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

                     A S I A   P A C I F I C

          Tuesday, February 18, 2020, Vol. 23, No. 35

                           Headlines



A U S T R A L I A

AUSTRALIAN INSTITUTE: Second Creditors' Meeting Set for Feb. 24
AXF GROUP: Court Appoints Liquidator; Owes AUD12MM in Tax
JUICE MAN: First Creditors' Meeting Set for Feb. 21
RADFORD SUPPLIES: Second Creditors' Meeting Set for Feb. 24
S. M. COMMERCIAL: Second Creditors' Meeting Set for Feb. 28

SHUBBS METAL: Second Creditors' Meeting Set for Feb. 25
TRITON BOND 2020: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes


C H I N A

FUJIAN YANGO: S&P Assigns 'B-' Rating to New US$ Sr. Unsec. Notes
SHANDONG SANXING: S&P Lowers ICR to 'B' on Diminishing Liquidity


I N D I A

A&V FASHION HOUSE: Insolvency Resolution Process Case Summary
ABHYUDAYA HOUSING: CRISIL Cuts Rating on INR50cr Loan to B-
ANAND MINE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
AVANI IMPEX: Insolvency Resolution Process Case Summary
BAGHAULI SUGAR: Insolvency Resolution Process Case Summary

BANGALORE DEHYDRATION: Insolvency Resolution Process Case Summary
BHAGWANDAS METALS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan
BHARAT UDYOG: CRISIL Assigns B+ Rating to INR19.5cr Cash Loan
COSMO FERRITES: CRISIL Cuts Rating on INR12cr Cash Loan to 'D'
EXIM LOGISTICS: Ind-Ra Lowers Long Term Issuer Rating to 'D'

GANAPATI INDIA: CRISIL Reaffirms B+ Rating on INR40cr Loan
GCRG MEMORIAL: CRISIL Lowers Rating on INR34.5cr Loan to 'D'
GOENKA EXIM: CRISIL Lowers Rating on INR5.8cr Proposed Loan to B+
GREEN AGRO: CRISIL Hikes Rating on INR4cr Term Loan to B+
HARI & CO: CRISIL Assigns B- Rating to INR3cr Proposed Loan

HARIOM PROJECTS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
IL&FS: Gov't. Seeks 270 Days to Complete Resolution for 105 Firms
INDIAN MARINE: CRISIL Lowers Rating on INR9cr Loan to B+
INDICON CONSTRUCTION: CRISIL Ups Rating on INR3.9cr Loan to B-
J J SOLVEX PRIVATE: Insolvency Resolution Process Case Summary

LION FABRICS: CRISIL Withdraws B+ Rating on INR88cr Loans
LIVEMINDS SOLUTIONS: Insolvency Resolution Process Case Summary
MAHADEV COLD: CRISIL Assigns B+ Rating to INR5.2cr Overdraft
NIPPON ALLOY: Insolvency Resolution Process Case Summary
OVERSEAS TRADERS: CRISIL Assigns B+ Rating to INR1cr LT Loan

PAYYANUR MEDICAL: CRISIL Withdraws D Rating on INR19.5cr Loans
PHYTO BIOTECH: Insolvency Resolution Process Case Summary
PURVI CASHEW: CRISIL Assigns B+ Rating to INR5cr Loan
REGENCY LINX: Insolvency Resolution Process Case Summary
V MART: CRISIL Raises Rating on INR3.92cr LT Loan to 'B'

XECUTE HR SOLUTIONS: Insolvency Resolution Process Case Summary


I N D O N E S I A

INDOSAT OOREDOO: Lays Off 677 Employees Amid 'Strategy Shift'


N E W   Z E A L A N D

BED & LINEN: Owners Oblivious of Financial State, Liquidator Says


S I N G A P O R E

CAPITAL WORLD: Proposes Scheme of Arrangement to Restructure Debt
HIAP SENG: Posts SGD5.43MM Net Loss in Q3 Ended Dec. 31
NO SIGNBOARD: First Quarter Net Loss Widens to SGD1.21 Million
SINGAPORE: Cuts 2020 Economic Growth Outlook on Coronavirus Impact


T H A I L A N D

[*] THAILAND: KTB Prepares to Buffer Clientele Against Economy


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 10, 2020 to Feb. 14, 2020

                           - - - - -


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

AUSTRALIAN INSTITUTE: Second Creditors' Meeting Set for Feb. 24
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Institute of Musculo - Skeletal Research has been set for Feb. 24,
2020, 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 Feb. 21, 2020, at 4:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Australian Institute on Jan. 17,
2020.

AXF GROUP: Court Appoints Liquidator; Owes AUD12MM in Tax
---------------------------------------------------------
Lucy Macken at Domain reports that the Point Piper estate of
dentist and property investor Dr Le Tran is now vacant thanks to
last week's departure of its embattled property tycoon tenant
Richard Mingfeng Gu.

But as the three-level residence is prepped for resale, liquidators
have been appointed to Mr. Gu's AXF Group by the Victorian Supreme
Court with a pile of debts that includes AUD12 million owing to the
tax man and a bank loan on a luxury boat, Domain relates.

According to Domain, Mr. Gu was the off-market buyer at more than
AUD19 million of the Point Piper house in the last weeks of 2018,
ending four years of ownership by Tran since he'd bought it in 2015
for AUD16.1 million from Nicky McWilliam, wife of Seven commercial
director Bruce McWilliam.

Mr. Gu never settled on the exchange, however, after he had a
rethink on the whole settlement and instead opted to rent the
Wentworth Street residence, Domain relates.

Expect to see it return to the market in coming weeks with
BlackDiamondz's Monika Tu and Jad Khattar and Pillinger's Brad
Pillinger, the latter of whom previously sold it to both McWilliam
and Tran.

Domain notes that Mr. Gu's development-turn-mining company was
founded in Melbourne in 2005 as the Australian arm of his father Gu
Qi Liang's Shanghai-based development company Xiang Fu, and shifted
from commercial property to mining speculation about five years ago
when he moved to Sydney.

According to Domain, Mr. Gu's taste in high-end real estate became
well known when he moved to Sydney and exchanged to buy the Hunters
Hill trophy home of Cate Blanchett, but later defaulted on the deal
given tighter capital controls in China.

Mr. Gu recently dismissed the mounting debts of AXF Group as a
"small matter", adding last week after the orders took effect that
he planned to pay off the uncontested debts but would contest
others, with no clarification as to what was contested and what was
not, Domain relays.

While Mr. Gu still owns his luxury float, he said he'd already
off-loaded his red Ferrari with the GU number plates, adds Domain.

JUICE MAN: First Creditors' Meeting Set for Feb. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of Juice Man
Distributions Pty. Ltd., trading as Gersh Goods, will be held on
Feb. 21, 2020, at 11:00 a.m. at Ibara Room, The Grace Hotel, at 77
York Street, in Sydney, NSW.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Juice Man on
Feb. 11, 2020.


RADFORD SUPPLIES: Second Creditors' Meeting Set for Feb. 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Radford
Supplies Pty Limited has been set for Feb. 24, 2020, at 11:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, Level 40, at
2 Park 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 Feb. 21, 2020, at 5:00 p.m.

Richard Albarran and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Radford Supplies on
Jan. 31, 2020.


S. M. COMMERCIAL: Second Creditors' Meeting Set for Feb. 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - S. M. Commercial Interiors Pty Limited;
     - S. M. Int. Pty Ltd;
     - S M Interiors (Vic) Pty Ltd; and
     - S. M. Plastering Services Pty. Ltd.

has been set for Feb. 28, 2020, at 11:30 a.m. at the offices of
Deloitte, Level 10, at 550 Bourke Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 27, 2020, at 5:00 p.m.

Robert Woods of Deloitte was appointed as administrator of S. M.
Commercial on Jan. 23, 2020.

SHUBBS METAL: Second Creditors' Meeting Set for Feb. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Shubbs Metal
Pty Ltd has been set for Feb. 25, 2020, at 11:00 a.m. at the
offices of Cor Cordis, Level 29, at 360 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2020, at 5:00 p.m.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of Shubbs Metal on Nov. 7, 2019.


TRITON BOND 2020: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2020 Series 1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
insurance covering 32.1% of the loans in the portfolio, as well as
note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.2% of the invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under its stress assumptions to ensure timely
payment of interest.

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

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

  PRELIMINARY RATINGS ASSIGNED

  Triton Bond Trust 2020 Series 1

  Class      Rating        Amount (mil. A$)
  A1-MM      AAA (sf)      100.00
  A1-AU      AAA (sf)      250.00
  A1-5Y      AAA (sf)       75.00
  A2         AAA (sf)       35.00
  AB         AAA (sf)       14.00
  B          AA (sf)        10.50
  C          A (sf)          7.50
  D          BBB (sf)        3.75
  E          BB (sf)         2.00
  F          NR              2.25

  NR--Not rated.




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C H I N A
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FUJIAN YANGO: S&P Assigns 'B-' Rating to New US$ Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes by Yango
(Cayman) Investment Ltd., a subsidiary of Fujian Yango Group Co.
Ltd. (B/Stable/--).

Fujian Yango irrevocably and unconditionally guarantees the notes.
The China-based property developer intends to use the net proceeds
primarily to refinance its debt. The issue rating is subject to our
review of the final issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Fujian Yango to reflect
substantial structural subordination risk. As of June 30, 2019,
Fujian Yango's capital structure consisted of about Chinese
renminbi (RMB) 99 billion in secured debt and RMB37 billion in
unsecured debt. The secured debt ratio of about 73% is
significantly above our notching threshold of 50%.

"We believe the proposed notes issuance will release some
short-term refinancing pressure for Fujian Yango. We expect the
company to gradually improve its leverage despite weaker cash flow
from non-property segments. The company's debt-servicing ability
and liquidity are weaker on a stand-alone basis, although we
believe the company will manage its liquidity through asset
disposals and stable dividends from key investments. This is
reflected in the stable outlook on Fujian Yango."


SHANDONG SANXING: S&P Lowers ICR to 'B' on Diminishing Liquidity
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Shandong Sanxing Group Co. Ltd. to 'B' from 'B+'. At the same time,
S&P lowered the issue rating on the company's guaranteed senior
unsecured notes to 'B' from 'B+'.

The downgrade and negative CreditWatch placement reflect Sanxing's
slow progress on refinancing a sequence of bullet maturities that
start coming due later this year. S&P's downgrade is also based on
the company's reduced liquidity buffer post its repayment of 2019
maturities. The recent coronavirus outbreak in China is likely to
complicate Sanxing's refinancing efforts.

S&P said, "We expect Sanxing to generate between Chinese renminbi
(RMB) 150 million-RMB 200 million of free cash flow in 2020. This
is insufficient to cover bullet maturities of RMB1.5 billion
between September and October 2020, and RMB1.9 billion in January
2021. These totals include RMB1.1 billion of onshore puttable bonds
with extendable tenor; if these redemption rights are not
exercised, then liquidity risk will become less imminent.

"We estimate that Sanxing's unrestricted cash decreased to RMB200
million-RMB230 million at the parent company level and RMB2.0
billion-RMB2.2 billion at the consolidated group level as at Dec.
31, 2019, following its debt repayments that month. Given the
reduction in cash, Sanxing will be dependent on external financial
sources to meet upcoming maturities. The company's funding options
include bond issuance, new bank loans, and trust financing. It is
also considering financial leases, backed by its unencumbered
assets that we estimate at RMB2 billion."

Sanxing has traditionally had adequate access to China's domestic
capital markets, which boosts the probability of refinancing
success. For example, the company issued domestic bonds worth
RMB1.3 billion over January, March, and August 2019. However, with
recent disruptions to economic activity due to the new coronavirus
outbreak, financial institutions and capital markets might take
longer in assessing risk for lending to privately owned
enterprises. These general requirements may slow Sanxing's pace of
refinancing.

The coronavirus outbreak will likely drag on Sanxing's revenues
over the next several months, due to logistic disruptions and
weaker consumer spending. S&P said, "Our base case is that the
virus will be under control by March, and the impact should
gradually moderate during the second quarter of the year. Sanxing
will adjust its production to lower procurement and mitigate
operating cash outflow. We anticipate the company can absorb this
one-off impact on operating cash flow with its high cash balance at
operating subsidiaries. In addition, we believe the Chinese
government will take measures to minimize the adverse impact of the
coronavirus outbreak on the economy."



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I N D I A
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A&V FASHION HOUSE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: A&V Fashion House Private Limited

        Registered office as per MCA:
        2751/22, Basement & 2nd Floor
        Beadonpura, Main Ajmal Khan Road
        Karol Bagh New Delhi 110005

Insolvency Commencement Date: February 3, 2020

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Ashok Kumar

Interim Resolution
Professional:            Ashok Kumar
                         Garg Ashok & Company
                         A-263/1, First Floor
                         Derawal Nagar
                         Delhi 110009
                         E-mail: gargashokca@gmail.com
                                 cirpavfh@gmail.com

Last date for
submission of claims:    February 21, 2020


ABHYUDAYA HOUSING: CRISIL Cuts Rating on INR50cr Loan to B-
-----------------------------------------------------------
Due to inadequate information, CRISIL, in-line with the Securities
Exchange Board of India guidelines, had migrated the rating of
Abhyudaya Housing and Constructions Private Limited (AHCPL) to
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing information, necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on the bank facilities
of AHCPL to 'CRISIL B-/Stable/CRISIL A4' from ' CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        20         CRISIL A4 (Migrated from
                                    'CRISIL A4+' ISSUER NOT
                                    COOPERATING')

   Drop Line              5         CRISIL B-/Stable (Migrated
   Overdraft                        from 'CRISIL BB-/Stable
   Facility                         ISSUER NOT COOPERATING')

   Proposed Term         50         CRISIL B-/Stable (Migrated
   Loan                             from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

The migration reflects the expected weakening of credit profile
because of decline in revenue driven by delays in contracts and
non-receipt of annuity from Delhi State Industrial and
Infrastructure Development Corporation Ltd (DSIIC) in Bawana Infra
Development Pvt Ltd (BIDPL) (CRISIL D//CRISIL D). The management
has decided not bid for build operate transfer projects as revenue
receipts in these projects are linked to receipt of all the
clearances and completion of the venture. Hence, decreased revenue
lowers cash accruals.

