/raid1/www/Hosts/bankrupt/TCRAP_Public/191126.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, November 26, 2019, Vol. 22, No. 236

                           Headlines



A U S T R A L I A

CIRELLI INVESTMENTS: Second Creditors' Meeting Set for Dec. 4
COLOSSAL HOMES: First Creditors' Meeting Set for Dec. 4
EPM CENTRAL: First Creditors' Meeting Set for Dec. 3
EVEREST INTERGRATED: First Creditors' Meeting Set for Dec. 3
HK CORPORATE: Second Creditors' Meeting Set for Dec. 2

KNET TECHNOLOGY: Second Creditors' Meeting Set for Dec. 2
SABO MACH: Second Creditors' Meeting Set for Dec. 3
SHOES OF PREY: Liquidators Seeking Expression of Interest
TIKE PROPERTY: First Creditors' Meeting Set for Dec. 2
WHITE RIBBON: Sells IP and Remaining Assets to Communicare



C H I N A

HUAYUAN PROPERTY: S&P Lowers ICR to 'B' on High Land Spending
SHANDONG RUYI: Dollar Bonds Sink for Firm Amid Growing Debt Woes
TEWOO GROUP: Seeks Debt Haircut of Up to 64% on Dollar Bonds
YUHUANG: S&P Lowers Long-Term ICR to 'CC' on Imminent Default Risk


I N D I A

AARVEE DENIMS: Ind-Ra Lowers Term Deposit Rating to 'tD'
AATASH POWER: CRISIL Lowers Rating on INR19.21cr Term Loan to B+
ANADRONE SYSTEMS: Ind-Ra Reassigns Issuer Rating to 'B-'
AVANEESH LOGISTICS: CRISIL Cuts Rating on INR4cr Loan to B+
AVVAS INFOTECH: CRISIL Maintains B Rating in Not Cooperating

BALAJEE PLY-PRODUCT: CRISIL Keeps B- Rating in Not Cooperating
BASUDEB ENGINEERING: CRISIL Keeps 'B' Rating in Not Cooperating
BEEHIVE EDUCATIONAL: CRISIL Keeps B- Rating in Not Cooperating
BENEDETTO KITCHENS: CRISIL Maintains B+ Rating in Not Cooperating
BHAGWATI FATS: CRISIL Maintains 'B' Rating in Not Cooperating

BHOMIA BUTTONS: CRISIL Lowers Rating on INR12cr Loan to B+
BISHNUPRIYA COLD: CRISIL Maintains B Rating in Not Cooperating
BLUE MOUNTAIN: CRISIL Maintains B- Rating in Not Cooperating
DEWAN HOUSING: India's Central Bank Appoints Administrator
ELROY MOTORS: CRISIL Lowers Rating on INR16cr Loan to B+

F. HARLEY: CRISIL Lowers Rating on INR6cr Cash Loan to B+
GANESA MODERN: CRISIL Maintains B+ Rating in Not Cooperating
HIGH GROUND: Ind-Ra Lowers Long Term Issuer Rating to 'C'
IL&FS FINANCIAL: Ind-Ra Affirms 'D' LT/ST Issuer Rating
INFRASTRUCTURE LEASING: Ind-Ra Affirms 'D' LT/ST Issuer Rating

INSTYLE EMBROIDERIES: CRISIL Keeps B Rating in Not Cooperating
JAI MAAKALI: CRISIL Maintains D Rating in Not Cooperating
JAY MAHAKALI: CRISIL Maintains B- Rating in Not Cooperating
KALOKHE STONE: CRISIL Maintains 'C' Rating in Not Cooperating
KAMDHENU COTTON: CRISIL Maintains B+ Rating in Not Cooperating

KAMESHWAR INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
KAMNA MEDICAL: CRISIL Maintains B- Rating in Not Cooperating
KESHAVA ENTERPRISES: CRISIL Cuts Rating on INR7cr Loan to 'B+'
RELIANCE COMMUNICATIONS: Lenders Reject Ambani's Resignation
ROYAL PRESSING: CRISIL Lowers Rating on INR5.0cr Loan to 'D'

SAMRAT FERRO: CRISIL Lowers Rating on INR9cr Cash Loan to D
SINGLA CABLES: CRISIL Lowers Rating on INR14cr Cash Loan to D
URS KAR: CRISIL Lowers Rating on INR15.25cr Loan to 'D'
VERTIGO IMPEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable


S I N G A P O R E

EZION HOLDINGS: To Offload 2 Loss-Making Firms to Cut Costs


X X X X X X X X

[] Asia Bond Defaults Could Rise in 2020, Bloomberg Data Shows
[] BOND PRICING: For the Week Nov. 18, 2019 to Nov. 22, 2019

                           - - - - -


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

CIRELLI INVESTMENTS: Second Creditors' Meeting Set for Dec. 4
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Cirelli Investments Pty Ltd
     - Residential Steller Pty Ltd
     - Pitard Property Group 2 Pty Ltd

has been set for Dec. 4, 2019, at 2:00 p.m. at the offices of
PricewaterhouseCoopers, Level 19, at  2 Riverside Quay, in
Southbank, Victoria.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 2, 2019, at 2:00 p.m.

Robert Scott Ditrich and Martin Francis Ford of
PricewaterhouseCoopers were appointed as administrators of Cirelli
Investments on Oct. 30, 2019.


COLOSSAL HOMES: First Creditors' Meeting Set for Dec. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Colossal
Homes (Qld) Pty Ltd will be held on Dec. 4, 2019, at 12:00 p.m. at
the offices of Chartered Accountants Australia and New Zealand,
Level 13, Waterfront Place, at 1 Eagle Street, in Brisbane,
Queensland.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Colossal Homes on Nov. 22, 2019.


EPM CENTRAL: First Creditors' Meeting Set for Dec. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of EPM Central
Coast Pty Ltd will be held on Dec. 3, 2019, at 11:30 a.m. at the
offices of Hall Chadwick, Level 4, at 240 Queen Street, in
Brisbane, Queensland.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of EPM Central on Nov. 21, 2019.

EVEREST INTERGRATED: First Creditors' Meeting Set for Dec. 3
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Everest
Intergrated Services Pty Ltd will be held on Dec. 3, 2019, at 10:30
a.m. at the offices of WA Insolvency Solutions, a division of
Jirsch Sutherland, Suite 6.02, Level 6, at 109 St Georges Terrace,
in Perth, WA.

Greg Mathew Prout and Jimmy Trpcevski of WA Insolvency Solutions
were appointed as administrators of Everest Intergrated on Nov. 21,
2019.

HK CORPORATE: Second Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A second meeting of creditors in the proceedings of HK Corporate
Pty. Ltd., trading as Jeffery & Associates, has been set for Dec.
2, 2019, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 8, at 102 Adelaide Street, in Brisbane,
Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2019, at 5:00 p.m.

Lee Crosthwaite of Worrells Solvency & Forensic Accountants was
appointed as administrator of HK Corporate on Nov. 7, 2019.

KNET TECHNOLOGY: Second Creditors' Meeting Set for Dec. 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of KNet Technology
Pty Limited has been set for Dec. 2, 2019, at 3:00 p.m. at the
offices of Worrells Solvency & Forensic Accountants, Suite 601B,
Level 6, 91 Phillip Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2019, at 5:00 p.m.

Graeme Robert Beattie of Worrells Solvency & Forensic Accountants
was appointed as administrator of KNet Technology on Oct. 28, 2019.

SABO MACH: Second Creditors' Meeting Set for Dec. 3
---------------------------------------------------
A second meeting of creditors in the proceedings of Sabo Mach B Pty
Ltd has been set for Dec. 3, 2019, at 3:00 p.m. at the offices of
Jones Partners, Level 13, at 189 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 2, 2019, at 4:00 p.m.

Bruce Gleeson of Jones Partners was appointed as administrators of
Sabo Mach on Oct. 29, 2019.


SHOES OF PREY: Liquidators Seeking Expression of Interest
---------------------------------------------------------
Business News Australia reports that the liquidators of embattled
custom-order footwear business Shoes of Prey are now seeking
expressions of interest (EOIs) for the company's assets including
its brand names, logo, patterns, subscriber and customer database,
and social media channels.

Business News Australia relates that the announcement comes within
a month of co-founder Jodie Fox releasing her book 'Reboot:
Probably More Than You Ever Wanted to Know about Starting a Global
Business'.

John Park and Kelly-Anne Trenfield of FTI Consulting were appointed
liquidators in March this year, some seven months after orders had
been put on hold in August 2018 as the company failed to meet
expectations, the report notes.

According to the report, the announcement brought an end to a
10-year legacy for an idea that attracted investments from US
department store Nordstrom and Blue Sky Alternative Investments
(ASX: BLA), itself now under administration.

"Despite all the right trends towards personalisation and our
success within the customisation niche, contrary to our market
research the mass market fashion customer just didn't respond as we
expected," co-founder Michael Fox said in a blog post on Medium
before the liquidation was announced, Business News Australia
relays.

"We learnt the hard way that mass market customers don't want to
create, they want to be inspired and shown what to wear. They want
to see the latest trends, what celebrities and Instagram
influencers are wearing and they want to wear exactly thatboth the
style and the brand.

"If I ever find myself in a position where I'm attempting to change
consumer behaviour, I will ensure I've peeled back the layers to
truly understand the psychology of my target customer."

FTI Consulting highlight an opportunity now for interested parties
to purchase the assets of a business which" manufactured unique,
on-demand luxury footwear tailored specifically to individual
customer designs".

"Using its distinctive just-in-time production platform, Shoes of
Prey was able to produce a bespoke pair of shoes within 48 hours of
the customer submitting their design," FTI said.

Business News Australia says the assets available for sale
include:

- Brand names, logo and domain names
- Lasts and patterns
- Code repositories for the Company's configurator application
   and factoring processing technology
- Subscriber and customer database
- B2B customer pitch deck
- Brand guidelines
- Social media channels

Expressions of interest can be made by contacting Lachlan Bowness
via email Lachlan.Bowness@fticonsulting.com or Tel: +617 3225
4958.

Following this, a short form information memorandum will be
provided with further detail on these assets and access to an
electronic data room to be made available upon the execution of a
deed of confidentiality, relays Business News Australia.

Preference will be given to buyers who express an interest in
buying all assets collectively, and non-binding indicative offers
must be made by 5:00 p.m. AEST on December 5, the report adds.

TIKE PROPERTY: First Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Tike Property Pty Ltd;
   -- 13 George Street Pty Ltd;
   -- Private Capital Pty Ltd; and
   -- 20 Nannygai Pty Ltd

will be held on Dec. 2, 2019, at the offices of Grant Thornton
Australia Limited at:

    - Brisbane Office
      Level 18, 145 Ann Street
      Brisbane, Queensland
      Time: 10:00 a.m.

    - Melbourne Office
      The Business Centre, Collins Square
      Tower 5, Level 22
      727 Collins Street
      Melbourne, Victoria
      Time: 11:00 a.m.

John McInerney and Cameron Crichton of Grant Thornton Australia
were appointed as administrators of Tike Property, et. al, on Nov.
20, 2019.

WHITE RIBBON: Sells IP and Remaining Assets to Communicare
----------------------------------------------------------
Chip Le Grand at The Sydney Morning Herald reports that White
Ribbon, the ubiquitous symbol for ending men's violence against
women, has been sold to Communicare, a Perth-based organisation
which has provided domestic violence services for more than 20
years.

SMH relates that the liquidators of White Ribbon Australia, the
high-profile charity which collapsed last month after accumulating
losses of about AUD1.3 million over the previous two financial
years, on Nov. 22 announced that Communicare had bought the failed
company's intellectual property and remaining assets.

The report says the sale was welcomed by the founder of the global
White Ribbon movement, White Ribbon Canada, which had previously
expressed "serious reservations" about any plan to sell any
intellectual property associated with the movement.

"It is reassuring that Communicare, whose values and commitment
align so well with the White Ribbon movement, will provide
substantial experience and strong governance to the important work
of White Ribbon Australia," the report quotes White Ribbon Canada
executive director Humberto Carolo as saying.

"We look forward to collaborating with Communicare, together with
local community stakeholders including womens' organisations, to
challenge and support men and boys to realise their potential to be
part of the solution in ending all forms of gender-based
violence."

According to SMH, the transfer of the White Ribbon brand to the
West Australian organisation, which has branches across Perth and
in the city of Geraldton, will also help repair the relationship
between the White Ribbon movement and the broader, anti-violence
sector.

Prior to its collapse, White Ribbon Australia was criticised by
other service providers and anti-violence campaigners for its
high-cost, corporate model, tokenistic approach towards advocacy
and failure to accept gender inequity as a driver of violence
against women, SMH notes.

White Ribbon Australia was also hampered in recent years by a churn
of chief executives and board chairs, the report says.

According to SMH, Communicare chief executive Melissa Perry said
her organisation would provide White Ribbon, a movement which
operates in 60 countries, a secure future in Australia.

"We couldn't imagine Australia without a White Ribbon campaign,"
the report quotes Ms. Perry as sayig. "White Ribbon Australia
aligns with our values and reflects our long-standing commitment to
eliminating violence against women and children.

"As a White Ribbon-accredited organisation and school, we've seen
first-hand how accreditation provides tools to strengthen a culture
of respect, accountability and gender equality at all levels of the
organisation."

SMH adds that Worrells Solvency and Forensic Accountants partner
Aaron Lucan, the Sydney-based liquidator handling the wind-up of
White Ribbon of Australia, said that since the charity shut its
doors, there had been strong interest in reviving the White Ribbon
brand.

"It's not often that a liquidator can work toward an outcome of
benefit to the wider community as well as to creditors, so on a
personal level this is a very pleasing result," he said.

Despite the assets sale, tax payers will foot the bill for
entitlements owed by White Ribbon Australia to its 28 former
employees, which have been referred to the federal government's
Fair Entitlements Guarantee Scheme, SMH relays.

The liquidators are also examining whether the company traded while
insolvent, adds SMH.



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

HUAYUAN PROPERTY: S&P Lowers ICR to 'B' on High Land Spending
-------------------------------------------------------------
S&P Global Ratings, on Nov. 22, 2019, lowered its long-term issuer
credit rating on Huayuan Property Co. Ltd. to 'B' from 'B+'. At the
same time, S&P lowered the long-term issue rating on the company's
outstanding senior unsecured notes to 'B' from 'B+'.

