/raid1/www/Hosts/bankrupt/TCRAP_Public/190903.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 3, 2019, Vol. 22, No. 176

                           Headlines



A U S T R A L I A

ALITA RESOURCES: First Creditors' Meeting Set for Sept. 9
ALLIANCE MINERAL: First Creditors' Meeting Set for Sept. 9
AUSTRALIAN BULK: First Creditors' Meeting Set for Sept. 9
CACCIA CONSULTING: First Creditors' Meeting Set for Sept. 10
CB PTY 5: First Creditors' Meeting Set for Sept. 10

EC & M LIMITED: Staff Back to Work at Perth Lithium Project
EVERMORE MONEY: First Creditors' Meeting Set for Sept. 4
OMNIA GROUP: Owed AUD5.65MM to Creditors, Liquidators Reveal
RDM PROJECTS: First Creditors' Meeting Set for Sept. 10
SEGUARD SA: First Creditors' Meeting Set for Sept. 9

SETTLERS LIFESTYLE: Queensland Buy Back Rules Behind Collapse


C H I N A

QINGHAI PROVINCIAL INVESTMENT: S&P Cuts ICR to CCC-, Outlook Neg.
ZENDAI GROUP: Founder Surrenders to Police After Payments Default


I N D I A

AMBICA TIMBERTRADE: ICRA Keeps D on INR35cr Debt in Not Cooperating
B. MELARAM: ICRA Lowers Rating on INR7cr LT Loan to B+
DC WOVENSACK: ICRA Reaffirms B+ Ratings on INR9.85cr Loans
DECCAN ISPAT: ICRA Keeps D on INR10cr Loans in Not Cooperating
DESIGN CLASSICS: ICRA Maintains B+ Rating in Not Cooperating

G.D. METSTEEL: ICRA Withdraws 'B' Rating on INR23cr Loans
HARI KRIPA: ICRA Keeps B on INR34cr Loans in Not Cooperating
HONEST DERIVATIVES: ICRA Lowers Rating on INR58cr Loan to D
INDIRAPURAM HABITAT: Insolvency Resolution Process Case Summary
K.P.R. AGROCHEM: ICRA Lowers Rating on INR199cr Loan to 'D'

MADHUSALA DRINKS: Insolvency Resolution Process Case Summary
MAXWORTH PLYWOODS: ICRA Keeps D on INR6cr Loans in Not Cooperating
MITTAL OCEAN: ICRA Keeps B+ on INR2.5cr Loans in Not Cooperating
MITTAL TIMBER: ICRA Keeps B+ on INR2cr Loans in Not Cooperating
MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR60cr Loan

NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength Rating to C(Weak)
NU TEK: Insolvency Resolution Process Case Summary
SHARDA TIMBERS: ICRA Keeps D on INR25cr Loans in Not Cooperating
SHRI TRADCO DEESAN: ICRA Lowers Rating on INR97.50cr Loan to 'D'
SHRI TRADCO INDIA: ICRA Lowers Ratings on INR170.75cr Loans to 'D'

SRI VENKATESWARA: ICRA Keeps B+ on INR15cr Loans in Not Cooperating
SUDHAMSU EXIM: ICRA Keeps D on INR15cr Loans in Not Cooperating
UNITED INDIA: A.M. Best Cuts Fin. Strength Rating to C++(Marginal)


N E W   Z E A L A N D

CORBEL CONSTRUCTION: Bosses to be Repaid Ahead of Unsec. Creditors


S I N G A P O R E

HOE LEONG: Receives Statutory Demand From UOB for Loan Payment
HONESTBEE: Gets 30-day Extension of Court Protection
PUMA ENERGY: Fitch Lowers IDR to BB-, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 26 to Aug. 30, 2019

                           - - - - -


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

ALITA RESOURCES: First Creditors' Meeting Set for Sept. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Alita
Resources Limited, Lithco No.2 Pty Ltd, and Tawana Resources Pty
Ltd, will be held on Sept. 9, 2019, at 10:00 a.m. at The Duxton
Hotel, at 1 St Georges Terrace, in Perth, WA.

Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Alita Resources on Aug. 28, 2019.


ALLIANCE MINERAL: First Creditors' Meeting Set for Sept. 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Alliance
Mineral Assets Exploration Pty Ltd, Tawana Gold Pty Ltd, and Waba
Holdings Pty Ltd, will be held on Sept. 9, 2019, at The Duxton
Hotel, at 1 St Georges Terrace, in Perth, WA.

Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Alliance Mineral on Aug. 28, 2019.


AUSTRALIAN BULK: First Creditors' Meeting Set for Sept. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Bulk Transport Pty Ltd will be held on Sept. 9, 2019, at 11:00 a.m.
at the offices of BDO, Level 11, at 1 Margaret Street, in Sydney,
NSW.  

Andrew Peter Fielding and Gerlad Collins of BDO were appointed as
administrators of Australian Bulk on Aug. 29, 2019.


CACCIA CONSULTING: First Creditors' Meeting Set for Sept. 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Caccia
Consulting Pty Ltd will be held on Sept. 10, 2019, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, Level 40, at 2
Park Street, in Sydney, NSW.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Caccia Consulting on Aug. 29, 2019.


CB PTY 5: First Creditors' Meeting Set for Sept. 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of CB No. 5 Pty
Ltd, trading as The Helm Bar & Bistro Surfers, will be held on
Sept. 10, 2019, at 10:00 a.m. at Level 4, at 232 Adelaide Street,
in Brisbane, Queensland.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of CB No. 5 on Aug. 29, 2019.


EC & M LIMITED: Staff Back to Work at Perth Lithium Project
-----------------------------------------------------------
Hamish Hastie at WAtoday reports that more than 110 staff from
EC & M Limited have gone back to work on Tianqi Lithium's Kwinana
processing plant, a week after the news the company had gone into
voluntary administration.

On Aug. 29, administrator KPMG confirmed that some staff were
heading back to work but it is still less than half of the 400
staff temporarily stood down on August 22 with up to two weeks pay
owing, WAtoday relates.

A cloud still hangs over those other staff with KPMG still in
discussions with ECM's clients, the report says.

ECM was working on major Perth projects such as Tianqi Lithium's
AUD700 million Kwinana processing plant and the AUD367 million HMAS
Stirling redevelopment project on Garden Island.  It also had
smaller contracts with the grain handler CBH and mining companies
such as Alcoa.

According to the report, KPMG administrators Martin Jones and Clint
Joseph said by this week more than 160 staff would be back working
on the Tianqi contract and others.

"Although there is still significant uncertainty about the future
of the business, I am pleased to report positive progress with two
of ECM's largest clients, and that some funds are starting to flow
back into the business," the report quotes Mr. Joseph as saying.

"113 staff are already back working on the Tianqi Lithium project,
and 24 staff are expected to be back working for grain handler, CBH
Group over the coming weeks, including 10 staff back by the end of
this week.

"Further to this, 13 staff across two other projects with Alcoa and
CITIC Pacific Mining will also be back at work within the next few
days."

WAtoday relates that Mr. Joseph said staff would be paid for the
outstanding week's wages before the company collapsed progressively
from Aug. 30.

He said discussions were continuing with ECM's other clients and
until they concluded they could not provide certainty of further
outcomes for other staff, and creditors, WAtoday relays.

"We will continue to update employees and stakeholders as decisions
are taken," the report quotes Mr. Joseph as saying.

Stage one of the Kwinana lithium hydroxide plant is in the
commissioning stage while stage two is under construction, WAtoday
notes.

According to WAtoday, Tianqi Lithium general manager Phil Thick
said at this stage, with the ECM staff back on site, there was no
impact on the commissioning of the facility

WAtoday understands staff morale is low on the project and those
who didn't get the call up to go back to work met in Kwinana on
Aug. 29.

                             About ECM

EC & M Limited ("ECM") is a Perth-based construction and
maintenance company servicing clients in the mining, oil and gas,
infrastructure and power generation sectors.

On August 22, 2019, EC & M Limited went into voluntary
administration.  Martin Jones and Clint Joseph of KPMG were
appointed as joint and several administrators of the Company.  The
role of the Voluntary Administrators is to deal with the claims of
unsecured creditors.

The Voluntary Administrators will have held a first meeting of
creditors of the Company on Sept. 2, 2019, at 11:00am (AWST) at the
Parmelia Hilton, 14 Mill Street, Perth WA 6000.
The second meeting will be held on or around Sept. 26, 2019.


EVERMORE MONEY: First Creditors' Meeting Set for Sept. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Evermore
Money Management Pty Ltd will be held on Sept. 4, 2019, at 10:30
a.m. at Apso, Exchange Tower Melbourne, Level 1, at 530 Little
Collins Street, in Melbourne, Victoria.

Laurence Fitzgerald of William Buck was appointed as administrator
of Evermore Money on Aug. 23, 2019.


OMNIA GROUP: Owed AUD5.65MM to Creditors, Liquidators Reveal
------------------------------------------------------------
Scott Sawyer at Sunshine Coast Daily relays that Omnia Group Pty
Ltd, a Buderim financial investment firm which used "cash flow
accelerators" to grow client wealth, collapsed with more than
AUD5.65 million worth of debts, according to a report to
creditors.