Revenue is expected to fall 35-40% in fiscal 2020 over INR29.15
crore in fiscal 2019'Rs 11.20 crore in 9M fiscal 2020. With
expected decline in revenue and modest profitability, net cash
accrual is also likely to drop. Also, with reduced accruals,
working capital cycle continues to be stretched impinging
liquidity. Over the last 6 months, debtors has remained around
INR12.05 crore with overall debtor cycle deteriorating to 400 days
as on December 31, 2019 as against 189 days as on March 31, 2019.
However, cash accrual, expected at INR2.19-2.75 crore in the medium
term against no debt obligation supports liquidity.

The ratings continue to reflect stretched working capital cycle and
high customer concentration risk. These weaknesses are partially
offset by AHCPL's healthy financial risk profile.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AHCPL and BIDPL. BIDPL was formed to
upgrade, operate, maintain, and transfer annuity projects from
DSIIDC. AHCPL and BIDPL are collectively referred to as the
Abhyudaya group. AHCPL is doing 100% job work for BIDPL from April
2019.

Key Rating Drivers & Detailed Description

Weaknesses
* Stretched working capital cycle:
Working capital cycle continues to be stretched on account of high
debtors (189 days as on March 31, 2019). Debtors have been steadily
rising from 77 days as on March 31, 2017. As on date, debtors have
further stretched to around 400 days. Moreover, sizeable debtors of
more than 6 months exert further pressure on liquidity.

* High customer concentration risk:
The company depends on a single customer (BIDPL) for its entire
revenue. It collects sewage charges on behalf of its customer from
all industrial units in Bawana Industrial Area. There are
operational delays in the release of charges by its customer
resulting in large debtors and stretched liquidity. Susceptibility
to risks associated with high customer concentration and with
timely payments is expected to continue over the medium term.

Strength
* Healthy financial risk profile:
As on March 31, 2019, total outside liabilities to tangible
networth of 0.70 time and networth of INR44.35 crore has resulted
in healthy financial risk profile. Gearing is expected to remain at
0.32-0.50 time over the medium term supported by the absence of any
debt-funded capital expenditure plans. Debt protection metrics are
also comfortable, marked by interest coverage and net cash accrual
to adjusted debt ratios of 1.17 time and 0.79 times, respectively,
for fiscal 2019, the ratios are expected to be at 3.0-3.5 times and
40-45%, respectively, over the medium term.

Liquidity Poor
* High bank limit utilisation: Large working capital requirement
should keep bank limit utilisation (85%) high over the medium
term.

* Net cash accrual against repayment obligation: While cash accrual
has remained sufficient in the absence of repayment obligation in
the past; declining topline and subsequent impact on AHCPL' cash
accruals shall remain key monitorable.

* Stretched working capital cycle: Stretched debtor cycle and over
6 months debtors have impaired liquidity.

Outlook: Stable

CRISIL believes AHCPL will continue to benefit from the extensive
experience of its promoters.

Rating sensitivity factors:
Upward Factors:
* Increase in scale of operations by addition of new clients while
maintaining profitability of more than 12%.
* Improvement in working capital cycle marked by reduction in
receivables.

Downward Factors:
* Stretch in working capital cycle with gross current assets of
over 500 days.
* Irregularity in servicing debt obligations.

AHCPL was established in 1995 by Mr Rajesh Agarwal and his brother,
Mr Manoj Agarwal. It began operations as a small construction
company, working as a contractor to the Uttar Pradesh Public Works
Department. Mr Ajant Agarwal, a family friend of the Agarwal
brothers, joined the company in 2003 after the demise of Mr Rajesh
Agarwal. AHCPL currently constructs roads.

ANAND MINE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anand Mine Tools
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB (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 instrument-wise rating actions are:
-- INR130 mil. Fund-based limit (long term) downgraded with IND D

     (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Proposed fund-based working capital limits (long
     term) downgraded with Provisional IND D (ISSUER NOT
     COOPERATING) rating;

-- INR27.5 mil. Term loan (long term) due on July 2021 downgraded

     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR16 mil. Non-fund-based limit (short term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Anand Mine Tools
Private Limited, the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2010, Anand Mine Tools is an authorized dealer of
Joseph Cyril Bamford for sales and services of the latter's
equipment and spare parts in Nagpur, Chandrapur, Wardha, Yavatmal,
Bhandara, Gondia, Gadchiroli and Wani (Maharashtra).

AVANI IMPEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Avani Impex Private Limited

        Registered office:
        419B, 4th Floor, Plot no. 21
        Panchratna, Mama Pamanand Marg
        Opera House, Girgaon
        Mumbai 400004

Insolvency Commencement Date: January 31, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 28, 2020
                               (180 days from commencement)

Insolvency professional: CA Pawan Kumar Ramdhan Agarwal

Interim Resolution
Professional:            CA Pawan Kumar Ramdhan Agarwal
                         42, Gopal Bhawan
                         199 Princess Street
                         Mumbai 400002
                         E-mail: arbitratorpr@gmail.com

Last date for
submission of claims:    February 16, 2020


BAGHAULI SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Baghauli Sugar and Distillery Limited
        Village-Bikapur
        PS Baghauli
        District-Hardoi
        Uttar Pradesh

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vivek Raheja

Interim Resolution
Professional:            Vivek Raheja
                         JD 2C, 2nd Floor
                         Pitampura, Delhi 110034
                         E-mail: vivek@vpgs.in

                            - and -

                         Osrik Resolution Pvt Ltd
                         908, 9th Floor, D Mall
                         Netaji Subhash Place
                         Pitampura, Delhi 110034
                         E-mail: ip.baghaulisugar@gmail.com

Last date for
submission of claims:    February 21, 2020


BANGALORE DEHYDRATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Bangalore Dehydration and Drying Equipment Co
        Private Limited
        15, 1st Phase, Peenya 1st Stage
        Bangalore, Karnataka 560058
        India

Insolvency Commencement Date: January 27, 2020

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: July 25, 2020

Insolvency professional: Ms. Ramanathan Bhuvaneshwari

Interim Resolution
Professional:            Ms. Ramanathan Bhuvaneshwari
                         C-006, Pioneer Paradise
                         24th Main Road, 7th Phase
                         JP Nagar, Bengaluru 560078
                         E-mail: bhoona.bhuvan@gmail.com

                            - and -

                         No. 161, 1st Floor
                         4th Main Road
                         7th Cross Road
                         Chamarajpet
                         Bengaluru 560018
                         E-mail: cirp.bdde@gmail.com

Last date for
submission of claims:    February 17, 2020


BHAGWANDAS METALS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Bhagwandas Metals and Steel (BMS).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          3.0      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     6.5      CRISIL A4 (Reaffirmed)

CRISIL ratings on the bank facilities of BMS continue to reflect
the modest scale of operations and exposure to any slowdown in the
end user industry, below average financial risk and exposure to
intense competition in the construction material trading industry.
These weaknesses are partially offset by extensive experience of
the partners.

Analytical Approach

Unsecured loan amounting INR5.0 crore (total outstanding at INR8.95
crore) as on March 31, 2019 extended to BMS by the partners has
been treated as neither debt nor equity and the rest is treated as
debt. That is because the firm has provided an undertaking that
loan up to INR5 crore will stay in the business and will not be
withdrawn over the next three fiscals.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations and exposure to slow down in the in
the end user industry:  Revenue of INR60.40 crore in fiscal 2019
reflects the small scale in the competitive construction material
trading industry. Revenue is expected to decline over the medium
term on account of BMS strategically shrinking its customer base to
reduce the risk of realisation of debtors. The operating margin was
muted at 2.50% in the four fiscals through 2019. Demand for steel
is driven by sectors such as housing (real estate), construction,
and infrastructure. Non-order-backed procurement exposes the
company to price fluctuations. Further, activities in the real
estate and infrastructure segments are linked to economic cycles.
Any slowdown in economic activity, or drop in investments in
infrastructure and housing can adversely impact trading
activities.

* Below average financial risk: Low adjusted Networth and moderate
total outside liabilities to adjusted networth ratio stood at (Rs.
3.71 crore and 2.18 times respectively as on March 31, 2019
represents below average financial risk profile. Debt protection
metrics are also average, with interest coverage ratio and net cash
accruals to adjusted debt of 1.5 times and negative 0.10 time
respectively, for fiscal 2019.

Strength
* Extensive experience of the partners: The key partners's
experience of over a decade in the construction materials trading
industry and healthy relationships with suppliers and customers
should continue to support the business.

Liquidity Stretched

Liquidity is stretched marked by low net cash accrual estimated in
range of INR0.10 crore to INR0.40 crore per annum for fiscal 2020
and fiscal 2021.  However, liquidity is supported by debt repayment
obligations and low bank limit utilization at 14% for the 12 month
ending September 2019. Cash and bank balance as on march 31, 2019,
was at INR0.44 crore. Liquidity is supported by unsecured loans of
INR8.95 crore as of March 31, 2019, brought in by the partners.
Current ratio was healthy at 12.78 times on March 31, 2019. The
partners have withdrawn INR1.18 crore during last year ending March
31, 2019 as a result the networth has declined.

Outlook: Stable

CRISIL believes BMS will continue to benefit from the extensive
experience of the partners.

Rating Sensitivity Factor

Upward factor
* Significant increase in revenue with improvement in profitability
leading to accruals above INR0.50 crore
* Improvement in financial risk profile

Downward factors
* Lower than anticipated operating margins below 2%, leading to
fall in accruals.
* Deterioration in interest coverage ratio to less than 1 time.

BMS, a partnership firm, was taken over by the current partners in
2006. The firm trades in iron and steel products. The firm deals in
products such as thermos-mechanically treated bars, sheets and
plates and is based in Chennai. Mr. Govind Prasad and Mrs. Bobby
Sonthalia are the partners. The firm was earlier known as MGM
steels, have been renamed as BMS from current fiscal.

BHARAT UDYOG: CRISIL Assigns B+ Rating to INR19.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Bharat Udyog (BU).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bill Discounting      5.5         CRISIL A4 (Assigned)
   under Letter of
   Credit                

   Cash Credit          19.5         CRISIL B+/Stable (Assigned)

The rating reflects below-average financial risk profile driven by
average capital structure and subdued debt protection metrics,
large working capital requirements, susceptibility of operating
margin to regulatory risk pertaining to duty structure and
compliance with environmental norms and large working capital
requirements. These weaknesses are partially offset by its
extensive industry experience of the partners and firm's
long-standing industry presence.

Analytical Approach

Unsecured loans from partners stood at INR1.4 Cr as on 31st Mar,
2019 and has been treated as debt due to withdrawals.

Key Rating Drivers & Detailed Description

Weaknesses
* Below-average financial profile: BU's financial risk profile
remains constrained because of leveraged capital structure and
subdued debt protection metrics. Networth remains modest at INR6.3
crore as on Mar 31, 2019 and though capital structure has improved
over years, it still remains average with TOLTNW ratio of about 4
times. The interest coverage and net cash accrual to total debt
(NCATD) ratio are subdued at 1.49 times and 0.03 times for fiscal
2019. BU debt protection measures are expected to remain at similar
level with high debt levels.

* Regulatory risk pertaining to duty structure and compliance with
environmental norms: Lead is environmentally hazardous product and
lead recycling industry is subject to stringent government
regulations. Ministry of Environment and Forests (MoEF) has framed
Batteries (Management and Handling) Rules, 2001. Any change in
regulations could negatively affect the industry and the
performance of the company. Nonetheless, the recycling segment is
considered less susceptible to regulations compared to refineries.

* Large working capital cycle: Gross current assets were at 135-170
days over the three fiscals ended March 31, 2019. The large working
capital requirement driven by debtors and inventory coupled with
limited credit from suppliers, result in firm's high dependence on
bank lines.

Strength
* Extensive industry experience of the promoters: The partners have
an experience of over 15 years in Diversified Metals & Mining
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers. The firm's established presence and track
record also support overall business risk profile.

Liquidity Stretched

Liquidity is stretched marked by high bank limits utilization and
modest accruals of INR70 lakhs, although there is no major maturing
debt. Fund-based bank limit was highly utilised, at 90% on an
average, over the 12 months through December 2019. Current ratio
was moderate at 1.2 times as on March 31, 2019. Unsecured loans
extended by partners (INR1.4 crore as on March 31, 2019), partly
support liquidity.

Outlook: Stable

CRISIL believe BU will continue to benefit from the extensive
experience of its partner, and established relationships with
clients.

