuild reported positive
EBITDA of around AUD130 million during the previous downturn in
FY16. Fitch believes this was possible due to the company's
flexible operation, reliable supply and broad product offering
compared with imports.

InfraBuild is also Australia's leading steel long product
distributor. It competes with smaller independent distributors that
sell a mix of imported and InfraBuild-manufactured products. Fitch
believes InfraBuild's strong market position, large distribution
network and high steel long product market share, including volume
sold to external distributors, allow the company to charge a
premium over the import parity price. Fitch expects the company to
maintain its strong domestic market position as long as it
maintains a competitive price over imports.

High Residential Market Exposure: Fitch expects weak organic steel
sales volume and prices in FY20 due to the company's high exposure
to the residential construction market. However, the company's plan
to acquire four steel distribution and recycling companies and cost
cutting initiatives should support revenue and earnings growth
during the period. From FY21, Fitch expects volume to recover as
demand from the engineering and construction sector improves.
InfraBuild's volume exposure to the residential and engineering and
construction sectors was around 40% and 25%, respectively, in
FY19.

Weak Cost Position, Small Scale: InfraBuild has a small-scale
operation in terms of EAF production volume, at 1.4 million tonnes
a year, and a weak cost position compared with peers, especially in
China. Fitch believes this would make it difficult for InfraBuild
to compete in the export market. Profitability could come under
pressure if low-cost producers, especially Chinese steel mills,
increase export volume into Australia, although Fitch does not
expect this to occur in the short-medium term due to China's effort
to reduce its steel-mill capacity and Australia's geographic
isolation that results in longer supply lead time.

Fitch believes InfraBuild's cost position is competitive against
imports after adjusting for freight, import tariffs and
port-handling charges, as evidenced by the company's resilient
domestic volume share over the last decade. However, there is a
risk of rising Chinese imports affecting InfraBuild's
profitability, especially during times of weak Chinese steel
consumption or if iron ore and coking coal prices become
competitive against scrap.

DERIVATION SUMMARY

Fitch assesses InfraBuild's rating as being in line with other
Fitch-rated 'BB' category EAF steel producers due to the company's
integrated business model, flexible operating profile and leading
market position in Australia. The ratings are constrained by
InfraBuild's relatively weak cost position, scale and its higher
leverage.

The ratings of InfraBuild are comparable with those of US-based
Commercial Metals Company (CMC; BB+/Stable). CMC has better
geographic and operational diversification due to its operations in
the US and Poland, as well as its higher number of operating mills.
However, InfraBuild's strong market position and long-term customer
relationships help to offset its relatively weaker
diversification.

Both companies have vertically integrated business models, receive
a premium over the import parity price and have a similar absolute
level site-operating cost. However, Fitch believes CMC's mini mill
in the US benefits from strict tariff barriers and access to cheap
electricity and scrap, which results in better margins and a lower
threat from Asian imports. CMC's leverage metric, as measured by
total adjusted debt/operating EBITDAR, of around 3x is also around
one turn lower than that of InfraBuild. These factors underscore
the two-notch rating differential between the two entities.

Brazilian-based Gerdau S.A. (BBB-/Stable) has better
diversification, business scale, profit margin and lower leverage
position than InfraBuild, but InfraBuild's dominant domestic market
position accounts for the three-notch rating differential between
the two entities.

KEY ASSUMPTIONS

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

  - Weak organic volume and prices, especially in the distribution
    business, due to volume contraction in the residential
    construction sector in FY20.

  - EBITDA margin to improve to around 5.5% due to cost cutting
    initiatives (FY19: 4.5%).

  - Capex of around AUD97 million in FY20, then remaining at
    around 2% of revenue.

  - No dividend.

RATING SENSITIVITIES

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

  - Total adjusted debt/EBITDAR sustained below 4.0x (FY19: 5.1x)

  - EBITDAR margin sustained above 8% (FY19: 6.6%)

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

  - Total adjusted debt/EBITDAR above 5.0x for a sustained period.

  - EBITDAR margin below 6% for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: InfraBuild's next significant debt maturity is
in September 2022, consisting of a AUD250 million asset-based
lending facility. Fitch expects the company to have adequate
liquidity from its undrawn asset-based lending facility and
projected FCF over the next four years to meet its proposed notes
due, which will be due in September 2024.


INFRABUILD AUSTRALIA: Moody's Assigns Ba3 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a first-time Ba3 corporate
family rating to InfraBuild Australia Pty Ltd. At the same time,
Moody's has assigned a Ba3 rating to InfraBuild Australia Pty Ltd's
proposed $475 million (around AUD700 million) senior unsecured US
144A notes issuance. The rating outlook is stable.

The proceeds from the proposed issuance will be used to refinance
the company's current credit facilities and receivables program,
pay transaction fees, and for general corporate purposes.

InfraBuild will also enter into a 3-year AUD250 million senior
secured asset based revolving credit facility (ABL) concurrent with
the notes issuance, which will be available to support working
capital, liquidity and general corporate purposes.

RATINGS RATIONALE

"InfraBuild's ratings reflect its strong position and market shares
in key long steel products and markets in Australia, its vertically
integrated business model, relatively consistent production levels,
and improving utilization rates. The rating also benefits from high
barriers to entry, as well as proximity, quality and government
policy benefits versus imports", says Matthew Moore, a Moody's Vice
President and Senior Credit Officer.

"The rating is balanced by the limited track record of operations
of the assets under new ownership, its limited scale in terms of
production and earnings when compared to global steel producing
peers, the cyclical nature of steel prices and demand, and its
exposure to volatile input costs and foreign exchange rates," adds
Moore.

The rating is also constrained by the company's low margins, with
adjusted EBIT margins of around 3.8% in fiscal 2019. Moody's
expects that this would have been over 4% pro forma for recently
completed and in-progress acquisitions. While such margins are low
for the rating, Moody's believes that margins and earnings should
benefit going forward from the company's continuous improvement
initiatives, increased investment spending, and as changes to its
pricing model flow through.

InfraBuild has maintained steady long steel sales volumes averaging
around 2.1 million tonnes (mt) over the last five years, that
increased to 2.2-2.3mt over the last two years under new ownership.
This includes around 1.2mt of production from the company's
electric arc furnaces (EAF), where utilization levels have
increased to the 85%-90% range.

While these volumes and production levels reamin low compared to
similarly rated peers in larger markets, they reflect a significant
share of the Australian market for long steel products. The company
estimates that it commands around 76% and 41% of the wholesale and
retail markets across reinforcing bar and mesh products, which
account for around 61% of its volumes.

This strong market share across key long steel products servicing
construction markets positions the company well to win its share of
volumes from major construction projects in Australia. Moody's
expects softer demand for steel from the Australian construction
sector over the next 12-18 months, largely due to lower residential
construction volumes and some delays to large infrastructure
projects, will result in lower sales over this period. However, the
construction sector should stabilize and then improve over the next
2-3 years, supported by government initiatives to develop
infrastructure, as well as the stabilization and eventual return to
growth for the residential construction market. This in turn should
result in increased demand and margins over time, and allow the
company to further improve leverage levels.

Moody's expects InfraBuild will maintain a moderately leveraged
financial profile, with adjusted debt to EBITDA - excluding related
party debt - registering around 2.8x-3.3x over the next 12-24
months. Such a level of leverage remains appropriate for the
company's rating, given the cyclical nature of the company's sector
and end-markets, which can lead to top line and earnings
volatility. Including related party debt, and reflecting the recent
amendments to these loans, Moody's estimates that the company's
leverage increases to around 3.1x-3.6x over the next 12-24 months.
In assessing InfraBuild's credit profile, Moody's has analyzed the
ratios both with and without related company debt given the
subordination agreements in place for the loans while senior debt
is outstanding.

InfraBuild expects to improve earnings through its continuous
improvement program with over AUD50 million of earnings improvement
initiatives identified for fiscal 2020, which is on top of the over
AUD20 million of improvements achieved in fiscal 2019. The company
is also in the process of implementing a new pricing model, which
is more spread based and looks to apply a margin over its scrap and
conversion costs. These initiatives, if successful, will support
higher and more stable margins going forward.

The stable outlook reflects Moody's expectation that the company's
continuous improvement initiatives and changes to its pricing model
will offset softer demand from the construction sectors over the
next 12-18 months. These initiatives, combined with acquisitions,
should allow for some modest margin improvement over the outlook
period, despite potential volatility at the revenue line.

In terms of environmental, governance and social (ESG) factors, the
rating reflects the elevated environmental risk facing steel
producers, from carbon regulation and air pollution. However, given
InfraBuild's EAF production, which uses scrap steel, and has lower
emissions than blast furnace operations, Moody's sees this risk
materializing more around electricity prices and security of
supply.

Governance risk is also a key concern, reflecting the concentrated
ownership of the company, which is ultimately fully owned by the
GFG Alliance (unrated). Given GFG's full control of the company, it
appoints all directors and ultimately makes all major decisions for
InfraBuild. This risk could most likely manifest itself through
aggressive dividends, increased leverage, or other cash flow
leakage to boost returns or support other businesses within GFG.
This risk is amplified by the limited information available
regarding the financial position of GFG and its entities.

The Ba3 rating on the notes reflects their position in the capital
structure and the amount of priority claims ranking ahead of them.
While the notes rank behind the secured AUD250 million ABL in
priority, Moody's expects that this facility will be largely used
to fund seasonal swings in working capital.

WHAT COULD CHANGE THE RATING

An upgrade would require a continued track record of sustainably
improving operations, including achieving cost reduction and
improved productivity, as well as a track record of maintaining
conservative financial policies under current ownership.

InfraBuild's ratings could be upgraded over time should the
following metrics be achieved and sustained through the cycle: (1)
EBIT margins above 6%; (2) debt/EBITDA below 3.0x; (3)
EBIT/interest above 3.5x; and (4) (operating cash flow less
dividends)/ debt ratio sustained above 25%.

The rating could be downgraded if economic weakness and increased
competition lead to a deterioration in operating performance and
credit metrics and/or if the company is unable to achieve its
continuous improvement objectives. The rating could also be
downgraded if the company pays out material dividends or enters
into further significant related party transactions that negatively
impact its credit profile.

Specifically, the rating could be downgraded if (1) the company's
EBIT margin does not show sustained improvement above 4%; or (2)
debt/EBITDA and EBIT/interest expense are likely to be sustained
above 4.0x and below 2.5x, respectively.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

BACKGROUND

InfraBuild Australia Pty Ltd is Australia's largest and only
vertically integrated EAF manufacturer and supplier of steel long
products. The company supplies around 2.2 million tonnes per annum
(mtpa) of long steel products to over 15,000 active customers in
Australia. The company's integrated operations reflect its position
as the second largest ferrous and non-ferrous recycling business in
Australia by volume and its large distribution network of over 120
outlets across Australia.

InfraBuild is a private company, and is ultimately owned by GFG
Alliance, a United Kingdom based international industrial, energy,
natural resources and financial services group.

For the fiscal year ended June 2019, InfraBuild generated around
AUD4.0 billion of revenue and AUD185 million of EBITDA before
significant items -- which totaled around AUD48 million. Taking
into account recently completed and in-process acquisitions,
Moody's expects proforma EBITDA would have been closer to AUD215
million in fiscal 2019.


KPG CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of KPG
Constructions (NSW) Pty Ltd will be held on Sept. 18, 2019, at
10:00 a.m. at the offices of Rapsey Griffiths Turnaround +
Insolvency, Level 5, at 55-57 Hunter Street, in Newcastle, NSW.  

Chad Rapsey of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of KPG Constructions on Sept. 6, 2019.



MELIOR AUSTRALIA: First Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Melior
Australia Pty Ltd will be held on Sept. 17, 2019, at 10:15 a.m. at
the offices of Pitcher Partners, Level 38, at 345 Queen Street, in
Brisbane, Queensland.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Melior Australia on Sept. 8, 2019.


MRS SERVICES: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------
Muswellbrook Chronicle reports that a first meeting of creditors on
the administration proceedings of MRS Services Group will be held
on Sept. 16, 2019.

Bradd William Morelli, Sule Arnautovic and Trent Andrew Devine of
Jirsch Sutherland  were assigned as voluntary administrators of MRS
Services on Sept. 4, according to the report.  The administrators
will manage and investigate the affairs of the organisation so that
a Sale of the Business, as a going concern and/or Deed of Company
Arrangement (DoCA), can be explored.

The administrators' appointment extends over the following
companies: Holdings (MRS) Pty Ltd, Bachmann Plant Hire Pty Ltd, MRS
Property No1 Pty Ltd, Management Resource Solutions Pty Ltd and MRS
Services Group Pty Ltd, which is located at Thomas Mitchell Drive,
Muswellbrook, the report relays.

"It is now the voluntary administrators' intention to continue
trading on the business of the MRS Services Group, which includes
servicing its various customers and employing its current staff,"
the report quotes a spokesperson for Jirsch Sutherland as saying.
"We're hopeful the business will survive and endure
post-administration.

"The administrators are currently in the process of contacting and
meeting with all key customers and suppliers to ensure continuity
of the business."

Headquartered in Newcastle, MRS Services Group provides a number of
services to the mining industry, including maintenance, civil and
labour support. It employs approximately 400 staff.


NVISION PTY: Second Creditors' Meeting Set for Sept. 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of nVision Pty Ltd
has been set for Sept. 16, 2019, at 11:00 a.m. at the offices of
HoganSprowles, Level 9, 60 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 13, 2019, at 4:00 p.m.

Michael Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of nVision Pty on Aug. 12, 2019.


REMAPAK PTY: Takeaway Cup Manufacturer Placed in Liquidation
------------------------------------------------------------
Angela Macdonald-Smith at Australian Financial Review reports that
a softening in east coast spot gas prices over the past few months
has been too slight and come too late to save takeaway cup
manufacturer RemaPak in western Sydney, which has been unable to
trade out of administration and is being liquidated and shut down.

According to the report, the closure cements the place of the
country's last producer of polystyrene coffee cups as one of the
first victims of the gas crisis gripping the east coast, which has
also this year claimed Queensland-based brick and paver
manufacturer Claypave and a Dow Chemical plant in Altona.

Other plants remain threatened, with one slated to close in
December, AFR says citing sources.

AFR relates that the failures come as federal resources minister
Matthew Canavan has pointed to a decline in spot gas prices in
Brisbane of more than 20 per cent since the beginning of the year,
and falls of 10-15 per cent in Sydney, Adelaide and Victoria.

According to adviser Energy Edge, Victoria had the lowest average
winter wholesale gas price this year since the winter of 2015, of
AUD8.85 a gigajoule, AFR relays.

Senator Canavan told a resources conference in Darwin on Sept. 5
that the lower prices "confirm the wisdom" of the federal
government's move to introduce the Australian Domestic Gas Security
Mechanism two years ago, leading to an agreement with Queensland's
LNG exports to offer uncontracted gas to the domestic market
first.

"These arrangements have clearly helped lower gas prices," the
report quotes Senator Canavan as saying. "Further falls in gas
prices are dependent on state governments opening up their
resources for development."

But at AUD8.50-AUD9/GJ, prices are still more than double the
historical levels of AUD3.50-AUD4 on the east coast, while the
competition watchdog said last month that prices offered by
retailers to industrial customers on the east coast had not fallen
and remained in the AUD10-AUD12/GJ range in the March quarter.

"Prices have come back but historically they are still high and it
is hurting," said Garbis Simonian, managing director of gas
wholesaler Weston Energy, which supplied gas to Claypave and
RemaPak.

He said offers for firm gas supplies were being priced at between
AUD10.30/GJ and AUD12/GJ.

According to AFR, RemaPak continued to trade after calling in
administrators in January, but a deed of company arrangement, under
which creditors agreed to receive 20¢ in the dollar in order for
operations to continue, collapsed after it became clear a lump sum
payment due by September 6 couldn't be paid.

Graeme Beattie and Aaron Lucan of Worrells, originally the
administrators, were then appointed on August 23 as liquidators of
RemaPak via a special resolution passed to have the company wound
up, the report discloses.

"We are continuing to trade to fulfil final orders from customer to
maximise the return to creditors and assist them to transition to
new suppliers," Mr. Beattie, as cited by AFR, said in a statement.
"We expect to be continuing to trade until early October then will
be shutting down the factory."

The plant, machinery and stock at RemaPak's site near Parramatta
are due to be sold in an online auction through GraysOnline, likely
in mid-October, said Ryan Clifton, valuer and auctioneer at
Cardinal Asset Services who is handling the sale, according to
AFR.

                           About RemaPak

RemaPak Pty Ltd is one of Australia's leading end-to-end packaging
solution providers, having traded since 1974. RemaPak operates from
a manufacturing facility located in Seven Hills, Sydney.

RemPak entered into voluntary administration on Jan. 17, 2019.
Aaron Lucan and Graeme Beattie, Partners of Worrells Solvency and
Forensic Accountants NSW & ACT, have been appointed as the
Administrators. Aaron Lucan and Graeme Beattie were also appointed
Voluntary Administrators of Remapak Forwarding Pty Ltd and RemaPak
Plastic Pty Ltd.


SBI GLOBAL: Second Creditors' Meeting Set for Sept. 16
------------------------------------------------------
A second meeting of creditors in the proceedings of SBI Global Pty
Ltd, trading as Hegs Pegs, has been set for Sept. 16, 2019, at 2:30
p.m. at Level 29 Westpac House, at 91 King William Street, in
Adelaide.

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 Sept. 13, 2019, at 5:00 p.m.

Andrew James Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of SBI Global on Aug. 12, 2019.


SPEEDCAST INT'L: Moody's Lowers CFR to B2, Outlook Still Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 Speedcast
International Limited's corporate family rating and backed senior
secured term loan rating.

The ratings outlook is maintained at negative.

RATINGS RATIONALE

"The downgrade mainly reflects the material operating challenges
facing Speedcast, as highlighted by sizeable goodwill impairments
and negative operating cash flow in the first half of 2019, as well
as the changes to key members of the board and management," says
Sean Hwang, a Moody's Analyst.

"The uncertainty over the company's ability to grow its earnings,
improve its working capital management, and maintain adequate
liquidity sources underpins the continued negative outlook," adds
Hwang.