Omnia Group Pty Ltd, directed by Gordon Smith and registered at Box
St, Buderim, was placed into voluntary liquidation in June, the
report says.

According to the Daily, an initial report to creditors distributed
in early-July by liquidator Shane Cremin of Rodgers Reidy revealed
more than AUD4.78 million owed to unsecured creditors, including
more than AUD4.1 million outstanding to five related entities.

One of those, NRG Concepts Pty Ltd, listed at the same Box St
address and also directed by Gordon Smith, was owed more than
AUD1.13 million; more than half a million dollars was owed to NRG
Mortgage Management; while Omnia Property Group Pty Ltd, also at
Box St, was owed more than AUD1.7 million.

CBRE was owed nearly AUD100,000, while other significant unsecured
creditors included Nationwide Marketing (AUD144,000) and Avis
Australia (AUD43,000).

The Daily adds that Mr. Cremin's initial report also found more
than AUD400,000 owed to priority creditors, including AUD150,000 to
the Australian Taxation Office and more than AUD250,000 owed to 11
staff members.

One staff member was owed more than AUD44,000.

The Daily understood a number of staff had sought to claw their
entitlements back through the Federal Government's Fair
Entitlements Guarantee scheme.

More than AUD460,000 was owed to secured creditors, including more
than AUD446,000 to Mercedes-Benz Financial Services, the report
notes.

The Daily says liquidators had received an upfront payment of
AUD15,000 to kickstart the liquidation process, but were awaiting
creditor approval for further funding, with the total process
expected to cost about AUD25,000-AUD35,000.

According to the Daily, Mr. Smith had first been in contact with
liquidators in mid-April, to discuss Omnia Group's background,
solvency and its role within the group structure.

Mr. Cremin's report alleged that Mr. Smith had as of July, "failed
to provide [] a completed Summary of Affairs within the specified
time frame" and that he would be reporting Mr. Smith's
non-compliance to the Australian Securities and Investments
Commission, adds the Daily.


RDM PROJECTS: First Creditors' Meeting Set for Sept. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of RDM Projects
Pty Ltd will be held on Sept. 10, 2019, at 10:00 a.m. at the
offices of Morton's Solvency Accountants, Level 11, at 410 Queen
Street, in Brisbane, Queensland.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of RDM Projects on Aug. 29, 2019.


SEGUARD SA: First Creditors' Meeting Set for Sept. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Seguard Sa
Sanitation Pty Ltd will be held on Sept. 9, 2019, at 12:00 p.m. at
the offices of Cor Cordis, Level 29, at 360 Collins Street, in
Melbourne, Victoria.

Sam Kaso and Damiel Peter Juratowitch of Cor Cordis were appointed
as administrators of Seguard Sa on Aug. 28, 2019.


SETTLERS LIFESTYLE: Queensland Buy Back Rules Behind Collapse
-------------------------------------------------------------
Su-Lin Tan and Larry Schlesinger at Australian Financial Review
report that the collapse of retirement village operator Settlers
Lifestyle was due to new mandatory buy-back rules in Queensland,
according to its administrator.

AFR relates that the group, which operates two of its five
retirement villages in Queensland, was placed in receivership last
week, after being unable to fund the buy back of retirement units
and defaulting on its security agreements with Investec Australia,
which holds mortgages over all its assets.

According to AFR, administrator Damien Hodgkinson of DEM Asia Group
said recent changes to Queensland legislation, which require
retirement village operators to buy back units from residents if
they remain unsold for 18 months, had triggered an "insolvency
event" at Lifestyle's Rockhampton village.

Mr. Hodgkinson said these changes would likely trigger similar
outcomes for other operators, with smaller villages in regional
areas, where there is less demand for retirement housing, most at
risk, AFR relays.

Settlers Lifestyle was owned by a Singapore-domiciled offshore
investment fund managed by global fund manager Forum Partners.

Forum Partners acquired the five retirement communities from listed
retirement village operator Ingenia in September 2016 in a AUD55
million deal, the report discloses.

AFR says Forum managing director Andrew Faulk also pointed the
finger at the Queensland buy-back rules.

Joseph Hansell, Ian Frances and John Park of FTI Consulting were
appointed receivers and managers of Settlers Company and the
associated Settlers Property Trust, Settlers Operations and Forum
Settlers, and the associated Forum Settlers Trust on August 28.
Mr. Hodgkinson was appointed voluntary administrator on August 26,
AFR notes.

AFR relates that FTI Consulting said in a statement it had taken
control of the Settlers Group and intended to "conduct the
operations of the facilities on a business as usual basis, while a
sale campaign for the whole group is conducted on a going concern
basis".

"The receivers and managers intend to work with all stakeholders
and Settlers Group service providers to ensure that there is no
interruption in the delivery of services to the facilities operated
by the Settlers Group or the residents."

A timeline has not been provided as the receivers and managers
would have to first work out how and when to put the villages on
the market, the report adds.

Damien Hodgkinson of Dem Asia Group was appointed as administrator
of Settlers Operations and Settlers Company on Aug. 26, 2019.




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

QINGHAI PROVINCIAL INVESTMENT: S&P Cuts ICR to CCC-, Outlook Neg.
-----------------------------------------------------------------
On Aug. 30, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Qinghai Provincial Investment Group Co. Ltd.
(QPIG) to 'CCC-' from 'CCC+'. S&P also lowered its long-term issue
ratings on the company's senior unsecured notes to 'CCC-' from
'CCC+'. S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Feb. 26, 2019.

S&P said, "We lowered the ratings on QPIG because we see rising
operational risks in the Qinghai provincial government's
coordination with financial and other institutions to arrange
timely funding to service QPIG's U.S. dollar notes. We believe a
default or distressed exchange appears to be inevitable in the next
six months, absent unanticipated significantly favorable changes in
QPIG's circumstances."

QPIG's liquidity has further weakened as the company continues to
deplete cash. Apart from substantial domestic bank loans and trust
loans maturities, QPIG has three coupon payments totaling US$30.3
million and one principal payment of US$300 million in the next six
months in the offshore market. The resolution of debt was also much
slower than we expected.

QPIG missed a US$10.9 million interest payment on Aug. 22, 2019,
but managed to complete the payment within five business days, on
Aug. 29, 2019. The interest payment was on the company's US$300
million senior unsecured notes due on Feb. 22, 2020.

S&P said, "We believe operational risks have risen for QPIG, as
indicated by the company's two delayed interest payments in the
past six months. This is despite QPIG making interest payments in
March and July this year on time.

"We continue to expect the Qinghai provincial government to support
QPIG because the company's own sources of liquidity are not
sufficient to meet interest obligations of its offshore U.S. dollar
bonds."

As of Aug. 30, 2019, QPIG's upcoming payments on its offshore U.S.
dollar bonds include:

-- US$9.8 million interest due on Sept. 22, 2019, on the US$250
million bond maturing on March 22, 2021.

-- US$9.6 million interest due on Jan. 10, 2020, on the US$300
million bond maturing on July 10, 2021.

-- US$310 million interest and principle maturity on Feb. 22,
2020.

The negative outlook reflects QPIG's heighted maturity pressure on
its offshore bonds in the next six months. The negative outlook
also reflects S&P's expectation that a default or distressed
exchange will be inevitable if unanticipated significantly
favorable changes do not occur.

S&P said, "We could lower the rating on QPIG if: (1) the company
fails to formulate a refinancing plan to cover imminent maturities
in the next six months; (2) we believe the Qinghai government is no
longer willing to extend support; or (3) the company announces a
distressed exchange, debt restructure, or bankruptcy petition.

"We could revise the outlook to stable if QPIG formulates a
refinancing plan to cover imminent maturities due in the next six
months."


ZENDAI GROUP: Founder Surrenders to Police After Payments Default
-----------------------------------------------------------------
The South China Morning Post reports that Dai Zhikang, the founder
of Zendai Group, has surrendered himself in connection with a scam
linked to peer-to-peer lending, police said over the weekend.

Dai, 55, turned himself in on Aug. 29 and said his firm could not
make payments due to depositors through its online lending units,
Shanghai police said, the Post relates. Assets linked to the case
have been frozen and, along with Dai, another 40 people have been
detained.

A former hedge fund manager, Dai set the firm up in 1992. He
surrendered after the abrupt closure of Zendai's two online lending
units valued at CNY10 billion (US$1.4 billion) last month, the Post
says. The shutdown, which happened alongside a laying off of staff,
was the result of a government clampdown and the termination of a
partnership with a custodian bank, the Post relates citing leaked
internal Zendai emails.

Beijing has been cracking down on the P2P lending sector in recent
years, in an attempt to restore order to the troubled industry, the
Post states.

According to the report, police said Dai is being investigated for
illegally accepting deposits from the public, as the two Zendai P2P
lending units were not licensed for financial business. He has also
admitted to setting up capital pools and embezzling funds during
business operations, they added.

The Post adds that China's P2P lending sector, meant to help
smaller companies and individuals who cannot access bank loans, is
now viewed as a major threat to financial stability by regulators,
with funds raised from the public either being used for purposes
other than those stated at the outset, or misappropriated.

Beijing has closed hundreds of P2P firms over the past three years,
which led to a drop in the outstanding balance of such loans by
about a third last year, the report notes.