Rating Sensitivity Factor

Upward factors
* Stronger business risk profile, with sustained growth in revenue
and better operating margin, leading to sizeable cash accrual
* Improvement in financial risk profile, mainly gearing below 2.5
times

Downside factors
* Weakening of operating performance, leading to cash accrual of
less than INR40 lakh
* Constrained financial risk profile, especially liquidity, due to
large, debt-funded capital expenditure or stretched working capital
cycle

Established in 2005, Bharat Udyog (BU) is into business of
manufacturing of pure lead, lead alloy and lead oxide. The firm is
managed by Mr. Suresh Pal, Mr. Harvinder Singh and Mr. Lalit Gupta,
and is based out of Kathua, Jammu & Kashmir.

COSMO FERRITES: CRISIL Cuts Rating on INR12cr Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cosmo
Ferrites Limited (CFL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Bank Guarantee           1.5        CRISIL D (Downgraded from
                                       'CRISIL A4')

   Bill Discounting         2          CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Cash Credit             12          CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Export Packing Credit    5          CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Letter of Credit        10          CRISIL D (Downgraded from
                                       'CRISIL A4')

   Proposed Long Term       4.26       CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B-/Stable')

   Standby Line of Credit   2          CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Term Loan               13.24       CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

The downgrade reflects the delay by CFL in repaying the interest
and principal obligation on the term loan.

The ratings continue to reflect the small scale of CFL's
operations, and the weak financial risk profile. These weakness are
partially offset by the company's established presence in the soft
ferrites industry and its longstanding client associations.

Key Rating Drivers & Detailed Description

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

Weaknesses
* Small scale of operations
Revenue of INR80 crore reported in fiscal 2019, reflects the small
scale of operations, mainly constrained by competition from China.
Establishment of the coils unit will support revenue growth, going
forward.

* Weak financial risk profile
Financial risk profile is constrained by weak debt protection
metrics, stemming from a subdued margin of 3.6% in fiscal 2019.
Interest coverage and net cash accrual to total debt ratios were
0.56 time and (0.15) time, respectively, in fiscal 2019. Gearing
was high at 3 times as on March 31. 2019.

Strengths

* Established market presence and longstanding client associations
Benefits from the promoters' three decade-long experience in the
soft ferrite industry, and CFL's established position in overseas
markets, will continue. The export market is dominated by reputed
players such as EPCOS AG and TDK Ferrites Corporation, besides
Chinese manufacturers. The company has strategically chosen to
manufacture soft ferrites, used by manufacturers of low-volume,
high-value products such as transformers, bulbs, mobile phones, and
solar equipment. Strong clientele, comprising over 200 customers,
and diversification into exports and other end-user industries,
partially offset the risk of downturn in any particular industry.

Liquidity Poor

Liquidity is Poor. Expected cash accrual of INR-0.77 crore and
INR-0.15 crore, in fiscals 2020 and 2021, will be insufficient to
cover the maturing debt of around INR3.3 crore and INR2.2 crore in
the corresponding period. Bank limit utilisation averaged 86% over
the 12 months through June 2019. Current ratio stood at 0.53 time
as on March 31, 2019.

Rating Sensitivity Factors

Upward factors
*Improvement in operating income by over 10%, and margin by 300
basis points
*Sufficient cash accrual against the maturing debt
*Track record of three months for timely repayment of debt
obligations.

CFL, set up by Mr. Ashok Jaipuria in 1986, manufactures soft
ferrites and coils at its facility near Shimla, and caters to a
wide customer base, comprising manufacturers of transformers,
compact fluorescent lights, mobile phones, wireless chargers, and
inductive heaters. Mr Jaipuria is also the founder-promoter of
Cosmo Films Ltd, which manufactures bi-axially-oriented
polypropylene films.

The operations are now managed by Mr. Ambrish Jaipuria.

EXIM LOGISTICS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Exim Logistics
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limit (Long-term/Short-term) downgraded

     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund based limit (Short term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects Exim Logistics' irregularities in the cash
credit and term loan repayments during the 12 months ended December
2019.

RATING SENSITIVITIES

Positive: A positive rating action may result from timely debt
servicing for three consecutive months.

COMPANY PROFILE

Incorporated in 2006 by Mr. Himadri Pattnayak, Exim Logistics
provides logistics services, mainly road transport services and
also acts as a customs house agent.

GANAPATI INDIA: CRISIL Reaffirms B+ Rating on INR40cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Ganapati India International Private
Limited (GIIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             40         CRISIL B+/Stable (Reaffirmed)

The rating reflects GIIPL's below-average financial risk profile.
This weakness is partially offset by the entrepreneurial experience
of the promoters and their funding support.

Key Rating Drivers & Detailed Description

Weakness
* Below-average financial risk profile: Debt protection metrics are
weak with interest coverage ratio at 1.1 times in fiscal 2019 on
account of modest cash accrual. However, gearing stood moderate at
1.49 times and networth healthy at INR43.90 crore as on March 31,
2019.

Strengths
* Entrepreneurial experience of the promoters and their funding
support: The promoters, Mrs Ranju Jha, Mr Krishna Keyal and Mr
Surajit Ghose have undertaken several projects in the commercial
and real estate segment. Moreover, the promoter families also have
presence in the coal trading business, and also operate a petrol
pump in Durgapur, West Bengal.

Further, need-based funding support from the promoters in the form
of unsecured loans (INR27.66 crore as on March 31, 2019) is
expected to continue.

Liquidity Stretched
Liquidity is stretched. Expected cash accruals of INR3-4 crore in
fiscal 2020 is tightly matched as against repayment obligations of
INR3.75 crore. However, need-based funding support from the
promoters of INR27.66 crores is expected to continue.

Outlook: Stable

CRISIL believes GIIPL will continue to benefit from the extensive
experience of its promoters in real estate development, and their
funding support.

Rating sensitivity factors:

Upward factors:
* Stable revenue and operating margin, leading to cash accruals of
over INR3.50 crore.
* Improvement in working capital cycle and financial risk profile.

Downward scenario:
* Decline in revenue lowering profitability margin by 10%.
* Weakening of financial risk profile.

GIIPL is developing a hotel-cum-commercial complex at Durgapur
(Kolkata). The company has appointed the ITC Fortune Group of
Hotels as its management and operations partner. The commercial
complex shall be leased out for office space and retail outlets.
The hotel and retail properties commenced operations in September
2018.

GCRG MEMORIAL: CRISIL Lowers Rating on INR34.5cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of GCRG
Memorial Trust (GMT) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        11.5       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Overdraft              4.0       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Rupee Term Loan        34.5      CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects delays by GMT in servicing term loan
instalments from October to December 2019.

The ratings also reflect GMT'S exposure to regulatory risks in the
education sector and intense competition. These weaknesses are
partially offset by GMT's established position in the educational
sector and wide range of course offerings.

Analytical Approach

Unsecured loans extended by the promoters (INR2.17 crore as on
March 31, 2018) was treated as 75% equity and 25% debt, as these
loans are interest-free, and will be retained in business over the
medium term.

Key Rating Drivers & Detailed Description

* Delay in servicing term debt obligation: The trust has delayed
servicing of its term loan instalments from October to December
2019.

Weaknesses:
* Exposure to regulatory risks in the education sector: The courses
offered by the trust have to comply with specific operational and
infrastructure norms, as laid down by regulatory bodies such as All
India Council of Technical Education (AICTE), which approves the
courses, and the Gautam Budh Technical University, to which the
institutes are affiliated. This translates into a need for regular
investments in workforce and infrastructure. The course fee is also
decided by the committee functioning under the aegis of the
respective university, and does not fall within the powers of the
society. Enhancements in the seat/ courses offered in any
discipline also require approvals from AICTE.

* Exposure to intense competition: GMT operates in Lucknow and
faces competition from many reputed universities and colleges in
Uttar Pradesh and Delhi National Capital Region. CRISIL believes
that entry of new players, and/or slowdown in student intake,
because of shift in preference to other competing institutes, can
weaken the trust's business risk profile.

Strength:
* Established regional position and wide range of course offerings:
The trust runs seven institutes in Lucknow, including those
offering graduation and post-graduation courses in management,
engineering and medicine streams. The diversity in offerings helps
mitigate risks arising from change in student preferences. The
colleges are affiliated to AICTE and 4-5 universities, and offer
professional courses. Total student strength is more than 2900.

Liquidity Poor
The poor liquidity is evident from delays in servicing debt
obligation and the full utilisation of bank lines.

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 2008, GMT is a charitable trust that operates
educational institutions, offering both graduate and post-graduate
courses. The trust is managed by the chairman, Mr Abhishek Yadav
and his brother, Mr Mohit Yadav (secretary). GMT currently operates
seven institutes in Lucknow, within the same campus, offering B
Tech and MBA courses along with diploma and polytechnic courses.
The trust also manages a hospital within the same campus (GCRG
Memorial Hospital).

GOENKA EXIM: CRISIL Lowers Rating on INR5.8cr Proposed Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Goenka Exim Private Limited  (GEPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable' on account of weakening in the financial risk
profile due to high reliance on short-term debt to fund the
incremental working capital requirements. Also, the weak liquidity
is reflected in low cash accrual due to modest profitability.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      5.8      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating continues to reflect GEPL's small scale and modest
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the agricultural
products industry, strong linkages with suppliers, and minimal
customer concentration risk.

Analytical Approach

For arriving at the rating, CRISIL has considered the standalone
business and financial risk profiles of Goenka Exim Pvt Ltd. Of the
unsecured loans of INR4.9 crore provided by the promoters as on
March 31, 2019, 75% has been treated as equity and 25% as debt, as
the loans are subordinated to external debt and there has been no
withdrawal in the past five years.

Key Rating Drivers & Detailed Description

Weaknesses:
* Limited scale of operations and modest profitability: GEPL has
one manufacturing unit in Jodhpur, with capacity of 100,000
kilogram (kg)/day and average utilisation of 40-60%. In fiscal
2019, the company's turnover was INR41.45 crore compared to INR10
crore in fiscal 2015. The company's operating profitability has
also been modest at 2.7-3.5% due to low value addition and the
nature of the industry.

* Modest financial risk profile: Total outside liabilities to
tangible networth (TOLTNW) ratio was weak at 4.26 times, majorly on
account of modest networth of INR2.85 crore as on March 31, 2019,
due to limited accretion to reserve. Debt protection metrics are
weak, indicated by net cash accrual to total debt and interest
coverage ratios of 0.04 time and 1.56 times, respectively, in
fiscal 2019. The metrics should remain modest over the medium
term.

Strengths:
* Extensive experience of the promoters: The promoters have been
engaged in the processing and sale of oilseeds and spices since
over 100 years. Their extensive experience has resulted in healthy
relations with suppliers and customers and an in-depth
understanding of the market dynamics.

* Healthy relations with suppliers and minimal customer
concentration risk:  GEPL imports a variety of commodities from
Iran, Sudan, Turkey, Vietnam, Pakistan, Thailand, and California,
where promoters have established strong relations over years.
Moreover, the diversified clientele is spread pan-India, mitigating
geographical and customer concentration risks.

Liquidity Stretched

Liquidity is stretched on account of low cash accrual of INR0.41
crore in fiscal 2019. Bank limit utilisation averaged 90% over the
12 months through December 2019. Liquidity is partially supported
by unsecured loans provided by the promoters.

Outlook: Stable

CRISIL believes GEPL will continue to benefit from the promoters'
extensive experience in the agriculture industry, strong linkages
with suppliers, and pan-India market presence.

Rating Sensitivity factors

Upward factors:
* Improved capital structure, with TOLTNW of less than 3 times
* Increase in operating profitability

Downward factors:
* Decline in revenue and profitability (less than 2%) leading to
stretched liquidity
* Weakening of the capital structure on account of large,
debt-funded capital expenditure

Incorporated in 2011, GEPL processes and sells food grains,
oilseeds, and spices. The company has a modern processing unit in
Jodhpur, Rajasthan, with processing capacity of around 100,000
kg/day. The company supplies products to wholesalers throughout the
country. Mr Piyush Goenka and his family members are the promoters.

GREEN AGRO: CRISIL Hikes Rating on INR4cr Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Green Agro Pack Private Limited (GAPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Export Bill
   Negotiation            6          CRISIL A4 (Reaffirmed)

   Letter of Credit       2          CRISIL A4 (Reaffirmed)

   Packing Credit         8          CRISIL A4 (Reaffirmed)

   Term Loan              4          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile of
GAPPL as company's operating income has increased by 56% in fiscal
19 to INR61.41 Cr from INR39.43 Cr in the preceding fiscal
resulting into increased cash accruals. It also reflects the
stability in profitability as operating margins of the company were
at 11.7 percent in fiscal 19 supporting its adequate liquidity
position. The rating upgrade also factors in CRISIL's belief that
the working capital cycle of the company is expected to remain
steady with improvement in financial risk profile while achieving a
healthy top-line growth and maintaining a stable operating
margins.

CRISIL's ratings on the bank facilities of GAPPL continue to
reflect GAPPL's susceptibility to changes in government regulations
and climate changes and large working capital requirements. These
rating weaknesses are partially offset by the benefits that GAPPL
derives from its promoters' extensive industry experience and
established position in the gherkin export market and average yet
improving financial risk profile, marked by moderate gearing,
moderate net worth, and sound debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness
* Large working capital requirements
GAPPL's business model is inherently working capital intensive
marked by Gross Current Assets (GCA) of 185 days as on March 31,
2019. GCA is high due to stretched inventory of 125 days. Working
capital requirement will remain large over the medium term and its
management a key rating sensitivity factor

* Susceptibility to changes in government regulations and climate
changes
Gherkin is a labor intensive time sensitive seasonal crop and
dependent on the monsoon and irrigation. This exposes the company
to the risk of limited availability of raw material in case of
unfavourable climatic conditions, leading to fluctuations in
prices. This is compounded by limited ability to completely pass on
any increase in raw material price to customers.