Speedcast recorded weak operating cash flow of negative $7 million
in H1 2019, mainly due to a $41 million increase in working capital
deficits. The unfavorable working capital movement was mainly a
result of an inventory build-up stemming from the
slower-than-expected conversion of customer backlogs into revenue
and an increase in its receivables balance in the maritime and
enterprise segments.

As a result, the company recorded significant negative free cash
flow in H1 2019, and a decrease in cash holdings (excluding
restricted cash) to $50 million as of June 30, 2019 from $69
million at the end of 2018. The availability under its revolving
credit facility also declined to $18 million from $43 million. The
company's liquidity sources could further diminish if it fails to
arrest its working capital deficits.

In addition, Speedcast reported a net loss of $176 million in H1
2019 because of a $155 million goodwill impairment charge and weak
operating performance. The sizeable impairment underlines the
company's recent weak organic growth. The net loss has reduced the
company's reported book equity to $94 million as of June 30, 2019
from $281 million at the end of 2018.

The company on August 27 also announced that both its chairman and
CFO had resigned, raising governance concerns and highlighting the
operating challenges facing the company. This development could
potentially impact the various initiatives that the company is
undertaking in relation to cost savings, systems integration and
efforts to improve cash conversion and financial leverage. The
ratings also continue to factor in Speedcast's track record of
aggressive financial strategies, including active approach to
acquisitions in the past, although the company does not intend to
make acquisitions in the near future.

Moody's understands that the company is taking steps to reduce its
excess inventory and improve its receivables collection, and is
also in negotiations with lenders to secure additional liquidity
sources. However, significant uncertainties linger over the
company's ability to improve cash flow and strengthen its liquidity
buffers. A failure to improve working capital and arrange
sufficient back-up liquidity over the next couple of quarters would
heighten downward rating pressure.

Speedcast's EBITDA (as measured by the company) declined 12% on an
organic basis during H1 2019, which was in line with Moody's latest
expectations. Although Moody's expects a moderate recovery in
earnings, adjusted net debt/EBITDA (based on Moody's calculation;
different from its covenant calculation) will likely stay elevated
at 4.0x-4.5x over the next 12-18 months.

The ratings outlook could return to stable if the company (1)
improves its cash flow through better working capital management
and earnings growth, (2) strengthens its liquidity buffers by
increasing its cash holdings and availability under its revolving
credit facility, and (3) maintains adjusted net debt/EBITDA below
4.0x-4.5x on a sustained basis.

Moody's would downgrade the ratings if Speedcast is unable to
improve its cash flow; if its liquidity buffers narrow further; or
if the company's operating performance remains weak. Such
developments could be shown by (1) persistently weak operating cash
flow stemming from working capital deficits or weak earnings, or
(2) the combined total of its unrestricted cash and revolving
credit facility availability falling below $50 million.

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

Speedcast International Limited is a leading provider of satellite
communications and network services in remote locations globally,
mainly serving customers in the maritime, energy, enterprise and
government segments. Speedcast has been listed on the Australia
Stock Exchange since 2014.


STELLER GROUP: Sorrento's Continental Hotel Sold for AUD21MM
------------------------------------------------------------
Simon Johanson at The Sydney Morning Herald reports that hotelier
Julian Gerner has sold Sorrento's landmark Continental Hotel after
his joint-partner in its AUD80 million redevelopment collapsed
midway through construction.

SMH says Mr. Gerner had partnered with Steller development group to
redevelop the heritage-listed Italianate-style hotel into an
upmarket dining and events centre, adding a 100-room hotel behind
it.

Work on restoring the 144-year-old seaside hotel to its former
glory ground to an abrupt halt in May this year after Steller ran
into financial difficulties that saw several of its subsidiaries
placed in receivership, the report relates.

According to the report, the four-storey limestone pub is
effectively a building site with a large concrete slab and has been
sitting empty since after it was put up for sale on an "as is,
where it is" basis with an asking price around AUD25 million.

SMH relate that sources, speaking anonymously because the sale
process is confidential, said a developer had bought the site for
about AUD21 million.

The hotel was built in 1875 and has the highest level of heritage
protection due to its historical significance, the report notes.

Its shaky future, as a result of Steller's woes, sparked an
outpouring of concern from hundreds of frustrated locals who packed
a community meeting after site work shut down seeking answers, SMH
states.

SMH says Mr Gerner agreed to purchase the Continental Hotel from
the Di Pietro family in 2015 for AUD12 million. Around the same
time, the local council sold him a neighbouring site at 23
Constitution Hill Road for AUD1.98 million.

Steller operated a complex web of development companies, the report
notes.

Their unravelling saw McGrathNicol appointed as receiver over 13
Steller subsidiaries in July by the Asia-based financier OCP. OCP
has a AUD97.3 million debt exposure to the group, SMH notes.

Another lender Sydney-based, Atlas Advisors, who also provided
funding to Steller, has appointed insolvency specialist KordaMentha
as its agent after repossessing multiple assets, SMH discloses.

The Continental lists three competing mortgage holders on its
title. They include Manda Capital - run by Isaac Apel, Michael
Czarny and Rodney Saw - as well as Atlas Advisors and OCP Asia.

The sell-down of the group's assets has gathered pace, the report
says. Earlier last week, another of Steller company sold a large
permit-approved development site in Highett to New Zealand's Ryman
Healthcare, adds SMH.


VERMILION TRUST 2019-1: S&P Assigns Bsf Rating on Cl. F Bonds
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Vermilion Trust No.1 Bond
Series 2019-1. This is the first Australian 100% nonresident RMBS
transaction rated by S&P Global Ratings.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
nonresidents of Australia. Because this is a closed portfolio, no
further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support is provided by note
subordination for all rated notes, lenders' mortgage insurance
(LMI), excess spread, if any, a yield reserve fully funded by
Columbus Capital Pty Ltd. before closing, and a loss reserve funded
by excess spread.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a yield reserve, a loss
reserve, principal draws, and an amortizing liquidity facility are
sufficient under its stress assumptions to ensure timely payment of
interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus, available to meet extraordinary expenses. The
reserve will be topped up via excess spread to the extent
available, if drawn.

  RATINGS ASSIGNED

  Vermilion Trust No.1 Bond Series 2019-1

  Class      Rating         Amount (mil. A$)
  A          AAA (sf)       136.0
  B          AA (sf)         33.2
  C          A (sf)          32.0
  D          BBB (sf)        22.8
  E          BB (sf)         13.7
  F          B (sf)           7.5
  G          NR               4.8

  NR--Not rated.


WILD GOOSE: Second Creditors' Meeting Moved to Oct. 29
------------------------------------------------------
insuranceNEWS.com.au reports that the future of Wild Goose Holdings
(WGH), the owner of Sportscover Australia, will be decided at the
next reconvened second meeting of creditors on October 29.

Administrator Philip Newman of PCI Partners has recommended to
creditors that the meeting be adjourned to allow WGH directors to
consider and submit a proposal for a deed of company arrangement,
according to minutes of the meeting obtained by
insuranceNEWS.com.au.

Creditors convened at the Melbourne office of PCI Partners on
August 27 - the second such meeting after WGH went into voluntary
administration. Published notices on the Australian Securities and
Investments Commission website say administrators were appointed on
July 23.

According to insuranceNEWS.com.au, the minutes show that options
for the company's future were not provided at the meeting as the
administrators "are hoping to receive a proposal" from WGH
directors.

insuranceNEWS.com.au relates that Mr. Newman also provided an
update on efforts to recover outstanding debts.

A verbal settlement has been reached with sports media specialist
company Eskimo Media and a formal deed is currently being prepared,
the report states. An update regarding disclosure of settlement
details will be provided in the next report to creditors.

insuranceNEWS.com.au adds that the administrator said it continues
to negotiate with not-for-profit organisation Essential Communities
and Swooping Jack (Essential Communities) over a debt owed to WGH.
It said the settlement offer Essential Communities submitted will
be rejected "given its quantum".

According to the report, Sportscover Australia CEO Simon Allatson
said the specialist underwriting agency's operations remain
unaffected by the financial woes of its parent company.

"From my point of view, there's been no impact on our business
whatsoever," Mr. Allatson told insuranceNEWS.com.au. "The simple
fact is we are continuing to do what we have done . . . and meeting
the needs of our clients."


ZIP MASTER 2019-1: Moody's Gives B2 Rating on AUD20MM Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
to be issued by Perpetual Trustee Company Limited, as trustee of
the Zip Master Trust.

Issuer: Zip Master Trust Series 2019-1

AUD260.0 million Class A1 Notes, Assigned A1 (sf)

AUD105.0 million Class A2 Notes, Assigned A1 (sf)

AUD50.0 million Class B Notes, Assigned Baa2 (sf)

AUD15.0 million Class C Notes, Assigned Ba2 (sf)

AUD20.0 million Class D Notes, Assigned B2 (sf)

The AUD25.0 million Class E Notes and AUD25.0 million Class F Notes
are not rated by Moody's.

DESCRIPTION OF TRANSACTION AND ISSUER

The transaction is a revolving cash securitisation of two types of
revolving line of credit products with either full or initial
interest-free terms, more commonly known as 'buy-now-pay-later'
receivables. All receivables were originated and are serviced by
zipMoney Payments Pty Ltd (Zip, unrated, a wholly owned subsidiary
of Zip Co Limited).

Zip is an Australian non-bank fintech that was founded in 2013 as a
buy-now-pay-later retail credit platform. Zip provides customers
with a revolving line of credit to finance their retail purchase at
a large variety of merchant partners. The transaction is the first
revolving 'buy-now-pay later' securitization in the Australian
market.

Series 2019-1 is also the first issuance out of the Zip Master
Trust. As is usual in master trust structures, Zip may designate
additional accounts for assignment to the master trust for an
initial period. For Series 2019-1, principal collections will be
retained and can be used to purchase substitution receivables for
at least the first 12 months, and potentially up to 24 months,
provided a "controlled accumulation period" or "rapid amortization"
has not started. Additionally, the master trust may be in a
position to buy receivables from principal allocation to other
series even if Series 2019-1 has entered controlled accumulation,
scheduled amortisation or rapid amortisation.

The optional controlled accumulation period for the series can
begin from September 2020. During the period, Series 2019-1
principal allocations will be retained in a ledger, to be
distributed at the expected maturity date in September 2021. If the
series notes remain outstanding after that date, the series will
enter the scheduled amortisation period, during which Series 2019-1
principal allocations will be distributed on a pass-through basis.
The scheduled amortisation period ends on the scheduled maturity
date in September 2022. The legal final maturity date is September
2029, seven years after the scheduled maturity date.

As of the June 30, 2019 cut-off date, the securitised pool
consisted of 872,602 buy-now-pay-later revolving credit accounts.
The total outstanding balance of the receivables is AUD460,109,542,
comprising AUD247,060,458 Zip Money receivables (53.7% of the total
pool) and AUD213,049,084 Zip Pay receivables (46.3% of the total
pool). As at June 30, cut-off-date the maximum credit limit is
AUD30,000 for Zip Money accounts and AUD1,500 for Zip Pay accounts.
The average account balance is AUD1,144 for Zip Money accounts and
AUD344 for Zip Pay accounts. More than 98% of Zip Money accounts
have a balance less than AUD5,000. Similarly, just under 96% of Zip
Pay accounts have a balance less than AUD1,000.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - The limited amount of historical data. Zip was established in
2013, with significant origination growth beginning in 2017. The
collateral performance data used in its analysis reflects Zip's
short origination history — with the period limited to between
July 2016 and December 2018 — and does not cover a full economic
cycle. Additionally, buy-now-pay-later products are still in their
relative infancy in Australia, with limited availability of
performance data from similar products for benchmarking purposes.

  - The revolving nature of the master trust structure. The nature
of the trust and the ability of the sponsor to add new accounts to
the trust could introduce some variability in the quality of the
securitised portfolio over time. The risk of a change in
underwriting is partially mitigated by the average excess spread
trigger. In addition, there are eligibility criteria as well as
triggers and other structural features to mitigate portfolio
deterioration.

  - The high degree of dependency on Zip. Zip acts as the sponsor,
originator, servicer and trust manager. In addition, given Zip's
short operating history, it has a comparably weaker credit profile.
These risks are mitigated by the inclusion of Perpetual Trustee
Company Limited (unrated) as a standby servicer and sub-trust
manager, as well as by various replacement and notification
triggers.

  - The minimum credit enhancement levels set for each class of
notes.

  - The availability of a significant amount of excess spread over
the life of the transaction.

  - The minimum seller note size of 1%. These seller notes can
provide the trust with protection against a number of events,
including fraud and dilutions. Additionally, excess seller note
interest and principal allocations will be used to cover any income
shortfalls for Series 2019-1 and shortfalls on amortisation amounts
for Series 2019-1.

  - The liquidity facility in the amount of 1% of the note balance
subject to a floor of AUD750,000.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was 'Moody's
Approach to Rating Credit Card Receivables-Backed Securities'
published in August 2019.

Moody's credit card ABS rating methodology begins by developing a
maximum loss that is consistent with an Aaa (sf) rating ("Aaa loss
given sponsor default (LGSD)"), assuming that the sponsor has
closed its revolving consumer loan accounts. This scenario is
associated with sponsors that are in or near to default. For Zip
Master Trust, the Aaa LGSD is 47.8%.

The key parameters used to derive the Aaa LGSD are: charge off
rates (current, long run and peak); payment rates (current and at
the start of early amortisation), receivable yield rates (current,
at the start of early amortisation and the compression level, due
to potential asset-liability mismatches); servicing fees (current
and stressed) and the minimum seller's interest (as per the
documents).

In a second step, the level of credit enhancement that is
consistent with a Aaa (sf) rating is determined by lowering the Aaa
LGSD by the applicable "dependency ratio". This ratio varies
according to the sponsor's credit rating or counterparty risk
assessment ("CR Assessment"), if available. The higher the
sponsor's credit rating or CR Assessment as the case may be, the
lower the dependency ratio. The ratio reflects the likelihood of
the sponsor entering default. Higher rated sponsors will therefore
require lower Aaa enhancement, all else being equal. The result is
the minimum Aaa credit enhancement (CE), absent other counterparty
or operational risks. For Zip Master Trust, the Moody's Aaa CE is
based on Moody's undisclosed assessment of Zip's credit profile.

For credit card-backed securities — with CE less than that
consistent with a Aaa (sf) rating — Moody's adjusts the rating of
the securities based on the level of credit enhancement available.
Finally, for subordinate securities, additional adjustments are
made to account for the higher severity of loss inherent, due to
the smaller sizes and the ranking of those classes of securities.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance or improvement in the
credit quality of the sponsor.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Specifically, if the
charge off rate rises or the payment rate or yield falls. A
downgrade of the sponsor's CR Assessment could also lead to a
downgrade of the rating of the Rated Notes, given the ongoing role
of the bank sponsor as underwriter, originator, risk manager,
servicer and collector. Other reasons that could lead to a
downgrade include poor servicing, error on the part of transaction
parties, a deterioration in the credit quality of transaction
counterparties, or lack of transactional governance and fraud.

Although certain triggers are in place to help decrease, to a
certain extent, the exposure to the sponsor in its various roles,
these will probably not fully mitigate the impact of a significant
deterioration in the credit quality of the sponsor. Consequently,
the originator's credit quality is always an important input in
monitoring the transaction.




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

CHINA EVERGRANDE: S&P Alters Outlook to Stable & Affirms 'B+' ICR
-----------------------------------------------------------------
S&P Global Ratings, on Sept. 4, 2019, revised the outlook on
Evergrande, Hengda Real Estate Group Co. Ltd., and Tianji Holding
Ltd. to stable from positive as it no longer believes Evergrande or
Hengda will make marked progress on improving its liquidity and
capital structure over the next 12 months. At the same time, S&P
affirmed the 'B+' long-term issuer credit ratings on the three
companies.

S&P revised the outlooks on the view that China Evergrande Group's
(Evergrande) liquidity profile and leverage would unlikely improve,
after a setback in its interim results. The company's liquidity is
moderately weakening as a result of rising short-term obligations,
while we now estimate its debt-to-EBITDA ratio will increase to
6x-7x in 2019-2020 due partly to stagnant EBITDA. Its property
subsidiary, Hengda Real Estate Group Co. Ltd. (Hengda), is tracking
parallel paths on liquidity and leverage--it accounts for almost
80% of Evergrande's debt, and over 90% of its sales and profit.

S&P said, "In our view, Evergrande's persistently weaker-than-peers
liquidity profile mainly stems from its suboptimal capital
structure, with trust financing, entrusted loans, and cash-pledged
offshore borrowings accounting for almost half of its total debt.
These types of financing typically have short maturities of one or
two years. Contrary to our previous expectation that Evergrande
would gradually pay them down, the company opted to continue to
rely on them as access was generally loose in the first half of
2019. As a result, Evergrande's short-term maturities grew by 18%
to Chinese renminbi (RMB) 375 billion as at mid-2019.

"We believe that the company's weakening liquidity profile may put
itself in a more unfavorable position as funding conditions become
more volatile. Government policies around financing have tightened
since May. In addition, Evergrande may need to repay the first two
batches of A-share pre-listing strategic investments, with a
deadline for listing in January 2020. The RMB70 billion imminently
due is significant, with a remaining third batch (RMB60 billion)
due a year later.

"That said, we believe that the downside risk on liquidity is still
manageable at this point. Evergrande could call upon an ample
unrestricted cash balance of RMB207 billion, which increased 60% in
the last half a year. Also, the company can still extend its trust
financing, albeit at a higher cost. Its average funding cost has
gone up to 8.6% over the six months, from 8.2% in 2018."

Moreover, the repayment pressure stemming from the strategic
investments will go away if it can obtain listing approval in time.
Otherwise, it may negotiate an extension on repayment if the
listing fails to happen on time.

Evergrande's EBITDA is expected to stagnate over the next one-two
years, mainly driven by our expectation that it will continue to
experience slower contracted sales growth and lower margins, which
stem from spending on promotions. Its gross margin has dropped 2.2%
over the interim period and S&P forecasts this to stay flat for the
full year.