In June, Zhang Xiaolei, the founder of once prominent P2P firm
Qbao.com, was sentenced to 15 years in jail for involvement in a
Ponzi scheme worth, at the minimum, an estimated CNY50 billion, the
Post recalls.

Dai, a native of China's eastern Jiangsu province, has a master's
degree from the financial institute of the People's Bank of China,
as well as a bachelor's degree from Renmin University in Beijing,
the Post discloses. He has worked for China Citic Bank, Dresden
Bank and a securities brokerage in Hainan, and has also served as
president of a fund-management firm.

In 2015, Dai and his daughter sold the family's 42 per cent stake
in Hong Kong-listed subsidiary Shanghai Zendai Property to China
Orient Asset Management for HK$1.25 billion (US$159.4 million), in
a strategic shift away from the city's overheated property sector,
the Post discloses. The firm now focuses on businesses ranging from
finance and culture to health, according to its website.

Zendai Group is a Shanghai-based closely held investment firm
specializing in finance, investment, real-estate development and
cultural industry.




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

AMBICA TIMBERTRADE: ICRA Keeps D on INR35cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for INR35-crore bank facility of Ambica
Timbertrade Pvt. Ltd. (ATPL) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based         5.00       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based    30.00       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

ATPL is a privately-owned company incorporated in 2010. The firm
imports timber, mainly from Malaysia, Singapore and New Zealand,
which primarily finds application in furniture-making and light
construction work. ATPL's factory at Gandhidham, Gujarat cleans and
saws logs to make clean squared timber blocks, which are thereafter
sold from the firm's offices in Nangloi, Haryana and Gandhidham,
Gujarat.


B. MELARAM: ICRA Lowers Rating on INR7cr LT Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
B. Melaram & Sons (BMS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund       (7.00)       [ICRA]B+(Stable) Downgraded
   based limit                       from [ICRA]BB-(Stable)

   Short-term non
   fund based limit     40.00        [ICRA]A4 Reaffirmed


Rationale

The rating downgrade of BMS considers the worsening cost structure
of the firm, caused by increase in input costs resulting in decline
in profitability in FY2019. The firm's profit margins have remained
modest because of lack of value addition and intense competition in
steel trading, which limits its pricing flexibility. Further, the
profitability is susceptible to fluctuations in foreign exchange
rates and steel prices. The operations of BMS have also been
exposed to the cyclicality in the steel industry. The company's
reliance on Letter of Credit (LC) backed creditors to fund its
working capital requirements have resulted in a high TOL/TNW1 ratio
of 3.07 times as on March 31, 2019. The rating is further
constrained by the entity's status as a partnership firm, which
exposes it to the risk of capital withdrawals by the partners, as
evident in the past.

The rating, however, takes comfort from the extensive experience of
the promoters in the steel trading and ship-breaking businesses.

Outlook: Stable

ICRA expects BMS to continue to benefit from the experience of the
management in steel trading. The outlook may be revised to Positive
if there is a sustained increase in the firm's scale of operations
and profit margins. The outlook may be revised to Negative if there
is any further decline in profitability or stretch on the working
capital cycle adversely impacting the liquidity profile of the
firm.

Key rating drivers

Credit strengths

Extensive experience of promoters in steel trading - BMS was
established by Mr. Melaram Baijnath Agarwal in 1982 and was later
taken over by his sons, Mr. Vinodkumar M. Agarwal and Mr.
Bhupendrakumar M. Agarwal. Both the partners

hold over two decades of experience in steel trading. The partners'
extensive experience has enabled the firm to establish healthy
business relationships with its suppliers and customers.

Credit challenges

Worsening cost structure from rising input costs led to decline in
profitability in FY2019; profitability exposed to intense
competition in the industry as well as to fluctuations in the
currency market – The profitability of BMS has been modest due to
the lack of value addition in the trading business. The cost
structure has weakened in FY2019 due to rise in input costs, which
has deteriorated the profitability. The operating profit margin
declined to 0.77% in FY2019 from 2.76% in FY2018. High bank charges
and forex loss have resulted in a net loss of INR0.35 crore in
FY2019. Given the high volatility in steel prices and inventory
maintained by the firm due to its reliance on imports, the margins
are also exposed to inventory risks. Moreover, in the absence of a
natural hedging mechanism, the profitability remains vulnerable to
foreign exchange fluctuations as the firm imports most of its
traded goods. Due to the fragmented nature of operations and low
entry barriers with respect to capital and technical intensity, the
competitive intensity has been high in the industry.

Exposure to cyclicality associated with the steel industry – The
company's operations and profitability are vulnerable to the
cyclicality inherent in the steel trading business. The impact of
fluctuation in global as well as domestic demand and prices has
been visible in the top line movement of the firm over the past
five years.

Reliance on LC-backed creditors to fund working capital
requirements result in high TOL/TNW of 3.07 times as on March 31,
2019 – The usage of fund-based facilities for procuring metals
has been limited and the firm relies largely on its suppliers to
fund the operations. It enjoys a credit of 90-180 days on it
LC-backed purchases, which has kept the TOL/TNW high at 3.07 times
as on March 31, 2019.

Risk of capital withdrawal due to constitution as partnership firm
- BMS being a partnership firm, any significant withdrawals from
the capital account by its partners could impact its net worth. The
capital withdrawals in FY2018 along with the net loss in the
consecutive year have led to erosion in net worth, which stood at
INR9.38 crore as on March 31, 2019 (as compared to INR11.77 crore
as on March 31, 2017).

Liquidity position

The company's liquidity profile remained moderate with an average
working capital utilisation of 53% for both fund-based and non-fund
based limits during the 15-month period that ended on July 2019.
The firm currently has zero long-term debt repayment liability and
no capital expenditure requirement. The approximate value of LCs
outstanding as on July 31, 2019 was INR22.62 crore.

Established in 1980, BMS is a partnership concern that trades in
ferrous products like hot rolled (HR) coils, HR plates and sheets,
HR alloys, etc. The firm was also engaged in ship breaking, which
was discontinued from FY2013 due to slowdown in the industry.
Baijnath Melaram (rated [ICRA]BB(Stable)/[ICRA]A4+) is the
associate concern of BMS, engaged in ship-breaking operations.

In FY2019 (provisional), BMS reported a net loss of INR0.35 crore
on an operating income (OI) of INR95.52 crore, compared to a profit
before tax of INR2.18 crore on an OI of INR91.64 crore in FY2018.


DC WOVENSACK: ICRA Reaffirms B+ Ratings on INR9.85cr Loans
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of DC Wovensack
Private Limited (DCW), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-
   Term Loan           6.60        [ICRA]B+(Stable); Reaffirmed

   Long-term-
   Cash Credit         3.25        [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation takes into account the small scale of
operations of DCW at present and its limited net worth base,
coupled with moderate working capital intensity of operations. The
rating also remains constrained by the intense competition from the
conventional plastic bag manufacturers and the vulnerability of
DCW's profitability to adverse fluctuations in raw material prices.
ICRA notes the moderation in operating profit margins, to 7.75% in
FY2019 from 9.18% in the previous fiscal and its modest return
indicators.

The rating, however, continues to factor in the extensive
experience of the company's promoters spanning over a decade in the
woven sack manufacturing business, the fiscal benefits received by
way of interest and capital subsidies on account of registration
under the Amended Technology Upgradation Fund Scheme (ATUFS) and
sustained revenue growth over the years as a result of scale-up of
operations.

Outlook: Stable

ICRA expects DCW to continue to benefit from the extensive
experience of its promoters in the flexible packaging industry. The
outlook may be revised to Positive if substantial growth in revenue
and profitability, better working capital management and
improvement in net worth strengthen the financial risk profile. The
outlook may be revised to a Negative if cash accrual is lower than
expected, or if any major capital expenditure is incurred, or if a
stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoter in woven sack industry - The key
promoter of DCW, Mr. Naval Kumar Agarwal, has a decade-long
experience in the woven fabric manufacturing business. Mr. Agarwal
is also actively involved in the management of the Group company,
Satyam Wovensack Pvt. Ltd., which is in the same business sector.

Fiscal benefits on account of registration under ATUFS - The
company is eligible to avail interest subsidy of ~6% on term loan
for plant and machinery as well as rebate on the duty paid on power
consumption. In addition, the company is eligible for 15% capital
subsidy on the value of plant and machinery under the ATUFS under
the Central Government. The company received an interest subsidy of
INR0.40 crore in FY2019 compared to INR0.46 crore in FY2018.

Sustained growth in revenues– DCW's revenues have improved with a
healthy CAGR of 19.6% over the FY2015–FY2019 period. It increased
to INR26.08 crore in FY2019 over INR22.19 crore in FY2018,
supported by improved capacity utilisation levels and robust demand
indicators. The capacity utilisation has improved over the years to
59% in FY2019 from 47% in FY2016, its first full year of commercial
operations.

Credit challenges

Small scale of operations – The company's scale of operations
remains small at present with revenues of INR26.08 crore in FY2019.
Coupled with moderate profitability levels, this has led to a
limited net worth base of INR5.31 crore as on March 31, 2019;
compared to its debt levels at INR6.39 crore.