Strengths
* Established market position in gherkin exports
GAPPL has been in the business of processing and exporting gherkins
for the more than a decade. The company provides end-to-end
solutions relating to gherkin cultivation to farmers, which has
helped them increase their yields. Each of the company's zonal
field offices maintains files on the cultivation history of each
farmer, making it easy to track both productivity and problems and
provide timely solutions. CRISIL believes that GAPPL's improving
operational efficiency is likely to stabilise its established
market position over the medium term.

* Improving yet average financial risk profile:
The financial risk profile of the company is average mainly due to
its moderate net worth and stretched liquidity. CRISIL believes
that the net worth is expected to improve over the medium term due
to steady accretion of reserves.

Liquidity Stretched
Cash accrual is expected to remain adequate with expected cash
accrual generation of INR4 -5 crore over the medium term against
repayment obligation of around INR67 lakh per fiscal over the
medium term. Bank limit utilisation remains high averaging at 93%
in the trailing 12 months ending December 2019. The current ratio
was average at around 1 time as on March 31, 2019.

Outlook: Stable

CRISIL believes that GAPPL will continue to benefit from its
promoters' extensive experience in gherkin industry and established
position in the gherkin export market.

Rating Sensitivity Factors

Upward Factors
*Revenue growth of above 10% with stable operating profitability
leading to cash accruals of above INR5 crore in FY20
*Improvement in the working capital cycle

Downward Factors
* Stretch in debtors or high inventory holding leading to stress in
the liquidity levels
* Decrease in operating profitability leading to cash accrual
generation of below INR1 crore.

GAPPL was incorporated in 1994 by Mr. B M Devaiah and his friends
in Bengaluru (Karnataka). The company processes and exports
gherkins. Its plant in Davangere (Karnataka) has capacity to
process 12,000 tonnes of gherkins per annum. This facility can
handle a mixed variety of vegetables, such as sliced cucumber,
carrot, jalapeno, and round-cut and shredded capsicum.

HARI & CO: CRISIL Assigns B- Rating to INR3cr Proposed Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Hari & Co (HAC).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility        3        CRISIL B-/Stable (Assigned)

The rating reflects geographical concentration in revenue and
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:
* Geographical concentration in revenue: The firm derives more than
90% of revenue from the Maldives government.  Thus, any slowdown in
the economy of that country may adversely affect the financial and
business performance.

* Working capital-intensive operations: Gross current assets (GCAs)
were 179 days, driven by receivables of 106 days, though supported
by creditors of more than 6 months, as on March 31, 2019.

Strength:
* Extensive industry experience of the partners: The partners, Mr
Annamalaisamy M and Mr Hariharan A, have an industry experience of
about 35 years and sound understanding of market and customer
requirements. The experience and established client relationships
should continue to support the business risk profile.

Liquidity Stretched

The fund-based limit of INR23 crore was almost fully utilised
during the 12 months through July 2019. Further, the firm's term
debt obligations remain tightly matched with the lease rental
income from its warehouse, impacting the liquidity. Nevertheless,
the partners have sufficient financial flexibility to bring need
based funds in order to support any liquidity requirements.

Outlook: Stable

CRISIL believe HAC will continue to benefit from the extensive
industry experience of its partners and established relationship
with clients.

Rating Sensitivity factors

Upward factors
* Better revenue growth, leading to higher cash accrual
* Improvement in the working capital cycle with GCAs below 150
days

Downward factors
* Weakening of the business risk profile due to a decline in
revenue by more than 25% or a steep fall in operating profitability
of less than 10%
* Weakening in financial risk profile due to debt contracted to
support working capital or fund capital expenditure.

HAC, set up in 1985, is promoted by Mr Annamalaisamy, along with
his son, Mr Hariharan. The firm trades in agro commodities and
building materials. It also provides freight forwarding and
logistic services while acting as a custom house agent.

HARIOM PROJECTS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hariom Projects
Private Limited's (HPPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit affirmed with IND
     BB/Stable rating; and

-- INR110 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects HPPL's continued small scale of operation
due to delays in the execution of work orders as the company
received postponed dues from the Military Engineering Services
Department of the government of India. Revenue fell 19.10% YoY to
INR409.57 million in FY19.

The ratings continue to reflect HPPL's modest operating
profitability that declined to INR44.43 million in FY19 (FY18:
INR48.23 million) on an increase in construction expenses that
accounted for 81.40% of the total revenue (78.54%). The EBITDA
margin recorded in FY19 was 10.85% (9.53%) and RoCE was 9.4%
(9.8%). Credit metrics remained weak in FY19 with interest coverage
being unchanged year-on-year at 2.49x and net financial leverage of
3.65x (FY18: 4.22x). The improvement in the leverage was due to the
scheduled repayment of debt.

The ratings are constrained by customer concentration risk as the
company only executes orders issued by the Military Engineering
Services (MES) Department. However, the company has plans to bid
for work orders issued by the other departments of the government
of India.

The ratings are further constrained by the changes in the
government and delays in site clearance that may have a negative
impact on the company's overall performance.

Liquidity Indicator – Stretched: For the 12 months ended December
2019, HPPL's average utilization of fund-based working capital and
the non-fund-based working capital limit was 98.5% and 99.19%,
respectively. Cash flow from operation remained low despite
increasing to INR66.09 million in FY19 (FY18: INR33.48 million) on
improved working capital management. Consequently, free cash flow
improved to INR50.59 million in FY19 (FY18: INR14.40 million). The
company has repayment obligation to the tune of INR10.62 million in
FY20 which can be met through internal accruals. HPPL does not have
any CAPEX plan in the near-to-medium term.

Although HPPL's net working capital cycle improved to 23 days in
FY19 from 96 days in FY18, it was due to a rise in the creditor
days to 77 from 14 and debtor days to 58 from 52. The company
delayed in paying labors in April and May 2019 for the payments
booked in March 2019 due to postponed dues from MES (overdue
payment of around INR80 million)

The ratings remain supported by the directors' around three decades
of experience in the construction business.  

RATING SENSITIVITIES

Negative: A decline in the revenue and deterioration in the
interest coverage ratio below 2.0x could lead to negative rating
action.

Positive: A substantial improvement in the revenue coupled with the
maintenance of the working capital cycle and interest coverage
ratio above 2.5x could lead to positive rating action.

COMPANY PROFILE

The company was incorporated in April 1989 as a partnership firm
under the name Hariom Builders. It was converted into a private
limited company under the name Hariom Projects Private Limited in
2003. HPPL is engaged in building construction activities and is a
leading contractor of Military Engineer Services. It undertakes
building works projects for the army, air force and navy in
Gujarat, Rajasthan, and Maharashtra and northeastern states.

IL&FS: Gov't. Seeks 270 Days to Complete Resolution for 105 Firms
-----------------------------------------------------------------
The Economic Times reports that the government has approached the
National Company Law Appellate Tribunal (NCLT) seeking additional
270 days to complete resolution process of 105 IL&FS group
companies. The Ministry of Corporate Affairs (MCA) has also
requested the appellate tribunal to release 55 other entities from
moratorium, so that they can discharge their debt obligations, the
report says.

According to the report, certain protection and reliefs were
granted to the 55 entities through an order passed by the National
Company Law Appellate Tribunal (NCLAT) on October 15, 2018.

In addition to the 55 entities, the ministry has also asked the
NCLAT to release nine companies from the scope and operation of the
October 2018 order, ET discloses citing an affidavit filed by the
ministry with the appellate tribunal.

Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind
Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand
e-Governance solutions Services and Infrastructure Development
Corporation of Assam are the nine companies, the report notes.

"For the remaining 105 domestic group entities, extend the scope
and operation of the order passed by this tribunal on October 15,
2018 for an additional period of 270 days from the date on which
the resolution framework is approved by this tribunal, to enable
the new board to successfully complete the resolution of IL&FS
Group," as per the affidavit, ET relays.

Passing an interim order on Oct. 15, 2018, the NCLAT had stayed all
proceedings against IL&FS group companies, whose total debt is Rs
94,215 crore.

Besides, the MCA has asked to approve the composition of the
Creditors' Committee of five SPVs of IL&FS Transportation Networks
(ITNL) constituted in accordance with the resolution framework,
which includes all financial creditors, including IL&FS group
companies that have provided financial debt, according to ET.

It has also asked NCLAT to "direct that voting by the Creditors'
Committee of these 5 ITNL Sale SPVs be held expeditiously to
consider and vote on the H1 bid value and that the New Board may be
permitted to proceed with the resolution process of these 5 ITNL
Sale SPVs under the supervision of Justice D K Jain and NCLT".

According to the affidavit cited by ET, IL&FS has an aggregate debt
of Rs 94,215 crore, in which Rs 10,173 crore (around 10.79 per
cent) is collectively from public fund creditors as pension funds,
provident funds, employee welfare funds, gratuity funds and army
group insurance funds etc.

Rs 44,075 crore debt, which is 47 per cent, is collectively from
the commercial banks, the affidavit said.

Moreover, the aggregate debt of its four key holding companies --
Infrastructure Leasing & Financial Services (IL&FS), IL&FS
Financial Services, IL&FS Transportation Networks Ltd (ITNL) and
IL&FS Energy Development Company Ltd (IEDCL) -- is almost 51 per
cent, which is Rs 48,000 crore, ET notes.

Besides, these four companies also provided loans to other IL&FS
group entities accounts to Rs 26,154 crore, which is around 80 per
cent of the total loan provided by the group.

According to the government, in the absence of any group insolvency
framework currently existing under Indian law, the resolution of
the IL&FS group, which is spread across multiple jurisdictions and
business verticals, is a taste case for "Group Insolvency" in India
and represents a "watershed moment" in the relatively recent and
evolving IBC laws.

IL&FS group comprised of 302 entities, of which 169 entities are
incorporated in India and 133 entities outside.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


INDIAN MARINE: CRISIL Lowers Rating on INR9cr Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Indian Marine Industries (IMI) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .01       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Export Packing        9.00       CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB/Stable')

   Proposed Working       .99       CRISIL B+/Stable (Downgraded
   Capital Facility                 from 'CRISIL BB/Stable')

The downgrade reflects decline in revenue in fiscal 2020 to
estimated INR56 crores from INR100 crores in fiscal 2019. With
lower cash accruals, and continued stretch in the working capital
cycle, bank limits have remained fully utilised, leading to
stretched liquidity.

The rating reflects modest scale of operations, aggressive capital
structure, and susceptibility to inherent risks in the seafood
industry. These weaknesses are partially offset by the extensive
experience of its promoters in the marine products business, and
comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: There is intense competition in the
seafood-processing industry with several small players operating in
India's coastal areas and competition from neighbouring countries,
leading to low profitability. Intense competition constrains
scalability, as reflected in estimated revenue of INR56 crore in
fiscal 2020. This restricts bargaining power with customers and
suppliers.

* Aggressive capital structure: Total outside liability to adjusted
networth (TOLANW) is high at 5.53 times with a modest networth of
INR5.36 crore, as on March 31, 2019. This is on account of high
dependence on bank limits and creditors to fund working capital.

* Susceptibility to inherent risks in the seafood industry: The
supply of fish is exposed to the risk of changes in climatic and
aquatic conditions, which alters the breeding seasons and affects
the population of marine species. Any decline in availability of
fish can impact the revenue and the profitability of players such
as IMI.

Strengths
* Extensive experience of the promoters: Presence of more than two
decades in the seafood processing business has enabled the
promoters to establish healthy relationships with suppliers and
customers.

* Comfortable debt protection metrics: Debt protection metrics are
comfortable, with net cash accrual to total debt and interest
coverage ratios of 0.18 time and 5.88 times, respectively, for
fiscal 2019, and is expected to remain comfortable in fiscal 2020.

Liquidity Stretched

Liquidity is stretched. Cash accrual is expected to exceed
INR1.31-1.47 crores per annum in fiscals 2020 and 2021, against
repayment obligation of around INR0.38 crore. Utilisation of
fund-based limit of INR9 crores averaged 93% in the 12 months
through December 2019. Liquidity is partly supported by cash and
cash equivalents were at INR11.09 as on March 31, 2019.

Outlook: Stable

CRISIL believes IMI will continue to benefit over the medium term
from the extensive experience of its promoters.

Rating sensitivity factors

Upward factors
* Increase in revenue and sustenance of operating profitability,
leading to cash accrual of more than INR3 crore
* Improved financial risk profile marked by TOLANW of less than 3
times

Downward factors
* Decline in revenue or profitability, leading to decline in net
cash accruals below INR1 crores
* Stretch in working capital cycle or debt-funded capex, weakening
the financial risk profile

Kochi-based IMI is a partnership firm of Ms A M Ruhaila and Mr K K
Ashraf, which was established in 1998. The firm processes and
exports frozen seafood products to the Middle East, Europe, the
USA, Russia, and China.