S&P said, "In our view, the flat growth will be due to a very high
base, the economic growth deceleration, and some credit tightening
recently disproportionately impacting lower-tier cities. Lower-tier
cities still account for around one-third of Evergrande's land
bank. In addition, although Evergrande has been aiming for lower
contracted sales growth, its performance is still weaker than
expected with a drop of around 7%, year on year, in the first eight
months.

"However, we believe that Evergrande's debt growth is also slowing,
which partly offsets its stagnant EBITDA. We expect Evergrande's
land acquisitions to be around 20% of contracted sales, or around
RMB110 billion per year in 2019-2020. Given the company's
substantial land bank, which can last for around five years, it can
afford to trim land acquisitions for a few years. This means it has
some space to manage its liquidity to prepare for the repayment of
its strategic investments.

"We do not treat its strategic investments as debt at this point.
If we were to adjust its ratios, Evergrande's debt-to-EBITDA ratio
in 2019 would be manageable at a forecasted 6.6x (versus 5.7x
currently). That is mainly because of Evergrande's existing high
base of debt."

China Evergrande Group

S&P said, "The stable outlook reflects our expectation that
Evergrande's more controlled land acquisitions will be able to
partially offset the impact from slowing contracted sales growth
and margin compression, such that its leverage will stay at 6x-7x
debt to EBITDA over the next 12 months. We also expect the spending
on other segments (such as new-energy vehicles), albeit increasing,
will not derail its leverage trend. We also anticipate the company
will also use its ample cash balance to support its liquidity
position to avoid further deterioration.

"We may downgrade the rating if Evergrande's liquidity
deteriorates, with liquidity sources materially below uses. This
could happen if we believe the company will need to repay its
strategic investments which may overburden its liquidity position.
This could also happen if Evergrande relies further on short-term
financing more substantially to fund its spending.

"We could also downgrade the rating if Evergrande engages in
substantial debt-funded land banking or other major non-property
investments, such that its debt-to-EBITDA ratio increases beyond
8x.

"We could raise our rating if: (1) Evergrande improves its capital
structure by extending its debt maturity profile, such that the
ratio of short-term liquidity sources to uses approaches 1.2x, and
(2) the company further slows debt growth by being disciplined in
the acquisition of land and other items, such that its
debt-to-EBITDA ratio improves to below 5x on a sustainable basis."

Hengda Real Estate Group Co. Ltd.

The stable outlook mirrors that on Hengda's parent company,
Evergrande. The outlook on Evergrande reflects S&P's expectation
that its more controlled land acquisitions will be able to
partially offset the impact from slowing contracted sales growth
and margin compression, such that its leverage will only increase
moderately over the next 12 months.

S&P may downgrade Hengda if it makes a similar outlook revision on
the parent.

S&P said, "We may downgrade Evergrande if: (1) liquidity
deteriorates, with liquidity sources materially below uses. This
could happen if the company struggles to repay the strategic
investments backing its A-share listing, or the company
substantially relies on short-term financing to fund its spending;
or (2) the company engages in a substantial debt-funded expansion
of its land bank or other major non-property investments, such that
its debt-to-EBITDA ratio increases beyond 8x.

"In a remote case, we may also lower the rating on Hengda if the
company's strategic importance within the group declines, while its
stand-alone credit profile (SACP) deteriorates and becomes weaker
than that of the group. That could happen if Evergrande
substantially lowers its stake in Hengda and shifts its strategic
focus to other business segments, while Hengda's leverage or
liquidity materially deteriorate from current levels.

"We may raise the rating on Hengda if we upgrade Evergrande.

"We may raise our rating on Evergrande if: (1) Evergrande improves
its capital structure by extending its debt maturity profile, such
that the ratio of short-term liquidity sources to uses approaches
1.2x; and (2) the company further slows down debt growth by showing
discipline in its acquisition of land and other items, such that
its debt-to-EBITDA ratio improves to below 5x on a sustainable
basis."

Tianji Holding Ltd

S&P said, "The stable outlook on Tianji Holding Ltd. (Tianji)
reflects the outlook on its parent, Hengda, and our assessment that
Tianji will maintain its core status to Hengda over the next 12
months.

"We may downgrade Tianji if we take a similar action on Hengda.

"We could also lower the rating on Tianji if its core status
weakens. This could happen if: (1) we believe Tianji's strategic
importance to Hengda has weakened, possibly because of a change in
the parent's strategy; or (2) Hengda's supervision and control of
Tianji weakens.

"We could raise the rating on Tianji if we upgrade Hengda."

Evergrande is a large property developer focusing on the
residential market. The company is one of the top developers in
China, with the largest land reserve among listed Chinese
developers. Evergrande has operations in the largest number of
cities in China. As of June 30, 2019, the company holds land
reserves of about 319 million square meters (sqm), covering 864
projects in 232 cities. It also invests in other industries such as
cultural tourism, electric vehicles, financial services, and
health. Hui Ka Yan founded the company in 1996, and it was listed
on the Hong Kong stock exchange in November 2009.

Hengda is a developer incorporated in China. It is 63.46%-owned by
Evergrande. Hengda owns all the residential and commercial property
projects of the group. This follows a reorganization in 2016 to
ready the company for a potential A-share listing in China, where
intra-group competition is prohibited. Evergrande only retains
cultural tourism and non-property businesses at its own level. As
such, Hengda is one of the largest property developers in China by
sales, land reserve size, as well as the number of cities where it
has operations.

Tianji was incorporated in Hong Kong in 2009 and is a wholly owned
subsidiary of Hengda. It serves as the sole offshore platform for
project acquisition and offshore financing under a keepwell
agreement. As of mid-2018, Tianji owns more than 60 projects,
including key investment properties such as the group's Hong Kong
headquarters.


SHANDONG YUHUANG: S&P Lowers ICR to 'CCC+', On Watch Negative
-------------------------------------------------------------
S&P Global Ratings has lowered its issuer credit rating on Shandong
Yuhuang Chemical Co. Ltd. (Yuhuang) to 'CCC+' from 'B-'. S&P also
lowered the long-term issue rating on the company's guaranteed
senior unsecured notes to 'CCC+' from 'B-'. S&P placed all these
ratings on CreditWatch with negative implications.

S&P lowered the rating and placed them on CreditWatch because it
sees increasing refinancing risk for Yuhuang's upcoming debt
maturities. The company is yet to come up with a concrete
refinancing plan, especially for its two domestic bonds and U.S.
dollar notes due in six months.

Yuhuang's liquidity remains weak due to a prolonged restricted
access to capital markets. The company's refinancing channels have
been constrained, and it relies on internal cash to repay debt.
This is because Yuhuang's cross-guarantee on debt issued by Hongye
Chemical Group Co. Ltd. remains unresolved for more than two years.
The company's unrestricted cash on hand and cash flow from
operations are unlikely to fully cover its bond maturities in the
next six months.

Yuhuang has debt maturities of about Chinese renminbi (RMB) 9
billion in the 12 months ending June 30, 2020. Major debt coming
due includes RMB1 billion in onshore puttable bonds (next puttable
dates are November and December 2019) and US$300 million in notes
due in March 2020. If a major portion of onshore bondholders
exercise their put option, Yuhuang's cash will deplete sharply,
increasing non-repayment risk on its U.S. dollar notes. In our
liquidity analysis, S&P assumes all the debt will be put. The
company's debt maturities also include RMB4.7 billion in short-term
bank loans. However, S&P anticipates the company is likely to roll
over these loans because of probable government intervention, based
on the record over the past 24 months.

S&P said, "We have not seen any sign of Yuhuang regaining access to
capital markets even after Hongye's creditors approved a debt
restructuring plan on July 25, 2019. We view the approval as a
significant event of the bankruptcy procedure." Yuhuang is required
to pay out RMB550 milion according to the restructuring plan. This
is less than its total guarantee of RMB825 million to Hongye, as of
June 30, 2019.

Yuhuang's recent reduction of stake in its methanol joint venture
in the U.S. does not boost its liquidity because the company did
not receive any cash proceeds from the transaction. However, the
transaction could prevent a further drain on Yuhuang's weak
liquidity. The company is no longer required to invest to complete
construction of the methanol project. However, the transfer of
stake does not lower Yuhuang's debt because the company remains the
guarantor of the outstanding syndicated project loan.

CREDITWATCH

S&P said, "We expect to resolve the CreditWatch within the next one
to two months when we have more visibility on Yuhuang's refinancing
plan.

"We may lower the rating if a major portion of the onshore
bondholders choose to exercise their put option in the next one to
two months. This would lead to a significant fall in Yuhuang's
cash. We could also lower the rating if we believe the likelihood
of a debt restructuring or exchange has increased.

"We could affirm the rating with a stable outlook if we believe
Yuhuang's imminent liquidity pressure has eased but its capital
structure remains unsustainable."


TIANQI LITHIUM: Moody's Lowers CFR to Ba3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Tianqi Lithium
Corporation's corporate family rating and the senior unsecured
rating on the bonds issued by Tianqi Finco Co., Ltd and guaranteed
by Tianqi Lithium to Ba3 from Ba2.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrades reflect Moody's expectation that Tianqi Lithium's
capital structure will remain weak and its leverage will stay
elevated over the next 12 months, because of weaker operating
performance," says Gerwin Ho, a Moody's Vice President and Senior
Credit Officer. "These factors position the company in the low Ba
ratings category."

"The negative outlook reflects the uncertainty related to Tianqi
Lithium's refinancing plans and weak liquidity position," adds Ho,
who is also Moody's Lead Analyst for Tianqi Lithium.

Tianqi Lithium's leverage increased following its acquisition of a
23.8% stake in Sociedad Quimica y Minera de Chile S.A. (SQM, Baa1
stable) in December 2018, which brought its total stake in the
company to 25.9%.

Tianqi Lithium plans to refinance the acquisition loans and reduce
its leverage through equity financing. The company's proposed
rights issue, which was approved by its shareholders in April, and
by the Chinese securities regulator on August 30,, could raise
proceeds of up to RMB7 billion, which Moody's expects would help
reduce debt/EBITDA to about 6.2x in 2019 and 5.2x in 2020, with SQM
accounted for on an equity method basis.

However, the company's ability to complete the proposed rights
issue is still subject to capital market execution and market
conditions.

While Tianqi Lithium's revenue fell by 21% year-on-year in 1H 2019
- amid declining lithium chemical prices - Moody's expects that the
company will grow its revenue over the next 12-18 months, because
increased sales volumes will offset lower prices.

At the same time, any greater volatility in lithium chemical prices
than Moody's currently expects could weaken the company's cash flow
generation and delay its deleveraging.

Tianqi Lithium's liquidity is weak. At June 30, 2019, the company's
cash reserves - including restricted cash - of RMB1.8 billion were
insufficient to cover its short-term debt of RMB3.2 billion.

Nevertheless, Moody's expects that the company will be able to roll
over its debt with domestic banks, given its profitable operations
and strong market position.

The company also has a track record of access to diversified
funding channels, including onshore debt instruments such as
medium-term notes, and equity fund raising from its listing in
Shenzhen.

Tianqi Lithium's Ba3 corporate family rating reflects the positive
demand outlook for lithium chemical products, the company's strong
position in the lithium chemical industry, and its robust
profitability, driven by the improved operating efficiency of its
chemical production facilities in Australia.

On the other hand, the rating is constrained by Tianqi Lithium's
product concentration in lithium minerals and lithium chemicals,
with limited revenue scale, and exposure to regulatory risks.

Environmental, social and governance issues are material to the
rating outcome and were assessed as follows.

First, the company benefits from global trends to reduce carbon
emissions, because lithium is a core input into the manufacture of
electric vehicles.

Second, its mining and chemical production operations are exposed
to environmental and safety risks.

Third, Tianqi Lithium's ownership is concentrated and only a
minority of its board consists of independent directors. Moreover,
the company's acquisition of a 23.8% stake in SQM hints at an
aggressive financial policy.

The senior unsecured rating is exposed to legal and structural
subordination, because a substantial portion of the liabilities are
at the operating company level and there is secured lending related
to the acquisition financing. Downward pressure on the rating could
emerge, if the company does not succeed in refinancing all or part
of the acquisition loan through non-debt financing.

The outlook on Tianqi Lithium's ratings could return to stable, if
the company executes its refinancing plan, improves its liquidity
position and maintains a strong operating performance, with
debt/EBITDA trending towards 5.0x or below over the next 12
months.

Downward ratings pressure could emerge if the company fails to (1)
executes its refinancing plan, (2) reduce its leverage, such that
adjusted debt/EBITDA fails to trend towards 5.0x over the next 12
months; or (3) improve its liquidity position or make progress in
removing the legal subordination of unsecured creditors to the
acquisition financing.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.


ZHAOJIN MINING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Zhaojin Mining Industry Company
Limited's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'. The Outlook is Stable.

Zhaojin Mining is an integrated gold producer and the
fourth-largest of its kind in China with annual mined gold
production of about 20 tonnes in 2018. Zhaojin Mining is based in
the gold-rich region of Zhaoyuan in eastern Shandong province, and
has high-quality gold assets as well as production costs in the
first quartile on the global cost curve.

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by the Zhaoyuan municipality. Fitch assesses Zhaojin Group's
credit profile based on four factors set out in its
Government-Related Entities Rating Criteria. As a result, Fitch
takes a top-down approach to the rating and notches down Zhaojin
Group's profile from its internal assessment of the credit profile
of Zhaoyuan municipality.

KEY RATING DRIVERS

Largest SOE in Zhaoyuan: Fitch assesses Zhaojin Group's status,
ownership and control by Zhaoyuan municipality as 'Strong', as the
company is economically and strategically important to the region.
Zhaojin Group is wholly owned by the municipality and is the
largest producer in a city where gold is a major economic
contributor. Fitch assesses Zhaojin Group's support record as
'Moderate'. Zhaojin Mining has received financial subsidies from
the municipality, but the group's financial profile is weak.

'Strong' Implications of Default: Fitch assesses the
socio-political implications of a default by Zhaojin Group on
Zhaoyuan as 'Strong' because Zhaojin Group is the city's largest
gold producer, accounting for 80% of the city's gold-refining
capacity and all of its processing capacity. Fitch assesses the
financial implications of a default as 'Very Strong' because
Zhaojin Group accounts for around 70% of the state-owned assets in
Zhaoyuan and is the city's largest debt issuer.

'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 33.74%-owned
by Zhaojin Group and holds the majority of the group's core assets.
It is also the group's only publicly listed subsidiary. The company
accounts for over 90% of Zhaojin Group's EBITDA and shares key
board members and senior management. Zhaojin Group also guarantees
some of Zhaojin Mining's bonds issued on the domestic market.

Margin Rebound, Volume Stable: Fitch expects Zhaojin Mining's gross
margin to rebound to around 40% in 2019 on back of higher gold
prices (1H19: 38%). The gross margin decreased to around 35% in
2018 from around 40% in 2017, due largely to an increase in
production costs. Fitch also expects the company's total mined gold
production to remain stable at around 20 tonnes in 2019, with
self-produced mined gold production at around 15 tonnes-16 tonnes
for the year.

First-Quartile Gold Producer: Zhaojin Mining's gold-mining business
has cash costs in the first quartile of the global cost curve, due
to its high-quality assets. Its gold profitability is comparable
with that of highly rated gold peers, such as Kinross Gold
Corporation (BBB-/Stable) and Yamana Gold Inc. (BBB-/Stable), and
is higher than the gold business of domestic peer, Zijin Mining
Group Co., Ltd (BBB-/Stable). This contributed to Zhaojin Mining's
strong EBITDA margin of around 37% in 2018.
High Leverage, Healthy Coverage: Zhaojin Mining's 'b+' Standalone
Credit Profile is constrained by its high financial leverage, which
is driven by large capex. Fitch expects Zhaojin Mining's funds from
operations adjusted net leverage to remain high at around 6.0x in
2019-2020, compared with 7.6x in 2018. However, the company's
interest coverage is ample, at around 4.0x, due to its low cost of
funding.

Haiyu Mine to Boost Output: Zhaojin Mining has a 63.86% stake in
Haiyu gold mine, China's largest undersea gold mine, with estimated
reserves of around 500 tonnes at end-2018. Fitch expects commercial
production to start in the next two to three years, which will add
around 14 tonnes of annual production to the group's existing 20
tonnes, significantly boosting the size of its gold-mining
business. Fitch has not factored in the contribution from the Haiyu
mine in its 2019-2022 financial forecasts, as Fitch does not expect
commercial production to begin in the near term.

DERIVATION SUMMARY
Zhaojin Mining's rating is derived from the credit profile of
Zhaojin Group, based on strong linkage between the two entities
under Fitch's Parent and Subsidiary Rating Linkage criteria.
Zhaojin Group's profile is notched from Fitch's internal assessment
under its Government-Related Entities Rating Criteria of the credit
profile of Zhaoyuan municipality, due to the high likelihood of
support from the local government.
Zhaojin Group's notching from its parent is similar to that of
steel producer HBIS Group Co., Ltd.'s (BBB+/Stable) from Hebei
State-owned Assets Supervision and Administration Commission. HBIS
is the largest steelmaker in Hebei and steel is a major economic
driver for the province, accounting for 40% of the total assets of
state-owned enterprises in the province. Similarly, Zhaojin Group
is the largest gold miner in Zhaoyuan, where gold production is a
significant contributor to economic activity. Zhaojin Group
accounts for 70% of Zhaoyuan's total state-owned assets.

KEY ASSUMPTIONS

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

  - Gross margin to remain at around 40% between 2019 and 2022
    (2018: 35%)

  - Capex of CNY2 billion-2.2 billion a year between 2019 and 2021
    (2018: CNY2.0 billion)

  - Dividend pay-out ratio of around 20%

RATING SENSITIVITIES

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

  - An upgrade of Fitch's internal assessment of the
    creditworthiness of Zhaoyuan

  - Increase in the likelihood of support from the Zhaoyuan
government

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

  - A downgrade of Fitch's internal assessment of the
    creditworthiness of Zhaoyuan

  - Weakening of likelihood of support from the Zhaoyuan
government

  - Weakening linkages between Zhaojin Mining and Zhaojin Group

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zhaojin Mining had around CNY16.0 billion in
unused credit facilities and CNY1.1 billion in cash as of end-2018,
against around CNY8.4 billion in short-term debt. Zhaojin Mining
also has access to offshore equity markets and domestic and
offshore bond markets, and maintains satisfactory relationships
with major domestic financial institutions.