Reduced operating profitability in FY2019; modest return indicators
– The operating profit margin of the company moderated to 7.75%
in FY2019 compared to 9.18% in FY2018, due to increase in employee
expenses. The return indicators remained modest as reflected by
return on capital employed (RoCE) of 9.46% and return on net worth
(RoNW) of 11.56% in FY2019.

Moderate working capital intensity of operations - The working
capital intensity remains moderate, as reflected by NWC/OI of 19%
as on March 31, 2019 (24% as on March 31, 2018), due to elongated
receivables and high inventory holding period. The receivables,
however, improved to 68 days as on March 31, 2019 over 90 days as
on March 31, 2018.

Fragmented nature of industry with intense competition - The Indian
poly-woven sack industry produces an equivalent of ~1.2 million
metric tonne per annum (MMTPA) of polypropylene (PP) and high
density polyethylene (HDPE) bags. It is dominated by players
operating in the small and medium-scale sectors. Owing to the high
fragmentation and limited product differentiation, the competitive
intensity and pricing pressures are high. The company faces
competition from a number of organised and unorganised players in
the domestic market and, hence, its pricing power remains limited.


Profitability remains vulnerable to adverse fluctuations in raw
material prices - The company's key raw materials are PP granules
and colour masterbatch. As PP is a crude oil derivative, its price
is directly linked to the volatile crude oil prices in the global
market. DCW's profitability, thus, remains exposed to volatility in
the prices of its key raw materials.

Liquidity position

DCW had external term loans of INR2.36 crore as on March 31, 2019
towards which it has sizeable repayment obligations of INR0.94
crore each in FY2020 and FY2021 and INR0.48 crore in FY2022.
However, positive cash accruals provide comfort to an extent. The
average utilisation of working capital limits remained at 74% for
the July 2018 to June 2019 period.

Incorporated in 2012, DCW manufactures woven sacks, mainly used as
packaging material in the fertiliser, sugar, cement, food and
chemical industries. The company has a PP woven fabric
manufacturing unit at Pipodara village in Mangrol district of Surat
(Gujarat) with a total installed production capacity of 4,372.50
MTPA of woven fabric.

DCW reported a profit after tax (PAT) of INR0.58 crore on an
operating income (OI) of INR26.08 crore in FY2019, compared to PAT
of INR0.45 crore on an OI of INR22.19 crore in FY2018.


DECCAN ISPAT: ICRA Keeps D on INR10cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Deccan Ispat Limited (DIL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short Term-         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short Term-         3.00      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2005, Deccan Ispat Limited is engaged in trading of
timber logs, veneers and plywood. The directors of the company are
Mr. Rajiv Agrawal & Mr. Anshu Agrawal who have extensive experience
of two decades in manufacturing plywood, block board and trading of
timber.


DESIGN CLASSICS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR8.95 crore bank facilities of
Design Classics Exports Private Limited.continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term-fund          3.00      [ICRA]B+(Stable) ISSUER NOT
   based facilities                  COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long term–              0.10      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                       COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Short term–             4.95      [ICRA]A4; ISSUER NOT
   Fund based                        COOPERATING; Rating
   Facilities                        continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

   Short term–             0.90      [ICRA]A4; ISSUER NOT
   Non fund based                    COOPERATING; Rating
   Facilities                        continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

DCEPL is engaged in manufacture of knitted garments. The Company
was established as a partnership firm (M/s. Design Classics) in
1989 and later converted into a private limited company in 1993.
The company caters to the demand in both domestic and export
markets. In the domestic market, it supplies predominantly to
retailers in Chennai and is also engaged in selling garments under
the brand name "Design Legacy" in the domestic market. In the
export market, the company exports to customers located in United
States of America, Italy, Spain and South Africa among others.
Currently, DCEPL has three manufacturing facilities in Tamil Nadu.


G.D. METSTEEL: ICRA Withdraws 'B' Rating on INR23cr Loans
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable); ISSUER
NOT CO-OPERATING to the INR23.00 crore bank facilities of G.D.
Metsteel Private Limited (GDMPL) on the basis of client's request
and no dues certificate received from the banker.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Fund
   Based-Term Loan       5.00        [ICRA]B (Stable); ISSUER NOT
                                     CO-OPERATING; withdrawn

   Long term Fund
   Based-Cash Credit    15.00        [ICRA]B (Stable); ISSUER NOT
                                     CO-OPERATING; withdrawn

   Long term Fund
   Based-Unallocated     3.00        [ICRA]B (Stable); ISSUER NOT
                                     CO-OPERATING; withdrawn

Incorporated in 1984, G.D. Metsteel Private Limited (GDMPL) is
engaged in the manufacturing of rolled steel products like angles,
channels, flat and beams which find end usage in auto, electrical
manufacturing and construction companies. The company has an
installed capacity of 42,000 TPA for the manufacturing of rolled
products. The promoters of the company have over two decades of
experience in the steel industry.


HARI KRIPA: ICRA Keeps B on INR34cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the Rs.34-crore bank facilities of Hari
Kripa Business Ventures Private Limited (HKBV) continues to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       11.00      [ICRA]B(Stable) ISSUER NOT
   Based/Term loan                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       20.00      [ICRA]B(Stable) ISSUER NOT
   Based/Cash credit               COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term/Long      3.00       [ICRA]B(Stable)/[ICRA]A4
   Term-Non-Fund                   ISSUER NOT COOPERATING;
   Based                           Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available and
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Hari Kripa Business Venture Private Limited (HKBV) was established
in 2008 at Kaladera in Jaipur. The company started its commercial
production in September 2012. The company is promoted by Mr.
Mahendra Kumar Agarwal, Mr. Raghuveer Agarwal along with the other
members of the family. HKBV manufactures Mild Steel (MS)
ingots/billets, pipes, and flats. In FY2013, the company forward
integrated and commenced the manufacturing of MS flats and other
rolled products, wherein the key raw materials (billets and ingots)
used were captively produced.


HONEST DERIVATIVES: ICRA Lowers Rating on INR58cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Honest Derivatives Private Limited (HDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         17.50       Downgraded to [ICRA]D from
   term loan                       [ICRA]BBB+(Stable)

   Fund-based-         58.00       Downgraded to [ICRA]D from
   working capital                 [ICRA]BBB+(Stable)
   facilities          
                                   
   Short-term-          3.50       Downgraded to [ICRA]D from
   non-fund based                  [ICRA]A2

Rationale

ICRA has taken a consolidated view of Shri Tradco India Private
Limited (STIPL), Shri Tradco Deesan Private Limited (STDPL) and
Honest Derivatives Private Limited (HDPL), while assigning the
rating. A consolidated view has been taken owing to similar
operations, strong operational and financial linkages, and a common
management group among the entities.

The rating downgrade takes into account the recent irregularities
in debt servicing based on banker feedback. ICRA has not been able
to contact the management for feedback on the recent performance of
the company.

Key rating drivers

Credit challenges

Susceptibility to agro-climatic conditions impacting prices and
availability of raw material:  The prices and availability of maize
(an agro commodity) are exposed to demand-supply scenarios,
agro-climatic conditions and Government regulations. As per
available information from bankers, the company had to curtail
production of starch and starch derivatives in the last few months
owing to high raw material prices which they are unable to pass on
to end users.

Moderately high working capital intensity:  The Group's working
capital intensity remains moderately high because of higher debtor
days. Further with lower availability of maize, the company had to
resort to cash purchases which also impacted working capital
requirements in FY2019. With lower inventory buffer on account of
cash purchase requirements, NWC/OI remained at 38.0% in FY2019
compared to 44.0% in FY2018.

Liquidity position

The Group's liquidity profile remains weak as evidenced by recent
irregularities in debt servicing by company.

The Tradco Group comprises three companies - STIPL, STDPL and HDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was incorporated in
2006. The Group has two maize processing facilities, one each at
Dhule (for STDPL) and Jalgaon (for HDPL), with a processing
capacity of 1,05,000 metric tonne per annum (MTPA) each.


INDIRAPURAM HABITAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Indirapuram Habitat Centre Private Limited

        Registered office:
        Unit No. 154, F.F. Aggarwal Shopping Center
        Plot No. 2, LSC
        Block CD, Pitampura
        Delhi 110034

        Principal office:
        707, Chiranjiv Tower
        43, Nehru Place
        New Delhi 110019

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Pawan Kumar Goyal

Interim Resolution
Professional:            Pawan Kumar Goyal
                         P K Goyal & Associates
                         304, D.R. Chambers
                         12/56, DB Gupta Road
                         Karol Bagh, New Delhi 110005
                         E-mail: ca.pawangoyal@gmail.com
                                 irp.indirapuram@gmail.com

Classes of creditors:    Home Buyers (Real Estate Investors)

Insolvency
Professionals
Representative of
Creditors in a class:    CA Mr. Kamlesh Kumar Gupta
                         CMA Mr. Sandeep Goel
                         Advocate Amit Sharma

Last date for
submission of claims:    September 9, 2019


K.P.R. AGROCHEM: ICRA Lowers Rating on INR199cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating for the bank facilities of
K.P.R. Agrochem Limited (KAL) to [ICRA]D from [ICRA]BB-(Stable)
ISSUER NOT COOPERATING and short-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]A4 ISSUER NOT COOPERATING. The rating
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as [ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         100.00      [ICRA] D; ISSUER NOT
   Term Loan                       COOPERATING; Revised from
                                   [ICRA]BB-(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund-based-         199.00      [ICRA] D; ISSUER NOT
   Cash Credit                     COOPERATING; Revised from
                                   [ICRA]BB-(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category  

   Long-Term-           49.50      [ICRA] D; ISSUER NOT
   Unallocated                     COOPERATING; Revised from
                                   [ICRA]BB-(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based-     150.00      [ICRA] D; ISSUER NOT
   Letter of Credit                COOPERATING; Revised from
                                   [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based        1.50      [ICRA] D; ISSUER NOT
   Bank-Guarantee                  COOPERATING; Revised from
                                   [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category


ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

Rationale
The rating downgrade follows the delays in debt servicing by KPPL
to the lender(s), as confirmed by them to ICRA.