INDICON CONSTRUCTION: CRISIL Ups Rating on INR3.9cr Loan to B-
--------------------------------------------------------------
CRISIL has upgraded the ratings on the long-term bank loan
facilities of Indicon Construction Private Limited (ICPL) to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.9        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           3.9        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Funded Interest        .9        CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

   Long Term Loan        1.6        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term    2.0        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Working Capital       1.7        CRISIL B-/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

The ratings upgrade reflects the track record of more than a
quarter in timely servicing of term loan by the company. Improved
cash flows with improved working capital cycle and increased
revenue led to better liquidity. Sustenance of operating
performance and cash flow adequacy will remain critical over medium
term.

The ratings reflect large working capital requirements and a small
scale of operations, and is exposed to intense competition in the
civil construction industry. These weaknesses are partially offset
by extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses
* Working capital-intensive operations: Gross current assets were
high at 197 days, driven by inventory and debtors of 42 days and 35
days, respectively, as on March 31, 2019.

* Modest scale of operations in a competitive industry: Revenue was
modest at INR41.6 crore in fiscal 2019. The company faces intense
competition from established and regional players in the fragmented
construction industry. The company undertakes civil construction
contracts mainly for the Government of Maharashtra, leading to high
geographical and customer concentration in revenue. This makes
revenue growth dependent on regional impetus on infrastructure
development

Strength
* Extensive industry experience of the promoters: The promoters
have more than a decade of experience in the civil construction
business and have executed various projects for the government in
the past.

Liquidity Stretched
Liquidity remains stretched marked by highly utilised bank lines.
Owing to large working capital requirements, the bank limit remains
utilised at an average of 98-99%. Further, accounts are
restructured and currently enjoying moratorium. The repayment is
scheduled to commence from June, 2020. The cash accruals of
INR2.4-2.5 Cr. will remain sufficient to meet repayment obligations
of INR1.8 Cr.

Outlook: Stable

ICPL will continue to benefit from the extensive experience of
promoters.

Rating Sensitivity factors:
Upward factors
* Increase in revenue, profitability, and cash accrual of over INR3
crore
* Improvement in the financial risk profile and liquidity with
improvement in GCA

Downward Factors
* Decline in cash accrual to below INR2 crore
* Stretched working capital cycle weakening of liquidity.

ICPL was established in 2003 by Mr Pradeep Kadam and Mr Ashok
Dhamdhere in Pune, Maharashtra. The company, which is registered as
a Class 1-A contractor with the Government of Maharashtra,
undertakes civil construction for the Public Works Department and
Pradhan Mantri Gram Gadak Yojana. Work comprises construction of
roads mainly in western Maharashtra.


J J SOLVEX PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: J J Solvex Private Limited
        Bhawanigarh Road
        Samana, Distt. Patiala
        Punjab 147101

Insolvency Commencement Date: February 10, 2020

Court: National Company Law Tribunal, Mohali (Punjab) Bench

Estimated date of closure of
insolvency resolution process: August 8, 2020

Insolvency professional: Vishawjeet Gupta

Interim Resolution
Professional:            Vishawjeet Gupta
                         #51, Adarsh Enclave
                         Dhakoli, Near Zirakpur
                         Distt. Mohali
                         Punjab 140603
                         E-mail: vishawjeetgupta@gmail.com
                         Mobile: 9815284474
Last date for
submission of claims:    February 24, 2020


LION FABRICS: CRISIL Withdraws B+ Rating on INR88cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Lion
Fabrics Private Limited (LFPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         22.43       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan           65.57       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with LFPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 LFPL. This restricts CRISIL's
ability to take a forward LFPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of LFPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

LFPL, incorporated in 2014 by Mr Raj Thukral and his son, Mr
Himashu Thukral, is setting up a unit for manufacturing denim
fabric at Sehore, Madhya Pradesh. Operations are managed by Mr
Sunil Kumar Aggarwal. The plant is expected to commence operations
in March 2018.

LIVEMINDS SOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Liveminds Solutions Private Limited
        Unit No. 2 Apollo Industrial Estate
        Off Mahakali Caves Road
        Andheri (East), Mumbai 400093

Insolvency Commencement Date: January 24, 2020

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    February 14, 2020


MAHADEV COLD: CRISIL Assigns B+ Rating to INR5.2cr Overdraft
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Mahadev Cold Storage - Aligarh (MCSA).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Overdraft             5.2         CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations, marked
by revenue of INR3.44 crores in fiscal 2019 and susceptibility to
volatility in raw material prices amid intense competition. These
weaknesses are partially offset by the extensive experience of more
than one decade of the partners in the cold storage industry and
the firm's advantageous location, near the potato farmers.

Analytical Approach

Unsecured loans of INR1.48 crore as on March 31, 2019 from its
partners and their family members have been treated as neither debt
nor equity as the loans are interest-free and are likely to remain
in the business.

Key Rating Drivers & Detailed Description

Weaknesses:
* Susceptibility to volatility in raw material prices amid intense
competition: The cold storage industry has several small,
unorganised players because of low entry barriers. The competition
will continue to exert pricing pressure. Moreover, revenue and
profitability will remain susceptible to volatility in the price of
the potatoes.   

* Modest scale of operation: MCSA's business risk profile is
constrained by its modest scale of operations (revenue of INR3.44
crore in fiscal 2019) in an intensely competitive industry. The
modest scale of operations will continue to limit operating
flexibility.

Strengths:
* Extensive industry experience of the partners: The partners have
experience of over a decade in the cold storage services industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

* Advantageous location: Proximity of the cold storage to the
potato producing belt of Aligarh, Uttar Pradesh, along with the
diverse products stored, will help optimise capacity utilisation
over the medium term.

Liquidity Stretched
Bank limit utilisation averaged 80% over the 12 months through
December 2019. Cash accrual is expected at INR0.8-0.9 crore against
debt obligation of INR0.6 crore per annum. Cash and cash equivalent
was modest at INR0.22 crore as on March 31, 2019.

Outlook: Stable

CRISIL believe MCSA will continue to benefit from the extensive
experience of its partners and established relationships with
clients.

Rating Sensitivity factors:

Upward factors
* Sustained revenue growth of 20% per fiscal along with better
operating efficiency
* Improvement in financial risk profile with improved gearing
levels.

Downward factors
* Decline in revenue below INR3 crore  and in profitability
* Large, debt-funded capital expenditure weakening the capital
structure.

MCSA was established as a partnership firm in 2007. It provides
cold storage facilities for potatoes to local farmers in Aligarh.
The firm is owned by Mr Inder Pal Singh, Ms Manju Devi, Ms Kalpana
Tiwari, Mr Arun Kumar Rathore, Mr Varun Kumar Rathore, and Mr
Pushkar Rathore.


NIPPON ALLOY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nippon Alloy Limited
        (Formerly: Narayani Ispat Limited)

        Registered office:
        23A, N.S. Road 7th Floor
        Room-31, Kolkata
        WB 700001

        Corporate/Principal office:
        30-15-138/20, II Floor
        Binayaka Complex
        Dabagardens
        Visakhapatnam 530020

Insolvency Commencement Date: January 30, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 27, 2020
                               (180 days from commencement)

Insolvency professional: Subodh Kumar Agrawal

Interim Resolution
Professional:            Subodh Kumar Agrawal
                         1, Ganesh Chandra Avenue
                         Room No. 301
                         Kolkata 700013
                         E-mail: subodhka@gmail.com
                                 cirp.nippon@gmail.com

Last date for
submission of claims:    February 15, 2020


OVERSEAS TRADERS: CRISIL Assigns B+ Rating to INR1cr LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Overseas Traders (OT).

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

   Bank Guarantee            2        CRISIL A4 (Assigned)

   Export Packing Credit    12        CRISIL A4 (Assigned)
   & Export Bills
   Negotiation/Foreign
   Bill discounting        

The ratings reflect OT's modest scale of operation, susceptibility
to climatic conditions and volatility in raw material prices, large
working capital requirements and subdied debt protection metric.
These weaknesses are partially offset by extensive experience of
the partners in commodities trading industry and comfortable
capital structure.


Analytical Approach
Unsecured Loans are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:
* Modest scale of operation: OTs business profile is constrained by
its modest scale of operations, reflected in revenue of INR15
crores in fiscal 2019. The modest scale restricts bargaining power
with customers and suppliers due to trading nature of business and
intensely competition in the industry.

* Working capital intensive operations:  Its intensive working
capital management is reflected in its gross current assets (GCA)
of 891 days as on March 31, 2019, due to high debtor of 396 days
and inventory levels of 490 days. The debtor days are high on
account of delay in payments from export counter parties. . The
inventory days are high on account of seasonal nature of traded
products. This leads to high dependence on bank lines.

* Susceptibility to climatic conditions and volatility in prices:
The crop yield of agricultural commodities is dependent on adequate
and climatic conditions. Thus, OT is exposed to the risk of limited
availability of its key material during a weak climatic conditions.
Also production may be impacted by pests or crop infection leading
to fluctuation in prices.

* Subdued debt protection metrics: Debt protection metrics was
subdued with interest coverage of 1.02 times for fiscal 2019.

Strengths:
* Extensive industry experience of the partners:  The partners have
an experience of around one decade in commodities trading industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

* Average financial risk profile:
Networth was strong at INR20.7 crores as on March 31, 2019. The
total outside liabilities to adjusted networth was comfortable at
0.91 times as on March 31, 2019. Financial profile is expected to
remain at similar levels over the medium term.

Liquidity Stretched

OT has stretched liquidity driven by expected cash accruals of
INR0.31 crores annually in fiscal 2020 and fiscal 2021, against no
repayment obligations. Cash and cash equivalents of INR0.12 crores
as on March 31, 2019. OT's bank limits have been 98% utilized on an
average over the 12 months ended November 2019. Fund support from
promoters in form of unsecured loans supports liquidity.

Outlook: Stable

CRISIL believes OT will continue to benefit from the extensive
experience of its promoters and established relationships with
clients.

Rating sensitivity factors:

Upward factors
* Increase in revenues and sustenance of operating profitability,
leading to higher accruals
* Improvement in working capital cycle (GAC below 300 days),
leading to better financial profile and interest coverage of above
2 times

Downward factors
* Decline in revenue or operating margin below 6.5%, impacting net
cash accruals
* Stretch in working capital cycle or debt-funded capital
expenditure, weakening the capital structure.

OT, set in 1977 in Mumbai, trades beedi leaves, tobacco, spices,
onion and potatoes. OT is owned & managed by Mr Sunil Katharani, Mr
Anil Katharani, Mr Amit Katharani and Mr Amar Katharani.


PAYYANUR MEDICAL: CRISIL Withdraws D Rating on INR19.5cr Loans
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Payyanur Medical Service and
Research Centre Private Limited (PMSARC) to 'CRISIL D Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL is
migrating the rating on bank facilities of PMSARC from 'CRISIL D
Issuer Not Cooperating' to 'CRISIL D' and subsequently withdrawn
the rating at the company's request and receipt of no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loans.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      1.5        CRISIL D (Migrated from
   Bank Loan Facility                 'CRISIL D ISSUER NOT
                                      COOPERATING'; Rating
                                      Withdrawn)

   Term Loan              18          CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING'; Rating
                                      Withdrawn)

The rating continues to reflect delays in servicing of debt
obligations by the firm due stretched liquidity and high repayment
obligation.

Analytical Approach
Unsecured loans of INR10 crores is treated as 75% equity and 25%
DEBT.

PMSRCPL, incorporated in 2011, has a multispecialty hospital,
Anamaya Medical Institute, at Payyannur in Kannur, Kerala. It
started commercial operations in April 2016.


PHYTO BIOTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Phyto Biotech Private Limited
        9, Ram Swarup Khettry Road
        New Alipore, Kolkata 700053

Insolvency Commencement Date: February 4, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Rajendra Kumar Agarwal

Interim Resolution
Professional:            Rajendra Kumar Agarwal
                         Diamond Arcade, 3rd Floor
                         Suite No. 301A
                         68, Jessore Road
                         Kolkata 700055
                         E-mail: rkaco93@yahoo.co.in
                                 phytobiotechcirp@gmail.com

Last date for
submission of claims:    February 21, 2020


PURVI CASHEW: CRISIL Assigns B+ Rating to INR5cr Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Purvi Cashew Industries (PCI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (Assigned)
   Term Loan              2         CRISIL B+/Stable (Assigned)

The rating reflects PCI's modest scale of operations amid intense
competition and a below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
partners in the cashew processing business

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations amid intense competition: The scale is
small with revenue at INR10.31 crore in fiscal 2019 amid intense
competition. The cashew industry is marked by limited
differentiation in the technology used to process cashew nuts.
Further, moderate capital requirement to set up a cashew-processing
unit led to low entry barriers. Consequently, the domestic
processing industry is highly fragmented and the intense
competition may continue to constrain scalability, pricing power
and profitability.

* Below-average financial risk profile: Financial risk profile is
below-average, marked by modest net worth and high gearing of
INR1.04 crore and 5.98 times, respectively, as on March 31, 2019.
Debt protection metrics is also subdued, with interest coverage
ratio of 0.6 time in fiscal 2019.

Strength
* Extensive experience of the partners
The key partner, Mr M Prashanth Prabhu, has been in the business
for over three decades. His experience has helped build a strong
clientele in the domestic market, with whom PCI has been associated
since inception, resulting in repeat business. Longstanding
position in the cashew segment has given the firm a negotiating
edge with its various intermediaries. The firm also has a good
network of raw cashew nut suppliers spread across several
geographies, which ensures availability of high-quality cashew nuts
throughout the year.