S&P said, "We lowered the rating on Huayuan because we expect the
company's leverage to stay elevated and potentially deteriorate in
the next one to two years. Huayuan is undertaking more aggressive
land acquisition, while revenue recognition and sales execution
have been weak. We believe there is no imminent refinancing risk
given the company's state-owned enterprise (SOE) background.
Huayuan is 46.4% owned by Beijing Huayuan Group Co. Ltd. (Huayuan
Group), a wholly owned SOE under Beijing's Xicheng district
government.

"We expect Huayuan's leverage ratio to deteriorate to 13.0x-13.5x
in 2019, from 12.8x in 2018, and stay elevated at 11.0x-12.0x in
2020-2021. The company's debt-funded expansion strategy will likely
lead to significant debt increase over the next one to two years.
At the same time, Huayuan's limited project diversity makes it
vulnerable to policy changes and execution slippage, which could
lead to slower revenue recognition than we previously estimated."

Huayuan targets to increase its contracted sales to Chinese
renminbi (RMB) 16 billion-RMB20 billion in 2019 and 2020, from
RMB12 billion in 2018. As of Oct. 31, 2019, the company's reported
land bank was about 4 million square meters, translating to
saleable resources of RMB60 billion. S&P said, "We estimate that
its current land bank is only sufficient for two years of
development. We therefore anticipate the company will budget land
spending of about RMB10 billion in 2019 and RMB8.0 billion-RMB8.5
billion in 2020-2021, representing 40%-50% of total contracted
sales, to support its ambitious growth target."

Huayuan's small operating scale and limited number of projects
exacerbate its revenue volatility, evident from a more than 30%
year-on-year decline in 2018. S&P believes the company's revenue
will increase moderately, albeit at a slower pace, to RMB8.1
billion-RMB10.6 billion over 2019-2020, supported by RMB10.2
billion of sold but unrecognized contracted sales. The faster
construction cycle in cities outside Beijing, such as Xi'an and
Changsha where policies are less restrictive, will also underpin
its revenue growth.

Although Huayuan's increased contracted sales and asset disposal of
certain projects offset some liquidity risk, tight liquidity
conditions stemming from the challenging market environment will
have a negative impact on the company's cash inflow to cover its
debt repayment. Huayuan's liquidity position is also tightening
owing to a high share of short-term debt, patchy sales execution,
and a high land purchase budget. S&P therefore expects Huayuan to
generate negative operating cash flow in the next one to two
years.

Nonetheless, Huayuan does not have imminent repayment risk, in
S&P's view. The company has a good track record in the domestic
capital market and its SOE status supports its refinancing
activities. As of June 30, 2019, the company had raised RMB4
billion in the domestic market and US$300 million in the offshore
market at lower average funding costs of about 6.5% compared with
peers of a similar size. Huayuan also obtained RMB5 billion quota
from Huayuan Group to supplement its funding sources, moderately
alleviating its refinancing pressure. In addition, the company has
a relatively clean capital structure, with 51% of total debt from
onshore corporate bonds and offshore senior notes, 37% from bank
borrowings, and the remaining 12% from trust and entrusted loans
and shareholder loans.

S&P said, "We continue to assess Huayuan as a core subsidiary of
Huayuan Group because more than 90% of the group's revenue and
EBITDA come from the property segment. We expect Huayuan to remain
the primary driver of the group credit profile.

"The stable outlook reflects our expectation that Huayuan will
maintain an elevated leverage level as it seeks to increase its
contracted sales. We believe the company's refinancing access will
remain stronger than peers of a similar size due to its SOE
background.

"We also expect the Xicheng district government to maintain its
moderate extraordinary support for Huayuan through Huayuan Group.

"We could lower the rating if Huayuan's liquidity deteriorates
significantly or its capital structure becomes unsustainable. This
could be indicated by a significant increase in short-term debt or
shadow bank financing.

"We could also lower the rating if we assess that government
support to Huayuan Group has weakened.

"We may raise our rating if Huayuan further improves its leverage
and interest coverage. This could happen if: (1) the company has a
track record of good sales execution and more prudent financial
discipline during its expansion; and (2) its debt-to-EBITDA ratio
improves to below 10x on a sustained basis.

"We may also raise the rating if Huayuan's role or link to the
Xicheng district government strengthens through its relationship
with its parent, Huayuan Group."

Huayuan is a state-owned Chinese developer focusing on residential
property development. Established in 1983, the company is based in
Beijing. In recent years, the company has established its presence
in other regions of China, such as the cities of Beijing, Tianjin,
Changsha, Guangzhou, Chongqing, and Shijiazhuang.

Huayuan has been listed on the Shanghai Stock Exchange since 2008,
and is 46.4% owned by its parent, Huayuan Group. Its parent is 100%
owned by the Xicheng District State-owned Assets Supervision and
Administration Commission of the State Council.


SHANDONG RUYI: Dollar Bonds Sink for Firm Amid Growing Debt Woes
----------------------------------------------------------------
Bloomberg News reports that dollar bonds of two companies based in
China's Shandong province plunged on Nov. 21 amid signs that their
debt troubles are worsening.

Shandong Ruyi Technology Group Co.'s dollar bond due in December
plunged by 11.2 cents on the dollar to 77 cents as of 5:24 p.m. in
Hong Kong, its biggest drop on record, according to
Bloomberg-compiled prices. A dollar bond of Shandong Yuhuang
Chemical Co., another business from the same province, due in March
fell by 13.6 cents to 59 cents, also a record drop for the note,
the data show.

Both bonds declined amid investor concern over their repayments.
Citing unnamed sources, Debtwire reported on Nov. 20 that Ruyi
appointed American investment bank Houlihan Lokey Inc., without
specifying its role, Bloomberg relays. The report also cited a Ruyi
spokesperson as saying it consulted with Houlihan Lokey for general
financial services and management remains committed to repaying its
dollar bond due next month on time.

Yuhuang's CNY500 million ($71 million), 6% bond was suspended from
trading Nov. 21 because of a "major event," the company said in an
exchange filing, according to Bloomberg. It's due to repay almost
all that bond principal Nov. 21 after bondholders exercised a put
option. S&P Global Ratings downgraded Yuhuang to CC from CCC+ on
the same day, citing high near-term risk of default on the
company's maturing debt.

Bloomberg notes that the two companies add to a growing list of
distressed enterprises in the eastern Chinese province. In late
October, steelmaker Xiwang Group Co., also based in Shandong, said
it failed to repay a local bond after a ratings company warned the
previous month that the company faced heightened pressure to repay
debt in the final quarter, recalls Bloomberg.

Amid the Ruyi and Yuhuang bond plunge, Shandong Sanxing Group Co.'s
dollar bond due 2021 also fell 5.6 cents, its biggest drop in more
than two months, Bloomberg notes.

Shandong's privately owned companies are frequent users of cross
guarantees, which have the potential to send one company's
liquidity issues cascading through the credit system, S&P Global
Ratings said in a note last month, adds Bloomberg.

TEWOO GROUP: Seeks Debt Haircut of Up to 64% on Dollar Bonds
------------------------------------------------------------
Bloomberg News reports that a troubled Chinese state-own firm is
giving bondholders a stark choice on $1.25 billion of dollar bonds:
take a haircut of as much as 64% or accept delayed repayment with
sharply reduced coupons.

Tewoo Group Corp., which is owned by the Tianjin local government,
proposed the exchange/tender offer on Nov. 22 on three dollar bonds
due to mature over the next three years as well as a perpetual
note, the report relates. The news came after a bank paid a coupon
on a $500 million bond two weeks ago which was backed by a standby
letter of credit.

Bloomberg says the failure of Tewoo to honor its debts highlights
the increasing pressure on Chinese firms, even state-owned ones, as
the economy slows. High debt levels in Tianjin also limit the local
government's ability to lend support to the city's troubled firms,
the report notes.

"We expect Tewoo's debt restructuring to further increase the
credit differentiation between SOEs that provide essential economic
and social services, and those small ones engaged in commercial
activities," Bloomberg quotes Ivan Chung, head of greater China
credit research at Moody's Investors Service in Hong Kong, as
saying.

Tewoo operates in a number of industries including infrastructure,
logistics, mining, autos and ports, according to its website. The
trader ranked 132 in 2018's Fortune Global 500 list, higher than
many other conglomerates including service carrier China
Telecommunications Corp. and financial titan Citic Group Corp.

The company had annual revenue of $66.6 billion, profits of about
$122 million, assets worth $38.3 billion, and more than 17,000
employees as of 2017, Bloomberg discloses citing Fortune's
website.


YUHUANG: S&P Lowers Long-Term ICR to 'CC' on Imminent Default Risk
------------------------------------------------------------------
S&P Global Ratings, on Nov. 22, 2019, lowered its long-term issuer
credit rating on Yuhuang and the long-term issue rating on the
company's guaranteed senior unsecured notes to 'CC' from 'CCC+'.
S&P removed the ratings from CreditWatch, where they were placed
with negative implications on Sept. 5, 2019.

S&P said, "We lowered the rating on Shandong Yuhuang Chemical Co.
Ltd. because we believe it is almost certain that the company will
default on its upcoming onshore bond maturities. We think it is
highly unlikely that the company will receive timely support from
the Heze city government or will be able to arrange refinancing for
the two onshore bonds due in November and December 2019.

"We believe Yuhuang's cash on hand is not sufficient to cover the
two onshore bonds. The company's major debt due in the next six
months includes Chinese renminbi (RMB) 1 billion in onshore
puttable bonds (puttable dates are in November and December 2019)
and US$300 million in senior unsecured notes due in March 2020. All
bondholders have exercised the put option for the bond due in
November. We believe it is highly likely that bondholders will
exercise the put option for the bond puttable in December 2019."

A default of the onshore bonds is considered an event of default
(EOD) for the US$300 million notes issued by Rock International
Investment Inc. and guaranteed by Yuhuang. Following an EOD, the
U.S.-dollar noteholders may--by written notice to the
issuer--demand their principal and unpaid interest to be
immediately due and payable. If the noteholders of at least 25% in
aggregate principal outstanding demand for such early repayment, an
acceleration of payment for all the principal and unpaid interest
of the U.S.-dollar notes will automatically take place.

S&P said, "We take the view that even under a remote scenario in
which Yuhuang can secure last-minute financial support from the
Heze city government to repay its onshore bonds, there is a very
high likelihood that the company would still need to undergo debt
restructuring or exchange for its U.S.-dollar notes due in March
2020, which is tantamount to a default in our definition.

"The negative outlook reflects the likelihood that we will lower
our ratings on Yuhuang and its guaranteed senior unsecured notes to
'D' if the company is unable to repay its onshore bond due on Nov.
21, 2019, within the five-business-day imputed grace period, or if
the bond is declared as default by the exchange."

Established in 1986, Yuhuang is a private petrochemical company
based in Shandong province, China. Yuhuang has five production
bases, all in Heze. The company primarily manufactures basic
chemical raw material and synthetic material. It also has a single
refinery with a refining and processing capacity of 2.2 million
tons per year.



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AARVEE DENIMS: Ind-Ra Lowers Term Deposit Rating to 'tD'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aarvee Denims
and Exports Ltd.'s (ADEL) term deposit programme to 'IND tD' from
'IND tA-'. The Outlook on the earlier rating was Stable.

The instrument-wise rating action is:

-- INR950 mil. Term deposit program (Long-term) downgraded with
     IND tD rating.

KEY RATING DRIVERS

The downgrade reflects delays in the servicing of working capital
facilities for a period exceeding 30 days as of end-October 2019
due to cash flow mismatches.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Established in 1988 by two promoter groups - the Arora group and
the VB Shah Group, ADEL manufactures denim fabrics. The promoter
groups have an experience of over 50 years in the textile industry.
The Arora Group has been focused on the marketing of textile
products for over three decades, while the VB Shah group has been
involved in cotton textile trading for over five decades. The
company has a total installed capacity of 72.7 million meters per
annum.

AATASH POWER: CRISIL Lowers Rating on INR19.21cr Term Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aatash Power
Private Limited (APPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      8.79        CRISIL B+/Stable (ISSUER
   Bank Loan Facility                  NOT COOPERATING; Revised
                                       from 'CRISIL BB+/Stable
                                       ISSUER NOT COOPERATING')

   Term Loan              19.21        CRISIL B+/Stable (ISSUER
                                       NOT COOPERATING; Revised
                                       from 'CRISIL BB+/Stable
                                       ISSUER NOT COOPERATING')

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of APPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2008, APPL is promoted by the Ahmedabad
(Gujarat)-based Mr Jinofer Bhujwala and family. The company is a
special-purpose vehicle set up by the Aatash group for generation
of solar power. It has installed a 5-megawatt solar plant in
Sabarkantha (Gujarat).

ANADRONE SYSTEMS: Ind-Ra Reassigns Issuer Rating to 'B-'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anadrone Systems
Private Limited's (ASPL) Long-Term Issuer Rating to 'IND D' from
'IND B-'. Simultaneously, Ind-Ra has reassigned ASPL a Long-Term
Issuer Rating of 'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits* downgraded and
     reassigned with IND B- /Stable rating; and

-- INR105 mil. (Reduced from INR160 mil.) Non-fund-based working
     capital limits# downgraded and reassigned with IND A4 rating.

* Reassigned 'IND B-'/Stable after being downgraded to 'IND D'
# Reassigned 'IND A4' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects ASPL's overutilization of the fund-based
working capital limits from February 2019 to March 2019 for more
than 30 days due to a poor liquidity position.
The reassignment of the 'IND B-' Long-Term Issuer Rating reflects
ASPL's timely debt servicing for the six months ended October 2019,
due to improvement in its liquidity position, resulting from a
decrease in borrowing.

Liquidity Indicator – Poor: ASPL's average use of its working
capital facility was 105% for the 12 months ended in October 2019.
Cash flow from operations continued being positive but decreased to
INR75 million in FY19 (FY18: INR185 million) owing to deterioration
in a working capital cycle. The working capital cycle deteriorated
due to an increase in creditor day to 163 days in FY19 (FY18: 34
days). ASPL had cash and cash equivalents of INR30.37 million at
FYE19 (FYE18: INR28.64 million).