K.P.R Agrochem Limited (KPR, erstwhile known as KPR Fertilisers
Limited) was setup in 2007 and is the flagship of KPR Group, which
was started by Mr. Kovvuri Papa Reddy in 1975. KPR is engaged in
manufacturing of NPK Mixtures, Agrochemicals, Di Calcium Phosphate
(DCP - animal feed), Singe Super Phosphate (SSP), Sulphuric Acid,
Di-Methyl Sulphate (DMS), LABSA, Oleum etc. It has manufacturing
facilities in Biccavolu in East Godavari District of Andhra Pradesh
and Halavarthi in Koppal District of Karnataka for each of the
major products, i.e. NPKL mixtures, SSP, DCP & Sulphuric acid. The
company has a separate manufacturing facility for agrochemicals at
Balabhadrapuram, Andhra Pradesh. KPR has also set-up a waste heat
recovery plant at its manufacturing facility at Biccavolu and
Koppal, to generate power in order to optimally use the steam
produced during the manufacturing of sulphuric acid. The aggregate
capacity of the power plants is 2.5 MW (1.5 MW at Biccavolu and 1
MW at Koppal) which caters to the captive power requirements. KPR
has a wholly owned subsidiary, Sri Sai Swarupa Seeds Private
Limited, which is involved in seed processing business and has an
installed capacity of 15,000 TPA.


MADHUSALA DRINKS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Madhusala Drinks Pvt. Ltd.
        Plot No. 1-S Budge Budge Industrial Estate
        Pujali, West Bengal 700138

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 21, 2020

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    Septemeber 9, 2019


MAXWORTH PLYWOODS: ICRA Keeps D on INR6cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
Maxworth Plywoods Private Limited (MPPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
""[ICRA]D/[ICRA]D ISSUER NOT COOPERATING.""

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term-Fund       3.00      [ICRA]D ISSUER NOT COOPERATING;
   Based-Cash Credit              Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term/Short      3.00      [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated               COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Maxworth Plywoods Private Limited was incorporated in the year 1995
in Visakhapatnam by Mr. Rajiv Agarwal and Ms. Nidhi Agarwal. The
company is engaged in manufacturing of plywood, block boards, flush
doors and is also engaged in trading of veneers, timber and resins
& chemicals.


MITTAL OCEAN: ICRA Keeps B+ on INR2.5cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for INR11-crore bank facility of Mittal Ocean
Trade Pvt. Ltd. (MOTPL) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based           2.50      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Non-fund Based       8.50      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Incorporated in 1999, MOTPL is promoted by Mr. Rajiv Mittal and Mr.
Vijay Mittal. Mittal Timber Store (MTS), another group company, and
MOTPL are involved in timber trading and procure timber mainly from
Singapore, Hong Kong and New Zealand and also from the domestic
market. The group's factory, located at Gandhidham (Gujarat),
cleans and saws logs to make clean squared timber blocks.


MITTAL TIMBER: ICRA Keeps B+ on INR2cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for INR11-crore bank facility of Mittal Timber
Store (MTS) continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+ (Stable)/A4 ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           2.00       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Non-fund Based       9.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Incorporated in 1975, MTS is promoted by Mr. Krishna Kumar Mittal.
MTS and, another group company Mittal Ocean Trade Pvt. Ltd (MOTPL)
are involved in timber trading and procure timber mainly from
Singapore, Hong Kong and New Zealand and also from the domestic
market. The group's factory, located at Gandhidham (Gujarat),
cleans and saws logs to make clean squared timber blocks.


MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR60cr Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Modest Infrastructure Private Limited (MIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Fund Based/CC       60.00       [ICRA]C+; reaffirmed

   Long Term/
   Short Term-
   Non Fund Based      18.00       [ICRA]C+/[ICRA]A4; reaffirmed

   Long Term/Short
   Term-Unallocated   172.00       [ICRA]C+/[ICRA]A4; reaffirmed

Rationale

The reaffirmation of ratings considers the consistently weak
financial performance of the company, as evident from the
loss-making operations since FY2014, which in turn has eroded its
net-worth and resulted in stretched liquidity position.
Furthermore, MIPL's profitability remains vulnerable to input price
variations owing to the fixed-price nature of its contracts.
Notwithstanding some improvement in FY2019, MIPL's order book
position remains modest at an absolute level due to subdued demand
scenario in the shipbuilding industry. ICRA notes that the
company's ability to win large-sized orders, and in turn improve
the revenue visibility and financial risk profile, would remain a
key rating sensitivity.

The ratings, however, favourably factor in the regular fund
infusion by the Dempo group to support MIPL's operations. The
ratings also factor in the extensive experience of the promoters
spanning over four decades in the shipbuilding industry.

Key rating drivers

Credit strengths

Status of MIPL as a part of the Dempo group - MIPL is a part of
Goa-based Dempo group, which has interests across mining, ship
building, media, food and beverage, travel and sports. The
immediate parent company, Dempo Shipbuilding and Engineering
Private Limited (DSEPL - [ICRA]D/D) and the ultimate parent
company, V S Dempo Holdings Private Limited (VSDHPL) have extended
support in the form of unsecured loans of INR237.9 crore as on
March 31, 2019 to support the operations of the company.

Extensive experience of promoters in the shipbuilding industry -
MIPL was acquired by DSEPL in 2013, which currently holds 74% stake
in the company. The Dempo group has about four decades of
experience in the shipbuilding industry.

Credit challenges

Weak financial risk profile characterised by continued losses and
high working capital intensity of operations - MIPL's financial
risk profile is characterised by consistent losses at operating and
net levels over the last five years, which has eroded the net-worth
completely. Despite registering 346% revenue growth to INR13.5
crore in FY2019 from INR3.0 crore in FY2018 on the back of
execution of ship building and repair orders and non-operating
income of INR3.4 crore, MIPL reported a net loss of INR10.9 crore
in FY2019 as against a net loss of INR20.9 crore in FY2018 due to
high interest expense. Going forward, in absence of any significant
improvement in profitability, the net-worth position is likely to
remain in the negative territory in the medium term.

The company's working capital intensity also remained high, with
net working capital-to-operating income at 282.1% as on March 31,
2019, due to stretched receivables and inventory. Further, the
company stretched its creditors to support the working capital.
Nominal order book size - The order book of MIPL increased to
INR35.34 crore as on July 18, 2019 from INR14.79 crore as on June
30, 2018. on account of shipbuilding and ship repair orders from
the Indian Navy. However, the order book remains modest at an
absolute level, given the headwinds faced by the shipbuilding
industry.

Exposure to raw material price risk - The company's margins are
exposed to fluctuations in input material prices given the
fixed-price nature of contracts.

Liquidity Position:

The company's liquidity profile remains stretched on account of
loss making operations as a result of the slowdown in the
shipbuilding industry. Hence, MIPL largely depends on the
borrowings from its parent company to fund its working capital
requirements. The overall debt level increased to INR313.0 crore as
on March 31, 2019 from INR290.6 crore as on March 31, 2018 on
account of high interest cost. ICRA notes that while the management
of DSEPL intends to convert its loan (Rs. 191.0 crore) to MIPL into
equity, it is not allowed to dilute its 76% stake in MIPL for a
period of 8 years from the date of acquisition (June 2013) as per
the condition laid down by the Gujarat Maritime Board.

Parent/Group Company: V S Dempo Holdings Private Limited
ICRA expects MIPL's ultimate parent company, VSDHPL to be willing
to extend financial support to MIPL, should there be a need, given
the high strategic importance that MIPL holds for VSDHPL for
meeting its investment objectives. Consolidation / Standalone
Rating is based on standalone financial statements

Modest Infrastructure Private Limited is a ship-building and
repairing company, which undertakes projects to build
small-to-medium size product tankers, bulk carriers and offshore
survey vessels, in addition to ship-repairing activities. The
company was started as a shipping agency, Modest Offshore Services
Private Limited, by Mr. Kishore Gambani. It was involved in
managing vessels, repairing, dry docking of ships and other
ship-related services. In 2006, the company ventured into the
shipbuilding segment, and currently has a shipyard facility at
Ramsar in Bhavnagar, Gujarat. In 2013, Goa-based shipbuilding
company of the Dempo Group, namely, Dempo Shipbuilding &
Engineering Private Limited, acquired 74% stake in MIPL through
share purchase/share subscription agreement.