Liquidity Stretched

Cash accrual is expected at INR0.4-0.6 crore per annum over the
medium term, just sufficient to meet the yearly maturing debt of
INR0.5 crore over the same period. The fund-based limit of INR5
crore was utilised at an average of 84% during the 12 months
through December 2019.

Outlook: Stable

CRISIL believes PCI will continue to benefit from the established
track record in the industry.

Rating sensitivity factors

Upward factors
* Improvement in business risk profile marked by growth is revenue
to more than INR20 crore while improving the operating margin.
* Significant improvement in debt protection metrics and capital
structure leading to a better financial risk profile.

Downward factors
* Revenue de-growth or steep fall in profitability leading to cash
accruals of less than 0.5 crore.
* Weakening in financial risk profile due to debt contracted to
support working capital or fund capital expenditure.

PCI was set up in 1990 as a partnership between Mr M Prashanth
Prabhu and his family members. This mangalore based firm imports
and processes cashew nuts, which are then sold in the domestic
market.

REGENCY LINX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Regency Linx Exports Private Limited

        Registered office:
        No. 169 Coral Merchant Street
        Chennai TN 600001
        IN

Insolvency Commencement Date: January 25, 2020

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 28, 2020

Insolvency professional: Mr. Kedarram Ramratan Laddha

Interim Resolution
Professional:            Mr. Kedarram Ramratan Laddha
                         501 Shajanand Shopping Centres
                         Shahibaug, Ahmadabad
                         Gujarat 380004
                         IN
                         E-mail: irpkedar@gmail.com
                                 ip@kpsjca.com

                            - and -

                         B-1002, Mondeal Square
                         Nr. Prahladnagar Garden
                         SG Highway, Ahmedabad 380015

Last date for
submission of claims:    February 13, 2020


V MART: CRISIL Raises Rating on INR3.92cr LT Loan to 'B'
--------------------------------------------------------
CRISIL has upgraded rating on the long-term bank facilities of V
Mart Stores - Gajwel (VMSG; part of V Mart group) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan         3.92      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term      .08      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')


The upgrade reflects revision in CRISIL's analytical approach where
in CRISIL has consolidated VMSG along with V Mart Stores (VMS) -
which operates similar business. CRISIL also factors in benefit of
operational and financial support that VMS receives from its
partners and operating entity VMS. Nonetheless, VMS' commercial
operations are expected to commence from March 2020 and it is still
exposed to project related risks.

The rating continues to reflect group's improving yet average scale
of operation with modest profitability and below-average financial
risk profile. This weakness is partially offset by the extensive
experience of the partners.

Analytical Approach
CRISIL has combined business and financial risk profiles of VMSG
and VMS referred to as V Mart group. These entities are under
common management and in similar lines of business.

Key Rating Drivers & Detailed Description

Weaknesses
* Average scale of operation and exposure to intense industry
competition leading to modest profitability: Scale of operation of
the group is modest with estimated revenue of around INR85-90 crore
and modest operating profitability of about 2.5% in fiscal 2020.
The business is competitive and players face intense competition
from other regional domestic players, large international players
and online retail players which constrain scalability as well as
profitability.  Further VMSG's new stores will be operational from
March 2020 and its stabilization and ramp-up in sales remains
critical for growth in revenues.

* Average financial risk profile: Networth remains modest,
estimated at about INR8 crore as on March 31, 2020. Though capital
structure is adequate, the debt protection metrics are estimated to
remain subdued because of modest profitability and initial phase of
operations.

Strength
* Extensive experience of the partners
Benefits from the partners' experience of over three decades in the
retail segment, their strong understanding of local market
dynamics, and healthy relations with suppliers and customers should
continue to support the business.

Liquidity Stretched
Liquidity has been stretched and may remain so going forward as
well. Cash accrual is projected at INR80-90 lakhs per annum over
the medium term, against yearly maturing debt of INR32 lakhs. Bank
limit utilisation has been high and averaged 99.7% during the 12
months through November 2019. Current ratio was adequate at 1.38
times as on March 31, 2019.

Outlook: Stable

CRISIL believe group will continue to benefit from the extensive
experience of the partners, and established relationships with
clients.

Rating sensitivity factors

Upward Factors
*Strong ramp up in revenue and improved profitability, leading to
cash accrual of over INR2 crore
*Improvement in financial risk profile and liquidity
*Strong ramp up in sales and better than expected profitability in
VMSG during initial phase of operations

Downward Factors
*Lower than expected ramp-up in sales or profitability, leading to
cash accrual of less than INR70 lakhs
*Any large, debt-funded capital expenditure or a significant
stretch in the working capital cycle leading to weakening in
financial risk profile.

VMS was set up in 2017 as a partnership firm, retails in kirana,
general, electrical, home appliances, and plastic items under the
brand name of V Mart Stores in Siddipet (Telangana). The promoters
are also setting up new store under VMSG, which will commence
operations from March 2020.

XECUTE HR SOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Xecute HR Solutions Private Ltd.
        Plot No. 18, Office No. 205
        First Floor, Vinayak Complex
        Veer Savarkar Block
        Shakarpur, Delhi 110092

Insolvency Commencement Date: December 20, 2019

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

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

Insolvency professional: Neeraj Bhatia

Interim Resolution
Professional:            Neeraj Bhatia
                         P-27, First Floor
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: nbtrace1@yahoo.com
                                 xhsplcirp@gmail.com

Last date for
submission of claims:    February 15, 2020




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

INDOSAT OOREDOO: Lays Off 677 Employees Amid 'Strategy Shift'
-------------------------------------------------------------
Dyaning Pangestika at The Jakarta Post reports that Indosat
Ooredoo, one of Indonesia's major telecommunications providers, has
laid off nearly 700 employees as part of a change in its business
strategy "to bring the company's closer to market needs".

According to a statement The Jakarta Post received on Feb. 15,
Indosat president director Ahmad Al-Neama addressed employees on
Feb. 14, citing three key changes: "rightsizing the organization,
adding resources to increase competitiveness and [improving]
customer service and experience".

Al-Neama also stated that the company would "empower regional
teams" to develop closer customer ties and "transition network
operations to a managed services model in line with industry best
practice," The Jakarta Post relays.

The Jakarta Post relates that Indosat director and chief human
resources officer Irsyad Sahroni said in the statement that 677
employees were laid off on Feb. 14, and that more than 80 percent
of the affected employees had received a "fair [severance] package
above the statutory requirements".

"We have thoroughly reviewed all possible options, and reached the
conclusion that we must take this tough, but necessary action for
us to sustain and grow," the report quotes Irsyad as saying in the
statement.

"We are taking a fair approach aligned with prevailing laws and
regulations, communicating directly and transparently with both
impacted and unimpacted employees," he stated.

Irsyad added that the company was working on placing many of the
laid-off employees in opportunities with its umbrella partners, The
Jakarta Post notes.

PT Indosat Ooredoo Tbk is a telecommunication networks and services
provider in Indonesia. The company offers (prepaid and postpaid)
mobile phone services, fixed voice (including IDD) services, fixed
wireless and fixed telephone services.



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

BED & LINEN: Owners Oblivious of Financial State, Liquidator Says
-----------------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that the owners of insolvent
bedding retailer The Bed People that owed more than NZD932,200,
were unaware of the business' financial state, liquidator says.

Bed & Linen Limited, which traded as The Bed People, was placed
into liquidation on January 17 by owners Robert and Brenda
Flanagan, leaving dozens of customer orders in limbo.

According to Stuff, liquidator David Thomas said there more than 30
customers affected by the liquidation but almost half of the
customers' orders had been delivered.

Stuff relates that Mr. Thomas said the company traded while
insolvent for at least a year before the liquidation because the
Flanagans "had no idea" of the company's financial health.

The Flanagans had not been preparing forecasts for the business and
were not monitoring profit margins to ensure sales covered the
costs of running the business, Mr. Thomas said, Stuff relays.

"Bob and Brenda put hundreds of thousands of dollars into the
business. They sold their house to keep it going when they should
have just walked away," Stuff quotes Mr. Thomas as saying.

The Bed People had stores in Auckland and Hamilton. It was
previously called Beds R Us. The two remaining stores in Wairau,
Auckland and Te Rapa, Hamilton closed last weekend and staff would
receive their final pay next week, Mr. Thomas said, the report
adds.



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

CAPITAL WORLD: Proposes Scheme of Arrangement to Restructure Debt
-----------------------------------------------------------------
Rachel Mui at The Business Times reports that having assessed its
ability to continue as a going concern, Capital World will be
applying to the Singapore High Court to propose a scheme of
arrangement to restructure its debt.

According to BT, the Catalist-listed property developer said in a
filing on Feb. 13 that this decision was made in view of its
current net liability position.

As a result of a reclassification of MYR92.5 million (SGD31
million) mainly relating to an amount that was due to its main
contractor, the group had a net current liability of about MYR53.5
million as at Dec. 31, 2019, BT relays.

In its going-concern assessment, Capital World considered that
"there is no visibility of cash flow" to repay its creditors within
the next 12 months, the report relays.

BT relates that the group has also been unable to sell any units in
Capital City Mall - its newly completed shopping centre in Johor
Bahru - during the second quarter ended Dec. 31, amid oversupply in
Malaysia's property market.

Moreover, efforts to raise further financing have been
unsuccessful, in view of the current negative business environment,
Capital World, as cited by BT, said.

It added that the fall in the company's share price makes it
unlikely that a proposed share subscription by two private
investors will take place.

According to BT, Capital World first announced last July that it
was looking to raise some SGD18 million by issuing some 916 million
new ordinary shares to the two investors, Yuan Zhiwei and Chng Chor
Tong, at SGD0.02 per share. The issue price represents a 13.04 per
cent discount to the volume-weighted average price of 2.3 Singapore
cents, based on trades done on July 5, 2019.

On Feb. 14 before the market opened, Capital World requested for an
immediate voluntary suspension of trading in its shares. The
counter had closed at 0.5 Singapore cent on Feb. 13, up 0.1
Singapore cent, or 25 per cent, BT notes.

For its second quarter ended Dec. 31, 2019, Capital World sank into
the red with a net loss ofMYR14.8 million, versus a net profit of
MYR14.9 million in the year-ago period, BT discloses. This
translated to a loss per share of 0.81 sen for Q2, versus earnings
per share of 1.13 sens previously, according to its results
released on Feb. 13.

Revenue plunged 98 per cent to MYR986,000 from MYR53.7 million a
year ago, mainly due to the absence of new sales of property units
in Capital City Mall during the quarter, BT discloses.

The group thus derived its revenue mainly from renting its
investment properties, providing theme park services and selling
marble products, the report adds.

Capital World Limited provides real estate ownership and
development services. The Company develops and manages shopping
malls, residential buildings, and commercial complexes. Capital
World serves customers in Singapore and Malaysia.


HIAP SENG: Posts SGD5.43MM Net Loss in Q3 Ended Dec. 31
-------------------------------------------------------
Annabeth Leow at The Business Times reports that Hiap Seng
Engineering, which is going through restructuring, widened its
third-quarter losses as turnover took a tumble from lower
recognition of revenue, according to unaudited results released on
Feb. 14.

Net loss was SGD5.43 million for the three months to Dec. 31, 2019,
worsening from SGD834,000 in the year before, while revenue dropped
by 31.7 per cent year on year, to SGD31.8 million, BT discloses.

Laying out its working capital position as at Dec. 31, 2019, the
board noted that its SGD74.3 million in current liabilities
included SGD27.7 million in bank borrowings, as well as contract
liabilities of SGD14.2 million that have been invoiced to customers
but are not yet recognised as revenue, according to BT.

BT relates that the loss per share stood at 1.8 Singapore cents,
worse than the 0.3 Singapore cent previously, while net asset value
was a negative three Singapore cents a share, compared with
positive 2.4 Singapore cents as at March 31, 2019.

For the nine months, the net loss widened to SGD16 million, from
SGD24.5 million before, even as revenue inched higher by 2.2 per
cent, to SGD111.3 million, BT discloses.

According to BT, the board stressed that Hiap Seng has an
unrealised surplus of some SGD65 million from the revaluation of
its properties, as well as an outstanding order book of SGD74
million.

Still, it was unable to conclude whether the group can operate as a
going concern, despite the appointment of a financial consultant
and the possibility of selling some properties in Thailand and
Singapore to settle its liabilities, BT relays.

Hiap Seng "has lost some new projects due to the fierce competition
and its current financial position", even as the outlook for the
oil and gas industry's process sector improves, it added, citing
the level of competition and a challenging operating environment.

BT says no dividend was recommended for the period, with the board
saying that the company wants to "reserve adequate resources" for
ongoing projects.

Trading in Hiap Seng shares has been suspended since November 2019,
BT notes.

Hiap Seng Engineering Ltd provides building construction,
engineering, procurement, construction, and plant maintenance
services for the oil and gas, and energy sectors in Singapore,
Malaysia, Thailand, Vietnam, the United Arab Emirates, and
internationally.

NO SIGNBOARD: First Quarter Net Loss Widens to SGD1.21 Million
--------------------------------------------------------------
Annabeth Leow at The Business Times reports that No Signboard
Holdings saw its losses balloon in the first quarter on the back of
depreciation and amortisation expenses as new accounting standards
were adopted, according to unaudited results released on Feb. 14.

BT says the group is now bracing itself for a fall in Chinese
visitor numbers and lower consumer spending from this quarter
onwards -- no thanks to the Covid-19 epidemic that began in
mainland China -- on top of the lower average spending per customer
that it is already grappling with.