The ratings are constrained by ASPL's continued small scale of
operations with revenue of INR432 million in FY19 (FY18: INR478
million), tight liquidity and volatile nature of orders from the
Ministry of Defense (FY19: INR394.20 million, FY18: INR448 million,
FY17: INR390 million, FY16: INR75 million).

The rating, however, is supported by ASPL's improvement in credit
metrics. Its interest coverage ratio (EBITDA/gross interest)
improved to 14.34x in FY19 (FY18: 0.28x) due to a decrease in
interest expense and net leverage (net debt/EBITDA) to 0.14x
(21.15x) due to decrease in borrowing. The rating is further
supported by the improvement in the healthy EBITDA margin to 25.15%
in FY19 (FY18: 1.32%) due to a decline in the overall cost of raw
material consumed. The RoCE stood at 42.14% in FY19 (FY18: negative
1.01%)

The ratings also benefit from the promoters' experience of three
decades in supplying safety equipment to the Ministry of Defense.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position, along with a
decline in the revenue or EBITDA, resulting in a sustained
deterioration in the credit metrics, could lead to negative rating
action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to positive rating
action.

COMPANY PROFILE

Anadrone Systems Private Limited (erstwhile Sure Safety Solution
Private Limited) was established in 2004. The company is engaged in
manufacturing and supplying of security equipment to the Ministry
of Defense. The company also renders services for the same.
Products manufactured by ASPL include radar and RCIED
(remote-controlled improvised explosive device) jammers, defense
simulators, training aids, electronic labs, aerial targets systems,
unmanned aerial vehicles, personal safety equipment, disaster
management equipment, etc.

AVANEESH LOGISTICS: CRISIL Cuts Rating on INR4cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Avaneesh
Logistics Private Limited (ALPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           4          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ALPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ALPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

ALPL, incorporated in 2010 by Mr Anil Sapra, is engaged in the
material handling and transportation business. The company is based
in Nagpur, Maharashtra.

AVVAS INFOTECH: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Avvas Infotech
Private Limited (AIPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.02      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4.07      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Funded Interest        3.11      CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

   Proposed Long Term     3.50      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       21.80      CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of AIPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2007 and based at Bengaluru, AIPL provides IT, ITES
and HR services. The company is managed by its managing director,
Mr. AVS Sarma.

BALAJEE PLY-PRODUCT: CRISIL Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Balajee Ply-Product
Private Limited (BPPL) continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan    2          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BPPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BPPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 1997 and based in Jaipur, BPPL manufactures plywood
and block boards, and trades in timber. Manufacturing accounts for
most of its turnover.

BASUDEB ENGINEERING: CRISIL Keeps 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Basudeb Engineering
Enterprises Limited (BEEL) continue to be 'CRISIL B/Stable Issuer
not cooperating'.

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

CRISIL has been consistently following up with BEEL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BEEL, incorporated in 1996 and promoted by members of the
Ranchi-based Kataruka family, commenced operations in February
2013. It is an authorised dealer of HCIL's passenger vehicles in
Ranchi, where it has a showroom and workshop.

BEEHIVE EDUCATIONAL: CRISIL Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Beehive Educational
Society (BES) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

   Proposed Long Term      3        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               6.5      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BES for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BES continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.

BENEDETTO KITCHENS: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Benedetto Kitchens
Private Limited (BKPL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2.75     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               2.75     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BKPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BKPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

BKPL, reconstituted as a private limited company in Septemebr 2009,
is promoted by Mr Ambadas Kamurthi and his wife Geetalaxmi
Kamurthi. Before 2009, it operated as a proprietorship firm named
'Ambadas Kitchens' and traded in steel furniture to government
organisations and later on started trading in modular kitchens.
Post 2009, the company set up a facility for manufacturing
customised modular kitchens.

BHAGWATI FATS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhagwati Fats and
Edible Oils Private Limited (Bhagwati; part of the Agarwal group)
continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      80.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    28.7       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              7.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Bhagwati for
obtaining information through letters and emails dated April 23,
2019 and October 11, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Bhagwati continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Bhagwati and Agarwal Industries Pvt Ltd
(AIPL). This is because the two companies, together referred to as
the Agarwal group, have common management and are in the same line
of business.

Incorporated in 1980, AIPL is promoted by chairman and managing
director Mr. Anirudh Pershad Agarwal. It refines edible oils
(primarily palm oil) and manufactures specialty fats for the bakery
and confectionery segments at its production facility in Kakinada
(Andhra Pradesh). It also trades in crude palm oil.

BHOMIA BUTTONS: CRISIL Lowers Rating on INR12cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bhomia Buttons
Private Limited (BBPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BBPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BBPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2002, BBPL is promoted by Mr Sandeep Jain. The
company, based in Bahadurgarh, Haryana, manufactures standard and
customised buttons, as well as hangers and labels.

BISHNUPRIYA COLD: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bishnupriya Cold
Storage Private Limited (BCSPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.7       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term    1.11      CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BCSPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BCSPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

BCSPL, established in 2010 in Midnapore, West Bengal, by Mr
Somenath Montri and Mr Santinati Nath Montri, operates a cold
storage for potatoes. Operations began in March 2012 and are
managed by the promoters.

BLUE MOUNTAIN: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Blue Mountain Estates
(BME) continue to be 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         16        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BME for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BME continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

BME was acquired by the current promoters in 2001 and operates a
coffee plantation in Chikmagalur district, Karnataka.

DEWAN HOUSING: India's Central Bank Appoints Administrator
----------------------------------------------------------
Nupur Anand and Chandini Monnappa at Reuters report that India's
central bank on Nov. 20 said it will begin bankruptcy proceedings
against Dewan Housing Finance Coporation Ltd (DHFL), a move that
puts the country's ailing shadow banking sector back in the
spotlight.

DHFL's owes its lenders nearly INR1 trillion ($14 billion),
including several mutual funds, banks, pension funds, insurance
firms and retail investors, Reuters discloses.

According to Reuters, the central bank's move on DHFL comes after a
string of defaults by rival IL&FS last year, which triggered fears
about contagion in the financial sector and forced the government
to take over the lender.

"We are staring at a further liquidity crunch," Reuters quotes the
head of an Indian housing finance company, who declined to be
identified, as saying.  "Banks will now become even more cautious
about non-banking financial companies as going to bankruptcy court
destroys values because the realisation may not be much."

On Nov. 20, the Reserve Bank of India said here it had superseded
the board of DHFL and appointed R. Subramaniakumar, the former
chief executive of state-run Indian Overseas Bank as the
administrator, Reuters discloses.

In a media release, the RBI said it was taking the decision "owing
to governance concerns and defaults by DHFL in meeting various
payment obligations," according to Reuters.

Reuters notes that the RBI's decision on DHFL, the first of its
kind, comes after the federal government this month empowered the
central bank to refer cases of stressed banking finance firms with
assets of at least INR5 billion to the insolvency court.

DHFL submitted in September a draft resolution plan to banks
proposing to convert debt to equity, while seeking to sell assets
and raise more capital, Reuters discloses.

Given the slow progress, banks instead earlier this month turned to
the government for help, but sources told Reuters New Delhi was not
inclined to help as DHFL is a private company with limited links to
the government.

"Now all creditors will be under one umbrella which helps," said an
Indian banker who is a lender to DHFL and supportive of the RBI's
approach, relays Reuters.

Shadow banks play a critical role in India's economy, the report
states. The consolidated balance sheet size of shadow banks in
India was INR28.8 trillion during 2018-19, Reuters discloses citing
RBI data.

                         About Dewan Housing

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine related. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.

ELROY MOTORS: CRISIL Lowers Rating on INR16cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Elroy Motors
Private Limited (EMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer     16         CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Inventory    12         CRISIL B+/Stable (ISSUER NOT
   Funding                          COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with EMPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of EMPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

EMPL was incorporated in 2014 by the promoter, Mr. Ankit Yadav. The
company is an authorised dealer of passenger cars manufactured by
Hyundai Motors India Ltd. Operations commenced from November 2014,
from a showroom in Defence Colony, and a service centre in Okhla
(both in New Delhi).

F. HARLEY: CRISIL Lowers Rating on INR6cr Cash Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of F. Harley and
Company Private Limited (FHPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        13        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Bill Discounting       1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Cash Credit             6       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

   Inland/Import           2       CRISIL A4 (ISSUER NOT
   Letter of Credit                COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term      0.8     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with FHPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of FHPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

FHPL manufactures air pollution control equipment such as
dust-suppression systems and dust-extraction systems,
acousticcleaning systems, and humidification systems. It also
undertakes turnkey projects for air-pollution-control systems. The
company, based in Kolkata, is managed by Mr. Namit Shah.

GANESA MODERN: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ganesa Modern Rice
Mill (GMRM) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Bank          .72      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with GMRM for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GMRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.

HIGH GROUND: Ind-Ra Lowers Long Term Issuer Rating to 'C'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded High Ground
Enterprise Limited's (HGEL) Long-Term Issuer Rating to 'IND C
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND C (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- 202.5 mil. Fund-based limits downgraded with IND C (ISSUER NOT

    COOPERATING) rating;

-- 5 mil. Non-fund based limits downgraded with IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- 37.5 mil. Term loan downgraded with IND C (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade is on account of publicly-available information that
Director of General Goods and Services Tax (DGGST) has arrested the
chairman and managing director of HGEL Mr. Sandeep R Arora.
Furthermore, the bank accounts of the company are frozen due to
Income Tax Department and Goods and Service Tax raids. The company
has not published its quarterly results.

Ind-Ra believes the above developments increase the possibility of
the company to default on repayment of its rated debt instruments.

RATING SENSITIVITIES

Positive: The rating will be upgraded in case of any clarity
regarding operations showcasing sustainable operations and timely
repayment capacity.

COMPANY PROFILE

HGEL provides engineering, procurement, construction and
management, and media and allied services. It is headquartered in
Mumbai and has branches in Delhi NCR and London.

IL&FS FINANCIAL: Ind-Ra Affirms 'D' LT/ST Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS Financial
Services Ltd.'s (IFIN) Long-Term and Short-term Issuer Ratings at
'IND D'.

The instrument-wise rating actions are:

-- INR49.850 bil. Non-convertible debentures* (NCDs) (Long-term)
     affirmed with IND D rating;

-- INR11.0 bil. Subordinated debt* (Long-term) affirmed with IND
     D rating;

-- INR7,587.5 bil. Bank loans (Long-term) affirmed with IND D
     rating; and

-- INR7.0 bil. Short-term debt/commercial paper programme^
     (Short-term) affirmed with IND D rating.

^Unutilized

*Details in Annexure

KEY RATING DRIVERS

The ratings continue to reflect IFIN's missed payments on
contractual debt obligations. The IL&FS group is functioning under
a resolution framework where payments are made mostly to meet
operational expenses to ensure the going concern status of the
company. IL&FS group is in cash conserving mode while it is making
an effort towards the monetization of assets.

The government of India (GoI), through the Ministry of Corporate
Affairs, suspended the board of IFIN and a new board of directors
was appointed by The National Company Law Tribunal (NCLT).

The group entities have been categorized as red, amber and green
depending on the cash flow position. IFIN has been categorized as a
red entity as per the board which means the entity cannot meet its
payment obligations even towards senior secured financial creditors
as and when such payment obligations are due.  

IFIN's FY19 financial accounts have not been published yet and NCLT
has permitted the reopening and recasting of the accounts for the
past five financial years of IFIN, Infrastructure Leasing &
Financial Services Limited (IL&FS; 'IND D') and IL&FS
Transportation Network Limited. The asset quality assessed by the
board at end-December 2018 reflected a gross NPA (GNPA) of 90% for
IFIN (the reported GNPA at FYE18: 5.3%).              

According to publicly available information, there has been a stake
sale in seven wind energy SPVs to Orix Corporation post the NCLT
approval. IFIN had an exposure of INR2.35 billion at FYE18 towards
IL&FS Wind Energy Limited under which these seven SPVs were
operating.       

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

IFIN is a systemically important non-banking finance company that
provides credit and other services such as debt syndication and
corporate advisory.

INFRASTRUCTURE LEASING: Ind-Ra Affirms 'D' LT/ST Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Infrastructure
Leasing & Financial Services Limited's (IL&FS) Long-Term and
Short-Term Issuer Ratings at 'IND D'.

The instrument-wise rating actions are:

-- INR93,600.8 bil. Long-term debt* (Long-term) affirmed with IND

     D rating; and

-- INR1.0 bil. Subordinated debt^ (Long-term) affirmed with IND D

     rating; and

-- INR12.250 bil. Short-term debt (Short-term) affirmed with IND
     D rating; and

-- INR3.0 bil. Bank loans (Long-term) affirmed with IND D rating.

^Unutilized

*Details in Annexure


KEY RATING DRIVERS

The ratings continue to reflect IL&FS's missed payments on
contractual debt obligations. The IL&FS group is functioning under
a resolution framework where payments are made mostly to meet
operational expenses to ensure the going concern status of the
company. IL&FS is in cash conserving mode while it is making an
effort towards the monetization of assets.

The government of India (GoI), through the Ministry of Corporate
Affairs, suspended the board of IL&FS and a new board of directors
was appointed by The National Company Law Tribunal (NCLT) that took
charge on October 4, 2018.

The group entities have been categorized as red, amber, and green
depending on the cash flow position. IL&FS has been categorized as
a red entity carrying a debt of INR180 billion as of October 8,
2018, as per the board. A red categorized entity cannot meet its
payment obligations even towards senior secured financial creditors
as and when such payment obligations are due.  

IL&FS's FY19 financial accounts have not been published yet and
NCLT has permitted the reopening and recasting of the accounts for
the past five financial years of IL&FS, IL&FS Financial Services
Ltd (IFIN; 'IND D') and IL&FS Transportation Network Limited.

According to publicly available information, Ind-Ra understands
that asset monetization efforts are in progress. There has been a
stake sale in seven wind energy special purpose vehicles to Orix
Corporation post-NCLT's approval. The one-year progress report
dated October 1, 2019, states that binding bids have been received
for five transportation assets (total debt of INR95 billion) and
these have been submitted to the relevant committee of creditors
for consideration.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

IL&FS is one of the companies operating in India's infrastructure
development space. The company has an investor profile with Life
Insurance Corporation of India and ORIX Corporation, Japan together
holding a 49% stake. The company had restructured its business in
FY08 and converted itself into a holding company after demerging
its lending and advisory business to its subsidiary IFIN. The
company received a core investment company license in September
2012.