ZHONGRONG XINDA: S&P Cuts ICR to 'CCC+' on Deteriorating Liquidity
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Zhongrong Xinda Group and the company's guaranteed U.S.-dollar
denominated senior unsecured notes to 'CCC+' from 'B'. S&P placed
all the ratings on CreditWatch with negative implications.

S&P said, "We lowered the rating on Zhongrong Xinda Group Co. Ltd.
because we believe its default risk has heightened. The company's
liquidity sources are severely insufficient to meet debt
obligations over the next 12 months. This is because its cash
balance has been continuously drawn down to meet working capital
needs and service debt.

"We view the fast-falling cash position as an indication of
weakening liquidity. The company's cash balance dropped
substantially to Chinese renminbi (RMB) 3.6 billion as of June 30,
2019 from RMB5.6 billion as of March 31, 2019. Moreover, most (or
RMB3.3 billion) of the remaining balance are deposits against notes
payable and, therefore, restricted. These deposits can only be
released if the company downsizes its operations. In addition, the
cash balance at the parent level fell to RMB40 million as of June
30, 2019 from RMB1.9 billion a year ago."

Although S&P expects Zhongrong Xinda's operating cash flow to
improve slightly in the second half versus the first half of 2019,
full year EBITDA will drop by 25% by its estimate. This is mainly
driven by the decline of the company's logistics and clean energy
business, which saw a 14% drop in revenue in the first half of
2019. While a thin margin business, the logistics and clean energy
segment still contributed 27% of the company's total gross profit
in the first six months this year, due to the large revenue base.
Meanwhile, the metallurgical coke business has been relatively
stable in terms of selling price, volume, and margin.

Zhongrong Xinda's customers, mainly steel mills, have been facing
significant pressure from higher iron ore prices in the first half
of the year. As a result, the company has extended credit terms to
its customers, resulting in significant working capital outflow of
RMB530 million in the first half and S&P forecasts a RMB1 billion
outflow for the full year.

The company has RMB8.9 billion debt maturing in the 12 months
ending June 30, 2020. Among which RMB4.08 billion is onshore bonds
with put options that can be exercised in December 2019, February
2020, and April 2020. The rest are bank loans and trust loans. The
company's US$500 million notes are due in October 2020.

S&P said, "We do not yet see a concrete plan for refinancing. We
believe Zhongrong Xinda's access to domestic market has been
restrained, given no new issuances so far this year. The company's
banking facilities were RMB24.8 billion as of June 30, 2019,
similar to that in 2018. However only RMB2.8 billion was unused.
Although the company owns financial assets, we believe these
investments would be difficult to liquidate given they are
unlisted, and market sentiment is weak."

CREDITWATCH

S&P said, "We aim to resolve the CreditWatch once we have more
clarity on the company's refinancing plan for its maturities due
over the next six months, including the RMB1.5 billion onshore bond
which could be put in December 2019.

"We may lower the rating on Zhongrong Xinda if we view the
company's liquidity further weakens because of softening operating
cash flow or larger working capital requirement, such that we see
the probability of default materially increasing over the next 12
months.

"We could affirm the ratings and assign a stable outlook if we
believe the company will not face imminent liquidity pressure but
remains reliant on favorable market conditions to meet its
financial obligations."

Zhongrong Xinda is one of China's largest independent metallurgical
coke producers with capacity of 9 million metric tons per annum.
Headquartered in Qingdao, Shandong province, the company is also
involved in clean energy supply, logistics services, and the
operation of more than 200 liquefied national gas stations in
logistic parks within Shandong province.




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

ACORE INDUSTRIES: CRISIL Hikes Rating on INR11cr LT Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Acore Industries Private Limited (AIPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          11        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects regular debt servicing by AIPL since it
commenced operations in December 2019. The company reported revenue
of INR6.18 crore and operating margin of 10.6% in fiscal 2019, its
first year of operations. The upgrade also takes into account
CRISIL's belief that AIPL will continue to improve its business
risk profile over the medium term, backed by steady rise in revenue
and sustained profitability.

The rating reflects the company's modest scale and limited track
record of operations in the iron ore industry. These weaknesses are
partially offset by extensive entrepreneurial experience of the
promoters and Comfortable capital structure.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a competitive segment: The iron ore
segment is highly fragmented, and has large players that source
from their own or leased mines and export directly. AIPL has modest
scale of operations, reflected in revenue of INR15.82 crore in
fiscal 2019.

* Limited track record of operations: AIPL's limited track record
of operations in the intensely competitive business may continue to
constrain scalability, pricing power, and profitability.

Strengths:

* Entrepreneurial experience of the promoters:  The entrepreneurial
experience of the promoters and the diversified end-user profile
will continue to support the business risk profile.

* Comfortable capital structure: Gearing and total outside
liabilities to tangible networth ratio were moderate at 0.9 time
and 1.53 times, respectively, as on March 31, 2019, while networth
was moderate at INR13.06 crore.

Liquidity
Liquidity may remain stretched. Cash accrual is expected below
INR1.5 crore per annum in the near term, and will not be sufficient
to meet debt obligation of INR2.08 crore. However, the fund-based
limit of INR4 crore was sparsely utilised, at 39% on an average
during the 4 months through June 2019 which will be utilized
towards timely repayment of debt.

Outlook: Stable

CRISIL believes AIPL will continue to benefit from the extensive
entrepreneurial experience of the promoters. 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. The outlook may
be revised to 'Negative' if unfavourable regulatory changes disrupt
supplies to international markets, or if lower-than-expected
revenue or profitability or sizeable capital withdrawal or
debt-funded capital expenditure weakens financial risk profile
especially liquidity.

Incorporated in 2015 and based in Karnataka, AIPL is engaged in
beneficiation of iron ore and manganese ore. The company is
promoted by Ms Anasuya Shivaputrappa and Ms Nirmala Jagdish
Melligeri.


ADS CURRY PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ads Curry Private Limited
        Registered office:
        B-280, Vivek Vihar
        New Delhi 110095

Insolvency Commencement Date: August 21, 2019

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

Estimated date of closure of
insolvency resolution process: February 16, 2020
                               (180 days from commencement)

Insolvency professional: CA Hemant Gupta

Interim Resolution
Professional:            CA Hemant Gupta
                         24-A, Pocket-A
                         DDA LIG Flats
                         Hari Nagar
                         New Delhi 110064
                         E-mail: hka.consultants@gmail.com
                                 cirp.ads@gmail.com

Last date for
submission of claims:    September 12, 2019


AEGAN INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aegan Industries
Private Limited's (AIPL) Long-Term Issuer Rating at 'IND D (ISSUER
NOT COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR268 mil. Term loan (long-term) due on March 2020 affirmed
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR450 mil. Fund-based working capital limits (long-
     term/short-term affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR101 mil. Non-fund-based working capital limits (short-term)

     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continuous delays in debt servicing from
September 2017. The agency has received a confirmation from lenders
that AIPL has been categorized as a non-performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2008, AIPL is a cotton yarn manufacturer and
exporter with an installed capacity of 25,920 spindles.


AIR PEGASUS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Air Pegasus Private Limited
        No. 22 & 23, 3rd Main, Airview Colony
        HAL PO, Bangalore
        Karanataka 560017

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020
                               (180 days from commencement)

Insolvency professional: Mrs. Shirley Mathew

Interim Resolution
Professional:            Mrs. Shirley Mathew
                         No. 23, Fifth Cross Hutchins Road
                         Cooke Town, Bangalore 560084
                         E-mail: shirley@smathew.in
                                 ip.airpegasus@gmail.com

Last date for
submission of claims:    September 13, 2019


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 10, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, AML manufactures and trades life-saving
equipment, surgical and hospital equipment such as anesthesia
machines and anesthesia vaporizers. Its manufacturing facility is
in Gurugram, Haryana.


AMBIENCE PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ambience Private Limited
        L-4, Green Park Extension
        New Delhi Dl 110016
        India

Insolvency Commencement Date: August 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 22, 2020

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         House No. 23, Ground Floor
                         South City 2, Sector-49
                         Sohna Road, Gurugram
                         Haryana 122018
                         E-mail: cssandeep@live.in

                            - and -

                         Sun Resolution Professionals Pvt. Ltd.
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122010
                         E-mail: sandip@sunresolution.in

Classes of creditors:    Real estate investors

Insolvency
Professionals
Representative of
Creditors in a class:    CMA Mr. Sandeep Goel
                         CMA Mr. Sumit Shukla
                         CS Mr. Gopal Lal Baser

Last date for
submission of claims:    September 9, 2019


AZURE POWER: Fitch Assigns B(EXP) Rating to New $345MM Notes
------------------------------------------------------------
Fitch Ratings has assigned Azure Power Solar Energy Private
Limited's proposed notes of up to USD345 million due 2024 an
expected rating of 'BB(EXP)'. The Outlook is Stable.

The final rating is contingent upon the receipt by Fitch of final
documents conforming to information already received as well as the
final pricing and financial close on the notes.

The expected rating reflects the credit profile of a restricted
group of 10 entities (Azure RGII) that operate solar generation
assets across 10 states in India. The combined capacity is 647.5MW.
The proposed US dollar notes represent joint and several
obligations of APSEPL and the 10 operating entities. APSEPL plans
to use the proceeds from the proposed notes mainly to refinance
existing debt of APSEPL and the entities in the restricted group.
The rating is underpinned by Azure RGII's long-term, fixed-price
power purchase agreements (PPAs) with customers including
sovereign-backed entities and state distribution utilities, the use
of proven technology and a financial profile commensurate with the
relevant rating threshold.

Fitch applied a variation from its Renewable Energy Project Rating
Criteria with respect to counterparty risk. Typically, a debt
instrument's rating may be capped by the credit quality of its
revenue counterparties. Fitch does not currently rate Azure RGII's
revenue counterparties, which are either sovereign-backed entities
or state distribution utilities that purchase power from Azure RGII
under PPAs. However, the impact on cash flows from individual
counterparties is relatively limited.

Under Fitch's breakeven analysis, Azure RGII could still service
debt due if all the power generated is sold in the merchant market
at a price well below the prevailing spot price in India. The
analysis indicates that the loss of all of the PPAs from this group
of customers will not result in Azure RGII defaulting on its debt
obligations. The diversified pool of customers and limited risk to
debt repayment suggests that the rating on the proposed notes need
not be constrained by the unknown credit quality of these
off-takers. In addition, more than 60% of Azure RGII's customers
are publicly rated by well-known local rating agencies and carry
ratings between 'AA+' and 'A-' on their Indian national rating
scales, which supports its view that the risk of near-term
off-taker default is limited. However, Fitch believes that it will
be prudent that Azure RGII should meet a higher threshold to
achieve a same rating as other solar generation entities receiving
fully contracted revenue from rated off-takers, all else being
equal.

Hence, Fitch has based the rating on the proposed notes on the
indicative debt service coverage ratio (DSCR) thresholds applicable
to merchant projects instead of the ones for fully contracted
projects, while the cash flows are evaluated based on the
contracted prices.

KEY RATING DRIVERS

Fixed Tariff, Long-Term PPAs: Revenue Risk - Price: Stronger

Fitch assessed the price risk as 'Stronger' because the entities in
Azure RGII sell power under 25-year fixed-price PPAs, which protect
the portfolio from merchant exposure and price uncertainty. Fitch
does not project any merchant market revenue in the financial
analysis.

Robust Energy Yield Forecast: Revenue Risk - Volume: Midrange

The energy yield forecast produced by a third-party expert for each
asset indicates an overall P50/one-year P90 spread of less than 6%,
which is classified as a 'Stronger' attribute under Fitch's key
rating driver assessment of renewable projects. The overall
assessment is limited to 'Midrange' because most of the assets in
Azure RGII are newly commissioned and it is not yet clear if their
generation will meet the forecasts. Curtailment risk is limited as
solar plants are must-run stations and any back down by the grid
will be compensated in accordance with Indian Electricity Grid Code
2010, unless it is due to grid security or emergency events.

Proven Technology, Strong In-House O&M Capabilities: Operation
Risk: Midrange

Operation risk is assessed as 'Midrange', which is supported by a
comprehensive and well-budgeted operating and maintenance (O&M)
plan being carried out by an experienced O&M team. About 96% of
Azure RGII's capacity uses crystalline silicon panels, a technology
that Fitch sees as having lower operating cost and performance
uncertainty than other photovoltaic (PV) technologies based on its
long operating history. Fitch also believes that with the rapid
growth of solar PV and sharp drop in cost of operation in India,
replacement operators can be easily found for the assets in the
restricted group, should the incumbent fail. At the same time,
Fitch does not expect costs to increase significantly. These
strengths are partly offset by the assets' limited track record and
lack of cost validation from a third party engineer.

Ring-Fenced Structure, Manageable Refinance Risk - Debt Structure:
Midrange

Noteholders are protected by the ring-fenced structure of the
restricted group and protective covenants. The proposed notes pay a
fixed interest rate and APSEPL expects to substantially hedge the
currency risk. Noteholders benefit from a lock-up test at backward
looking 1.3x DSCR for cash outflow. The restricted group does not
plan to maintain a debt service reserve account and a major
maintenance reserve account, but this is in part balanced by the
excess cash required to be retained with the restricted group in
the last 2.25 years of the life of the notes. Refinancing risk is
mitigated by the solar assets' established access to banking and
capital market and supported by tenors of the PPAs, which extend
beyond the maturity of the notes.

Financial Profile

Given the bullet structure of the notes, Fitch's financial analysis
is mainly based on synthetic DSCRs over the remaining PPA life,
assuming the notes will be refinanced upon maturity by long-term
fully amortising debt. Fitch's base-case synthetic DSCR profile
averages 1.66x. The synthetic DSCR averages 1.46x under Fitch's
rating case, which incorporates reduced energy production,
increased degradation and higher expenses.

PEER GROUP

Fitch views two Canadian issuers Axium Infinity Solar LP (senior
secured debt rating: BBB/Stable) and Ontario Solar Holdings LP
(senior secured debt rating: BBB-/Stable) as comparable peers. Like
Azure RGII, Axium Infinity and Ontario Solar own portfolios of
solar PV projects that benefit from long-term, fixed-price PPAs.
The Canadian issuers have single revenue counterparties that have
robust credit profiles. In contrast, the credit profiles of Azure
RGII's pool of off-takers are unknown. As a result, Fitch requires
Azure RGII to meet higher thresholds to achieve the same rating as
the Canadian issuers. Azure RGII is also subject to refinancing
risk that arises from its bullet repayment structure, while the
debt of its peers are fully amortising. Axium Infinity and Ontario
Solar have DSCR profiles commensurate with investment-grade ratings
under the Fitch rating case. Axium Infinity's DSCR averages 1.29x
while Ontario Solar's averages 1.20x, which meet the contracted
projects' threshold for 'BBB-' rating of 1.20x DSCR.

Fitch also compares Azure RGII with Italian issuer Andromeda
Finance S.r.l (senior secured debt rating: BB/Stable). Under
Fitch's rating case, 13% of Andromeda's revenue is exposed to the
merchant market and it has an average DSCR of 1.20x, which
positions it for a 'BB' rating, according to a threshold weighted
by the shares of contracted revenue and merchant revenue in the
total revenue.

RATING SENSITIVITIES

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

  - Synthetic DSCRs are persistently below 1.4x, which could be a
result of:

  - energy production persistently underperforming long-term
projections due to low solar resource or operational issues or
extended payment cycles; and/or

  - less favourable refinancing terms and structure (including the
cash retention in the restricted group over time) than the
assumptions made in Fitch's financial analysis.

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

  - Synthetic DSCRs are persistently above 1.5x.

TRANSACTION SUMMARY

The transaction is a proposed issuance of up to USD345 million of
senior secured notes due 2024. APSEPL will use the net proceeds of
the proposed US dollar notes mainly to subscribe for
rupee-denominated debt issued or borrowed by the entities in the
restricted group. The entities in the restricted group in turn will
use the proceeds and their existing cash and cash equivalents to
repay the existing indebtedness, pay capital expenditure and for
operating expenses and working capital requirements.

Fitch Cases

The base case reflects Fitch's view of long-term sustainable
performance. It includes P50 electricity output, a 5% production
haircut, and an average degradation of 0.5%-0.6%. Fitch focuses on
the coverage ratio measured by synthetic DSCR based on the
portfolio's debt servicing capability on a long-term basis because
of the bullet structure of the proposed notes. Fitch evaluates the
synthetic DSCR by incorporating a number of assumptions in relation
to notes' refinancing upon maturity. The refinancing interest rate
is calculated based on the risk-free rate, country-risk premium and
asset-risk premium, with each parameter determined according to
Fitch's internal guideline. Under Fitch's base case, the resulting
synthetic DSCR profile is adequate with both average and minimum at
1.66x.

The rating case reflects a reasonable likely combination of
uncorrelated stresses that could occur in a given year but are not
expected to persist every year. On top of base-case stresses, the
rating case includes one-year P90 generation, higher average annual
degradation at 0.7%, and 10% stress to all operating costs in line
with Fitch criteria for 'Midrange' projects. These assumptions are
in line with similar solar projects and the contracted nature of
the portfolio's revenue. The synthetic DSCR profile under Fitch's
rating case is robust with a steady profile, with both average and
minimum at 1.46x.

The Azure RGII portfolio also demonstrates resilience to
underperformance when Fitch applies stress to key components,
including break-even degradation, break-even production, break-even
O&M costs, and average electricity price of the portfolio.