According to BT, the net loss for the three months to Dec. 31, 2019
widened to SGD1.21 million, from SGD574,000 in the year before,
even as revenue rose by 6.9 per cent to SGD5.99 million.

Still, turnover contributions from the core seafood restaurant
business fell on the two-month closure of one outlet for major
renovation works, while the beer line, which in 2018 prompted an
impairment charge, "declined significantly" in a slip attributed to
industry competition, BT relates.

No specific breakdown of revenue segments was given. No Signboard,
which mainly operates in Singapore and opened its first overseas
outlet in Shanghai in late 2019, also bought Danish Breweries in
2017 to diversify into the beer business.

No Signboard clocked a loss per share of 0.26 Singapore cent, worse
than the previous year's 0.12 Singapore cent, while net asset value
slipped to 3.34 Singapore cents a share, against 3.66 Singapore
cents as at Sept 30, 2019.

No dividend was recommended for the period, unchanged from the year
before, which the board pointed out was because "there are no
distributable profits for the period".

But the group said in its outlook statement that despite challenges
such as the Covid-19 outbreak, it would look to expand its food and
beverage business both in Singapore and abroad, BT adds.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
4, 2019, the Strait Times said No Signboard Holdings sank deeper in
the red with a net loss of SGD573,643 for the first quarter ended
Dec 31, 2018, from a restated loss of SGD416,366 a year ago. This
comes as the numbers from a year ago were significantly restated
after the company adopted the latest accounting rules. Under the
new accounting framework, the group reported a restated net loss of
SGD416,366 for the fiscal first quarter ended December 2017, a
marked difference from the SGD1.4 million net profit it had
initially reported under the old accounting rules.


SINGAPORE: Cuts 2020 Economic Growth Outlook on Coronavirus Impact
------------------------------------------------------------------
Ovais Subhani and Sue-Ann Tan of The Straits Times report that the
Ministry of Trade and Industry (MTI) on Feb. 17 downgraded its
economic growth forecast to between -0.5 and 1.5 per cent --
indicating a possible recession -- due to a weakened outlook after
the outbreak of the coronavirus.

The MTI also said growth is expected to come in at around 0.5 per
cent, the mid-point of the forecast range. In November, the MTI
forecast economic expansion of between 0.5 and 2.5 per cent for
2020, the Straits Times relates.

According to the report, Mr. Gabriel Lim, permanent secretary for
trade and industry, said that the last time Singapore suffered a
recession was in 2001, when full year gross domestic product (GDP)
contracted by about 1 per cent.

However, he stressed that MTI's baseline view at this point for
2020 is for GDP growth to come in at around 0.5 per cent.

"As the Covid-19 situation is still evolving, there is a
significant degree of uncertainty over the length and severity of
the outbreak, and hence its overall impact," Mr. Lim told a media
briefing on Feb. 17, the Straits Times relays.

He also noted that the economy shrank by 0.3 per cent in the second
quarter of 2003, amid the severe acute respiratory syndrome (Sars)
outbreak. Growth bounced back to record a 5.3 per cent expansion in
the third quarter, ending full-year 2003 with a positive 4.5 per
cent growth, he said.

The Straits Times relates that Mr. Edward Robinson, deputy managing
director of the Monetary Authority of Singapore (MAS), said the
central bank was prepared to recalibrate its monetary policy should
the outlook of the economy change significantly as a result of the
outbreak.

But he reiterated MAS comments on Feb. 5 that there is sufficient
room within the current policy band to accommodate an easing of the
Singapore dollar nominal effective exchange rate (S$NEER) in line
with the weakening of economic conditions, the report relays.

On Feb. 14, Prime Minister Lee Hsien Loong said  the impact of the
coronavirus outbreak on the economy has exceeded that of Sars, and
that a recession was possible, The Straits Times reports.

The report adds that the MTI said its earlier forecasts made in
November for growth in 2020 was premised on a modest pickup in
global growth, along with a recovery in the global electronics
cycle.

"Since then, the outbreak of the coronavirus disease 2019
(Covid-19) has affected China, Singapore and many countries around
the world," it said.

"The outlook for the Singapore economy has weakened since the last
review in November. In particular, the Covid-19 outbreak is
expected to affect the Singapore economy through several channels,"
said the MTI in a press release, The Straits Times relays.

According to the report, the ministry said that the economy grew by
0.7 per cent in 2019, the same as its advance estimate and the
slowest growth since 2009 when growth stood at just 0.1 per cent.

Growth for the fourth quarter of last year came in at 1.0 per cent
year on year, higher than the initial estimate of 0.8 per cent
growth and faster than the 0.7 per cent expansion in the third
quarter.

On a quarter-on-quarter seasonally adjusted annualised basis, the
economy expanded at a slower pace of 0.6 per cent compared to the
2.2 per cent growth in the preceding quarter, it said.

The ministry noted that the virus outbreak is likely to dampen the
growth prospects of China and other countries this year, the report
adds.



===============
T H A I L A N D
===============

[*] THAILAND: KTB Prepares to Buffer Clientele Against Economy
--------------------------------------------------------------
Somruedi Banchongduang at Bangkok Post reports that Krungthai Bank
(KTB) could be required to set aside higher loan-loss provisions to
deal with a potential bad-loan uptick this year as the
deteriorating debt-servicing ability of clients is further hit by
the sagging economy.

According to Bangkok Post, Payong Srivanich, KTB's president, said
the bank has implemented several financial assistance measures,
including debt restructuring required by the Bank of Thailand, to
keep customers afloat during this difficult period, and these aid
measures could weaken the bank's asset quality.

Bangkok Post relates that KTB, the country's third-largest lender
by assets, aims to maintain its gross non-performing loan (NPL)
ratio this year at 4.3%, the same level as last year. The bank's
loan-loss provision for bad debt was 28.3 billion baht in 2019.

"We acknowledge that the debt payment ability of customers has
become weaker," Bangkok Post quotes Mr. Payong as saying. "The bank
needs to support and help customers survive this hardship. This
assistance, in turn, could help the bank's loan loss reserves and
NPLs."

With proactive debt restructuring measures, the bank is offering
financial assistance to customers to help them weather the impact
of the economic doldrums and the coronavirus outbreak, the report
says.

These measures include a grace period for principal payments on
debt, rescheduling payments and cutting interest rates on a
case-by-case basis.

The bank is maintaining its GDP growth rate forecast at 2.8% and
its own financial targets this year despite the mounting
uncertainties, Mr. Payong said, Bangkok Post relays.

In the event that KTB downgrades the country's 2020 economic
outlook, the banks own business targets will not be revised, he
said, adds Bangkok Post.



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

[*] BOND PRICING: For the Week Feb. 10, 2020 to Feb. 14, 2020
-------------------------------------------------------------
Issuer                     Coupon    Maturity   Currency   Price
------                     ------    --------   --------   -----


  AUSTRALIA
  ---------

CLEAN SEAS SEAFOOD LTD        8.00   11/18/22       AUD       1.03
CLIME CAPITAL LTD/FUND        6.25   11/30/21       AUD       1.01
KEYBRIDGE CAPITAL LTD         7.00   07/31/20       AUD       0.95
MIDWEST VANADIUM PTY LTD     13.25   02/15/18       USD       0.20
MIDWEST VANADIUM PTY LTD     13.25   02/15/18       USD       0.20
PALADIN ENERGY LTD           10.00   01/25/23       USD      62.30
PALADIN ENERGY LTD           10.00   01/25/23       USD      62.30
US MASTERS RESIDENTIAL PR     7.75   12/24/20       AUD      25.23