INSTYLE EMBROIDERIES: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Instyle Embroideries
Private Limited (IEPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.40       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             7.35       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IEPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1998, IEPL undertakes fabric embroidery on a
job-work basis for garment manufacturers. The company is promoted
by Mr. Sanjeev Jindal, Mr. Jitender Bansal, and Mr. Vipin Mehta.
Its production facility is in Manesar (Haryana) while the marketing
office is in Okhla (Delhi).

JAI MAAKALI: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Maakali Poultry
Farms (JM) continue to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.5       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     3.0       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with JM for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JM Farms, established in 1993 and based in Andhra Pradesh, is
promoted by Mr. Kumar Pappu Singh and his family. JM Farms produces
commercial eggs and sells its entire output to JMP. JMP trades in
commercial eggs.

JAY MAHAKALI: CRISIL Maintains B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Jay Mahakali
Industries (JMI) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan         1.6       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.5       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with JMI for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JMI continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Set up in 2013, JMI is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its facility in Kadi, Gujarat. It started commercial production
in October 2014.

KALOKHE STONE: CRISIL Maintains 'C' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kalokhe Stone Crusher
(KSC) continue to be 'CRISIL C Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.4       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Term Loan              7.2       CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KSC for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KSC, established in 2010, commenced operations in July 2012. It
undertakes stone-crushing sub-contracting activities for companies
that implement civil construction projects, mainly road and real
estate projects. The firm is owned by the Kalokhe family; its
operations are mainly handled by Mr. Sachin Kalokhe and Mr. Sandeep
Kalokhe.

KAMDHENU COTTON: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamdhenu Cotton and
Spinning Mills Private Limited (KCSM) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       1.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line of         .75      CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Term Loan             17.20      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KCSM for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KCSM continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2008 and promoted by Ludhiana-based Dhir and Johar
families, KCSM manufactures synthetic yarn (polyester,
polyester-blended, and acrylic yarn) on jobwork basis. Operations,
which began in January 2013, are managed by Mr. Puneet Dhir and his
brother-in-law, Mr. Manav Johar.

KAMESHWAR INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kameshwar Industries
(KI) continue to be 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term     3.78      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.22      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KI for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2013, KI is a partnership firm located in Kadi (Gujarat).
Mr Parshottam Shantilal Patel manages operations on behalf of the
six other partners. The firm has a facility for cotton ginning and
pressing. It also sells cotton seeds. Operations commenced in
December 2013.

KAMNA MEDICAL: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamna Medical Centre
Private Limited (KMC) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.75        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            5.25        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMC for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KMC continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

KMC, incorporated in July 2006, operates a 250-bed general-purpose
hospital in Meerut, Uttar Pradesh. The company is promoted by Dr.
Gupta and Dr. Agarwal it provides a full range of medical services.

KESHAVA ENTERPRISES: CRISIL Cuts Rating on INR7cr Loan to 'B+'
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Keshava
Enterprises to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Keshava for
obtaining information through letters and emails dated April 23,
2019 and October 11, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Keshava revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 1999, Keshava is a proprietorship firm of Ms
Shubhangi Lalit Manjrekar. It is an authorised distributor of
construction chemicals and coatings of SSCPL in Mumbai and the
Mumbai metropolitan region. It is also a distributor of Hindustan
Petroleum Corporation Ltd's lubricants in Navi Mumbai and Raigad in
Maharashtra. The firm's operations are managed by Mr Lalitkumar
Manjrekar.

RELIANCE COMMUNICATIONS: Lenders Reject Ambani's Resignation
------------------------------------------------------------
BloombergQuint reports that Reliance Communications Ltd. said its
lenders have rejected the resignation of Chairman Anil Ambani and
four other directors, and asked them to cooperate in the ongoing
corporate insolvency resolution process.

Ambani along with four directors -- Ryna Karani, Chhaya Virani,
Manjari Kacker and Suresh Rangachar -- had resigned from the
company earlier this month, BloombergQuint says.

In a filing with the Bombay Stock Exchange, RCom said its Committee
of Creditors had met on Nov. 20. ". . . (the committee had)
expressed a unanimous view that the resignations cannot be
accepted," it noted.

BloombergQuint relates that the filing further said: ". . . it is
being duly communicated to the aforesaid directors of RCom that
their resignations have not been accepted and they are advised to
continue to perform their duties and responsibilities as the
directors of RCom and provide all cooperation to resolution
professional in the corporate insolvency resolution process".

According to BloombergQuint, RCom had posted a consolidated loss of
Rs 30,142 crore for Sept. 2019 quarter due to provisioning for
liabilities after the Supreme Court ruling on statutory dues.

This had marked the second highest loss posted by any Indian
corporate till date, after Vodafone Idea Ltd.'s Rs 50,921 crore
losses, BloombergQuint notes.

During July-September 2019, RCom set aside Rs 28,314 crore on
account of provisioning following the Supreme Court order on
calculation of annual adjusted gross revenue of telecom companies,
says BloombergQuint.

                     About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services.

The Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  As reported in the
Troubled Company Reporter-Asia Pacific on May 10, 2019, The
Economic Times said the National Company Law Tribunal on May 9
allowed Reliance Communications (RCom) to exclude the 357 days
spent in litigation and admitted it for insolvency.  With this,
RCom, which owes over INR50,000 crore to banks, has become the
first Anil Ambani group company to be officially declared bankrupt
after the NCLT on May 9 superseded its board and appointed a new
resolution professional to run it and also allowed the SBI-led
consortium of 31 banks to form a committee of creditors.


ROYAL PRESSING: CRISIL Lowers Rating on INR5.0cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Royal
Pressing and Components - Kashipur (RPC) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.0         CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Letter of Credit     1.5         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The ratings reflect RPC's account being declared a non-performing
asset (NPA) with shut down of operations and exposure to volatility
in raw material prices. These weaknesses are partially offset by
the extensive experience of the proprietor and a reputed customer
base.

Key Rating Drivers & Detailed Description

Weakness:
* Account has been declared NPA: The firm's account has been
classified as NPA due to shut down of operations from the past
seven months.

* Raw material price fluctuations risk: The volatility in the
prices of primary raw material such as cold rolled closed annealed
steel, galvanised plain skin pass steel, galvanised plain steel and
mild steel wires has a direct impact on the profitability of the
firm. Further, RPC operates in an intensely competitive industry
characterised by the presence of a large number of players in both
the unorganised and organised sectors. There are number of small
and regional players who cater to the same market, which has
limited the bargaining power of the firm and exerted pressure on
its margins.

Strengths:
* Extensive experience of the proprietor: The proprietor's
experience of more than 15 years in the iron and steel industry and
healthy relations with both customers and suppliers should support
the business.

* Reputed customer base: The firm undertakes direct sales to large
and reputed automotive companies such as Tata Motors, United Motors
Lohia, Minda Industries Ltd and Godrej and Boyce Mfg Co Ltd.
Association with reputed customers coupled with repeat orders
enhances the image of the firm in the market regarding product
quality. Moreover, reputed client base ensures timely realisation
of receivables.

Liquidity Poor
* Account has been declared NPA: The firm's account has been
classified as NPA due to shut down of operations from the past
seven months.

Rating sensitivity factors
Upward factors
* Timeliness of repayment of bank obligations for more than 3
months
* Scale up of operations and cash accruals

Set up in 2010, RPC, a proprietorship concern of Mr Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.

SAMRAT FERRO: CRISIL Lowers Rating on INR9cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Samrat Ferro Alloys Private Limited (SFAPL) to 'CRISIL D' from
'CRISIL B-/Stable'.

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

The downgrade reflects over-utilisation of the cash credit facility
for more than 30 days, due to weak liquidity.

The rating also reflects SFAPL's modest scale and working
capital-intensive operations. These weaknesses are partially offset
by the extensive experience of the promoters, and their funding
support.

Key Rating Drivers & Detailed Description

* Weak liquidity, leading to over-utilisation of cash credit
facility
Liquidity remains stretched, leading to over-utilisation of the
cash credit facility for more than 30 days. This was mainly due to
the stretched working capital cycle, and receivables pending from
government departments.

Weaknesses
* Modest scale of operations: Intense competition in the pipe and
pipe fittings industry and the tender-based nature of business,
will continue to restrict scalability and operating flexibility.
* Working capital-intensive operations: Gross current assets were
high, primarily driven by large receivables, due to delay in
payments from government departments.

Strength:
* Extensive experience of the promoters: Benefits from the
two-decade-long experience of the promoters, in the pipe and pipe
fittings industry, their strong understanding of market dynamics,
and established relationships with suppliers and customers, will
continue.

Liquidity Poor
Liquidity of SFAPL is poor as reflected in overutilization in the
cash credit facility for more than 30 days on account of weak
liquidity.

Rating sensitivity factors:
Upward factors:
* Timely servicing of debt for at least 90 days
* Better working capital management

SFAPL, incorporated in 1995, at Jammu & Kashmir, is owned and
managed by Mr Sandeep Gulati, Ms Sadhna Gupta, and Ms Ritu Gupta.
The company has a pipe manufacturing facility in Sidco Industrial
Complex, Jammu and Kashmir, with capacity of 70,000 tonnes per
annum.

SINGLA CABLES: CRISIL Lowers Rating on INR14cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Singla Cables (SC) to 'CRISIL D' from 'CRISIL B/Stable.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           14         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delay by SC in serving term loan instalments
and cash credit overdrawals of more than 30 days.

The rating also reflects the firm's large working capital
requirement and fluctuating margin and topline. These weaknesses
are partially offset by the partners' extensive experience in the
cable industry.

Key Rating Drivers & Detailed Description

Key rating driver

Delay in servicing debt obligation: The firm has delayed servicing
of its term loan instalments and has overdrawn its cash credit
limit for more than 30 days due to poor liquidity.

Weakness
* Large working capital requirement: Operations should remain
working capital-intensive, necessitating intake of additional debt.
Gross current assets were 335 days as on March 31, 2018, driven by
inventory and receivables of 149 and 155 days, respectively.

Fluctuating margin and topline: Operating margin varied at
8.3-13.6% and revenue at INR25.78-95.49 crore over the four fiscals
through fiscal 2018.

Strength
* Extensive experience of the partners: Benefits from the
decade-long experience of the partners in the cable manufacturing
industry and healthy relations with customers and suppliers should
continue to support the business.

Liquidity Poor
The poor liquidity is evident from delays in servicing debt
obligation and overdrawals of more than 30 days in the cash credit
limit. Bank limit utilisation averaged 98.9% over the 12 months
through November 2018. Current ratio was 1.16 times as on March 31,
2018.

Rating sensitivity factors

Upward factors
* Track record of timely debt servicing for at least 90 days
* Improvement in working capital management and liquidity, with no
overdrawals in the cash credit limit

Established in 2002 as a partnership concern, SC manufactures
polythene-insulated jelly filled cables, telephone drop wires,
signalling cables, jumper wires, and high-density polyethylene
telecom ducts. Mr Krishen Gopal Singla, Mr Varun Singla, and Mr
Tarun Singla are the partners. The manufacturing facility is at
SIDCO Industrial Complex in Bari Brahmana, Jammu.

URS KAR: CRISIL Lowers Rating on INR15.25cr Loan to 'D'
-------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Urs Kar Service Centre Private Limited (UKSCPL) to 'CRISIL D'
from 'CRISIL B+/Stable'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory            15.25       CRISIL D (Downgraded from
   Funding Facility                 'CRISIL B+/Stable')

   Proposed Long Term     .75       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The rating reflects instances of continuous overdrawals for more
than 30 days in the working capital facilities, due to the weak
liquidity due to stretch in working capital cycle.

Key Rating Drivers & Detailed Description

Weak liquidity: Liquidity is weak due continuous overdrawals for
more than 30 days in the working capital facilities, due to the
weak liquidity due to stretch in working capital cycle.

Weaknesses:
* Intense competition in auto dealership business and limited
bargaining power:
UKSCPL has low bargaining power with its principals owing to its
limited geographical presence and modest scale of operations, as
indicated by net operating income of INR91.18 crore in fiscal 2019.
Its operating margin have remained range-bound and is expected to
remain at under 3% in the medium term.

* Below-average financial risk profile:
UKSCPL's financial risk profile is marked by a small networth of
INR2.52 crore as at March 31, 2019 high total outside liabilities
to adjusted net worth (TOLANW) ratio of 13.53 times as on March 31,
2019 due heavy reliance on bank lines to fund working capital. Debt
protection metrics is weak with interest coverage ratio and net
cash accrual to total debt ratio of 1.37 times and 0.06 times
respectively in fiscal 2019.

Strengths:
* Established position and Promoters' extensive experience in the
auto dealership business:
The Company has benefitted from its promoters' experience in the
automobile dealership industry with understanding of demand
patterns and location specific requirements. It has developed
strong relationship with its principals leading to exclusive
dealership for all locations.

Liquidity Poor

Bank limit is almost fully utilised due to the large working
capital requirement. Accruals are expected to be tightly adequate
to meet the term debt obligations. The company has long term
repayment obligations around INR1.10 crore and 0.90 crore annually
in fiscal 2020 and fiscal 2021, respectively. CRISIL expects
internal accruals tightly matched against company's repayment
obligations and incremental working capital requirements.

Rating sensitivity factor
Upward Factor
* Track record of timely debt servicing for more than three months
* Increased availability of funds resulting in improved liquidity

Set up in 1997, UKSCPL is an authorized dealer of passenger cars
for TATA Motors Ltd (TML) and Fiat India Ltd (FIL) in Mysore. The
company is promoted by Mr. M L Kantharaj Urs and his family.

VERTIGO IMPEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vertigo Impex
Private Limited's (VIPL) Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument wise rating actions are:

-- INR75 mil. (reduced from INR120 mil.) Fund-based limits
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR250 mil. Non-fund based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects VIPL's modest scale of operations, as
highlighted by revenue of INR2,421.4 million in FY19 (FY18:
INR2,489.5 million). While the company's revenue grew at 69.3% CAGR
over FY14-FY19, its revenue is expected to decline in FY20 as the
management has been very apprehensive in taking orders in the
present climate of declining coal prices and slowing receivables.
VIPL booked book revenue of about INR60 million in 1HFY20 and
expects the sales to pick up in H2.