In FY2019, on a provisional basis, the company reported a net loss
of INR10.9 crore on an operating income of INR13.5 crore, as
compared to a net loss of INR20.9 crore on an operating income of
INR3.0 crore in the previous year.


NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength Rating to C(Weak)
------------------------------------------------------------------
AM Best has removed from under review with negative implications
and downgraded the Financial Strength Rating to C (Weak) from C++
(Marginal) and the Long-Term Issuer Credit Rating to "ccc" from "b"
of National Insurance Company Limited (National) (India). The
outlook assigned to these Credit Ratings (ratings) is negative.

The ratings reflect National's balance sheet strength, which AM
Best categorizes as weak, as well as its marginal operating
performance, neutral business profile and weak enterprise risk
management.

The rating downgrades reflect a deterioration in National's balance
sheet strength fundamentals. The company's risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), deteriorated to a very weak level at fiscal year-end 2019
due to a combination of significant reserve strengthening for motor
third-party liability business and continued large underwriting
losses from several other product lines. Capital and surplus
declined significantly by 51% to INR 28 billion (USD 401 million)
as of March 31, 2019, from INR 57 billion (USD 880 million) in the
same prior-year period. Furthermore, the company's net underwriting
leverage and equity investment leverage has surged to a very
unhealthy level at 1,091% and 385%, respectively.

As of fiscal year-end 2019, the company's local solvency margin
reduced to 1.04 times, which is significantly below the regulatory
control level minimum requirement (1.5 times), despite the company
receiving favorable treatments from the regulator on certain
investment assets to alleviate pressures on capital adequacy.
Furthermore, while the company's capital position has continued to
deteriorate, the previously anticipated capital support from the
Government of India has yet to materialize, and there is limited
visibility on the progress of this capital injection plan.

AM Best views the company's operating performance as marginal, as
evidenced by a five-year average return-on-equity ratio of -6.7%
(2015-2019). Underwriting performance has been persistently
loss-making, with a five-year average combined ratio of 134.7%
(2015-2019) and a very weak combined ratio of 142.8% for
fiscal-year 2019. Operating results have been dependent on
investment income in recent years, which includes material realized
and unrealized gains. Inadequate pricing on key lines of business
and reserve strengthening over the past three fiscal years have
been the primary drivers of the company's poor underwriting
results.

The negative rating outlooks reflect the potential for further
deterioration in National's balance sheet strength fundamentals
over the near to medium term if the current trends in financial
metrics are not reversed, or sufficient capital is not received
from the Government of India.


NU TEK: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: Nu Tek India Limited
        A-213, Road No. 4
        Gali No. 11, Mahipalpur
        Delhi 110037

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 19, 2020

Insolvency professional: Mr. Arun Jain

Interim Resolution
Professional:            Mr. Arun Jain
                         Villa No. 34, Block 4
                         2nd Floor, Eros Garden
                         Faridabad 121009
                         E-mail: arjain1966@gmail.com

                            - and -

                         X-38, 2nd Floor
                         Okhla Industrial Estate, Phase II
                         New Delhi 110020
                         E-mail: irparjain@gmail.com

Last date for
submission of claims:    September 6, 2019


SHARDA TIMBERS: ICRA Keeps D on INR25cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for INR25-crore bank facility of Sharda
Timbers continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based        5.85        [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based   19.15        [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Sharda Timbers is a proprietorship firm owned by Mr Raj Kumar
Bansal and was established in 1995. The firm imports timber mainly
from Malaysia, Singapore and New Zealand. The firm's factory at
Gandhidham, Gujarat is engaged in cleaning and sawing of logs to
make clean squared timber blocks.


SHRI TRADCO DEESAN: ICRA Lowers Rating on INR97.50cr Loan to 'D'
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shri Tradco Deesan Private Limited (STDPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-        66.75      Downgraded to [ICRA]D from
   term loan                     [ICRA]BBB+(Stable)

   Fund-based-        97.50      Downgraded to [ICRA]D from
   working capital               [ICRA]BBB+(Stable)
   facilities         
                                 
   Short-term-         5.00      Downgraded to [ICRA]D from
   non-fund based                [ICRA]A2

Rationale

ICRA has taken a consolidated view of Shri Tradco India Private
Limited (STIPL), Shri Tradco Deesan Private Limited (STDPL) and
Honest Derivatives Private Limited (HDPL), while assigning the
rating. A consolidated view has been taken owing to similar
operations, strong operational and financial linkages, and a common
management group among the entities.

The rating downgrade takes into account the recent irregularities
in debt servicing based on banker feedback. ICRA has not been able
to contact the management for feedback on the recent performance of
the company.

Credit challenges

Susceptibility to agro-climatic conditions impacting prices and
availability of raw material - The prices and availability of maize
(an agro commodity) are exposed to demand-supply scenarios,
agro-climatic conditions and Government regulations. As per
available information from bankers, the company had to curtail
production of starch and starch derivatives in the last few months
owing to high raw material prices which they are unable to pass on
to end users.

Moderately high working capital intensity - The Group's working
capital intensity remains moderately high because of higher debtor
days. Further with lower availability of maize, the company had to
resort to cash purchases which also impacted working capital
requirements in FY2019. With lower inventory buffer on account of
cash purchase requirements, NWC/OI remained at 38.0% in FY2019
compared to 44.0% in FY2018.

Liquidity position

The Group's liquidity profile remains weak as evidenced by recent
irregularities in debt servicing by company.

The Tradco Group comprises three companies - STIPL, STDPL and HDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was
incorporated in 2006. The Group has two maize processing
facilities, one each at Dhule (for STDPL) and Jalgaon (for HDPL),
with a processing capacity of 1,05,000 metric tonne per annum
(MTPA) each.


SHRI TRADCO INDIA: ICRA Lowers Ratings on INR170.75cr Loans to 'D'
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shri Tradco India Private Limited (STIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         15.00       Downgraded to [ICRA]D from
   term loan                       [ICRA]BBB+ (Stable)

   Fund-based-        155.75       Downgraded to [ICRA]D from  
   working capital                 [ICRA]BBB+ (Stable)
   facilities         
                                   
Rationale

ICRA has taken a consolidated view of Shri Tradco India Private
Limited (STIPL), Shri Tradco Deesan Private Limited (STDPL) and
Honest Derivatives Private Limited (HDPL), while assigning the
rating. A consolidated view has been taken owing to similar
operations, strong operational and financial linkages, and a common
management group among the entities.

The rating downgrade takes into account the recent irregularities
in debt servicing based on banker feedback. ICRA has not been able
to contact the management for feedback on the recent performance of
the company.

Credit challenges

Susceptibility to agro-climatic conditions impacting prices and
availability of raw material:  The prices and availability of maize
(an agro commodity) are exposed to demand-supply scenarios,
agro-climatic conditions and Government regulations. As per
available information from bankers, the company had to curtail
production of starch and starch derivatives in the last few months
owing to high raw material prices which they are unable to pass on
to end users.

Moderately high working capital intensity:  The Group's working
capital intensity remains moderately high because of higher debtor
days. Further with lower availability of maize, the company had to
resort to cash purchases which also impacted working capital
requirements in FY2019. With lower inventory buffer on account of
cash purchase requirements, NWC/OI remained at 38.0% in FY2019
compared to 44.0% in FY2018.

Liquidity position

The Group's liquidity profile remains weak as evidenced by recent
irregularities in debt servicing by company.
  
The Tradco Group comprises three companies - STIPL, STDPL and HDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was incorporated in
2006. The Group has two maize processing facilities, one each at
Dhule (for STDPL) and Jalgaon (for HDPL), with a processing
capacity of 1,05,000 metric tonne per annum (MTPA) each.


SRI VENKATESWARA: ICRA Keeps B+ on INR15cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating of INR15.00-crore bank facilities of Sri
Venkateswara Constructions continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      10.00       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-Non       5.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in May 2018.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with Sri Venkateswara Constructions, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy. SVC executes
the Public works department contracts in Irrigation such as Canal
Works, Drainage works and check dam works. The company generally
executes projects for government departments.


SUDHAMSU EXIM: ICRA Keeps D on INR15cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating of INR15.00-crore bank facilities of Sudhamsu
Exim Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term/Short       15.00      [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated                 COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in May 2018.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with Sudhamsu Exim Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Sudhamsu Exim Private Limited (SEPL) was incorporated in 2008 and
is promoted by Mr. M. Pruthvi Raj Reddy and family. Up to FY2013,
the company was involved in trading of construction materials. From
FY2014 onwards, the company has been involved in execution of civil
projects related to construction of houses and for renewable energy
generation.


UNITED INDIA: A.M. Best Cuts Fin. Strength Rating to C++(Marginal)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to C++
(Marginal) from B (Fair) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "b+" from "bb+" for United India Insurance
Company Limited (United). The outlook of the FSR remains stable,
while the outlook of the Long-Term ICR remains negative.

The Credit Ratings (ratings) reflect the company's balance sheet
strength, which AM Best categorizes as adequate, marginal operating
performance, neutral business profile and marginal enterprise risk
management. The rating downgrades reflect a deterioration in AM
Best's view of United's balance sheet strength and operating
performance fundamentals.

Risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), deteriorated to adequate from very strong
during fiscal-year 2019 due to a combination of significant reserve
strengthening for motor third-party liability business and large
underwriting losses from other product lines. Capital and surplus
declined significantly by 29.1% to INR 64.0 billion (USD 0.9
billion) as of March 31, 2019, from INR 90.1 billion (USD 1.4
billion) in the same prior-year period. The company repeatedly has
fallen short of local minimum regulatory solvency requirements in
recent years. To support improvement in this position, the company
issued INR 9 billion of subordinated debt in 2017. Furthermore, in
2019, the company also has obtained a special exemption from the
Insurance Regulator and Development Authority of India to include
fair value credit for certain investment assets for the purposes of
its solvency calculation. Despite this, the company still operates
at a very thin regulatory solvency margin. Further offsetting
balance sheet factors include the company's moderate risk
investment portfolio, which is composed of approximately 28% in
equities and mutual funds. This subjects the balance sheet to
volatility in the event of fair value fluctuations. The company's
liquidity position, as measured by its liquid assets to net
technical reserves ratio, also has declined, to 101% as of fiscal
year-end 2019 from 118% as of fiscal year-end 2018.

AM Best views the company's operating performance as marginal, as
evidenced by a five-year average return-on-equity (ROE) ratio of
-4.9% (2015-2019). Underwriting performance has been consistently
loss-making, with a five-year average combined ratio of 128.2%
(2015-2019) and a very weak combined ratio of 138.3% for
fiscal-year 2019. Operating results have been dependent on
investment income in recent years, which includes material realized
and unrealized gains. Notwithstanding this, the company recorded a
pre-tax operating loss of INR 19 billion (USD 271 million) in
fiscal-year 2019 as compared with a pre-tax operating profit of INR
10 billion (USD 154 million) in fiscal-year 2018. Inadequate
pricing on key lines of business and reserve strengthening over the
past three fiscal years have been the primary drivers of the
company's poor underwriting results. Additionally, the requirement
to service its interest expenses on its subordinated debt further
affects operating results negatively.

The negative rating outlook for the Long-Term ICR reflects the
potential for further deterioration in United's risk-adjusted
capitalization and operating performance over the near to medium
term.  




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

CORBEL CONSTRUCTION: Bosses to be Repaid Ahead of Unsec. Creditors
------------------------------------------------------------------
Stuff.co.nz reports that Corbel Construction sub contractors and
suppliers are outraged that the directors of the failed company
will be paid ahead of them.

According to Stuff, the company was working on projects in
Christchurch and leaky apartments in Parnell, Auckland when
directors and shareholders Mark Wells and Craig Jones put it in
liquidation in December.

Stuff relates that months before the collapse trusts controlled by
Wells and Jones loaned Corbel NZ$960,000. The loans were protected
by a legal security agreement that puts them ahead of the 250
out-of-pocket subcontractors and suppliers. The trusts have been
repaid about NZ$100,000 so far, the report says.

Charlie Feary who owns a drain laying company owed NZ$60,000 said
it made him so angry to think about it he had to "let it go," Stuff
relays.

"I've cut my losses. We were a two year old company. We've survived
and I'm still employing four guys but we've had to work harder to
make it up. It's basically someone's wages for a year," Stuff
quotes Mr. Feary as saying.  "I did some research on Corbel and was
told their credit was good so I don't know what I could have done.
The only one who is going to make anything out of the mess is the
liquidator."

According to Stuff, liquidator Andrew Oorschot of Ashton Wheelans
said Corbel sub contractors were owed NZ$1.5 million in retentions
but NZ$1.2 million was not covered by the legislation and was just
part of the unsecured claims.

There was NZ$227,000 of retentions in trust but half was wrongly
classified, leaving NZ$110,000.

"We are continuing to pursue the directors regarding this matter
. . . they have an obligation to make good this shortfall," Stuff
quotes Mr. Oorschot as saying.

There was unlikely to be any money for unsecured creditors owed an
estimated NZ$4.6 million, Stuff notes.

Stuff relates that Mr. Oorschot said the directors' trusts had put
the NZ$960,000 into the company in March 2017 to reduce the first
ranking bank debt owed to BNZ. The bank's remaining NZ$226,000 had
been repaid in full.

An independent legal opinion said the trusts could not be
challenged," Mr. Oorschot said.

Mr. Oorschot said the directors' trusts had been repaid NZ$100,000
and were still owed NZ$860,000 plus interest, but were unlikely to
be fully repaid, Stuff relays.

Directors sought liquidation after the body corporate for the
Parnell Apartments won a NZ$600,000 award against Corbel last year,
Stuff states.

                     About Corbel Construction

Corbel Construction was a commercial and residential building
company headquartered on Lichfield St, Christchurch. It had carried
out extensive seismic, leaky building, education and healthcare
projects, including work for the Ministry of Education.  Corbel had
17 full-time employees.

Andrew Oorschot of Ashton Wheelans was appointed liquidator of
Corbel Construction on Dec. 3, 2018.




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

HOE LEONG: Receives Statutory Demand From UOB for Loan Payment
--------------------------------------------------------------
Lee Meixian at The Business Times reports that Hoe Leong
Corporation on Sept. 2 said it has received a statutory demand
under the Companies Act from the law firm acting on behalf of
United Overseas Bank (UOB) which is seeking payment of about S$5.7
million from the company within 21 days from Aug 29, 2019, the date
of receipt of the statutory demand.

Allen & Gledhill is representing UOB, the report cites. The payment
is related to the bank loan owed by Hoe Leong's wholly-owned
subsidiary, Arkstar Voyager. Hoe Leong, a heavy equipment supplier,
is the guarantor for the loan.

The Business Times relates that Hoe Leong had said in July that the
letter of demand from UOB claiming repayment will not affect the
group's ability to carry on its business as a going concern.

On Sept. 2, however, it said: "With the statutory demand from UOB,
the company is unable to reasonably assess its financial position.
The company is presently seeking legal advice and is engaging with
UOB to remedy the situation," the report relays.

It added that the group's continued viability depends on the
continuing support of its financial and trade creditors; the
group's ability to generate adequate cash flows and to repay its
debt obligations when they fall due in the next 12 months, barring
any material adverse change in the economic and operating
environment, according to the report.

It said: "Since our earlier announcement dated 5 July 2019, the
borrower has recently received and currently has sufficient funds
in its bank account with UOB to fully settle its outstanding
principal repayments and accrued interest up to Aug 31, 2019.
Meanwhile, the board recommends the trading of the shares of the
company be suspended with immediate effect pending the resolution
of the situation," The Business Times relays.

It made a request at 4:00 p.m. on Sept. 2 for a voluntary
suspension of trading in its shares "with immediate effect, pending
the resolution of the situation," The Business Times adds.

Singapore-based Hoe Leong Corporation Ltd. --
https://www.hoeleong.com/ -- provides vessel-chartering services
for the oil and gas industry. The Company also manufactures, trades
and distributes spare parts for heavy equipment and industrial
machinery.


HONESTBEE: Gets 30-day Extension of Court Protection
----------------------------------------------------
The Business Times reports that a Singapore High Court has granted
honestbee another month of court protection on Aug. 27, so that the
embattled startup can refine its application seeking a six-month
debt moratorium from its creditors.

This comes as creditors including landlord LHN Space Resources,
trade creditor MOS Foods Singapore, and financial creditor Benjamin
Lim Jia-Rong are opposing honestbee's debt moratorium application,
The Business Times cites.

honestbee owes its 20 largest unsecured creditors some SGD276.6
million, BT relays, higher than previously announced estimates. It
also owes its key backer Formation Group US$4 million, secured by
an all-monies charge.

In a closed-door hearing on Aug. 27, the court gave honestbee until
Oct. 4 to present its moratorium application with further
proposals, the startup's chief executive Ong Lay Ann told reporters
in a conference call, The Business Times says.

The Business Times relates that Mr. Ong could not immediately
specify what details the court requested, but added: "I think they
were looking at perhaps some kind of financial projections . . .
and an initial idea of what the proposal for the scheme is going to
look like."

"I was quite surprised that the creditors were opposing a scheme
that would give them the best possible outcome," he said.

Notably, another opposing creditor, LHN Space Resources is the
landlord for habitat, honestbee's supermarket in Boon Leat Terrace.
It is not clear if the landlord's dissent could affect honestbee's
plans to bank on habitat for its business strategy, the report
says.

However, Mr. Ong expressed confidence that honestbee will continue
to operate habitat as a core vertical. To stay afloat in the
interim, honestbee has also secured an additional US$1 million in
funding via a promissory note from Formation Group, he said, The
Business Times relays.

The startup has thus far earlier enjoyed a one-month interim debt
moratorium, following its application for court protection on  Aug.
1. Mr. Ong said the next court hearing is scheduled for Sept. 30,
the report adds.

                          About honestbee

Headquartered in Singapore, honestbee is an online grocery and food
delivery service as its core business, a concierge service, and
also a parcel delivery service for its B2B clients.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2019, Inside Retail Asia said that sinking in debts of
around US$180 million, Honestbee is seeking court protection from
creditors to allow it to restructure.   The company has applied to
the High Court to commence a process which reportedly would give it
six months protection from creditors lodging winding up procedures
or other legal attempts to recover what they are owed.