BAJAJ SINDHUDURG: CRISIL Lowers Rating on INR5.35cr Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Bajaj Sindhudurg Rice Mills Limited (BSRML) to
'CRISIL B-/Stable' from 'CRISIL B/Stable' while reaffirming its
'CRISIL A4' rating on the short term bank facilities.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)

   Cash Credit             5         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan          5.35      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Pledge Loan            18         CRISIL A4 (Reaffirmed)

   Short Term Loan        10         CRISIL A4 (Reaffirmed)

   Term Loan              10         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

Rating downgrade reflect sluggish scale up in operations of BSRML
and subdued profitability. Revenue growth and profitability is
expected to remain subdued over the medium term, weakening its
liquidity profile

Rating continue to reflect the company's subdued financial risk
profile, weak liquidity profile and working capital-intensive
nature of operations. These rating weaknesses are partially offset
by extensive experience of the promoters.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR5.7 crore extended by BSRML's promoters, as on March 31, 2019,
as neither debt nor equity.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoters: The two decade-long
experience of the promoters, of successfully operating and managing
another group company, Bajaj Healthcare Ltd, will support the
business risk profile, going forward.

Weakness:

* Modest scale of operations and subdued profitability: Commercial
operations began in July 2017. Despite 20 months in operations,
scale remains modest ar INR20.41 crores in fiscal 2019 and
profitability is subdued with net losses of INR4.18 crores. Revenue
and profitability growth is expected to remain below expectations
over the medium term

* Subdued financial risk profile: Financial risk profile will be
constrained by negative networth of INR4.18 crore and highly
leveraged capital structure with adjusted debt of INR39.3 crores as
on March 31 2019. There are no capital expenditures planned over
medium term, Leverage levels are likely to remain high over the
medium term. Debt protection metrics is weak due to subdued
profitability, operating profits were not adequate to meet interest
obligations in fiscal 2019

* Working capital-intensive nature of operations: Operations are
highly working capital intensive, due to the seasonal nature of the
business. Gross current assets were around 248 days as on March 31,
2019, led by inventory of 186 days, likely to remain at similar
level over the medium term.

Liquidity

Company is expected to incur cash losses over the medium term,
significantly inadequate to meet maturing debt obligations of
INR1.5 crores from annum. There are no significant capital
expenditure expected. Bank limit utilisation is high at around
98.34% during the past twelve months ended in March 31, 2019,
likely to remain high on account of large working capital
requirement. Current ratio continues to remain low at 0.67 times as
on march 2019, expected to remain less than 1 times over medium
term. The promoters are likely to extend support in the form of
equity and unsecured loans to the company to meet its operational
and financial commitment and remains a rating sensitivity factor.

Outlook: Stable

CRISIL believes BSRML will benefit from the extensive experience of
its promoters. The outlook may be revised to 'Positive' in case of
significant improvement in revenue, profitability and cash accruals
strengthening financial risk profile, especially liquidity. The
outlook may be revised to 'Negative' if significantly lower than
expected revenue and profitability, or if large working capital
requirement or any major capex, weakens the financial risk profile,
especially liquidity.

BSRML was set up as a closely-held limited company in 2015. The
company processes and sells rice, and has a facility in Sindhudurg
district (Maharashtra). Commercial operations began in July 2017.


BRITISH INDIA: CRISIL Assigns 'B' Rating to INR2.5cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of British India Trading Company (BITC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility      1         CRISIL B/Stable (Assigned)

   Bank Guarantee          3.5       CRISIL A4 (Assigned)

   Cash Credit             2.5       CRISIL B/Stable (Assigned)

The ratings reflect the firm's susceptibility to tender-based
operations, low operating margin due to trading nature of business,
modest scale of operations, and high exposure to group companies.
These weaknesses are partially offset by proprietor's extensive
experience, and sound operating efficiencies.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to tender-based operations: Revenue and
profitability depend entirely on the firm's ability to win tenders.
This is compounded by intense competition in the civil construction
segment, which restricts operating margin. Also, given the inherent
cyclicality in the segment, ability to maintain profitability
margins through operating efficiency becomes critical.

* Low operating margin due to trading nature of business: Small
initial investment and low complexity of operations have resulted
in the entry of many entities, leading to significant fragmentation
and low operation margins for small players such as BITC.  
* Modest scale of operations: Business risk profile is constrained
by small scale because of intense competition, which will continue
to limit operating flexibility.

* High exposure to group companies: BITC has extended equity,
loans, and advances worth INR1.2477 crore to group companies as on
March 31, 2019, which is half its current networth. Any further
exposure to group companies, impinging on the firm's own cash
accrual, may impact liquidity and will remain a rating sensitivity
factor.

Strengths

* Extensive experience of proprietor: Presence of over 10 years in
the civil construction industry has enabled the proprietor to
understand market dynamics and establish healthy relationship with
suppliers and customers.

* Sound operating efficiencies is reflected in a robust return on
capital employed of around 14%. This is due to high economies of
scale and experienced management.

Liquidity
* Moderate bank limit utilisation of 83.5% in the 12 months ended
July 2019.

* Cash accrual against debt obligation: Cash accrual of over
INR0.50 crore is expected to be sufficient to meet term debt
obligation of INR0.1-0.2 crore, over the medium term. Remaining
accrual will act as cushion to liquidity.

* Current ratio was moderate at 1.26 times on March 31, 2019.

* Decline in networth due to capital withdrawal: Proprietor has
withdrawn INR1.1 crore in the three years ended March 31, 2019,
leading to a depletion in networth.

* Moderate unencumbered cash and bank balance was around INR1 crore
as on March 31, 2019.

Outlook: Stable

CRISIL believes BITC will continue to benefit from the extensive
experience of its proprietor and established client relationship.
The outlook may be revised to 'Positive' if ramp-up in operations
and stable profitability strengthen financial risk profile. The
outlook may be revised to 'Negative' if decline in profitability,
stretch in working capital cycle, or large, debt-funded capital
expenditure weakens capital structure.

Established in 1993 in Korba, Chhattisgarh, as a proprietorship
firm by Mr Kunj Agarwal, BITC constructs roads and bridges, and
also undertakes canal, irrigation, and electrification works.
Furthermore, the firm trades electricity products.


DUCON TECHNOLOGIES: CRISIL Withdraws 'B' Rating on INR50cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Ducon
Technologies India Private Limited (Ducon) 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
   ----------       -----------     -------
   Bank Guarantee         55        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Cash Credit            50        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Proposed Long Term     30        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with Ducon for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 2019, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 Ducon. This restricts CRISIL's
ability to take a forward Ducon is consistent with 'Scenario 4'
outlined in the 'Framework for Assessing Consistency of
Information'. Based on the last available information, the rating
on bank facilities of Ducon continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of Ducon 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.

Incorporated in March 2005 and promoted by Mr Arun Govil, Ducon
undertakes turnkey projects for setting up industrial pollution
control and material handling systems. It is the Indian arm of the
US-based Ducon Technologies Inc, which provides technology support
to Ducon.


G.E.T. POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: G.E.T. Power Limited
        11-A17, 5th Cross Road
        SIPCOT IT Park
        Siruseri Chennai 603103

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Division Bench, Chennai

Estimated date of closure of
insolvency resolution process: February 26, 2020

Insolvency professional: V. Senthilkumar

Interim Resolution
Professional:            V. Senthilkumar
                         F2, Rohini Homes
                         171, 5th Street
                         Murugu Nagar, Velachery
                         Chennai 600042
                         E-mail: vsenthilkumar1993@gmail.com

Last date for
submission of claims:    September 17, 2019


GEMS CARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Gems Care and Cure Helath Centre Pvt. Ltd.
        629, Diamond Harbour Road
        Kolkata 700034
        West Bengal, India

Insolvency Commencement Date: August 29, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Rajesh Lihala

Interim Resolution
Professional:            Rajesh Lihala
                         11, Crooked Lane
                         Kolkata 700069
                         E-mail: lihalaco@gmail.com

Last date for
submission of claims:    September 13, 2019


GOEL AGRIGREEN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Goel Agrigreen Fields Private Limited
        Khasara No. 3, Kesla Village
        Itarsi, Distt. Hoshangabad 461111
        MP IN

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 2, 2020
                               (180 days from commencement)

Insolvency professional: Amresh Shukla

Interim Resolution
Professional:            Amresh Shukla
                         F-05, Jaideep Complex
                         112, Zone-II
                         M.P. Nagar, Bhopal 462011
                         E-mail: insolvencyprofessionalsindia@
                                 gmail.com
                                 cirp.goelagrigreenfields@
                                 gmail.com

Last date for
submission of claims:    September 18, 2019


GOLDSTAR POLYMERS: CRISIL Cuts Rating on INR7cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Goldstar
Polymers Limited (GPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         .25        CRISIL D (ISSUER NOT  
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit           7.00        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Bank         2.00        CRISIL D (ISSUER NOT
   Guarantee                         COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash         2.00        CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GPL downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

GPL was incorporated in 1999 by Mr. Prem Saraogi and his family
members. The company is engaged in manufacturing of high density
polyethylene (HDPE) containers used in pharmaceutical, and
petroleum industry. GPL's manufacturing facility is located in
Daman.


HOTLINE CPT LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Hotline CPT Limited
        52 A, Okhla Industrial Estate Phase-III
        South Delhi, New Delhi 110020
        India

Insolvency Commencement Date: August 27, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 23, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chirag Shah

Interim Resolution
Professional:            Mr. Chirag Shah
                         AAA Insolvency Professionals LLP
                         208, Ratnaraj Spring
                         Besides Navnirman Co.Op. Bank
                         Opposite HDFC Bank House
                         Navrangpura, Ahmedabad 380009
                         India
                         E-mail: chirag.irp@gmail.com
                                 hotlinecpl@aaainsolvency.com

Last date for
submission of claims:    September 12, 2019


HOUSING DEVELOPMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Housing Development and Infrastructure Limited
        9-01, HDIL Towers
        Anant Kanekar Marg, Bandra (East)
        Mumbai 400051

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Abhay Narayan Manudhane

Interim Resolution
Professional:            Mr. Abhay Narayan Manudhane

                         Not for communication:
                         Model Town
                         Four Bungalows, Andheri East
                         Mumbai 400053
                         E-mail: anmanudhane@rediffmail.com

                         For communication:
                         1204 Maker Chamber V
                         Jamnalal Bajaj Road
                         Nariman Point, Mumbai 400021
                         E-mail: ip.housingdevelopment@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    CA Manoj Agarwal
                         CA Girish Juneja
                         CS Manish Baldeva

Last date for
submission of claims:    September 8, 2019


INCODA: CRISIL Withdraws B+ Ratings on INR8cr Loans
---------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of with The
Incoda (INCODA) 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              4        CRISIL B+/Stable (ISSUER NOT  
   
                                     COOPERATING; Rating
                                     Withdrawn)

   Term Loan                4        CRISIL B+/Stable (ISSUER NOT  
   
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with INCODA for obtaining
information through letters and emails dated
January 23, 2019 and July 11, 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 INCODA. This restricts CRISIL's
ability to take a forward INCODA 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 INCODA
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of INCODA
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.

Established as a proprietorship firm by Mr. Samirendra Dutta in
1986 and reconstituted as a partnership firm in 2009 when his wife,
Ms. Sibani Dutta, joined as partner, INCODA provides outdoor
advertising services and also manufactures clay and ceramic
artefacts.


IVRCL LTD: Liquidator Invites Expression of Interest From Bidders
-----------------------------------------------------------------
BloombergQuint reports that the liquidator of IVRCL Ltd. has
invited expression of interest from prospective bidders for sale of
the Hyderabad-based infrastructure company as a going concern and
set INR1,654.47 crore as the reserve price, an official
announcement has said.

"It is informed that the e-auction shall be scheduled on Oct. 4.
The qualified bidders who meet the eligibility criteria can
participate in the e-auction by bidding for at least the reserve
price of INR1,654.47 crores subject to the terms of the e-auction
process information document," the liquidator said in a notice on
the company's website on Sept. 5, BloombergQuint relays.

BloombergQuint notes that the company is under liquidation as a
going concern following an order by the National Company Law
Tribunal, Hyderabad bench.

The NCLT had, on July 29, ordered liquidation of the company as
there was no suitor for a resolution of the company.

Sutanu Sinha, the resolution professional of the company during the
insolvency process at the NCLT, was appointed as the official
liquidator.

At the end of the first quarter, the company incurred a net loss of
nearly INR800 crore resulting in an accumulated loss of INR6,102
crore and erosion of its net worth, BloombergQuint discloses.

The company has obligations towards fund-based borrowings
(including interest) aggregating INR9,593 crore as per books of
accounts and non-fund based exposure aggregating INR857 crore.

Currently, IVRCL's shares are under suspension from trading, adds
BloombergQuint.

IVRCL Limited develops and executes engineering, procurement,
construction, and commissioning (EPCC) projects in India.


JAGTAR SINGH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Jagtar Singh & Sons Hydraulics Private Limited
        Registered office as per ROC Company Master Data:
        C-1/B Mansarover Garden
        Delhi 110015

Insolvency Commencement Date: Septemebr 3, 2019

Court: National Company Law Tribunal, Court No. III
       New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 1, 2020

Insolvency professional: Piyush Moona

Interim Resolution
Professional:            Piyush Moona
                         Flat no. 04034 ATS Advantage
                         Ahinsa Khand 1, Indirapuram
                         Ghaziabad 201014
                         E-mail: piyushmoona@gmail.com

                            - and -

                         Piyush Moona & Co.
                         LGF-82, Rajhans Plaza
                         Ahinsa Khand 1, Opp. Aditya Mall
                         Indirapuram, Ghaziabad 201014
                         E-mail: jssh.cirp@gmail.com

Last date for
submission of claims:    September 17, 2019


JAI KRISHNA: CRISIL Raises Rating on INR13cr Loan to 'B'
--------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of
Jai Krishna Artec-J.V. (JKA) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4' and simultaneously upgraded the rating to
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          17        CRISIL A4 (Revised from      
                                     'CRISIL A4' to 'CRISIL D'
                                     and Simultaneously Upgraded
                                     to 'CRISIL A4')

   Long Term Loan          13        CRISIL B/Stable (Revised
                                     from 'CRISIL B+/Stable' to
                                     'CRISIL D' and
                                     Simultaneously Upgraded to
                                     'CRISIL B/Stable')

The ratings revision to 'CRISIL D' takes into account delay in
servicing of debt repayments in April and May 2019. Although the
delay was more operational in nature, the account was termed as a
special mention account till it was regularised after due payments
were cleared on May 24, 2019.

The simultaneous upgrade in ratings to 'CRISIL B/Stable/CRISIL A4'
reflects no delay for last 90 days and postponement of repayment
schedule. The payment, which was due on May 30, 2019 is now
supposed to be paid on December 31, 2019 and similarly all further
payments have been shifted. Moreover, the commencement of
operations of phase 2 of the project has been postponed leading to
more-than-anticipated delay in receipt of advances. As per
management, only 20% of the expected amount has been received till
August 22, 2019.

The ratings continue to reflect geographical concentration in
revenue, and exposure to inherent risks and cyclicality in the real
estate sector. These weaknesses are partially offset by the
extensive experience of the promoters in the real estate
development business.

Key Rating Drivers & Detailed Description

Weaknesses

* Geographical concentration in revenue: The firm is focused on a
single project at Sonepat, Haryana. Thus, geographical
concentration in operations exposes it to risks arising from
variations in regional demand and government regulations.

* Exposure to inherent risks and cyclicality in the real estate
sector: The domestic real estate sector has several regional
players. The government's low interest rate regime and increasing
demand, owing to higher disposable income of customers, led to
robust growth post 2001. However, the segment was adversely hit in
2008, due to the global economic slowdown, uncertainty over incomes
of individuals, and anticipation of further correction in real
estate prices.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' extensive experience in executing projects related to
residential and commercial real estate and townships should
continue to support the business.

Liquidity

Liquidity is poor as reflected in the low booking advances received
owing to the initial stage of Phase 2 project. With the first set
of advances coming in from July, 2019, flow of advances is expected
to increase. The flow of advances and its impact on cash buffer
ratio will remain a key rating sensitivity factor over the medium
term.

Outlook: Stable

CRISIL believes JKA will continue to benefit from the extensive
experience of its promoters in the real estate industry.

Upside scenario:
* Significant improvement in cash buffer of over 1.2 times,
supported by substantially higher-than-anticipated cash flows
* Faster-than-expected project completion

Downside scenario:
* Availing of more-than-expected debt leading to cash buffer
dropping to below 1 time
* Further delays or cost overrun in second phase of the project
* Weakening of debt protection metrics on account of
lower-than-expected receipt of advances.

JKA was set up as a joint venture in August 2005, by the Mittal and
Wadia groups with a 30:70 shareholding. The JV is currently
developing a township, Green Wood City, comprising residential,
commercial, and group housing plots at Sonepat (Sectors 26 and 27).
Mr Rajendra Mittal and his son, Mr Arun Mittal, manage the
operations.


JANARDHAN INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Janardhan Industries Limited
        120, Indira Nagar
        Dehradun Uttarkhand 248001
        India

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Mr. Pramod Kumar Sharma

Interim Resolution
Professional:            Mr. Pramod Kumar Sharma
                         H.No. 16, Dasharath Kunj-B
                         West Arjun Nagar, Agra
                         Uttar Pradesh 282001
                         India
                         E-mail: pksharmafcs@gmail.com
                                 janardhan.cirp@gmail.com

Last date for
submission of claims:    September 12, 2019


JIYA AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Jiya Agro Private Limited
        17, 3rd Floor, Rampuri
        Kalkaji, South Delhi
        New Delhi 110019

Insolvency Commencement Date: August 29, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120, Shanti Nagar
                         Tri-Nagar, Delhi 110035
                         E-mail: iprakeshJ1@gmail.com

Last date for
submission of claims:    Septemebr 12, 2019


KONARK SYNTHETIC: CRISIL Assigns B Rating to INR17.05cr Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Konark Synthetic Limited (KSL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inland/Import
   Letter of Credit      3.5         CRISIL A4 (Assigned)

   Foreign Exchange
   Forward               7.0         CRISIL A4 (Assigned)

   Bank Guarantee         .45        CRISIL A4 (Assigned)

   Cash Credit          17.05        CRISIL B/Stable (Assigned)

The ratings reflect the company's small scale of operations in
intensely competitive industry, large working capital requirements
and weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of its promoters in the textile
industry and moderate capital structure.