The rating is constrained by VIPL's average EBITDA margins, which
stood at 1.2% in FY19 (FY18: 1.7%) due to a decline in coal prices
in H2FY19 and the company's business model of stock and sell. VIPL
maintains low inventory which mitigates the commodity price risk to
some extent. In the past five years, the company has maintained a
low inventory base in the range of six to 15 days and the
management expects this to remain at the same level over the medium
term. The company used to procure coal from Indonesia and the
United States of America which has a transit period of 15 days and
45 days, respectively. However, the company shifted most of its
coal procurement to Indonesia which reduces the overall transit
period in a declining price environment thereby reducing the
company's exposure to its price risk. The company also plans to
import coal from Australia which has a transit period of 30 days.
The return on capital employed of the company decreased to 14.5% in
FY19 from 23.1% in FY18.

VIPL's top ten customers contribute about 60% to its revenue and
Mohit Minerals Limited is the single-largest customer contributing
about 41% of the company's revenue in FY19 increasing from 19.2% in
FY18. VIPL gets back to back orders from Mohit Minerals which
partly reduces the volatility in the prices.

The rating, however, is supported by VIPL's strong credit metrics
despite the deterioration in its interest coverage (operating
EBITDA/gross interest expense) to 2.2x in FY19 (FY18: 4.5x) due to
a decline in absolute EBITDA and increase in interest expenses. The
absolute EBITDA of the company declined to INR30 million in FY19
(FY18: INR42 million) owing to decline in revenue The company
turned net cash positive with high cash balance of INR132.3 million
in FY19 (FY18: INR50.2 million) and has a total debt of INR96.5
million (FY18: INR121.4 million), of which INR95.7 million (INR47.9
million) was in the form of unsecured loans from the promoters and
incorporates that do not have a fixed repayment schedule.

Liquidity Indicator– Adequate: VIPL's liquidity is expected to be
adequate due to sufficient cash balance available with the company,
low utilization of its fund-based limits and no long-term debt. The
average maximum utilization of working capital facilities was 18.4%
for the past 12 months ending October 2019. The cash flow from the
operations remained positive over FY16-FY19 except in FY17. CFO in
FY19 improved to INR107.1 million (FY18: INR20.5 million) due to
the positive change in the working capital requirement.

VIPL's working capital cycle improved to six days in FY19 (FY18: 19
days) despite an increase in debtor days to 24 days (19 days) as
the inventory days decreased to 0.4 days (11). The company allows
its customers a credit period of around 10-20 days depending on
their profile and transaction. The company funds its working
capital majorly through its working capital facilities and
unsecured loans.

The rating is further supported by the promoters over four decades
of experience in the coal trading business.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and EBITDA margin
leading to interest coverage above 2.5x, on a sustained basis could
be positive for the rating.

Negative: Any further decline in the revenue or EBITDA margin
leading to interest coverage below 2x would be negative to the
rating.

COMPANY PROFILE

Formed by Mr. IC Bansal, VIPL commenced its operations in 1972
under the name of Vijay Coal Co. In 2002, it was renamed Vertigo
Impex Pvt Ltd. The company is engaged in importing, trading,
handling and transporting premium quality coal to diverse
industries.



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

EZION HOLDINGS: To Offload 2 Loss-Making Firms to Cut Costs
-----------------------------------------------------------
Annabeth Leow at The Business Times reports that Ezion Holdings is
divesting two companies by Nov. 30 to streamline its assets and cut
costs, its board said in a bourse filing on Nov. 22.

According to the report, the troubled liftboat operator, which has
suspended trading in its shares, will sell its half-stake in
Strategic Offshore Ltd, a dormant indirect joint venture, for a
nominal sum of US$1 in cash.

BT relates that Ezion is also jettisoning its 30 per cent stake in
Rotating Offshore Solutions Pte Ltd (ROS) through a share buyback
deal and share purchase agreements with two ROS shareholders.

After the divestment, Ezion is slated to get some SGD3 million, as
well as deferred cash payments amounting to 0.25 per cent of ROS'
annual sales revenue from 2020 to 2023.

Ezion said the disposals are meant "to streamline the group's asset
base and reduce the group's operational costs to enable the group
to improve the efficient use of its capital and cash flow", BT
relays.

The board disclosed that the loss-making Strategic Offshore has a
net liabilities position of US$4.94 million and does not contribute
any revenue to Ezion's results, adds BT.

Strategic Offshore is being sold to ES Assets Management Pte Ltd,
an unrelated oil and gas asset management company incorporated in
Singapore.

Meanwhile, ROS has a net asset position of US$18.9 million, based
on unaudited management accounts, but "has been incurring losses
for the past financial years, and the company did not receive any
dividends" from its investment, said Ezion, relates BT.

ROS shareholders Murugesan Srinivasan and Victor Lim Boon Chye are
each paying SGD250,000 in cash upfront for a 5 per cent stake in
ROS, as well as the deferred consideration.

ROS is also buying back an effective interest of 20 per cent for
SGD2.5 million in cash.

BT adds that Ezion's board said the Strategic Offshore sale would
not have affected the group's pro forma net liabilities or loss per
share, but the ROS divestment would have increased net liabilities
per share from 6.87 US cents to 6.98 US cents as at Dec 31, 2018,
while loss per share would have widened from 10.91 US cents to
11.06 US cents, had the deal been done on Jan 1, 2018.

"Although the company's shares are currently under voluntary
suspension, shareholders, securityholders and investors are advised
to read this announcement and any past and future announcements by
the company carefully when dealing with the shares and securities
of the company," the board added.

                         About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and offshore wind farm
industry.



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

[] Asia Bond Defaults Could Rise in 2020, Bloomberg Data Shows
--------------------------------------------------------------
Bloomberg News reports that from Chinese conglomerates to coal
miners in Indonesia, companies in Asia are facing rising financial
stress, prompting fears that defaults will pick up next year.

Weaker regional borrowers with dollar bonds yielding at least 15
per cent could come under further pressure next year, when they
have about US$15.1 billion or nearly a third of such debt due,
according to Bloomberg-compiled data. Amid rising failures in
China, some firms are finding it harder to refinance their debt
offshore, while Indian shadow lenders are grappling with a
liquidity crunch, Bloomberg says.

"It's clear you are seeing more stress in the Asia dollar market,"
Bloomberg quotes Darryl Flint, chief investment officer at hedge
fund Double Haven Capital (Hong Kong), which is looking to raise
money for its first fund dedicated to troubled Asia credit, as
saying.

According to Bloomberg, Goldman Sachs Group forecasts a 3 per cent
default rate next year for Asia high-yield corporate bonds from 1.7
per cent so far this year, as China policymakers are likely to have
a higher tolerance for credit stress. While investors may be
reluctant to take on more risk after a rally in Asia credit this
year, rising corporate failures spell more work for distressed debt
experts.

Things seem a "lot more hectic" in recent months, and there have
been more discussions with parties seeking to deal with debt
problems, according to Peter Greaves, a partner at PwC who looks at
restructuring for Asia, Bloomberg relays.

Slowing growth in China and trade tensions are also weighing on
companies in the region. Especially worrying are small Chinese
industrial or non-property companies that don't have state support,
while in India, the non-banking financial sector could see "some
pain", according to Manjesh Verma, head of Asia credit sector
specialists at Citigroup Inc.

Bloomberg relates that Goldman Sachs said the default rate next
year will depend on whether Chinese policy makers are willing to
loosen implicit support for state-related entities. Tsinghua
Unigroup Co, the business arm of Tsinghua University, is facing
uncertainty over the strength of state support amid ballooning
debt.

"There's quite a bit of leverage in the system," Bloomberg quotes
Ron Thompson, managing director of Alvarez & Marsal Asia, who leads
the firm's Asia restructuring practice., as saying.

[] BOND PRICING: For the Week Nov. 18, 2019 to Nov. 22, 2019
------------------------------------------------------------
Issuer                      Coupon    Maturity   Currency   Price
------                      ------    --------   --------   -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND        6.25    11/30/21       AUD     1.00
KEYBRIDGE CAPITAL LTD         7.00    07/31/20       AUD     0.95
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09