Honestbee has received demands from creditors claiming SGD6
million, and owes about US$209 million to its largest creditors,
the embattled grocery startup revealed in an affidavit filed at a
Singapore High Court pre-trial conference on August 6, according to
The Business Times.


PUMA ENERGY: Fitch Lowers IDR to BB-, Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded Puma Energy Holdings Pte Ltd's Issuer
Default Rating to 'BB-' from 'BB'. The Outlook is Stable.

The downgrade reflects the protracted weakening in Puma Energy's
credit profile with higher cash flow volatility than previously
assumed, and profitability being rebased below historical levels.
Fitch now forecasts funds from operations (FFO) readily marketable
inventory (RMI) -adjusted net leverage above or at its 4x
sensitivity for a negative rating action.

The Stable Outlook captures its view that the corrective measures
announced by the new senior management team will support a gradual
strengthening of the group's credit profile over 2019-2021.
However, they will not be sufficient to restore the credit profile
to 'BB' as the group's financial metrics will not offer any buffer
to absorb execution risks to Puma Energy's strategic plans or
unexpected market challenges.

KEY RATING DRIVERS

Woes Highlight Vulnerabilities: Puma Energy's underperformance in
2018 highlighted vulnerabilities and higher cash flow volatility
than previously assumed and which were not mitigated by the group's
scale and diversification. Fitch-defined EBITDA dropped 25% yoy to
USD546 million, underlining concentration risk in Angola
(B/Negative) where historically high regulated unit margins came
under pressure. Profitability was also impacted, by competitive
pressures and higher costs in Australia. With no material reversal
of these trends in sight, Fitch now forecasts EBITDA at around
USD500 million-USD510 million, ie levels preceding the group's
USD5.7 billion expansion in 2012-2016. This compares with an
average of USD700 million in 2015-2017.

No Material Improvement in Angola: Its base case does not assume
any material improvement in profitability in Angola where the end
of the kwanza-dollar peg and fuel prices freeze have exposed fuel
retailers to FX volatility since 2018. Unit margins remain healthy
at around USD80/cubic metre, but the drop from USD200/cubic metre
historically had a material adverse impact on Puma Energy's cash
flow generation.

The Angolan government has begun a reform of the oil sector with a
timetable that aims at addressing the full downstream value chain
by mid-2020. However, the macro-economic outlook remains
challenging with the economy in recession, inflation forecast at
17% in 2019 and sustained pressure on the kwanza. Pump prices are
expected to be ultimately normalised to a basket in adjacent
countries.

Deleveraging Contingent on Disposals: Puma Energy's challenges have
led to a senior management overhaul, starting with the appointment
of a new CEO in October 2018. A new CFO was appointed in June 2019,
followed by a new head of Africa and a Chief Transformation Officer
in July. The new team is in the process of reducing debt,
optimising the portfolio via asset disposals and cost efficiencies
and maintaining working capital discipline. Its base case assumes
asset sales of USD650 million over 2019-2021, supported by the
flexibility provided by Puma Energy's scale and midstream assets,
with the bulk of proceeds being applied towards debt reduction in
2020.

No Headroom under Metrics at 'BB' level: FFO RMI-adjusted net
leverage has remained stubbornly above its 4.0x negative
sensitivity since 2017. Fitch now forecasts the ratio at 4.9x at
end-2019 before easing to 3.9x at end-2021, primarily on the back
of asset disposals. This offers no buffer for any unforeseen market
challenges or for the execution risks in the group's strategic
plans. Management also aims to achieve sustainable improvements in
profitability, an upside Fitch conservatively excludes from its
current assumptions.

Reduced Capex in 2019-2020: The group's deleveraging capacity in
2019-2020 will also be aided by reduced capex with spending now
assumed at USD130 million-USD150 million annually under its base
case, down from USD200 million previously. This compares with
maintenance level of around USD120 million. These amounts limit
management's investment scope under the strategic plan and could
threaten the group's competitiveness if extended beyond 2020. Its
base case assumes an increase to USD250 million in 2021.

Challenges in Australia: Australia remains one of the 10 largest
contributors to Puma Energy's volumes and EBITDA, albeit down from
being the second-largest historically. The group's performance in
the country continues to be hampered by a combination of increased
pricing competition and higher fixed costs from the conversion of
service stations to a company-owned-company-operated model from a
company-owned-dealer-operated one. Its base case assumes flat
performance trends from Australia in 2019 and onward.

Working Capital Discipline: Operating cash flow generation was
supported in 2018 by a working capital cash inflow of USD308
million (Fitch-defined) on the back of improved payment terms to
suppliers. Puma Energy reported that days payable outstanding
increased to 47 from 38 during the year without concessions on
prices. This compares with the group-estimated range of between 35
and 55 days for vertically integrated peers. Its forecasts assume
no further improvement in payment terms from 2019.

Manageable Refinancing Risk: Puma Energy has actively refinanced
some of its debt since 2017. As at end June-2019, the next material
repayment was USD 1,026 million in 2021, including a three-year
USD850 million term loan due in May with two extension options. Its
base case assumes that the bulk of the proceeds from the planned
asset disposals will be used for debt redemptions, thus reducing
refinancing risk for 2021. The group's bank debt is subject to a
net leverage covenant of 3.5x (including inventories) tested
quarterly on a last 12-month basis. Management expects the group to
remain in compliance with this ratio.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI (such as refined oil products) and reclassifies
related interest costs as cost of goods sold. The difference
between RMI-adjusted and RMI-unadjusted FFO net leverage is around
0.5x-1.0x.

DERIVATION SUMMARY

Puma Energy's closest peer is Vivo Energy plc (BB+/Stable), which
operates on a smaller scale with limited midstream activities and
concentration in Africa (23 countries post-Engen transaction). Vivo
Energy's capital intensity is lower than that of Puma Energy, whose
significant investments in midstream infrastructure over the past
few years have not yet fed into cash flows. Vivo Energy's IDR is
supported by a cash-generative and conservative financial profile,
with RMI-adjusted net leverage below 1x.

Puma Energy's retail operations can be compared, to some extent,
with those of EG Group Limited (EG, B/Stable), a UK-based
independent petrol retailer. EG's overall scale and diversification
have recently improved through acquisitions and the group is
present in the mature European, US and Australian markets. EG
benefits from a higher exposure than Puma Energy to more profitable
convenience and food-to-go retail. EG's rating also reflects a weak
financial profile with FFO adjusted gross leverage above 7.0x and
execution risks associated with the company's acquisitions.

The downgrade of Puma Energy to 'BB-' reflects a weakening in its
performance and credit metrics due to adverse trends in Angola
where the group has historically derived above-average unit
margins. RMI-adjusted net leverage is forecast to remain above or
at its 4.0x negative sensitivity, supported by the new management's
strategic disposals.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Volume growth of around 1.5% per year for 2019-2022,
    excluding assumed impact of assets sales

  - Sales flat over 2019-2022 excluding assumed impact of
    assets sales in 2020

  - Average unit margins (downstream) at around USD52/cubic
    metre for 2019-2022 with no material recovery in Angola
    and in Australia over the next fourr years

  - Capex of USD130 million-USD150 million in 2019-2020
    increasing to USD250 million in 2021 and USD350 million
    in 2022

  - Disposals of USD650 million over 2019-2021

  - No compensation obtained in Angola for margins impacted
    by the kwanza devaluation and price freeze in 2018

  - No dividend paid over the next fourr years

RATING SENSITIVITIES

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

  - Improved headroom under financial metrics with FFO
    RMI-adjusted net leverage sustained below 4.0x.

  - Improved competitive position, sustained operational
    improvements or favourable changes in regulatory frameworks
    translating into a material and sustained improvement in
    unit margins and free cash flow (FCF) generation.

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

  - FFO RMI-adjusted net leverage sustained above 5.0x.

  - Deteriorating competitive position or adverse changes
    in regulatory frameworks, with further material and
    sustained weakening in unit margins.

  - FCF/EBITDAR excluding expansionary capex (cash conversion)
    decreasing to 15% or below on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: As of June 30, 2019, Puma Energy held cash
and cash equivalent balances of USD606 million and undrawn
committed credit lines beyond one year of USD0.9 billion, including
a USD0.5 billion committed tranche of a shareholder loan from
Trafigura, undrawn since 2014 and extended to September 2023. This
compares with reported current debt of USD326 million (excluding
IFRS16 impact) and FCF of USD126 million under its rating case in
2019.

Its base case assumes low refinancing risk and that Puma Energy
will maintain metrics below its net leverage covenant and access to
the bank and debt capital markets.

SUMMARY OF FINANCIAL ADJUSTMENTS

Operating lease commitments of USD172 million at end-2018
capitalised at 6.5x

USD297 million of trade receivables sold in 2018 were added back to
current assets and to liabilities as secured debt. Working capital
cash movements were reduced by USD76 million and cash flow from
financing was increased by the same amount.

RMI adjustment to exclude debt and related interest cost used to
finance fuel inventories (90% of fuel inventories i.e. USD819
million in 2018 and USD54 million of interest).

Changes in working capital adjusted to include USD113 million
'changes in value of derivative financial instruments' as
derivatives hedge commodity price volatility risk (inventories).




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

[*] BOND PRICING: For the Week Aug. 26 to Aug. 30, 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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