Analytical Approach

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: The scale remains small as reflected
in topline of INR78.20 crore in fiscal 2019, which has declined
steadily in last four fiscals. Intense competition because of the
presence of a large number of players and limited product
differentiation restrict the ability to scale up operations.

* Large working capital requirement: The working capital-intensive
operations are reflected in gross current assets of 248 days as on
March 31, 2019, due to large receivable days of 148 days and
inventory of 105 days. This leads to high utilization of bank
lines.

* Weak debt protection metrics: Debt protection metrics are modest
with interest coverage and net cash accrual to adjusted debt ratios
of 1.24 times and 0.02 time, respectively, in fiscal 2019.

Strengths:

* Extensive experience of the promoters: Promoters' experience of
over 3 decades in textile industry, their understanding of the
dynamics of the market, and establish relationships with suppliers
and customers should continue to support the business.

* Average financial risk profile: Gearing and total outside
liabilities to adjusted net worth ratios were moderate at 1.98
times and 2.5 times respectively, and net worth was moderate at
INR27.09 crore as on March 31, 2019.

Liquidity

Liquidity is moderate. Cash accruals, expected at INR2-2.5 crore in
fiscals 2020 and 2021, respectively, and should comfortably cover
annual debt obligations of INR1.2 crore. Cash and cash equivalents
were INR1.19 crore as on March 31, 2019. Fund-based limit of INR10
crore was fully utilized over the 12 months through June 2019.

Outlook: Stable

CRISIL believes KSL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability, improves cash
accrual and financial risk profile. The outlook may be revised to
'Negative' if decline in revenue or profitability, or stretch in
working capital cycle, or any debt-funded capital expenditure
weakens financial risk profile, especially liquidity.

Incorporated in 1984, KSL manufactures specialty yarn and fabrics,
trades processed fabric and also undertakes job work for ready-made
garments. Promoted by Mr Prakash Dalmia and Mr Ram Tibrewala, the
company has three facilities - yarn unit in Silvassa, fabric unit
in Sarigram (Gujarat) and the garment manufacturing unit in
Bengaluru.


KVR SALES: CRISIL Assigns B+ Ratings to INR30cr Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of KVR Sales Corporation (KSC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Demand Loan            16.5       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     11.0       CRISIL B+/Stable (Assigned)

   Cash Credit             1         CRISIL B+/Stable (Assigned)

   Drop Line Overdraft
   Facility                1.5       CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations,
vulnerability of operating margin to fluctuations in foreign
exchange (forex) rates, and average financial risk profile marked
by moderate capital structure and weak debt protection metrics.
These weaknesses are partially offset by proprietor's extensive
experience.

Analytical Approach

Out of the total unsecured loans of INR17.5 crore, INR7.5 crore
have been treated as 75% equity and 25% debt as these are expected
to remain in business over the medium term, while the remaining
INR10 crore have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability of operating margin to fluctuations in raw material
prices and forex rates: Profit margin depends heavily on steel
prices. On account of variation in input rates, operating margin
has remained volatile. Profitability is also linked to the fortunes
of the inherently cyclical steel industry, which has strong
correlation with overall growth in gross domestic product.
Furthermore, since majority of procurement comes from the
international market, any sharp fluctuation in forex rates affects
procurement cost and accrual in the absence of a definitive hedging
policy.

* Average financial risk profile: Gearing and total outside
liabilities to tangible networth ratio were moderate at 2.18 times
and 1.82 times, respectively, as on March 31, 2019. Debt protection
metrics were subdued, with estimated interest coverage and net cash
accrual to adjusted debt ratios of 1.03 times and 0.01 time,
respectively, for fiscal 2019.

* Modest scale of operations: Despite year-on-year improvement in
revenue to INR76.23 crore in fiscal 2019 from INR55.02 crore, scale
remains small in the intensely competitive steel trading business.
This limits operating flexibility.

Strength:

* Extensive experience of proprietor: Presence of over 10 years in
trading steel products has enabled the proprietor to understand
market dynamics and establish healthy relationship with suppliers
and customers.

Liquidity

Liquidity is stretched, with expected modest net cash accrual of
INR0.50-0.70 crore in fiscals 2020 and 2021; however, the firm does
not have any term debt obligation. Bank limit is fully utilised,
with KSC availing ad-hoc limit, when required.

Outlook: Stable

CRISIL believes KSC will continue to benefit from experience of
management in mitigating the inherent risk in the trading business.
The outlook may be revised to 'Positive' if steady revenue growth
and sustenance of profitability improve financial risk profile. The
outlook may be revised to 'Negative' if business is stagnant due to
weak demand, or if stretch in receivables or pile-up of inventory
adversely affects liquidity.

KSC was set up in 2010 in Panvel, Maharashtra, as a proprietorship
firm by Mr Vimal Kumar Chaudhary. The firm trades secondary steel
coils and sheets.


LAKHANI RUBBER: CRISIL Lowers Rating on INR8.5cr Cash Loan to B-
----------------------------------------------------------------
Due to inadequate information CRISIL, in line with SEBI guidelines
had migrated the ratings of Lakhani Rubber Works (LRW; a part of
the Lakhani group) to 'CRISIL D/CRISIL D Issuer Not Cooperating on
March 28, 2019'. However, the group has subsequently started
sharing requisite information required for carrying out
comprehensive review of the ratings. Consequently, CRISIL has
migrated its ratings on the bank facilities of LSAPL to 'CRISIL
B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D Issuer Not
Cooperating'

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

   Bill Purchase-           6        CRISIL A4 (Migrated from
   Discounting                       'CRISIL D ISSUER NOT
   Facility                          COOPERATING')

   Cash Credit              8.5      CRISIL B-/Stable (Migrated
                                     from 'CRISIL D ISSUER NOT
                                     COOPERATING')

   Letter of Credit        10        CRISIL A4 (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       5.28     CRISIL B-/Stable (Migrated
   Bank Loan Facility                from 'CRISIL D ISSUER NOT
                                     COOPERATING')

   Term Loan                1.37     CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL has withdrawn its rating on LRW's term loan of INR1.37 crore
following the receipt of no dues certificate from the bank. The
withdrawal is in line with CRISIL's withdrawal policy.

The ratings reflect the Lakhani group's large working capital
requirement, modest financial risk profile, and average operating
efficiencies. These weaknesses are partially offset by an
established position in the footwear industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Footwear Pvt Ltd, Lakhani Shoes
and Apparels Pvt Ltd, Lakhani Rubber Products Pvt Ltd, and LRW.
This is because these entities, collectively referred to as the
Lakhani group, are in the same business, and have common promoters,
senior management, procurement, marketing, and finance functions.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term. Gross
current assets were sizeable at 277 days as on March 31, 2019,
driven by large inventory and substantial receivables of 116 days
and 143 days, respectively. Financial flexibility is expected to
remain constrained over the medium term following the high working
capital requirement.

* Weak Financial Risk Profile: Financial Risk profile is
constrained with interest coverage remaining below 2 times over the
years. While the capital structure is supported by gearing
remaining below 1 time at March 2019, the net cash accruals to
total debt stood at 0.13 time during fiscal 2019. The financial
risk profile further remains constrained by the extensive working
capital requirement.

* Average operating efficiencies: The operating margin declined to
8.6% in fiscal 2019 from 10.5% in fiscal 2017 due to the increase
in the price of the raw materials, along with the limited
bargaining power of the company to pass on the increasing prices to
its customers. The footwear industry is highly competitive in
nature, which limits the ability of player to increase the prices
of its products in line with increasing raw material prices.

Strength

* Established market position: The Lakhani group, which began
operations by manufacturing hawai chappals, gradually diversified
into beach slippers, sandals, sports shoes, canvas shoes, and
leather shoes. Further, the group has strong relationships with
reputed brands such as Adidas and Maruti Suzuki for which it
manufactures sports shoes and auto rubber components,
respectively.

Benefits from the promoters' experience of around four decades
along with the group's multi-location production facilities and
strong market position should continue to support the business.

Liquidity

Liquidity should remain constrained by the large working capital
requirement as is reflected by the gross current assets of 277 days
during fiscal 2019. The bank limits utilisation remains close to
100%, while the cash & its equivalents remained at INR8 crores by
the end of fiscal 2019. The net cash accruals remained moderate at
INR20 crores, and are expected to continue at a similar level going
forward. The capex for the fiscal 2020 and 2021, largely towards
maintenance of the existing plant and machinery.

Outlook: Stable

CRISIL believes the Lakhani group will continue to benefit from an
established market position; however, the financial risk profile
will remain constrained by the large working capital requirement

Upside scenarios:

* Efficient working capital management
* Above-average profitability

Downside scenarios:

* Stretched liquidity, resulting in over-utilisation of cash credit
limit
* Steep decline in profits owing to rise in the price of raw
materials

The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses for the past four
decades. Between fiscals 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. The company has
production facilities comprising two units in Faridabad (Haryana),
one in Haridwar (Uttarakhand), and one in Dhar (Madhya Pradesh).


MARG LTD: Has Until Sept. 12 to Submit Revised Resolution Plan
--------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) directed GRK Reddy, the promoter of Chennai-based
infrastructure developer Marg Ltd., to submit a revised resolution
plan to creditors by Sept. 12 to bring the company out of
insolvency proceedings.

A three-member NCLAT bench headed by Chairperson Justice SJ
Mukhopadhaya said it would not grant any further time and failing
to which it would proceed ahead in the insolvency matter, the
report relates.

BloombergQuint says the NCLAT also directed the Committee of
Creditors to consider and decide over the revised resolution plan
by Sept. 26.

According to BloombergQuint, the appellate tribunal also said the
CoC would ensure that "no discrimination is made between equally
situated financial creditors, operational creditors and creditors"
of the company.

"If no revised proposal equating all the financial creditors and
operational creditors is submitted by Sept. 12, this appellate
tribunal will not allow further time to the appellant (GRK Reddy)
and will proceed in the matter on merit," the bench said.

The NCLAT has also asked the resolution professional of Marg to
file a status report of the company by Sept. 27. It has directed to
post the matter on Sept. 30, adds BloombergQuint.

During the proceedings, the NCLAT was informed that a new revised
resolution plan under Section 12A of IBC is under consideration
before the CoC, the report relays.

Section 12A of the Insolvency and Bankruptcy Code allows corporate
debtor to settle its defaults and get the company out of insolvency
proceedings after settling the claims of lenders after getting 90
percent votes of the CoC, BloombergQuint notes.

Earlier, the Chennai-bench of the National Company Law Tribunal
(NCLT) had allowed the insolvency plea filed by leading private
sector lender ICICI in May this year, which has been challenged by
the promoter before the NCLAT, according to BloombergQuint.

During the last hearing of the NCLAT on Aug. 7, counsel appearing
on behalf of ICICI Bank had submitted that settlement though
reached, but amount is yet to be paid by the promoters,
BloombergQuint adds.

Marg Ltd commenced insolvency proceedings on May 28, 2019.


NATIONAL SEWING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. The National Sewing Thread Company Limited
        11, Venugopala Pillai Road
        Chidambaram 608001
        Tamilnadu

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Special Bench, Chennai

Estimated date of closure of
insolvency resolution process: February 23, 2020

Insolvency professional: V. Duraisamy

Interim Resolution
Professional:            V. Duraisamy
                         22G/207, Vishal Villa Apts
                         Periyarnagar, Karur 639002
                         Mobile: 9962059300
                         E-mail: karurdurai.samy@gmail.com

                            - and –

                         No. 397, Third Floor, Precision Plaza
                         Anna Salai, Teynampet
                         Chennai 600018
                         E-mail: irpnationalsewingco@gmail.com

Last date for
submission of claims:    September 14, 2019


NILSHIKHAA INFRA: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nilshikhaa Infra
India Limited's (NIIL) Long-Term Issuer Rating at 'IND BB+' and
withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR50 mil. Fund-based limits
     affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR340 mil. Non-fund based**
     affirmed and withdrawn.

Affirmed at 'IND BB+'/Stable before being withdrawn

Affirmed at 'IND A4+' before being withdrawn

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

KEY RATING DRIVERS

The affirmation reflects NIIL's continued medium scale of
operation. Revenue increased to INR1,635.58 million, according to
the provisional financials of FY19 (FY18: INR1,035.29 million), due
to increased order book.

Credit metrics are comfortable with interest coverage (EBITDA/gross
interest) of 5.38x in FY19 (FY18: 3.84x) and net leverage (net
debt/EBITDA) of 1.57x (1.19x). The improvement in the interest
coverage was due to a rise in absolute EBIDTA and the marginal
deterioration in the net leverage was due to a rise in total debt.

Liquidity Indicator - Poor: The company's liquid cash and cash
equivalents were INR14.95 million in FY19 (FY18: INR46.72 million)
against the total outstanding debt of INR290.54million (INR119.58
million). The average use of the company's fund-based facility in
the 12 months ended in July 2019 was 96.25%. Cash flow from
operations turned negative at INR133.16 million in FY19 (FY18:
INR140.84 million).

The ratings, however, are supported by a rise in the company's
healthy EBITDA margin to 10.70% in FY19 (FY18: 5.94%) due to a
decline in production and personnel expense. The return on capital
employed was 34.07% in FY19 (FY18: 21.79%).

COMPANY PROFILE

NIIL was incorporated in 2013 as a partnership firm. It undertakes
engineering, procurement and construction contracts for rural
electrification. In August 2016, it was converted into a closely
held limited company.

NIRMAL SAGAR: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Nirmal
Sagar Enterprises (NSE) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

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

   Inland/Import          1       CRISIL A4 (ISSUER NOT
   Letter of Credit               COOPERATING; Rating Withdrawn)

   Term Loan              1.5     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

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

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 NSE. This restricts CRISIL's
ability to take a forward NSE 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 NSE
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of NSE 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.

NSE is a partnership firm promoted in 2009 by Ludhiana,
Punjab-based Mr. Sushant Jhamb and family. It manufactures various
types of fabrics majorly used in sportswear, shoes, horse rugs,
mesh chair, upholstery fabrics, blankets and high visibility
fabrics. The firm's manufacturing unit is in Ludhiana.


ONEWORLD SOURCING: CRISIL Moves 'D' Debt Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Oneworld
Sourcing (OS; part of Oneworld group) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             66        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Term Loan               12        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with OS for obtaining
information through letters and emails dated May 20, 2019 and June
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 OS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OS 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 OS to 'CRISIL D Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OS, Oneworld Creations Private Limited
(OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail
Private Limited (ORPL), Ultimo Fabrics Private Limited (UFPL),
Worldstar Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL),
Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP
(WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This
is because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.


ORBIT ELECTROMECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Orbit Electromech India Private Limited
        Orbit Industries, Plot No. L-45
        MIDC, Waluj
        Aurangabad 431133 (Maharashtra)

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 22, 2020
                               (180 days from commencement)

Insolvency professional: Amit Chandrashekhar Poddar

Interim Resolution
Professional:            Amit Chandrashekhar Poddar
                         'AKSHAT', 7
                         Vijay Nagar, Katol Road
                         Opp. NCC Office
                         Nagpur 440013
                         E-mail: amitpoddar.ca@gmail.com

                            - and -

                         Meera Apartments, 3rd Floor
                         Above Durva Restaurant
                         Opp. Yeshwant Stadium
                         Dhantoli, Nagpur 440012
                         E-mail: cirp.orbit@gmail.com

Last date for
submission of claims:    September 9, 2019


PAWAN CASTINGS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pawan Castings
Meghalaya Private Limited's (PCMPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR6.942 mil. (decreased from INR10 mil.) Long-term loan due
     on December 2023 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects PCMPL's continued medium scale of
operations, as indicated by revenue of INR1,566.30 million in FY19
(FY18: INR1,075.71 million). The revenue rose due to an increase in
orders. The absolute EBITDA increased to INR45.05 million in FY19
(FY18: INR41.75 million) due to higher sales realizations. The
figures for FY19 are provisional.

The ratings reflect the moderate credit metrics, with interest
coverage ratio (operating EBITDA/gross interest expenses) of 2.9x
in FY19 (FY18: 2.0x) and net leverage (total adjusted net
debt/operating EBITDA) of 4.6x (4.4x). The interest coverage
improved due to an increase in the absolute EBITDA, while the net
leverage deteriorated due to a rise in net borrowings.  

The ratings take into consideration PCMPL's modest EBITDA margins
owing to the intense competition from unorganized players.  The
margin declined to 2.9% in FY19 from 3.9% in FY18 due to an
increase in the cost of raw material. The return on capital
employed was 6% in FY19 (FY18: 7%).

PCMPL's liquidity position is stretched, as indicated by 99.2%
average peak utilization of fund-based facilities during the 12
months ended July 2019. The networking capital cycle improved to 51
days in FY19 (FY18: 60 days) due to an improvement in receivable
days. Despite this, the cash flow from operations turned negative
at INR23.51 million (FY18: INR2.18million) owing to an increase in
working capital requirements. The cash balance stood at INR8.56
million at end-FY19 (end-FY18: INR5.20 million), against the total
outstanding debt of INR195.43 million (FY18: INR195.90 million).
The company has not planned any major CAPEX for FY20 and FY21.

The ratings, however, are supported by the founder's experience of
over a decade in the manufacturing and casting of mild steel
billets.

RATING SENSITIVITIES

Negative: A sustained deterioration in the credit metrics and
worsening of the liquidity profile may lead to a negative rating
action

Positive: A sustained improvement in the credit metrics and
improvement in liquidity may lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2001, PCMPL manufactures thermo-mechanically
treated bars. The company's plant is located at Burnihat, Meghalaya
and has an annual installed capacity of 54,000 metric tons. The
plant is operating at 57% capacity.