  CHINA
  ----

AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.00
AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.06
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    60.00
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    61.21
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    50.60
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    56.87
ANHUI CHIZHOU CITY TIANPI     7.40    10/23/20       CNY    40.18
ANHUI FOREIGN ECONOMIC CO     7.30    07/13/21       CNY    70.01
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    41.15
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    47.18
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    41.29
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    44.57
ANKANG DEVELOPMENT & INVE     6.35    03/06/20       CNY    20.19
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    60.00
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    61.87
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.01
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.06
BAODING NATIONAL HI-TECH      7.33    12/24/19       CNY    20.06
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.00
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.97
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    61.54
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    65.50
BAYAN ZHUOER HETAO WATER      8.54    03/31/22       CNY    47.27
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.32
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.65
BEIJING BIOMEDICINE INDUS     6.35    07/23/20       CNY    20.26
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.00
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    40.83
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.90
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    41.15
BEIJING CHANGXIN CONSTRUC     6.74    04/22/21       CNY    41.40
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.09
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.43
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    60.30
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    61.26
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    20.51
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    23.68
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    20.24
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    22.10
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.27
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.57
BEIJING JINLIYUAN STATE-O     7.00    10/28/20       CNY    40.57
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    41.01
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    43.87
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.30
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.41
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.20
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.33
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    40.00
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    41.15
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.00
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.27
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    61.58
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    40.69
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    50.00
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    40.79
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    43.40
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.00
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.66
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.00
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.17
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.15
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.50
C&D REAL ESTATE CORP LTD      6.15    04/03/20       CNY    20.24
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.16
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.30
CEFC SHANGHAI INTERNATION     4.08    09/09/21       CNY    60.00
CEFC SHANGHAI INTERNATION     4.98    12/10/20       CNY    61.29
CHANGCHUN MODERN AGRICULT     7.00    07/25/21       CNY    40.62
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.18
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.40
CHANGDE URBAN CONSTRUCTIO     6.50    02/25/20       CNY    20.16
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    61.67
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    68.20
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    57.48
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    61.00
CHANGSHA ECONOMIC & TECHN     8.45    04/13/22       CNY    46.69
CHANGSHA METRO GROUP CO L     6.20    04/23/23       CNY    62.58
CHANGSHA PILOT INVESTMENT     6.70    12/10/19       CNY    20.09
CHANGSHA TIANXIN CITY CON     3.43    08/08/23       CNY    74.60
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    41.22
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    44.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.72
CHANGSHU DEVELOPMENT INVE     5.80    04/19/20       CNY    20.13
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    62.00
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    67.32
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    41.36
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    47.00
CHANGXING COUNTY TRANSPOR     6.75    06/16/21       CNY    40.61
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    41.32
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    50.30
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.00
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.03
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    59.00
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    60.07
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.15
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.20
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    40.00
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    41.05
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.00
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.26
CHANGZHOU JINTAN DISTRICT     6.38    04/26/20       CNY    20.16
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.51
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.70
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.00
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.40
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.34
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.80
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.10
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.24
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    41.05
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    46.00
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.05
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.35
CHENGDU LONGBO INVESTMENT     8.10    04/24/21       CNY    40.95
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    38.50
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    40.43
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    61.25
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    68.83
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    59.30
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    60.33
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    17.05
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    20.16
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    60.00
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    61.60
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    20.08
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    25.40
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    41.07
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    42.30
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.34
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.37
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.25
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.56
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    60.59
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    68.60
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    19.99
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    20.00
CHENZHOU XINTIAN INVESTME     6.15    04/24/22       CNY    59.18
CHINA MINSHENG INVESTMENT     7.00    12/26/20       CNY    36.65
CHINA OCEANWIDE HOLDINGS      8.90    12/13/21       CNY    50.01
CHINA SECURITY CO LTD         4.45    11/11/19       CNY    31.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.49
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    40.81
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    41.00
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    61.10
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    64.00
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    40.62
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    41.00
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.15
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.30
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.00
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.76
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    40.00
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    41.35
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.12
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.25
CHONGQING DASUN ASSET DEA     6.98    09/10/20       CNY    20.48
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.08
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.20
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.00
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.29
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    41.45
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    47.33
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    20.18
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    21.20
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.00
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.31
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    41.79
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    50.80
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.00
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.98
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.46
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.79
CHONGQING HECHUAN CITY CO     7.30    07/07/21       CNY    40.94
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.12
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.32
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.02
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.15
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    20.07
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    25.00
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.63
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.70
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    40.90
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    41.01
CHONGQING JIULONG HI-TECH     6.60    08/19/21       CNY    40.56
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.37
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.65
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.30
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.33
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.45
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.80
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.68
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.70
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    69.87
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.95
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.97
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    70.10
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.27
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.28
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    40.93
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    41.70
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.00
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.09
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGQIAO ECON     6.75    04/26/20       CNY    20.20
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    60.05
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    66.25
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.52
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.70
CHONGQING TEA GARDEN INDU     7.70    05/20/21       CNY    40.75
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    60.00
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    61.82
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.16
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.20
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    40.63
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    40.91
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    43.90
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    45.00
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    61.66
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    64.21
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    41.43
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    42.33
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.01
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.32
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    40.77
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    41.60
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    60.00
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    61.78
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.00
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.63
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    19.52
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    20.08
CHONGQING YUZHONG STATE-O     7.25    02/26/21       CNY    40.91
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    61.15
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    64.55
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.76
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.80
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.07
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.16
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.00
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.46
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.00
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.13
CITIC GUOAN GROUP CORP        4.90    11/06/19       CNY    18.20
CITIC GUOAN GROUP CORP        4.49    03/08/21       CNY    18.25
CITIC GUOAN GROUP CORP        5.80    12/15/19       CNY    18.25
CITIC GUOAN GROUP CORP        4.23    12/15/20       CNY    18.25
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    41.09
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    48.80
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.00
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.60
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.70
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.72
DALIAN DETA HOLDING CO LT     6.50    11/15/19       CNY    20.04
DALIAN PUWAN ENGINEERING      7.09    02/20/21       CNY    39.80
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.50
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.73
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.81
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.81
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.82
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.82
DANDONG PORT GROUP CO LTD     5.50    01/27/21       CNY    59.00
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    61.35
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    63.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    40.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    41.12
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    59.64
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    60.00
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.02
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.11
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.45
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.58
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    58.36
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    62.50
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.62
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.83
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    40.84
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    43.53
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    60.00
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    61.53
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.11
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.34
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.23
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.93
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    40.53
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    48.26
DONGLING GROUP INC CO         8.00    07/14/22       CNY    60.00
DONGLING GROUP INC CO         8.00    07/14/22       CNY    61.72
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.08
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.15
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    41.16
DONGTAI UBAN CONSTRUCTION     8.65    01/13/21       CNY    41.17
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    48.48
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    60.98
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    61.76
DR PENG TELECOM & MEDIA G     6.00    06/16/22       CNY    65.01
DR PENG TELECOM & MEDIA G     7.00    04/25/23       CNY    75.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.29
EASTAR HOLDINGS GROUP CO      7.30    10/31/20       CNY    63.00
ENSHI URBAN CONSTRUCTION      7.55    10/22/19       CNY    20.02
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    41.24
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    47.54
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.00
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.44
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    41.54
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    46.50
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    41.16
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    42.00
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    61.46
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    64.49
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    54.32
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    55.04
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    60.00
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    61.82
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    40.90
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    43.00
FUGUINIAO CO LTD              6.30    04/22/20       CNY    13.00
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    40.80
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    41.52
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.20
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.32
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.12
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.21
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    60.00
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    61.20
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    60.00
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    61.36
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    40.81
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    41.15
FUQING CITY STATE-OWNED A     6.66    03/01/21       CNY    40.33
FUQING CITY STATE-OWNED A     5.94    11/26/22       CNY    70.73
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    59.98
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    62.80
FUZHOU INVESTMENT DEVELOP     6.78    01/16/20       CNY    20.15
FUZHOU JIANGONG GROUP CO      6.80    12/10/19       CNY    40.14
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    61.11
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    61.36
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.20
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.28
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    60.00
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    61.80
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    25.19
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    25.24
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    32.60
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    33.50
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    39.00
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    41.03
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    20.06
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    25.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    60.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    61.33
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.30
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.68
GOOCOO INVESTMENT CO LTD      7.20    02/01/21       CNY    50.00
GREENLAND HOLDING GROUP C     6.24    05/23/20       CNY    25.06
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    61.73
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    64.00
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.73
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.76
GUANGDONG TAIANTANG PHARM     4.98    02/02/21       CNY    65.00
GUANGXI BAISE DEVELOPMENT     7.27    06/20/21       CNY    40.86
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    60.00
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    61.00
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    40.54
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    41.00
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    40.74
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    44.77
GUANGXI URBAN CONSTRUCTIO     7.59    04/14/21       CNY    41.27
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    40.98
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    41.15
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    42.07
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    47.00
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    70.00
GUANGZHOU METRO GROUP CO      6.05    06/03/24       CNY    73.97
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    74.29
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.00
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.52
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    60.00
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    61.49
GUIRENNIAO CO LTD             7.00    12/03/19       CNY    49.50
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    60.63
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    65.00
GUIYANG HI-TECH HOLDING C     6.01    12/01/19       CNY    25.01
GUIYANG URBAN CONSTRUCTIO     5.23    12/02/22       CNY    74.00
GUIYANG URBAN DEVELOPMENT     6.20    02/28/20       CNY    20.03
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    60.00
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    61.05
GUIZHOU GUILONG INDUSTRIA     7.80    04/28/22       CNY    74.23
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    72.40
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    74.07
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    62.90
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    63.01
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    39.90
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    40.68
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    40.92
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    49.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    60.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    61.33
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.15
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.20
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.06
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.55
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    37.50
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    40.31
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.13
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.35
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    61.06
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    65.20
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    40.60
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    41.42
HAIXI STATE DEVELOPMENT I     8.60    01/02/21       CNY    40.90
HAIYAN COUNTY STATE-OWNED     7.00    09/04/20       CNY    20.51
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    61.34
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    67.20
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.14
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.20
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.11
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.12
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    40.40
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    41.50
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.17
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.25
HANGZHOU METRO GROUP CO L     5.97    09/17/24       CNY    73.50
HANGZHOU XIAOSHAN ECO&TEC     6.90    05/13/21       CNY    41.47
HANGZHOU YUHANG CITY CONS     7.00    03/03/21       CNY    41.21
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.12
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.30
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.26
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.32
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.35
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.85
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    40.83
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    46.60
HAWTAI MOTOR GROUP LTD        7.20    04/14/21       CNY    60.00
HAWTAI MOTOR GROUP LTD        6.10    10/26/21       CNY    74.00
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    41.34
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    43.26
HEFEI GAOXIN DEVELOPMENT      6.90    03/12/20       CNY    40.38
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    20.14
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    21.12
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    43.35
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    45.22
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    59.74
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    60.00
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    13.17
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    35.49
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    50.43
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    50.72
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    59.28
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    60.06
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    40.36
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    44.50
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.00
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.16
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    61.01
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    65.88
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.46
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.52
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.24
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.38
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.15
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.32
HUACHEN ENERGY CO LTD         6.63    05/18/20       USD    58.41
HUAIAN CITY URBAN ASSET O     6.87    12/26/19       CNY    20.16
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.45
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.85
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    41.05
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    47.84
HUAIAN HONGRI TRANSPORTAT     5.09    04/20/23       CNY    67.89
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.00
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.92
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    41.28
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    47.50
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    20.09
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    24.14
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.20
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.43
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.00
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.32
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.09
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.65
HUANGGANG CITY CONSTRUCTI     7.45    03/04/21       CNY    41.25
HUANGGANG CITY CONSTRUCTI     8.60    12/25/20       CNY    41.38
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.65
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.94
HUANGSHI CIHU HIGH-TECH D     8.70    12/05/20       CNY    40.71
HUANGSHI CIHU HIGH-TECH D     9.30    01/21/21       CNY    41.12
HUANGSHI URBAN CONSTRUCTI     6.96    10/25/19       CNY    20.02
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    60.00
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    61.47
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    61.96
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    62.40
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.20
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.21
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.33
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.52
HULUDAO INVESTMENT GROUP      7.50    10/18/23       CNY    72.86
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.00
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.79
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    41.20
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    42.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    57.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    67.00
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.46
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.72
HUNAN TIER GROUP CO LTD       7.10    03/03/21       CNY    40.94
HUNAN TIER GROUP CO LTD       8.00    12/23/20       CNY    40.98
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 XIANGJIANG NEW AREA     7.36    03/17/21       CNY    40.00
HUNAN XIANGJIANG NEW AREA     7.36    03/17/21       CNY    41.31
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    58.60
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    60.64
HUZHOU CITY INVESTMENT DE     6.70    12/14/19       CNY    20.09
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    41.42
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    42.38
HUZHOU WUXING NANTAIHU CO     8.79    01/16/21       CNY    41.01
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    40.00
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    41.32
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    58.76
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    59.90
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    60.00
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    60.00
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    40.56
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    44.00
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    61.77
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    62.10
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.84
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.97
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    41.18
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    46.50
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.25
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.50
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.19
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.25
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.59
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.89
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.77
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.85
JIANGSU HANRUI INVESTMENT     5.00    08/31/23       CNY    74.63
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    41.16
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    49.30
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.17
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.19
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.00
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.87
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.00
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.61
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.00
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.99
JIANGSU NANTONG NO2 CONST     8.10    07/10/21       CNY    40.54
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    25.36
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    29.90
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.01
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.25
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    40.71
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    45.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    40.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    41.29
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    25.48
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    26.10
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    60.32
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    61.06
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    20.04
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    31.00
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    60.50
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    61.61
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    60.39
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    67.50
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    40.96
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    50.19
JIANGSU ZHANGJIAGANG ECON     6.98    11/16/19       CNY    20.07
JIANGSU ZHUFU INDUSTRIAL      4.93    12/29/20       CNY    70.06
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    58.90
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    68.51
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    40.97
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    49.34
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    40.98
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    41.10
JIANGYIN GAOXIN DISTRICT      6.60    02/27/20       CNY    20.15
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    40.30
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    41.00
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    59.46
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    60.03
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    40.77
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    42.75
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    20.02
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    21.50
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    59.30
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    62.86
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    20.07
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    24.43
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    41.28
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    45.17
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.37
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.80
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.00
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.46
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    40.70
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    41.22
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.00
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.07
JILIN RAILWAY INVESTMENT      7.18    03/04/21       CNY    40.42
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.11
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.35
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    59.30
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    60.25
JINAN HI-TECH HOLDING GRO     6.38    06/19/21       CNY    41.14
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.30
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.74
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.25
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.40
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.00
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.83
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    40.23
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    48.68
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    38.57
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    40.58
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    46.89
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    47.00
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    59.80
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    61.27
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    40.75
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    41.80
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    41.47
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    46.95
JINHU COUNTY STATE-OWNED      4.00    07/26/22       CNY    74.39
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    61.49
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    64.44
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.50
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.84
JINSHAN STATE-OWNED ASSET     6.65    11/27/19       CNY    20.06
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.00
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.16
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    40.62
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.80
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.94
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    44.91
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    40.89
JINZHOU HUAXING INVESTMEN     9.10    01/21/21       CNY    41.04
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    45.00
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    60.71
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    62.82
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    59.55
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    60.66
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    60.36
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    61.70
JIUJIANG STATE-OWNED ASSE     6.68    03/07/20       CNY    20.20
JIUQUAN ECONOMIC DEVELOPM     7.40    02/26/21       CNY    40.79
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.00
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.18
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.05
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.16
KANGMEI PHARMACEUTICAL CO     6.10    03/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.20    07/17/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.50    04/20/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.47    09/15/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.29    08/16/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.80    06/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     7.00    06/21/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.28    03/20/21       CNY    36.10
KANGMEI PHARMACEUTICAL CO     5.33    01/27/22       CNY    36.69
KASHGAR SHENKA INVESTMENT     7.08    07/07/20       CNY    25.33
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    60.00
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    61.23
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.08
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.16
KUNMING DONGJUN REAL ESTA     4.50    11/02/21       CNY    73.94
KUNMING EXPRESSWAY CONSTR     7.50    01/21/20       CNY    20.14
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    20.02
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    23.01
KUNSHAN CHUANGYE HOLDING      6.28    11/07/19       CNY    20.05
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    41.39
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    45.45
KUNSHAN HIGH TECHNOLOGY G     7.10    03/26/21       CNY    41.33
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    40.59
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    41.40
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    34.90
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    39.84
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    60.89
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    61.49
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.95
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.96
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    60.85
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    61.28
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    60.97
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    65.60
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    60.58
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    65.00
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY     7.27
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY    11.55
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    40.83
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    40.94
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    43.00
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    45.23
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.00
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.09
LINFEN CITY INVESTMENT GR     6.20    05/23/20       CNY    20.18
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.00
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.13
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    59.94
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    60.37
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.19
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.50
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.00
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.27
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    60.00
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    61.60
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.07
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.10
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.49
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.50
LIUZHOU CITY INVESTMENT C     7.18    12/31/22       CNY    62.29
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    70.90
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    74.02
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.10
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.11
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    58.00
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    60.98
LONGHAI STATE-OWNED ASSET     6.58    08/15/21       CNY    40.94
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    41.25
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    50.31
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    40.00
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    41.51
LU'AN CITY CONSTRUCTION I     5.20    09/25/20       CNY    49.74
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.00
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.65
LUOHE CITY CONSTRUCTION I     6.99    10/30/19       CNY    20.06
LUOHE CITY CONSTRUCTION I     5.25    09/11/20       CNY    40.57
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    41.10
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    43.00
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    20.08
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    21.13
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    61.33
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    64.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    60.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    61.84
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.10
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.14
MEISHAN HONGDA CONSTRUCTI     6.56    06/19/20       CNY    20.32
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    61.34
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    65.32
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.45
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.46
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    60.70
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    65.00
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.75
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.76
NANCHANG CITY CONSTRUCTIO     6.19    02/20/20       CNY    20.20
NANCHANG ECONOMY TECHNOLO     6.88    01/09/20       CNY    20.19
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.09
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.22
NANCHANG WATER CONSERVANC     6.28    06/21/20       CNY    20.26
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.78
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.99
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    41.03
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    51.20
NANJING HEXI NEW TOWN ASS     3.47    06/17/21       CNY    69.84
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    40.79