PRIME RETAIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Prime Retail India Limited
        1/1, Camac Street (a.k.a.8/1, Middleton Row, Kol-71)
        5th floor, Shree Manjari Building, Suite no. 07
        Kolkata 700016

Insolvency Commencement Date: August 27, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 23, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Kamalesh Kumar Singhania

Interim Resolution
Professional:            Mr. Kamalesh Kumar Singhania
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: info@avipgroup.co.in
                                 cirp.primeretail@gmail.com

Last date for
submission of claims:    September 10, 2019


PRIUS COMMERCIAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Prius Commercial Projects Private Limited
        Registered and Corporate office:
        D-3, District Centre
        Saket, New Delhi
        South Delhi 110017

Insolvency Commencement Date: August 9, 2019

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

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

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12
                         Dwarka, New Delhi 110078
                         E-mail: khandelwalmahendar2@gmail.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot # Y-14, Block EP
                         Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.pc@in.pwc.com
                                 ip.m.pc@in.pwc.com

Last date for
submission of claims:    September 11, 2019


PSK ENGINEERING: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded PSK Engineering
Construction & Co's (PSKEC) Long-Term Issuer Rating to 'IND BB-'
from 'IND D' while simultaneously withdrawing the rating. The
Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR500 mil. Fund-based limit
     upgraded and withdrawn;

-- The 'IND A4+' rating on the INR500 mil. Non-fund-based limit
     upgraded and withdrawn;

-- INR100 mil. Proposed fund-based limit withdrawn (the company
     did not proceed with the instrument as envisaged); and

-- INR300 mil. Proposed non-fund-based limit withdrawn (the
     company did not proceed with the instrument as envisaged).

Upgraded to 'IND BB-'/Stable 'IND A4+' before being withdrawn

Upgraded to 'IND A4+' before being withdrawn

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

KEY RATING DRIVERS

The upgrade reflects PSKEC's timely debt servicing during the three
months ended July 2019. During April 2019, the Income Tax
Department conducted search and seizure on various offices of the
firm, which led to the freezing of accounts for a period of one
week and the consequent delay in payment of equipment loans, which
were regularized upon unfreezing of accounts.

However, the firm's liquidity remains stretched with about 96.9%
average peak utilization of its fund-based limits during the 12
months ended in August 2019. Its cash flow from operations turned
negative to INR49 million in FY19 (FY18: INR27 million), owing to
incremental working capital requirements for executing increased
orders. It had INR170 million of cash and cash equivalents at FYE19
(FYE18: INR95 million). PSKEC's cash conversion cycle, although
modest, improved to 55 days in FY19 (FY18: 73 days) owing to the
reduction in debtors days. FY19 financials are provisional in
nature.

The ratings also remain constrained by PSKEC's partnership nature
of organization and exposure to geographical concentration risk as
its operations are largely concentrated in and around Tamil Nadu.

The ratings also factor in PSKEC's medium scale of operations as
indicated by revenue of INR3,400 million (FY18: INR2,232 million).
The growth in revenue was on account of an increase in the number
of orders executed. As of July, the firm had an order book of
INR6,815.8 million, providing strong revenue visibility.

However, the ratings continue to benefit from the firm's healthy
EBITDA margin, despite a decline to 9.7% in FY19 (FY18: 11.2%),
resulting from competitive bidding of a project and subcontracting
of a portion of work undertaken outside Tamil Nadu. The firm's
return on capital employed was 25% in FY19 (FY18: 25%).

The ratings remain supported by PSKEC's comfortable credit metrics
as indicated by net adjusted leverage (net debt/operating EBITDA)
of 1.1x in FY19 (FY18: 1.5x) and EBITDA interest coverage
(operating EBITDA/gross interest expense) of 5.3x (5.7x). The
improvement in credit metrics was attributed to an increase in
operating EBITDA to INR331 million in FY19 (FY18: INR250.8
million).

The ratings also benefit from PSKEC's promoters' over four decades
of experience in the construction industry, leading to established
relationships with customers and suppliers.

COMPANY PROFILE

Registered in 1976, PSKEC is a Tamil Nadu-based partnership firm
engaged in the construction of government buildings and related
projects. PSK group was founded by Dr Periyasamy.


RADHA V COMPANY: CRISIL Withdraws 'B' Rating on INR2cr Cash Loan
----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Radha V
Company (RVC) 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
   ----------       -----------    -------
   Bank Guarantee        3.44      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           2         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Key Loan              0.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term     .06      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RVC 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 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 RVC. This restricts CRISIL's
ability to take a forward RVC 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 RVC
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of RVC 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.

Established in 1965 in Vashi, Maharashtra, as a proprietorship firm
by Mr Biharilal Ghura, RVC trades in spices such as cloves, black
pepper, coriander seeds, and star anise; and also dry fruits and
dates.


RAJ CONTINENTAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Raj Continental Hotels Private Limited
        B.K. Road Banamalipur, Agartala
        Tripura 799001

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 26, 2020

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com

Last date for
submission of claims:    September 14, 2019


RAJARSHI MOTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Rajarshi Motors Private Limited
        B.K. Road Banamalipur, Agartala
        Tripura 799001

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 26, 2020

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com

Last date for
submission of claims:    September 14, 2019


REHAN WINE: CRISIL Assigns 'C' Rating to INR11cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facility of Rehan Wine (REW).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             11        CRISIL C (Assigned)

The rating reflects REW's stretched liquidity, modest scale of
operations, and a highly leveraged capital structure. These
weaknesses are partially offset by the experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: The cash credit limit has been overutilised
at an average of 102% during the 12 months through July 2019.
Moreover, there was an instance of continuous overutilisation for
more than 30 days in April 2019.

* Modest scale of operations: Intense competition and the trading
nature of the business may continue to constrain scalability,
pricing power, and profitability.

* Highly leveraged capital structure: Total outside liabilities to
tangible networth ratio has been high estimated at around 6 times
for the three fiscals ended March 31, 2019.

Strength

* Experience of the proprietor: Benefits from the proprietor's
experience of over five years, his strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Liquidity

Liquidity is likely to remain stretched. The cash credit limit has
been continuously overutilised for more than 30 days in April
2019.

REW was set in 2015 by the proprietor, Mr Sumit Doda. The firm is a
wholesale distributor for beer, Indian-made foreign liquor, country
liquor, and wine products in Abohar (Punjab).


RMOL ENGINEERING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: RMOL Engineering And Offshore Limited
        (Formerly known as Reliance Marine and Offshore Limited)
        Survey No. 658, Village Rampara-II
        TalukaRajula, Amreli District
        PIN 365560

           - and -

        Village Lunsapur, TalukaJafrabad
        Amreli District, PIN 365540 Gujarat

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel 410206
                         RaigadZilla, Maharashtra
                         E-mail: gopi63.ip@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors LLP
                         1507-B Wing, One BKC
                         Plot No. C-66, G Block
                         BandraKurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: rmol@kanchansobha.com

Last date for
submission of claims:    September 15, 2019


ROOP RAM: CRISIL Lowers Ratings on INR30cr Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Roop Ram Industries Private Limited (RRIPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          28        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       2        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')


The downgrade reflects delay of 2-6 days, by the company, in making
interest payment on term debt, over the past six months.

The rating also reflects delay in commercial operations, exposure
to regulatory risk and dependence on favourable climatic conditions
for power generation. The above strengths are partially offset by
power purchase agreements (PPAs) that the company has already
entered into and the funding support from promoters.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: There have been delays of 2-6 days, in
payment of interest on term debt, seen during the past six months.

Weakness:
* Exposure to regulatory risk, and dependence on favourable
climatic conditions: Commercial operations are expected to commence
in October 2019. Although the project is situated at Sirsa, Haryana
nearby the Rajasthan border, which is a healthy plant load factor
(PLF) generation zone, sustenance will be a challenge, due to
dependence on favourable climatic conditions. Additionally,
performance of the plant is yet to be seen.

Strengths:
* Revenue profile expected to be stable: RRIPL has entered into a
25-year PPA with a Faridabad-based metal forging plant for 3 MW of
its total installed capacity. Further, one-third of the capacity
will be used as captive, thereby assuring revenue visibility for
half of the installed capacity.

* Moderate debt service coverage ratio (DSCR) and funding support
from the promoters: DSCR is expected to be healthy at 1.22 times
over the medium term. Financial risk profile is also supported by
capital infusion made by the promoters, during the project
implementation phase.

Liquidity
Liquidity is stretched. Expected cash accrual would be insufficient
to meet the maturing debt over the medium term. Term debt repayment
will start from June 2020.

Incorporated in 2016, RRIPL, promoted by Mr Joginder Singh and Mr
Rohit Mann, is setting up a 12 MW solar power project at Sirsa,
Haryana. Commercial operations are expected to start from October
2019.


RUDRA AUTO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Rudra Auto Tech Engineering Private Limited

        Registered office:
        House No. 62, Ramji Vihar
        Dewal Chaud, Haldwani UR 263139
        IN

        Factory address:
        Plot No. 42B, Sector-5
        Opp. Bank of Baroda
        IIE-Sidcul Pantnagar
        Distt. US Nagar
        Uttarkhand 263153

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: March 1, 2020
                               (180 days from commencement)

Insolvency professional: Rakesh Singh Sengar

Interim Resolution
Professional:            Rakesh Singh Sengar
                         Bihari Bhawan Flat no. 6
                         Third Floor S P Marg
                         Civil Lines, Allahabad 211001
                         E-mail: rakeshsengar1957@gmail.com
                                 irp.rudraauto@gmail.com

Last date for
submission of claims:    September 18, 2019


SALUJA CONSTRUCTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Saluja Construction Company Limited

        Registered office:
        3 Munirka Marg, Vasant Vihar
        New Delhi 110057

        Address other than R/o where all or any books of account
        and papers are maintained:
        30 Basant Lok Vasant Vihar
        New Delhi 110057

Insolvency Commencement Date: August 29, 2019

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: February 25, 2020
                               (180 days from commencement)

Insolvency professional: Sanyam Goel

Interim Resolution
Professional:            Sanyam Goel
                         Unit No. 507, 5th Floor
                         Vipul Business Park
                         Sohna Road, Sector-48
                         Gurugram, Haryana 122018
                         E-mail: goelsanyam@gmail.com
                                 irp.saluja@gmail.com

Classes of creditors:    Real Estate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Gurvinder Singh Sarin
                         Sharma Sarin & Associates
                         Company Secretaries
                         SCO 186-187, FF Sector 17-C
                         Chandigarh, Haryana & Punjab
                         E-mail: ip41ibbi@gmail.com

                         Mr. Satyendra Sharma
                         M-3, Block No. 51
                         Anupam Plaza-ii, First Floor
                         Above Axis Bank
                         Sanjay Place, Agra
                         Uttar Pradesh 282002
                         E-mail: satyendrasirp@gmail.com

                         Ms. Babita Jain
                         35b/6 Ram Mohan Plaza, Madho Kunj
                         Master Zahurul Hasan Road
                         Allahabad, Uttar Pradesh 211002
                         E-mail: jainbabita06@gmail.com

Last date for
submission of claims:    September 13, 2019


SATYANARAYANA TRADERS: CRISIL Assigns B+ Rating to INR5.05cr Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Satyanarayana Traders - Dosapadu (SR).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Working
   Capital Facility      5.05        CRISIL B+/Stable (Assigned)

   Bank Guarantee        3.50        CRISIL A4 (Assigned)

   Cash Credit           1.45        CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations,
susceptibility to climatic conditions and volatility in raw
material prices, and a small networth. These weaknesses are
partially offset by promoters' extensive experience in the rice
milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Business risk profile is constrained
by small scale in the intensely competitive agricultural products
industry. This will continue to limit operating flexibility.

Also the firm has a small networth estimated at about INR 4.8 crore
as on March 31, 2019. A small networth leads to average financial
risk profile too.

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

Strength

* Extensive experience of promoters: Presence of over two decades
in the agriculture industry has enabled the promoters to understand
market dynamics and establish healthy relationship with suppliers
and customers. The firm also benefits from established track record
with government agencies for custom milling job work.

Liquidity

Liquidity will remain average because of modest cash accruals
however supported by low bank limit utilisation. Annual cash
accrual expected at INR0.19-0.25 crore over the medium term,
against no debt obligation. Bank limit utilisation was low,
averaging less than 10% percent for the 12 months through July
2019.

Outlook: Stable

CRISIL believes SR will continue to benefit from the extensive
experience of its promoters and established client relationship.

Upside scenario:
* Significant and sustained improvement in scale and cash
accruals.
* Efficient working capital management.

Downside scenario:
* Substantial decline in revenue, operating margin or if any large,
debt-funded capital expenditure or stretched working capital cycle
affects financial risk profile especially liquidity.

Set up in Dosapadu, Andhra Pradesh, as a partnership firm, SR is
owned and managed by Mr P TVS Prasad, Mr A Subramanyeswarao, Mr P
Basava Kutumbarao, Mr U Pundurangarao, Mr U Lakshmi Bayamma, Mr T
Sujatha, and Mr A Siakumari. The firm mills rice, bran, husk, and
broken rice.


SHRADHA APPARELS: CRISIL Withdraws 'D' Rating on INR8cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of with
Shradha Apparels Worldwide (SAW) 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
   ----------        -----------     -------
   Foreign Bill           2.5        CRISIL D (ISSUER NOT
   Negotiation                       COOPERATING; Rating
                                     Withdrawn)

   Foreign Bill           5.5        CRISIL D (ISSUER NOT
   Purchase                          COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with SAW for obtaining
information through letters and emails dated January 25, 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 SAW. This restricts CRISIL's
ability to take a forward SAW 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 SAW
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SAW 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.

SAW was set up in 2006-07 as a partnership between Mr. Mahendra
Lulla and his son Mr. Vishal Lulla. It manufactures and exports
ready-made garments under the label of its customers.


SPARKSPELL HOMES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Sparkspell Homes Private Limited
        C-56, A/13, 2nd Floor
        Sector 62, Noida
        Gautam Buddha Nagar UP 201307

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020
                               (180 days from commencement)

Insolvency professional: Mohit Maheshwari

Interim Resolution
Professional:            Mohit Maheshwari
                         M-81, Jalvayu Vihar
                         Sector 29, Faridabad 121008
                         Tel.: 9811840657
                         E-mail: maheshwari_m2000@yahoo.com

Last date for
submission of claims:    September 12, 2019


TRUMP IMPEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Trump Impex Private Limited
        301, 3rd Floor, Cello Plaza
        V.P. Road, Vile Parle (West)
        Mumbai 400056
        India

Insolvency Commencement Date: August 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rajender Kumar Girdhar

Interim Resolution
Professional:            Mr. Rajender Kumar Girdhar
                         Oshiwara Mahada Complex
                         Building No. 5
                         Aster Coop. Housing Society
                         Flat No. 2015 2nd Floor
                         New Link Road
                         Oshiwara Andheri (W)
                         Mumbai, Maharashtra 400053
                         E-mail: rkgirdhar1@yahoo.co.in

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         C-703, Marathon Innova
                         Off Ganpatrao Kadam Marg
                         Opp. Peninsula Corporate Park
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: tipl@sumedhamanagement.com

Last date for
submission of claims:    Septemeber 12, 2019


ULTIMO FABRICS: CRISIL Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ultimo Fabrics
Private Limited (UFPL; part of Oneworld group) to 'CRISIL D/CRISIL
D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            35       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit       10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          24.88    CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Term Loan               9.12    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UFPL for obtaining
information through letters and emails dated May 20, 2019 and June
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 UFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UFPL 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 UFPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

UFPL (Formally known as Oneworld Retail division and converted into
Private Limited Company with effect to March 2016) incorporated on
October 2015.


VALLABH TEXTILES: CRISIL Cuts Rating on INR118.78cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vallabh
Textiles Company Limited (VTCL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'. This is because the petition filed by the bank for
initiating the insolvency resolution process against VTCL has been
accepted by National Company Law Tribunal (NCLT) and an Interim
Resolution Professional (IRP) has been appointed for the company.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             80        CRISIL D (ISSUER NOT  
                                     COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Letter of Credit         5.25     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       5.97     CRISIL D (ISSUER NOT  
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              118.78     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with VTCL for obtaining
information through letters and emails dated March 30, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using ratings 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 entity'.

Detailed Rationale

Despite repeated attempts to engage with VTCL's management, CRISIL
is yet to receive information on either the financial performance
or strategic intent of VTCL. This restricts CRISIL's ability to
take a forward-looking view on the VTCL's credit quality. CRISIL
believes information available on VTCL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information.'

CRISIL has downgraded its ratings on the bank facilities of VTCL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'. This is because the
petition filed by the bank for initiating the insolvency resolution
process against VTCL has been accepted by National Company Law
Tribunal (NCLT) and an Interim Resolution Professional (IRP) has
been appointed for the company.

VTCL, incorporated in June 2002, manufactures terry towels and bath
robes. The company is part of the Vallabh group, founded by Mr
Kapil Jain in 1981.


WIANXX IMPEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Wianxx Impex Private Limited
        Suite#4, 502, 5th Floor
        Sahyog Building-58, Nehru Place
        New Delhi 110019

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: February 18, 2020

Insolvency professional: Mr. Gopal Lal Baser

Interim Resolution
Professional:            Mr. Gopal Lal Baser
                         House No. M 356, First Floor
                         Orchid Island, Sector 51
                         Gurgaon, Haryana 122001
                         E-mail: gopal.baser1972@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         The Close South, Sector-50
                         Gurgaon, Haryana 122018
                         E-mail: cirp.wianxximpex@gmail.com

Classes of creditors:    Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Brij Nandan Kalra
                         Mr. Anurag Nirbahaya
                         Mr. Anil Tayal      

Last date for
submission of claims:    September 13, 2019


YOUNG MIND: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Young Mind Restaurant Private Limited
        9A, Second Floor, Right Side Hauz Khas Village
        Delhi, New Delhi 110016

Insolvency Commencement Date: July 18, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sanjay Sahni

Interim Resolution
Professional:            Sanjay Sahni
                         G-11/3, Ground Floor, Malviya Nagar
                         New Delhi 110017
                         E-mail: casanjaysahni@gmail.com
                                 cirpyoungmind@gmail.com

Last date for
submission of claims:    September 16, 2019




=========
J A P A N
=========

HITACHI ZOSEN: Egan-Jones Lowers Senior Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on August 30, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hitachi Zosen Corporation to BB+ from BBB-.