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    42.10
NANJING LISHUI URBAN CONS     5.80    05/29/20       CNY    20.12
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.00
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.01
NANJING STATE OWNED ASSET     5.40    03/06/20       CNY    20.11
NANJING STATE OWNED ASSET     5.60    03/06/23       CNY    62.13
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    41.24
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    46.80
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.07
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.10
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    40.95
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    44.80
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.43
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.83
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.00
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.64
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    41.22
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    45.40
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    20.19
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    24.00
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.53
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.55
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.15
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.25
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    60.00
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    61.55
NANYANG INVESTMENT GROUP      7.05    10/24/20       CNY    40.63
NEIJIANG CITY XINGYUAN IN     4.28    08/16/23       CNY    74.37
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    41.32
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    48.53
NEOGLORY HOLDING GROUP CO     8.00    10/22/20       CNY    56.00
NEOGLORY HOLDING GROUP CO     8.00    09/25/20       CNY    60.00
NEOGLORY HOLDING GROUP CO     8.10    11/23/18       CNY    72.00
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    41.27
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    46.30
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.13
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.36
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.12
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.32
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    41.31
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    49.00
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    61.88
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    68.29
NINGBO SHUNNONG GROUP CO      7.20    10/16/19       CNY    20.02
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.16
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.24
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.33
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.45
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.30
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.40
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    41.52
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    45.00
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    60.20
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    61.84
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    41.29
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    42.70
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.15
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.76
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.22
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.34
PANZHIHUA STATE OWNED ASS     5.41    07/29/20       CNY    19.30
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.32
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.85
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    61.30
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    62.92
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.00
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.06
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    40.50
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    41.06
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.00
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.25
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    59.71
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    60.00
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.04
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.08
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    61.24
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    62.46
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    41.38
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    48.80
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.00
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.80
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    41.23
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    41.41
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    61.27
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    66.90
QIANDONGNANZHOU KAIHONG A     7.80    10/30/19       CNY    19.95
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.00
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.22
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    59.32
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    66.80
QIANXI NANZHOU HONGSHENG      6.99    11/22/19       CNY    20.01
QIDONG STATE-OWNED ASSET      7.30    11/20/22       CNY    62.48
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.50
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.66
QIDONG URBAN CONSTRUCTION     8.20    04/04/21       CNY    41.69
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    62.09
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    64.90
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.13
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.34
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.46
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.56
QINGDAO JIAOZHOU CITY DEV     6.59    01/25/20       CNY    20.07
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    60.80
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    61.04
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.16
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.90
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    40.32
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    48.79
QINGHAI PROVINCIAL INVEST     6.40    07/10/21       USD    52.33
QINGHAI PROVINCIAL INVEST     7.88    03/22/21       USD    54.86
QINGHAI PROVINCIAL INVEST     7.25    02/22/20       USD    63.50
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.23
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.25
QINGYUAN TRANSPORTATION D     8.20    12/19/20       CNY    41.19
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.00
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.02
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    41.10
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    47.50
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.00
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.63
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    41.08
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    44.61
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    20.37
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    21.50
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.00
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.31
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.00
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.01
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    60.33
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    64.90
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    41.17
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    42.55
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.50
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.63
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    40.98
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    43.42
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.54
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.56
REWARD SCIENCE AND TECHNO     5.53    07/05/21       CNY    29.10
REWARD SCIENCE AND TECHNO     6.40    03/03/22       CNY    70.00
RIGHT WAY REAL ESTATE DEV     8.00    07/15/21       CNY    43.89
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.19
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.21
RUCHENG COUNTY HYDROPOWER     6.65    04/25/20       CNY    40.43
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    40.82
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    45.90
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    41.02
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    44.03
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    41.27
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    49.00
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.21
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.81
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    41.34
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    42.43
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.08
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.22
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    49.47
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    53.30
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.47
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.53
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.63
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.84
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    41.60
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    47.00
SHAANXI PROVINCIAL EXPRES     5.99    06/18/20       CNY    60.86
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    40.48
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    45.50
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    61.36
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    63.10
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    61.84
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    62.41
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.85
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.88
SHANDONG FUYU CHEMICAL CO     7.70    09/18/22       CNY    70.00
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    61.69
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    62.45
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    40.42
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    44.00
SHANDONG JINMAO TEXTILE C     6.97    04/01/21       CNY    20.70
SHANDONG JINMAO TEXTILE C     8.00    09/25/20       CNY    35.84
SHANDONG PUBLIC HOLDINGS      7.18    01/22/20       CNY    20.17
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    40.29
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    43.40
SHANDONG SNTON GROUP CO L     5.18    09/08/21       CNY     8.52
SHANDONG SNTON GROUP CO L     6.20    05/30/21       CNY     9.50
SHANDONG TAIFENG HOLDING      5.80    03/12/20       CNY    20.12
SHANDONG TAIYANG INDUSTRY     5.97    03/02/21       CNY    71.43
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.00
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.33
SHANDONG WANTONG PETROLEU     5.97    11/29/21       CNY    33.95
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.11
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.94
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    18.50
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    20.31
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.96
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.98
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.05
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.15
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.47
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.50
SHANGHAI FENGXIAN NANQIAO     6.25    03/05/20       CNY    20.19
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.18
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.30
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.09
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.18
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    50.96
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    51.07
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.02
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.10
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    60.79
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    61.77
SHANGHAI NANHUI URBAN CON     6.04    08/20/21       CNY    41.19
SHANGHAI PUTAILAI NEW ENE     5.30    05/18/20       CNY    66.67
SHANGHAI URBAN CONSTRUCTI     5.25    11/30/19       CNY    20.03
SHANGHAI YONGYE ENTERPRIS     6.84    05/21/20       CNY    25.43
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    20.44
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    25.40
SHANGQIU DEVELOPMENT INVE     6.60    01/15/20       CNY    20.16
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.90
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.99
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.04
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.14
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    59.70
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    63.39
SHAOXING CHENGZHONGCUN RE     6.50    01/24/20       CNY    20.10
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    60.00
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    61.61
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.05
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.20
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    61.58
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    68.00
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    41.21
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    45.26
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    60.00
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    61.68
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.00
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.66
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    60.00
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    61.49
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.02
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.14
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    41.05
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    43.90
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.61
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.80
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.50
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.73
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    40.86
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    41.41
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    41.96
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    42.30
SHENMU CITY STATE-OWNED A     7.28    06/23/21       CNY    41.10
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.00
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.98
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    60.52
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    61.26
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.23
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.39
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    60.96
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    67.50
SHENZHEN METRO GROUP CO L     5.40    03/25/23       CNY    61.92
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.42
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.92
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    72.84
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    75.00
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.20
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.23
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    61.78
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    67.20
SHIJIAZHUANG URBAN CONSTR     6.55    03/09/21       CNY    72.00
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    40.00
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.52
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.68
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    41.30
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    40.47
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    42.87
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.16
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.34
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.47
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.50
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    20.06
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    22.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.97
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    60.23
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    66.00
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.22
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.29
SICHUAN COAL INDUSTRY GRO     7.70    01/09/18       CNY    45.00
SICHUAN NAXING INDUSTRIAL     7.17    09/11/21       CNY    40.62
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    61.01
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    68.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    60.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    61.67
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    40.00
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    41.38
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    59.89
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    61.10
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    41.04
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    47.82
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.30
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.76
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.18
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.20
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    59.13
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    64.18
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.00
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.01
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    40.79
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    41.20
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.07
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.71
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.83
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.91
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    29.01
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    40.29
SUQIAN CITY CONSTRUCTION      6.88    10/29/20       CNY    40.60
SUQIAN WATER GROUP CO         6.55    12/04/19       CNY    20.09
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    20.07
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    24.80
SUZHOU FENHU INVESTMENT G     7.49    02/28/21       CNY    41.14
SUZHOU NEW DISTRICT ECONO     6.20    07/22/21       CNY    41.13
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    19.90
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    20.02
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    40.78
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    41.00
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    60.80
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    61.53
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    41.01
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    42.60
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    19.90
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    20.15
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    40.65
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    41.36
TAICANG HENGTONG INVESTME     7.45    10/30/19       CNY    20.02
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    61.25
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    64.65
TAICANG URBAN CONSTRUCTIO     6.75    01/11/20       CNY    20.20
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    40.63
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    41.30
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    40.00
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    41.03
TAIYUAN HIGH-SPEED RAILWA     5.18    09/06/20       CNY    40.69
TAIYUAN HIGH-SPEED RAILWA     6.50    10/30/20       CNY    40.98
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    41.28
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    46.50
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    73.86
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    74.60
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.20
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.34
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.10
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.44
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.37
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.60
TAIZHOU CITY NEW BINJIANG     7.60    03/05/21       CNY    40.59
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    19.80
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    20.06
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    25.78
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    26.00
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    62.02
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    64.00
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.14
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.00
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.21
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    40.31
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    42.62
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    40.80
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    47.15
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    40.77
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    47.00
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.14
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.25
TIANJIN BINHAI NEW AREA C     6.10    11/23/21       CNY    61.90
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    59.59
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    60.66
TIANJIN DONGLI CITY INFRA     6.05    06/19/20       CNY    20.03
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    20.06
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    22.00
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.08
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.30
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    39.88
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    49.00
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    56.65
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    58.95
TIANJIN HARBOR CONSTRUCTI     8.00    04/01/21       CNY    72.37
TIANJIN HARBOR CONSTRUCTI     8.80    01/24/21       CNY    72.42
TIANJIN HI-TECH INDUSTRY      6.65    09/12/21       CNY    40.50
TIANJIN HOPETONE CO LTD       7.50    07/25/21       CNY    39.80
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    40.35
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    41.16
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.47
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.70
TIANJIN INFRASTRUCTURE CO     5.70    02/26/23       CNY    61.78
TIANJIN JINNAN CITY CONST     6.50    06/03/21       CNY    40.80
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.00
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.29
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    40.87
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    47.50
TIANJIN REAL ESTATE GROUP     4.50    09/29/20       USD    50.00
TIANJIN REAL ESTATE TRUST     8.59    03/13/21       CNY    40.78
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.20
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.77
TIANJIN TEDA INVESTMENT H     6.89    04/27/20       CNY    20.25
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    37.92
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    41.80
TIANJIN WATER INVESTMENT      8.40    01/15/21       CNY    50.95
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    40.89
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    40.91
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    41.16
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    41.80
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    41.44
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    45.16
TIANRUI GROUP CEMENT CO L     5.95    09/25/20       CNY    50.00
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    20.43
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    22.50
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    61.17
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    68.00
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    40.98
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    41.63
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.29
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.30
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.23
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.50
TUNGHSU OPTOELECTRONIC TE     5.09    11/17/21       CNY    29.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    60.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    62.03
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.19
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.20
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    61.82
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    68.81
WEIFANG BINHAI INVESTMENT     6.16    04/16/21       CNY    40.01
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    20.04
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    24.30
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    60.00
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    61.30
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.08
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.51
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.00
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.39
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.42
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.54
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    60.68
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    63.00
WINTIME ENERGY CO LTD         7.50    04/04/21       CNY    43.63
WINTIME ENERGY CO LTD         7.50    11/16/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    04/26/19       CNY    43.63
WINTIME ENERGY CO LTD         7.00    07/05/18       CNY    43.63
WINTIME ENERGY CO LTD         7.30    08/06/18       CNY    43.63
WINTIME ENERGY CO LTD         6.78    10/23/18       CNY    43.63
WINTIME ENERGY CO LTD         7.90    03/29/21       CNY    43.63
WINTIME ENERGY CO LTD         7.00    03/19/19       CNY    43.63
WINTIME ENERGY CO LTD         7.90    12/22/20       CNY    43.63
WINTIME ENERGY CO LTD         7.50    12/06/20       CNY    43.63
WINTIME ENERGY CO LTD         7.70    11/15/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    12/15/18       CNY    43.63
WINTIME ENERGY CO LTD         7.00    08/25/18       CNY    43.63
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    10.60
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    41.51
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    41.18
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    44.36
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    41.19
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    43.02
WUHAN JIANGXIA URBAN CONS     8.99    01/20/21       CNY    41.54
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.04
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.16
WUHAN METRO GROUP CO LTD      5.25    04/14/22       CNY    60.78
WUHAN URBAN CONSTRUCTION      5.60    03/08/20       CNY    20.12
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    61.72
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    66.35
WUHU JINGHU CONSTRUCTION      6.68    05/16/20       CNY    20.12
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    40.00
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    41.73
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.43
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.45
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.11
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.15
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    40.86
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    42.53
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    70.10
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    73.00
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.46
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.60
WUXI TAIHU NEW CITY DEVEL     3.47    08/29/23       CNY    72.47
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.00
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.14
WUYANG CONSTRUCTION GROUP     7.80    09/11/20       CNY    32.48
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.47
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.48
XIAMEN TORCH GROUP CO LTD     7.49    04/21/21       CNY    41.12
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    20.21
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    21.80
XI'AN AEROSPACE CITY INVE     6.96    11/08/19       CNY    20.05
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    60.23
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    61.46
XI'AN INTERNATIONAL INLAN     7.90    09/23/21       CNY    42.28
XIAN QUJIANG DAMING PALAC     6.39    03/21/20       CNY    50.52
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.00
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.04
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    40.43
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    48.99
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.15
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.53
XIANGTAN JIUHUA ECONOMIC      6.59    01/21/22       CNY    58.11
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.50
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.92
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    55.49
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    59.80
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.06
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.10
XIANGXIANG URBAN CONSTRUC     5.84    05/18/23       CNY    81.37
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    40.87
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    43.38
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.18
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.24
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    60.78
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    65.00
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.38
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.80
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    41.00
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    41.56
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    46.69
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    52.72
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.21
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.40
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    55.31
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    57.96
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.47
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.50
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.00
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.27
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    19.85
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    20.02
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    17.88
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    20.17
XINJIANG KAIDI INVESTMENT     7.80    04/22/21       CNY    41.20
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.36
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.38
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    40.54
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    41.00
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    60.75
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    61.26
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.18
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.22
XINYANG HONGCHANG PIPE GA     6.49    06/20/20       CNY    72.87
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    41.08
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    46.30
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.20
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.54
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.52
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.83
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    40.88
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    47.00
XINYU CITY SHANTYTOWN ZON     6.42    12/09/20       CNY    70.24
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    61.56
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    63.63
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.07
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.19
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.96
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    51.16
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    40.00
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    41.19
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    41.25
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    43.41
XIWANG GROUP CO LTD           7.41    12/03/22       CNY    49.94
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    41.40
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    46.00
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    41.68
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    46.00
XUZHOU BOCHANT DEVELOPMEN     5.69    07/28/21       CNY    65.72
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.37
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.66
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    60.57
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    67.38
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    40.93
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    41.23
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    41.29
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    51.50
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.00
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.53
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    61.42
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    64.46
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.54
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.60
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.00
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.07
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    41.22
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.40
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.65
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    42.00
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    38.30
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    40.47
YANCHENG ORIENTAL INVESTM     6.99    10/26/19       CNY    20.02
YANCHENG ORIENTAL INVESTM     6.48    09/15/21       CNY    40.26
YANCHENG SOUTH DISTRICT D     6.93    10/26/19       CNY    20.03
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.00
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.42
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.56
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.70
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    60.00
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    62.00
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    40.26
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    46.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    70.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    72.13
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.20
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.44
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    61.96
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    66.63
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.29
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.39
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.04
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.40
YICHANG URBAN CONSTRUCTIO     8.13    11/17/19       CNY    30.30
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    40.93
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    43.47
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YIHUA ENTERPRISE GROUP CO     7.00    04/29/22       CNY    66.00
YIHUA LIFESTYLE TECHNOLOG     6.88    07/16/20       CNY    50.11
YIHUA LIFESTYLE TECHNOLOG     6.88    07/23/20       CNY    58.00
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.33
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.90
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    40.70
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    41.20
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    59.07
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    60.29
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.82
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.84
YINGTAN INVESTMENT CO         3.63    08/12/21       CNY    69.37
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    59.99
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    61.18
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    41.31
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    49.95
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    59.58
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    60.00
YIWU URBAN & RURAL NEW CO     4.25    11/24/21       CNY    74.58
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    60.00
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    62.19
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.00
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.01
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    41.04
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    43.50
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    60.42
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    68.00
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    40.58
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    42.80
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    60.00
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    61.07
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.34
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.42
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    59.63
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    60.00
YUEYANG URBAN CONSTRUCTIO     6.05    07/12/20       CNY    20.24
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.00
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.05
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    61.08
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    61.68
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    64.47
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    64.50
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.02
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.07
YUNCHENG URBAN CONSTRUCTI     7.48    10/15/19       CNY    20.01
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.50
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.54
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    40.85
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    41.50
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.00
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.10
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    20.49
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    26.04
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.09
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.28
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.05
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.16
ZHANGJIAJIE ECONOMIC DEVE     7.40    10/18/19       CNY    20.02
ZHANGJIAJIE ECONOMIC DEVE     7.80    04/17/21       CNY    41.32
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    38.00
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    40.88
ZHANGZHOU CITY CONSTRUCTI     6.60    03/26/20       CNY    20.24
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    60.00
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    61.68
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANJIANG INFRASTRUCTURE      6.93    10/21/20       CNY    40.24
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    60.00
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    61.33
ZHAOYUAN STATE-OWNED ASSE     6.64    12/31/19       CNY    20.09
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    40.61
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    50.00
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    41.31
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    49.00
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    41.56
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    48.50
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.04
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.17
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.95
ZHEJIANG PROVINCE DEQING      6.40    02/22/20       CNY    20.14
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    20.17
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    22.90
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    60.81
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    61.96
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    62.00
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    64.99
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    60.00
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    61.46
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    61.75
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    66.20
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.37
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.38
ZHENJIANG CITY CONSTRUCTI     7.90    12/18/20       CNY    40.80
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    41.12
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    48.49
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.05
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.30
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.58
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.60
ZHENJIANG NEW AREA URBAN      8.35    02/26/21       CNY    40.69
ZHENJIANG NEW AREA URBAN      8.99    01/16/21       CNY    40.80
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    59.81
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    60.65
ZHONGMINTOU LEASING HOLDI     7.55    09/21/21       CNY    49.49
ZHONGRONG XINDA GROUP CO      7.10    01/22/21       CNY    33.70
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.00
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.57
ZHONGTIAN FINANCIAL GROUP     7.00    10/15/20       CNY    74.63
ZHOUKOU INVESTMENT GROUP      7.49    04/21/21       CNY    41.06
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    25.72
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    26.65
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    41.44
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    45.00
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    72.52
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    73.44
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    57.31
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    60.01
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    20.66
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    21.15
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    40.96
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    44.50
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    60.90
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    61.11
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.16
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.33
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.61
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.70
ZHUZHOU CITY CONSTRUCTION     8.36    11/10/21       CNY    62.60
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    40.95
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    41.18
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    60.00
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    61.20
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    61.45
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    68.53
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.03
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.50
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    60.00
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    61.08
ZIYANG WATER INVESTMENT C     7.40    10/21/20       CNY    40.56
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    41.14
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    44.00
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    70.47
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    72.96


HONG KONG
---------
  
DR PENG HOLDING HONGKONG      5.05    06/01/20       USD    70.78
HNA GROUP INTERNATIONAL C     6.25    10/05/21       USD    70.00
HNA GROUP INTERNATIONAL C     7.00    01/24/20       USD    74.89


  INDONESIA
  ---------

BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.27
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.44


  INDIA
  -----
3I INFOTECH LTD               2.50    03/31/25       USD     8.03
ACME FAZILKA POWER PVT LT     0.01    09/07/46       INR    12.19
AMPSOLAR SOLUTION PVT LTD     0.01    11/03/37       INR    22.48
AMPSOLAR SOLUTION PVT LTD     0.01    10/27/37       INR    22.51
APG HABITAT PVT LTD           1.00    09/09/28       INR    52.63
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    32.18
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    39.42
AUTOMOTIVE EXCHANGE PVT L     4.00    06/01/30       INR    58.77
AUTOMOTIVE EXCHANGE PVT L     4.00    10/11/30       INR    58.82
BENGAL AEROTROPOLIS PROJE     5.00    12/01/29       INR    71.50
BENGAL AEROTROPOLIS PROJE     5.00    12/01/28       INR    72.99
BENGAL AEROTROPOLIS PROJE     5.00    12/01/27       INR    74.73
BLUE DART EXPRESS LTD         9.50    11/20/19       INR    10.23
BOTHE WINDFARM DEVELOPMEN    10.00    11/28/32       INR    71.93
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
CORE EDUCATION & TECHNOLO     7.00    05/07/49       USD     0.23
CREIXENT SPECIAL STEELS L     0.01    08/28/25       INR    55.25
CUMULUS TRADING CO PVT LT     0.01    05/21/32       INR    33.23
CUMULUS TRADING CO PVT LT     0.01    12/29/29       INR    40.23
CUMULUS TRADING CO PVT LT     0.01    01/23/30       INR    54.44
DAYAKARA SOLAR POWER PVT      0.10    04/05/26       INR    56.41
DEWAN HOUSING FINANCE COR     8.50    04/18/23       INR    39.02
EDELWEISS ASSET RECONSTRU     2.00    07/22/29       INR    50.93
EDELWEISS ASSET RECONSTRU     2.00    01/15/29       INR    52.52
EDELWEISS ASSET RECONSTRU     2.00    10/07/28       INR    53.40
EDELWEISS ASSET RECONSTRU     2.00    11/20/27       INR    56.44
EDELWEISS ASSET RECONSTRU     2.00    03/28/27       INR    58.50
GREEN URJA PVT LTD            0.01    02/14/30       INR    41.30
GTL INFRASTRUCTURE LTD        6.73    10/26/22       USD     2.86
HINDUSTAN CONSTRUCTION CO     0.01    01/05/27       INR    52.36
HITODI INFRASTRUCTURE LTD     0.01    06/30/27       INR    47.86
JAIPRAKASH ASSOCIATES LTD     5.75    09/08/17       USD    55.13
JAIPRAKASH POWER VENTURES     7.00    05/15/17       USD     4.61
JCT LTD                       2.50    04/08/11       USD    25.75
JSM CORP PVT LTD              0.01    08/31/36       INR    24.12
JTPM ATSALI LTD               0.01    08/29/48       INR     9.96
KANAKADURGA FINANCE LTD       0.01    04/15/36       INR    22.80
KVK ENERGY & INFRASTRUCTU     0.01    01/25/24       INR    67.97
LIC HOUSING FINANCE LTD       7.81    04/27/20       INR     4.01
MARIS POWER SUPPLY CO PVT     2.00    04/18/28       INR    60.17
MYTRAH AADHYA POWER PVT L     0.01    07/05/35       INR    26.96
MYTRAH ADVAITH POWER PVT      0.01    07/13/36       INR    24.86
MYTRAH AKSHAYA ENERGY PVT     0.01    07/13/36       INR    24.86
ORIGAMI CELLULO PVT LTD       0.01    11/14/36       INR    23.96
PRAKASH INDUSTRIES LTD        5.25    04/30/15       USD    22.63
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/33       INR    39.78
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/32       INR    42.31
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/31       INR    45.12
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/30       INR    48.20
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/29       INR    51.56
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/28       INR    55.21
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/27       INR    59.16
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/26       INR    63.45
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/25       INR    68.07
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/24       INR    72.98
PYRAMID SAIMIRA THEATRE L     1.75    07/04/12       USD     0.26
R L FINE CHEM PVT LTD         0.10    08/19/36       INR    24.60
REDKITE CAPITAL PVT LTD       2.50    03/30/29       INR    60.22
REDKITE CAPITAL PVT LTD       2.50    01/15/28       INR    63.53
REI AGRO LTD                  5.50    11/13/14       USD     0.02
REI AGRO LTD                  5.50    11/13/14       USD     0.02
RELIANCE COMMUNICATIONS L     6.50    11/06/20       USD    13.76
SURBHI INVESTMENTS & TRAD     2.50    10/21/28       INR    61.21
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SVOGL OIL GAS & ENERGY LT     5.00    08/17/15       USD     0.61
TN URJA PVT LTD               0.10    02/22/36       INR    27.54
VIDEOCON INDUSTRIES LTD       2.80    12/31/20       USD    28.86
WATSUN INFRABUILD PVT LTD     4.00    10/16/37       INR    54.18
WS T&D LTD                    0.10    03/24/29       INR    44.78


  JAPAN
  -----

AVANSTRATE INC                0.05    10/29/32       JPY     9.75
TKJP CORP                     1.02    12/15/17       JPY     0.50
TKJP CORP                     0.58    03/26/21       JPY     2.02
TKJP CORP                     0.85    03/06/19       JPY     2.02


  KOREA
  -----

HEUNGKUK FIRE & MARINE IN     5.70    12/29/46       KRW    49.47
INDUSTRIAL BANK OF KOREA      3.84    03/10/45       KRW    38.21
KIBO ABS SPECIALTY CO LTD     5.00    02/26/21       KRW    65.73
KIBO ABS SPECIALTY CO LTD     5.00    02/24/22       KRW    69.60
KIBO ABS SPECIALTY CO LTD     5.00    08/28/21       KRW    70.36
KIBO ABS SPECIALTY CO LTD     5.00    02/28/20       KRW    70.59
KIBO ABS SPECIALTY CO LTD     5.00    09/11/20       KRW    72.72
KIBO ABS SPECIALTY CO LTD     5.00    12/25/19       KRW    74.70
LOTTE CARD CO LTD             3.95    06/28/49       KRW    68.35
POSCO ENERGY CO LTD           5.21    08/29/43       KRW    68.93
SAMPYO CEMENT CO LTD          8.10    04/12/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.10    06/26/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    09/10/14       KRW    70.00
SAMPYO CEMENT CO LTD          7.50    07/20/14       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    04/20/14       KRW    70.00
SILLAJEN INC                  1.00    03/21/24       KRW    39.78
SINBO SECURITIZATION SPEC     5.00    12/21/20       KRW    64.53
SINBO SECURITIZATION SPEC     5.00    03/21/21       KRW    65.56
SINBO SECURITIZATION SPEC     5.00    08/31/21       KRW    66.22
SINBO SECURITIZATION SPEC     5.00    07/26/21       KRW    66.70
SINBO SECURITIZATION SPEC     5.00    02/23/22       KRW    67.93
SINBO SECURITIZATION SPEC     5.00    01/26/22       KRW    68.14
SINBO SECURITIZATION SPEC     5.00    08/31/22       KRW    68.45
SINBO SECURITIZATION SPEC     5.00    07/26/22       KRW    68.88
SINBO SECURITIZATION SPEC     5.00    12/27/21       KRW    69.45
SINBO SECURITIZATION SPEC     5.00    06/29/21       KRW    70.59
SINBO SECURITIZATION SPEC     5.00    06/29/22       KRW    70.95
SINBO SECURITIZATION SPEC     5.00    09/28/22       KRW    71.05
SINBO SECURITIZATION SPEC     5.00    09/27/21       KRW    73.05
SINBO SECURITIZATION SPEC     5.00    06/23/20       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    08/25/21       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    07/27/21       KRW    73.53
SINBO SECURITIZATION SPEC     5.00    03/15/20       KRW    74.03
SINBO SECURITIZATION SPEC     5.00    02/28/21       KRW    74.71
SINBO SECURITIZATION SPEC     5.00    01/27/21       KRW    74.95


MALAYSIA
--------

AEON CREDIT SERVICE M BHD     3.50    09/15/20       MYR     1.28
ASIAN PAC HOLDINGS BHD        3.00    05/25/22       MYR     0.58
BERJAYA CORP BHD              5.00    04/22/22       MYR     0.32
ELK-DESA RESOURCES BHD        3.25    04/14/22       MYR     1.37
HIAP TECK VENTURE BHD         5.00    06/23/21       MYR     0.22
HUME INDUSTRIES BHD           5.00    05/29/24       MYR     1.37
MALAYAN FLOUR MILLS BHD       5.00    01/24/24       MYR     1.25
PMB TECHNOLOGY BHD            3.00    07/12/23       MYR     3.14
REDTONE INTERNATIONAL BHD     2.75    03/04/20       MYR     0.21
SENAI-DESARU EXPRESSWAY B     1.35    06/30/31       MYR    68.16
SENAI-DESARU EXPRESSWAY B     1.35    12/31/30       MYR    69.29
SENAI-DESARU EXPRESSWAY B     1.35    06/28/30       MYR    70.45
SENAI-DESARU EXPRESSWAY B     1.35    12/31/29       MYR    71.60
SENAI-DESARU EXPRESSWAY B     1.35    12/29/28       MYR    74.01
SOUTHERN STEEL BHD            5.00    01/24/20       MYR     0.85
VIZIONE HOLDINGS BHD          3.00    08/08/21       MYR     0.07
YTL LAND & DEVELOPMENT BH     6.00    10/31/21       MYR     0.26


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z     4.80    09/27/21       NZD     1.28


  PHILIPPINES
  -----------
BAYAN TELECOMMUNICATIONS     15.00    07/15/06       USD    22.75


  SINGAPORE
  ---------

ASL MARINE HOLDINGS LTD       3.00    03/28/25       SGD    51.38
ASL MARINE HOLDINGS LTD       3.00    10/01/26       SGD    51.38
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BLD INVESTMENTS PTE LTD       8.63    03/23/15       USD     4.88
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
ENERCOAL RESOURCES PTE LT     9.25    08/05/14       USD    46.13
ETERNA CAPITAL PTE LTD        8.00    12/11/22       USD    70.61
EZION HOLDINGS LTD            0.25    11/20/27       SGD    61.29
EZRA HOLDINGS LTD             4.88    04/24/18       SGD     5.00
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    73.75
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    74.04
HYFLUX LTD                    4.60    09/23/19       SGD    40.05
HYFLUX LTD                    4.25    09/07/18       SGD    40.25
HYFLUX LTD                    4.20    08/29/19       SGD    40.33
INDO INFRASTRUCTURE GROUP     2.00    07/30/10       USD     1.00
INNOVATE CAPITAL PTE LTD      6.00    12/11/24       USD    46.21
ITNL OFFSHORE PTE LTD         7.50    01/18/21       CNY    33.46
MICLYN EXPRESS OFFSHORE P     8.75    11/25/18       USD    29.00
NEPTUNE ORIENT LINES LTD/     4.40    06/22/21       SGD    67.58
ORO NEGRO DRILLING PTE LT     7.50    01/24/19       USD    42.40
OSA GOLIATH PTE LTD          12.00    10/09/20       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    22.88


                           *********


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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