Headquartered in Osaka, Osaka Prefecture, Japan, Hitachi Zosen
Corporation is a major Japanese industrial and engineering
corporation. It produces waste treatment plants, industrial plants,
precision machinery, industrial machinery, steel mill process
equipment, steel structures, construction machinery, tunneling
machines, and power plants.



L-MAP ONE: Fitch Affirms BBsf Rating on JPY41MM Class E Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on two classes of notes
issued by L-MAP One Funding Limited to Negative from Stable and
affirmed the ratings. Fitch has also affirmed the ratings of all
notes issued by Leopard Two Funding Limited with a Stable Outlook.
The transactions are securitisations of fully amortising mortgage
loans backed by multi-family apartment properties located
throughout Japan. The underlying properties of the transactions
were developed by Leopalace 21 Corporation (Leopalace), which also
manages them.

The Outlook was revised for L-MAP One to reflect a possible
deterioration of intrinsic cash flows from the properties due to
prolonged construction issues and a further deterioration in the
vacancy rate while the build-up of credit enhancement (CE) is
limited.

The rating actions are as follows:

L-MAP One Funding Limited (L-MAP One)

  JPY4,661.2 million Class A notes affirmed at 'AAAsf';
  Outlook revised to Negative from Stable

  JPY238.2 million Class B notes affirmed at 'AAsf';
  Outlook revised to Negative from Stable

Leopard Two Funding Limited (Leopard Two)

  JPY1,196.8 million Class A-1 notes affirmed at 'AAAsf';
  Outlook Stable

  JPY1,196.8 million Class A-2 notes affirmed at 'AAAsf';
  Outlook Stable

  JPY520 million Class B notes affirmed at 'AAsf'; Outlook Stable

  JPY520 million Class C notes affirmed at 'Asf'; Outlook Stable

  JPY540 million Class D notes affirmed at 'BBsf'; Outlook Stable

  JPY41 million Class E notes affirmed at 'BBsf'; Outlook Stable

All tranche balances are as of 5 September 2019.

KEY RATING DRIVERS

Deterioration of Property Performance: After Leopalace's
announcement on the construction defects in its properties in May
2018, the vacancy rates increased, especially in seven product
lines, which were subject to a priority investigation over the
cause. Data released by Leopalace showed the vacancy rate of the
properties of the seven product lines was 40.8% at end-June 2019.
Fitch has assumed that the reason for the high vacancy is the
suspension of leasing activities for the properties in order to
complete the investigation and repair work.

Leopalace also announced at end-July 2019 that the completion of
the investigation into all of its properties and the repair work on
the seven product lines have been postponed to October 2019 and
June 2020, respectively, from the initial deadline of June 2019 and
before the summer of 2019. The schedule for the repair work on the
other product lines will be announced in October 2019 after the
completion of the investigation.

The properties' performance has been deteriorating in both
transactions but the vacancy rates have been increasing at a faster
pace in L-MAP One as it has a larger proportion of the seven
product lines than Leopard Two. The proportion of the seven product
lines in the underlying property pool was 48% in L-MAP One and 26%
in Leopard Two at end-July 2019. Fitch has not yet received any
information about the results of the investigation and the progress
of the repair work on the properties of both transactions.

Fitch expects the performance of the properties of the seven
product lines to recover and stabilise after the completion of the
repair work. However, prolonged construction issues and further
deterioration of the vacancy at the properties may have a negative
impact on the leasing of the properties and cause a deterioration
of intrinsic cash flows from the properties.

Less CE Buffer in L-MAP One: L-MAP One has a lower CE buffer than
Leopard Two due to its target CE structure, where CE is capped at
2x of the initial CE. The current CE is sufficient to support the
ratings, but further deterioration of the underlying properties'
performance may have an impact on the ratings of the notes.
Therefore, Fitch revised the Outlook on the notes of L-MAP One to
Negative from Stable.

The affirmation of the notes of Leopard Two reflects improvement in
CE levels due to its sequential repayment structure. Fitch believes
these notes have sufficient cushion for their current ratings even
if the underlying properties' performance deteriorates.

Stable Loan Performance: Stable economic conditions, a low interest
rate environment and the master lease structure in place have
resulted in stable loan performance since the closing of the
transactions. There have only been three defaults to date and the
cumulative loss rate is very limited. No new default has occurred
since the previous review. Deterioration of cash flow in the
underlying properties due to the construction issue will not have a
direct impact on the loan performance by the master lease
structure, although Fitch does not consider the master lease in the
analysis.

Alternative Loss Considerations: The number of loans has declined
significantly from the closing in both transactions due to high
prepayments over the past several years. Prepayments are slowing,
but Fitch considers potential small-pool risk as well as ageing of
the underlying properties, which lead us to assume greater
performance volatility in underlying loans in stress scenarios.

Sufficient Liquidity Reserve: Fitch continues to believe both
transactions have available cash reserves to address liquidity risk
although their advance agents have yet to be replaced, as
stipulated under their transaction documents.

RATING SENSITIVITIES

An unexpected increase in the delinquency or default rates may lead
to higher loss assumptions, which may, in turn, affect the ratings
of the notes. However, the 'AAAsf' ratings on the class A-1 and A-2
notes of Leopard Two can be supported even if assumed property cash
flows decline from the agency's initial assumptions by 47%. As the
CE has sufficiently increased in Leopard Two since closing, Fitch
does not expect the notes' ratings to be affected by the
construction issue unless there are unexpected findings.

L-MAP One's rated notes could be downgraded if the continued high
vacancy causes deterioration in the intrinsic cash flow from the
properties where the CE build-up is limited.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the underlying
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the underlying pools or conducted a
review of loan origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying pools ahead of the transactions' initial closing.
The subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the underlying
pool information relied upon for its rating analysis was adequately
reliable.

Overall, Fitch's assessment of the underlying pool information
relied upon for the agency's rating analysis according to its
applicable rating methodologies indicates that it is adequately
reliable.


TOSHIBA CORP: Moody's Affirms B1 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Japan K.K. has affirmed Toshiba Corporation's B1 corporate
family and senior unsecured ratings, as well as its Not Prime
commercial paper rating.

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

RATINGS RATIONALE

"The change in outlook to negative reflects Toshiba's dwindling
cash balance due to unexpected cash outlays, as well as increasing
uncertainty over its ability to turn around its profit," says
Masako Kuwahara, a Moody's Vice President and Senior Analyst.

Moody's forecasts that Toshiba has sufficient cash to cover the
negative free cash flow and planned share buybacks at least over
the next 12 months, but after that, it would need external funding
to supplement its depleting cash balance. Toshiba had JPY1.1
trillion in cash on hand as of June 2019, which Moody's estimates
will fall to JPY300 billion as of the end of fiscal year ending
March 2020.

In the fiscal year ending March 2020, Toshiba expects to post
negative free cash flow of JPY410 billion, along with negative cash
flow from operations of JPY240 billion, due to depressed earnings
from its diminished operations and large extraordinary cash outlays
related to its restructuring. At the same time, the company is
accelerating its capital spending to around JPY170 billion to grow
earnings from its businesses, which operate in mature markets with
limited growth prospects. This fiscal year, it also expects to
repurchase JPY300 billion of shares. Further, assuming similar
level of dividend payout as the previous year, approximately JPY20
billion in dividends will be paid.

Toshiba is aiming to achieve JPY140 billion of operating profit and
a 4.1% operating profit margin by the fiscal year ending March 2020
(fiscal 2019), compared to JPY35.4 billion and 1.0% in fiscal 2018.
Moody's believes this plan will be difficult to execute, given the
unfavorable environment for the thermal generation business and
losses in its system LSI business. Although Toshiba is
restructuring to cut costs and optimize its operations, these
efforts will likely only have a marginal impact on profit in the
near term.

In terms of environmental risks, Toshiba's core energy systems
business is facing a secular decline in demand from the power
sector, which is transitioning away from thermal electric
generation. The decline in orders for turbines has resulted in
segment losses and has lowered the company's overall profit.

Governance is a material consideration for Toshiba. The company
reformed its corporate governance framework in 2015 after an
accounting scandal that drove it into financial distress. The
company is also exposed to shareholder activism risk, with hedge
funds accounting for over half of its shareholders. Moody's
assessment of Toshiba's financial policy is constrained by the
shareholder-return orientation this shareholder structure can
promote, as observed by its large share repurchases and ongoing
payment of dividends despite negative free cash flow and depleting
cash balance.

The outlook could return to stable if the company secures
sufficient alternative liquidity over the next few quarters. Longer
term, an upgrade is possible if (1) Toshiba sustains its operating
profit margin above 4%; (2) its capital investments result in
increased earnings and profitability; and (3) its financial profile
improves through debt reduction.

Conversely, Toshiba's ratings could be downgraded if (1) its cash
balance depletes faster than expected before the company secures
adequate external financing; (2) its operating profit margin falls
below 2% on a sustained basis; or (3) it adopts an aggressive
financial policy that further weakens its financial profile.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2017.




===============
M A L A Y S I A
===============

APFT BHD: External Auditors Raise Going Concern Doubt
-----------------------------------------------------
Arjuna Chandran Shankar at theedgemarkets.com reports that the
external auditors of APFT Bhd have expressed doubts over the flight
training company's ability to continue as a going concern, as they
are unable to issue an opinion on the group's financial statements
for the period Feb. 1, 2018 to April 30, 2019.

theedgemarkets.com relates that in a bourse filing, the auditor
Messrs. PKF for the Practice Note 17 (PN17) company said: "As of
April 30, 2019, the group's and company's current liabilities
exceeded their current assets by MYR10,159,991 and MYR8,135,499
respectively and registered a shareholders' deficit of the group
and the company of MYR3,723,146 and MYR2,823,191. These conditions
indicates that material uncertainty exists that may cast
significant doubt on the Group's and Company's ability to continue
as going concern."

PKF added that the group's ability to continue as a going concern
is dependent on the timing and successful formulation and
implementation of its regularisation plan, as well as it [APFT]
achieving sustainable and viable operations, theedgemarkets.com
relays.

In addition, the auditor said it was unable to satisfy itself over
the group's opening balances as of Feb. 1, 2018 of MYR5.93
million.

Moreover, the group had disposed of subsidiaries between Aug 1,
2016 and Jan. 31, 2018, and the audit firm was of the view that net
liabilities of those subsidiaries amounting to MYR23.11 million,
have not been derecognised, following their disposal, according to
theedgemarkets.com.

"These net liabilities were only derecognised in the current
financial period [ending April 30, 2019], as a gain on disposal of
subsidiaries, included as other income in the statement of profit
and loss and other comprehensive income" PKF, as cited by
theedgemarkets.com, said.

As such, it was unable to determine if any adjustments were
necessary for APFT's financial performance, cash flow and financial
position for the period ending April 30, the report relays.

                       About APFT Berhad

APFT Berhad owns and operates flight education and training
academy, the Asia Pacific Flight Training Academy (APFTA), located
at Sultan Ismail Petra Airport, Pengkalan Chepa, Kota Bharu
Kelantan. APFTA is a flight education and training service
provider in Malaysia. The Company operates through two segments:
flight education and training, and mechanical works and services.
It has a fleet strength of over 30 aircrafts, and over 40 flight
and ground instructors operating out of three commercial airports
in Malaysia.

APFT was admitted into Practice Note 17 (PN17) category in January
2018 as its shareholders' equity fell below the 50% threshold.




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

DFS ASSET: Fitch Assigns BBsf Rating on SGD11.15MM Class C Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings to DFS Asset Purchase Company
Pte. Ltd.'s asset-backed fixed-rate and floating-rate notes. The
issuance consists of notes backed by credit card receivables
originated by Diners Club (Singapore) Private Limited (DCS). The
ratings are as follows:

SGD25.0 million working-capital facility (WCF) due September 2022:
'A-sf'; Outlook Stable;

SGD5.0 million standby liquidity facility (SBLF) due September
2022: 'A-sf'; Outlook Stable;

SGD100.0 million Class A1 notes due September 2024: 'A-sf'; Outlook
Stable;

SGD69.48 million Class A2 notes due September 2024: 'A-sf'; Outlook
Stable;

SGD13.38 million Class B notes due September 2024: 'BBBsf'; Outlook
Stable;

SGD11.15 million Class C notes due September 2024: 'BBsf'; Outlook
Stable;

SGD15.61 million Class D notes due September 2024: 'NRsf';

SGD13.38 million seller notes due September 2024: 'NRsf'

The amounts represent the maximum tranche size drawn allowed during
the life of transaction. The aggregate drawn amounts of the WCF,
SBLF, class A1 and A2 notes are set at 76% of the programme limit;
class B at 6%; class C at 5% and class D at 7%. The programme limit
is SGD223 million.

The ratings on the WCF, SBLF, class A1 and class A2 notes address
the timely payment of interest and ultimate payment of principal by
the legal final maturity. The ratings on the class B and class C
notes address the ultimate payment of interest and principal by the
legal final maturity.

The proceeds are used to refinance an earlier transaction with the
same pool and under the same name that closed in 2016.

The notes are issued by DFS Asset Purchase Company.

As of July 24, 2019, the total collateral pool consisted of 214,869
eligible accounts with a total eligible receivables balance of
SGD179.9 million. The transaction features a 36-month revolving
period, followed by a 24-month pass-through period. Early
amortisation events can end the revolving period and accelerate the
pass-through period, thus protecting investors against any further
deterioration in the portfolio.

KEY RATING DRIVERS

Receivables Performance and Collateral Characteristics: The ability
of the issuer to meet its payment obligations under the notes is
closely linked to the performance of the card receivable portfolio.
Fitch has analysed the credit risk of the underlying receivables
and derived the default rate, monthly payment rate and gross yield
assumptions of the portfolio. Stress tests on these assumptions and
interest rate stress were used to analyse the effect on the
transaction's cash flow.

Originator and Servicer Quality: DCS is a regular originator of
credit card receivable securitisation transactions. Fitch met with
DCS's management teams from various departments on August 7, 2019,
and a loan file review was conducted on the same date. Fitch found
DCS's underwriting and servicing capabilities sufficient.

Counterparty Risk: Counterparty risks arise when the transaction
places operational reliance on payment obligations from
counterparties or other supporting parties. The transaction has
eligibility criteria and replacement provisions for key
counterparties such as the account banks in place, which are in
line with Fitch's criteria.

Sufficient Credit Enhancement: Initial note subordination is 24%
for class A notes, 18% for class B notes and 13% for class C notes.
The transaction also benefits from a liquidity facility, which
covers over two months of senior expenses and interest of WCF and
rated notes.

Stable Macroeconomic Conditions, Asset Outlook: The stable economic
conditions in Singapore continue to support the steady performance
of the credit card sector in the country.

Rating Cap: Ratings are capped at the 'A' category, taking into
consideration the small market share and survivability of DCS in
the Singapore credit card market. The ratings are also constrained
by high sensitivity to monthly payment rates (MPR) and the exposure
to interest rate risk that makes them incompatible with a high
investment grade.

RATING SENSITIVITIES

Fitch evaluated the sensitivity of the ratings assigned to DFS
Asset Purchase Company's notes to increased weighted-average (WA)
base-case charge-offs, decreased WA base-case MPR and the
combination of stressed charge-offs and MPR over the life of the
transaction.

Rating sensitivities provide insights into the model-implied
sensitivities the transaction faces when one risk factor is
stressed, while holding others equal.

Sensitivity to increased charge-offs (25% / 50% / 75%)

WCF/SBLF/Class A1 and Class A2: A-sf / BBB+sf / BBBsf

Class B: BBB-sf / BB+sf / BBsf

Class C: BBsf / BB-sf / B+sf

Analysis showed that the ratings were more sensitive to high
stresses to MPR rates.

Sensitivity to decreased MPR (15% / 25% / 35%)

WCF/SBLF/Class A1 and Class A2: BBB+sf / BBB-sf / BBsf

Class B: BB+sf / BB-sf / Bsf

Class C: B+sf / Bsf / Below Bsf

Fitch also analysed the sensitivity to a combination of increased
default rates and decreased MPRs (25% and 15% / 50% and 25% / 75%
and 35%)

WCF/SBLF/Class A1 and Class A2: BBBsf / BBsf / Bsf

Class B: BBsf / Bsf / Below Bsf

Class C: Bsf / Below Bsf / Below Bsf

EMS ENERGY: To Be Delisted From SGX on Oct. 4
---------------------------------------------
Claudia Chong at The Business Times reports that EMS Energy Limited
will be delisted from the Singapore Exchange with effect from 9:00
a.m. on Oct. 4, 2019, after it failed to submit a resumption
proposal by the Exchange's deadline and did not get approval for a
deadline extension.

According to the report, the company will continue to exist as an
unlisted public limited company with all its existing shareholders
after it is delisted. It will make arrangements with its share
registrar and the Central Depository (Pte) Ltd for the distribution
of physical share certificates to shareholders, the report relays.

The Business Times says EMS Energy previously announced that it was
not in the financial position to make an exit offer. Its
controlling shareholder, Ting Teck Jin, was also not in a position
to do so due to financial constraints, the report notes.

EMS Energy Limited is a Singapore-based provider of engineering
solutions. The Company's principal activity is that of investment
holding. The Company operates through three segments: Marine and
Offshore, Water treatment and Others. The Engineering, Procurement
and Construction Management (EPCM) Marine and Offshore and trading
segment are involved in providing engineering, procurement,
construction and management, custom fabrication, maintenance and
repair, trading of marine and offshore equipment to the marine and
offshore oil and gas companies. The EPCM water treatment segment is
involved in environmental-related technical services for pollution
management, water and waste. It offers its customers a range of
offshore and marine (O&M) solutions ranging from the
design, manufacturing and installation of engineering solutions and
products, such as drilling and well intervention systems, deck
machineries, offshore cranes and other mechanical load handling
systems.


STATS CHIPPAC: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its long-term issuer rating of 'B+' on
Singapore-based outsourced semiconductor assembly and test company
STATS ChipPAC Pte. Ltd. The withdrawal is due to lack of sufficient
information of satisfactory quality to maintain the ratings.




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

[*] BOND PRICING: For the Week Sept. 2 to Sept. 6, 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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