  CHINA
  -----

AKESU XINCHENG ASSET INVE     6.40   04/20/22       CNY      60.00
AKESU XINCHENG ASSET INVE     6.40   04/20/22       CNY      60.20
ALTAY PREFECTURE STATE-OW     4.85   01/22/23       CNY      59.15
ALTAY PREFECTURE STATE-OW     4.85   01/22/23       CNY      60.70
AN SHUN YU KUN REAL ESTAT     5.48   11/10/21       CNY      68.92
ANHUI CHIZHOU CITY TIANPI     7.40   10/23/20       CNY      19.60
ANHUI CHIZHOU CITY TIANPI     7.40   10/23/20       CNY      20.46
ANHUI FOREIGN ECONOMIC CO     7.30   07/13/21       CNY      70.01
ANHUI PROVINCE TONGLING I     7.30   05/13/21       CNY      40.74
ANHUI PROVINCE TONGLING I     7.30   05/13/21       CNY      47.18
ANJI COUNTY STATE-OWNED C     8.30   04/24/21       CNY      41.00
ANJI COUNTY STATE-OWNED C     8.30   04/24/21       CNY      44.57
ANKANG DEVELOPMENT & INVE     6.35   03/06/20       CNY      20.05
ANQING URBAN CONSTRUCTION     6.01   04/27/22       CNY      60.00
ANQING URBAN CONSTRUCTION     6.01   04/27/22       CNY      61.32
BAOJI HI-TECH INDUSTRIAL      8.25   04/21/21       CNY      40.00
BAOJI HI-TECH INDUSTRIAL      8.25   04/21/21       CNY      40.96
BAOTOU CITY SCIENCE EDUCA     6.48   03/25/22       CNY      61.11
BAOTOU CITY SCIENCE EDUCA     6.48   03/25/22       CNY      65.50
BAYAN ZHUOER HETAO WATER      8.54   03/31/22       CNY      46.96
BAZHONG STATE-OWNED ASSET     8.50   04/25/21       CNY      41.02
BAZHONG STATE-OWNED ASSET     8.50   04/25/21       CNY      41.65
BAZHONG STATE-OWNED ASSET     5.13   12/02/22       CNY      59.28
BAZHONG STATE-OWNED ASSET     5.13   12/02/22       CNY      60.00
BEIJING BIOMEDICINE INDUS     6.35   07/23/20       CNY      20.16
BEIJING BIOMEDICINE INDUS     6.35   07/23/20       CNY      20.40
BEIJING CAPITAL DEVELOPME     7.19   01/15/21       CNY      20.00
BEIJING CAPITAL DEVELOPME     7.19   01/15/21       CNY      20.61
BEIJING CAPITAL DEVELOPME     6.50   02/27/21       CNY      40.73
BEIJING CAPITAL DEVELOPME     6.50   02/27/21       CNY      40.83
BEIJING CHANGXIN CONSTRUC     6.74   04/22/21       CNY      40.90
BEIJING CHANGXIN CONSTRUC     6.74   04/22/21       CNY      40.94
BEIJING CHAOYANG STATE-OW     5.25   03/27/20       CNY      20.03
BEIJING CHAOYANG STATE-OW     5.25   03/27/20       CNY      20.43
BEIJING FUTURE SCIENCE PA     4.20   08/13/22       CNY      60.29
BEIJING FUTURE SCIENCE PA     4.20   08/13/22       CNY      60.36
BEIJING GUCAI GROUP CO LT     6.60   09/06/20       CNY      20.28
BEIJING GUCAI GROUP CO LT     6.60   09/06/20       CNY      23.68
BEIJING HAIDIAN STATE-OWN     5.50   08/07/20       CNY      20.10
BEIJING HAIDIAN STATE-OWN     5.50   08/07/20       CNY      20.15
BEIJING JINGMEI GROUP CO      6.14   09/09/20       CNY      20.23
BEIJING JINLIYUAN STATE-O     7.00   10/28/20       CNY      18.91
BEIJING JINLIYUAN STATE-O     7.00   10/28/20       CNY      20.43
BEIJING SHIJINGSHAN STATE     6.08   08/18/21       CNY      41.15
BEIJING SHIJINGSHAN STATE     6.08   08/18/21       CNY      43.87
BEIJING XINCHENG INFRASTR     7.50   04/21/21       CNY      40.90
BEIJING XINCHENG INFRASTR     7.50   04/21/21       CNY      41.09
BEIJING XINGZHAN INVESTME     6.66   04/24/21       CNY      40.21
BEIJING XINGZHAN INVESTME     6.66   04/24/21       CNY      40.78
BENGBU GAOXIN INVESTMENT      8.70   04/17/21       CNY      40.00
BENGBU GAOXIN INVESTMENT      8.70   04/17/21       CNY      40.88
BENXI URBAN CONSTRUCTION      6.24   01/22/22       CNY      40.00
BENXI URBAN CONSTRUCTION      6.24   01/22/22       CNY      40.39
BIJIE CONSTRUCTION INVEST     6.50   01/28/22       CNY      41.44
BIJIE CONSTRUCTION INVEST     6.50   01/28/22       CNY      65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78   02/25/21       CNY      40.50
BIJIE KAIYUAN CONSTRUCTIO     7.78   02/25/21       CNY      50.00
BINZHOU HI-TECH DEVELOPME     8.60   01/10/21       CNY      20.56
BINZHOU HI-TECH DEVELOPME     8.60   01/10/21       CNY      23.40
BINZHOU ZHONGHAI VENTURE      6.65   04/13/22       CNY      60.00
BINZHOU ZHONGHAI VENTURE      6.65   04/13/22       CNY      61.20
BORALA MONGOL AUTONOMOUS      7.18   08/09/20       CNY      19.41
BORALA MONGOL AUTONOMOUS      7.18   08/09/20       CNY      20.15
BORALA MONGOL AUTONOMOUS      5.77   08/26/22       CNY      59.50
BORALA MONGOL AUTONOMOUS      5.77   08/26/22       CNY      60.17
C&D REAL ESTATE CORP LTD      6.15   04/03/20       CNY      20.09
CANGNAN COUNTY STATE OWNE     5.58   11/11/22       CNY      61.28
CANGNAN COUNTY STATE OWNE     5.58   11/11/22       CNY      68.00
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      38.00
CHANGCHUN MODERN AGRICULT     7.00   07/25/21       CNY      40.63
CHANGDE ECONOMIC CONSTRUC     7.00   03/24/21       CNY      40.76
CHANGDE ECONOMIC CONSTRUC     7.00   03/24/21       CNY      41.40
CHANGDE URBAN CONSTRUCTIO     6.50   02/25/20       CNY      20.03
CHANGDE URBAN CONSTRUCTIO     6.50   02/25/20       CNY      20.03
CHANGDE URBAN CONSTRUCTIO     5.63   09/01/20       CNY      20.27
CHANGDE URBAN CONSTRUCTIO     3.59   01/12/23       CNY      58.72
CHANGDE URBAN CONSTRUCTIO     3.59   01/12/23       CNY      59.51
CHANGLE COUNTY NEWTOWN DE     5.18   12/16/22       CNY      59.63
CHANGLE COUNTY NEWTOWN DE     5.18   12/16/22       CNY      62.03
CHANGSHA COUNTY TONGTU HI     6.00   06/19/22       CNY      60.79
CHANGSHA COUNTY TONGTU HI     6.00   06/19/22       CNY      68.20
CHANGSHA COUNTY XINGCHENG     7.90   03/25/22       CNY      57.95
CHANGSHA COUNTY XINGCHENG     7.90   03/25/22       CNY      58.23
CHANGSHA ECONOMIC & TECHN     8.45   04/13/22       CNY      46.47
CHANGSHA FURONG CITY DEVE     3.88   01/26/23       CNY      80.42
CHANGSHA METRO GROUP CO L     6.20   04/23/23       CNY      62.56
CHANGSHA METRO GROUP CO L     6.20   04/23/23       CNY      64.02
CHANGSHA TIANXIN CITY CON     4.20   11/06/22       CNY      60.10
CHANGSHA TIANXIN CITY CON     4.20   11/06/22       CNY      60.14
CHANGSHA TIANXIN CITY CON     3.43   08/08/23       CNY      74.60
CHANGSHA YUHUA URBAN CONS     7.17   04/18/21       CNY      40.81
CHANGSHA YUHUA URBAN CONS     7.17   04/18/21       CNY      44.00
CHANGSHA YUHUA URBAN CONS     3.80   01/28/23       CNY      59.96
CHANGSHU BINJIANG URBAN C     6.39   09/11/21       CNY      40.00
CHANGSHU BINJIANG URBAN C     6.39   09/11/21       CNY      40.73
CHANGSHU DEVELOPMENT INVE     5.80   04/19/20       CNY      20.07
CHANGSHU DEVELOPMENT INVE     5.80   04/19/20       CNY      20.08
CHANGSHU DONGNAN ASSET IN     6.53   03/26/22       CNY      61.45
CHANGSHU DONGNAN ASSET IN     6.53   03/26/22       CNY      67.32
CHANGSHU TRANSPORTATION S     7.00   04/29/21       CNY      41.09
CHANGSHU TRANSPORTATION S     7.00   04/29/21       CNY      47.00
CHANGXING COUNTY TRANSPOR     6.75   06/16/21       CNY      40.73
CHANGXING COUNTY TRANSPOR     6.75   06/16/21       CNY      40.90
CHANGXING COUNTY TRANSPOR     7.88   04/30/21       CNY      40.97
CHANGXING COUNTY TRANSPOR     7.88   04/30/21       CNY      50.30
CHANGXING URBAN CONSTRUCT     6.00   12/03/21       CNY      39.00
CHANGXING URBAN CONSTRUCT     6.00   12/03/21       CNY      40.73
CHANGZHI CITY CONSTRUCTIO     6.46   02/26/20       CNY      20.00
CHANGZHI CITY CONSTRUCTIO     6.46   02/26/20       CNY      20.03
CHANGZHOU BINHU CONSTRUCT     8.04   12/12/20       CNY      20.00
CHANGZHOU BINHU CONSTRUCT     8.04   12/12/20       CNY      20.65
CHANGZHOU HI-TECH GROUP C     6.18   03/21/20       CNY      20.00
CHANGZHOU HI-TECH GROUP C     6.18   03/21/20       CNY      20.05
CHANGZHOU JINTAN DISTRICT     6.38   04/26/20       CNY      20.07
CHANGZHOU JINTAN DISTRICT     6.38   04/26/20       CNY      20.08
CHANGZHOU PUBLIC HOUSING      6.64   07/02/21       CNY      40.43
CHANGZHOU PUBLIC HOUSING      6.64   07/02/21       CNY      40.49
CHANGZHOU TIANNING CONSTR     6.48   02/12/22       CNY      60.00
CHANGZHOU TIANNING CONSTR     6.48   02/12/22       CNY      61.08
CHAOHU URBAN TOWN CONSTRU     6.50   04/30/22       CNY      62.07
CHAOHU URBAN TOWN CONSTRU     6.50   04/30/22       CNY      62.10
CHENGDU ECONOMIC & TECHNO     6.90   05/30/21       CNY      41.02
CHENGDU ECONOMIC & TECHNO     6.90   05/30/21       CNY      46.00
CHENGDU KONGGANG CITY CON     7.40   02/26/20       CNY      25.05
CHENGDU KONGGANG CITY CON     6.92   07/30/20       CNY      25.32
CHENGDU KONGGANG CITY CON     7.40   02/26/20       CNY      25.34
CHENGDU KONGGANG CITY CON     6.92   07/30/20       CNY      25.50
CHENGDU LONGBO INVESTMENT     8.10   04/24/21       CNY      40.72
CHENGDU PIDU DISTRICT STA     7.25   10/15/20       CNY      18.50
CHENGDU PIDU DISTRICT STA     7.25   10/15/20       CNY      20.35
CHENGDU PIDU DISTRICT STA     6.95   04/01/22       CNY      61.04
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      60.35
CHENGDU XINGCHENG INVESTM     6.17   01/28/20       CNY      20.00
CHENGDU XINGCHENGJIAN IND     6.00   03/20/22       CNY      60.00
CHENGDU XINGCHENGJIAN IND     6.00   03/20/22       CNY      61.47
CHENGDU XINKAIYUAN URBAN      7.43   08/12/21       CNY      40.81
CHENGDU XINKAIYUAN URBAN      7.43   08/12/21       CNY      41.00
CHENGFA INVESTMENT GROUP      6.87   04/30/21       CNY      41.01
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      40.66
CHENZHOU FUCHENG HIGH TEC     4.73   01/22/23       CNY      59.88
CHENZHOU FUCHENG HIGH TEC     4.73   01/22/23       CNY      59.91
CHENZHOU HI-TECH INVESTME     6.45   01/23/22       CNY      40.33
CHENZHOU HI-TECH INVESTME     6.45   01/23/22       CNY      48.60
CHENZHOU XINTIAN INVESTME     6.30   07/17/20       CNY      20.00
CHENZHOU XINTIAN INVESTME     6.30   07/17/20       CNY      20.12
CHENZHOU XINTIAN INVESTME     6.15   04/24/22       CNY      58.82
CHINA MINSHENG INVESTMENT     7.00   12/26/20       CNY      36.65
CHINA OCEANWIDE HOLDINGS      8.90   12/13/21       CNY      57.00
CHINA SECURITY CO LTD         4.45   11/11/19       CNY      31.00
CHINA YIXING ENVIRONMENT      7.10   10/18/20       CNY      20.33
CHINA YIXING ENVIRONMENT      7.10   10/18/20       CNY      20.40
CHONGQING BANAN ECONOMIC      7.00   08/20/21       CNY      41.03
CHONGQING BANAN ECONOMIC      7.00   08/20/21       CNY      41.10
CHONGQING BANAN ECONOMIC      6.17   03/13/22       CNY      61.02
CHONGQING BANAN ECONOMIC      6.17   03/13/22       CNY      61.40
CHONGQING BEICHENG CONSTR     7.30   10/16/20       CNY      20.42
CHONGQING BEICHENG CONSTR     7.30   10/16/20       CNY      21.00
CHONGQING CHANGSHOU ECO&T     7.20   07/15/21       CNY      40.00
CHONGQING CHANGSHOU ECO&T     7.20   07/15/21       CNY      41.02
CHONGQING CHANGSHOU ECO-T     7.10   06/19/21       CNY      40.00
CHONGQING CHANGSHOU ECO-T     7.10   06/19/21       CNY      40.88
CHONGQING CITY CONSTRUCTI     5.12   05/21/20       CNY      20.06
CHONGQING CITY CONSTRUCTI     5.12   05/21/20       CNY      20.25
CHONGQING DASUN ASSET DEA     6.98   09/10/20       CNY      20.35
CHONGQING DAZU DISTRICT S     6.75   04/26/20       CNY      20.09
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      60.94
CHONGQING FULING DISTRICT     7.89   03/20/21       CNY      40.93
CHONGQING FULING DISTRICT     7.89   03/20/21       CNY      47.33
CHONGQING FULING TRAFFIC      6.68   02/03/22       CNY      60.00
CHONGQING FULING TRAFFIC      6.68   02/03/22       CNY      61.18
CHONGQING GAOXIN ZONE DEV     7.80   04/25/21       CNY      41.29
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      41.04
CHONGQING HAOJIANG CONSTR     7.99   11/22/20       CNY      20.00
CHONGQING HAOJIANG CONSTR     7.99   11/22/20       CNY      20.43
CHONGQING HAOJIANG CONSTR     8.05   03/06/21       CNY      40.00
CHONGQING HAOJIANG CONSTR     8.05   03/06/21       CNY      40.60
CHONGQING HECHUAN CITY CO     7.30   07/07/21       CNY      41.00
CHONGQING HECHUAN CITY CO     7.30   07/07/21       CNY      41.39
CHONGQING HECHUAN INDUSTR     6.19   06/17/20       CNY      20.16
CHONGQING HECHUAN INDUSTR     6.19   06/17/20       CNY      20.32
CHONGQING HONGYE INDUSTRI     6.30   06/03/20       CNY      20.14
CHONGQING HONGYE INDUSTRI     6.30   06/03/20       CNY      25.00
CHONGQING INTERNATIONAL L     7.08   10/18/20       CNY      20.45
CHONGQING INTERNATIONAL L     7.08   10/18/20       CNY      20.47
CHONGQING JIANGBEIZUI CEN     6.50   07/21/21       CNY      40.92
CHONGQING JIANGBEIZUI CEN     6.50   07/21/21       CNY      41.00
CHONGQING JINYUN ASSET MA     4.50   12/31/22       CNY      59.97
CHONGQING JINYUN ASSET MA     4.50   12/31/22       CNY      60.00
CHONGQING JIULONG HI-TECH     6.60   08/19/21       CNY      40.60
CHONGQING JIULONG HI-TECH     6.60   08/19/21       CNY      40.80
CHONGQING LAND PROPERTIES     6.30   08/22/20       CNY      20.26
CHONGQING LAND PROPERTIES     6.30   08/22/20       CNY      20.65
CHONGQING LIANGJIANG NEW      3.17   01/13/21       CNY      39.93
CHONGQING LIANGJIANG NEW      3.17   01/13/21       CNY      40.01
CHONGQING LIANGJIANG NEW      6.70   04/25/21       CNY      40.89
CHONGQING LIANGJIANG NEW      5.88   09/16/21       CNY      40.90
CHONGQING LIANGJIANG NEW      5.88   09/16/21       CNY      40.99
CHONGQING LIANGJIANG NEW      6.70   04/25/21       CNY      42.72
CHONGQING LIANGJIANG NEW      3.10   08/05/21       CNY      69.63
CHONGQING LIANGJIANG NEW      3.60   04/19/21       CNY      69.83
CHONGQING NANFA URBAN CON     6.43   04/27/20       CNY      20.12
CHONGQING NANFA URBAN CON     6.43   04/27/20       CNY      20.27
CHONGQING QIANJIANG CITY      8.00   03/21/21       CNY      40.89
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      20.00
CHONGQING SHUANGFU CONSTR     7.49   10/23/20       CNY      20.00
CHONGQING SHUANGFU CONSTR     7.49   10/23/20       CNY      20.32
CHONGQING SHUANGQIAO ECON     6.75   04/26/20       CNY      20.08
CHONGQING SHUANGQIAO ECON     6.75   04/26/20       CNY      20.10
CHONGQING SHUANGQIAO ECON     5.99   11/19/21       CNY      40.01
CHONGQING SHUANGQIAO ECON     5.99   11/19/21       CNY      46.25
CHONGQING TAX FREE PORT A     7.50   04/24/21       CNY      41.24
CHONGQING TAX FREE PORT A     7.50   04/24/21       CNY      41.70
CHONGQING TEA GARDEN INDU     7.70   05/20/21       CNY      40.73
CHONGQING TONGLIANG JINLO     6.59   04/08/22       CNY      60.00
CHONGQING TONGLIANG JINLO     6.59   04/08/22       CNY      61.38
CHONGQING TONGNAN DISTRIC     4.99   12/31/22       CNY      59.71
CHONGQING TONGNAN DISTRIC     4.99   12/31/22       CNY      60.00
CHONGQING WANSHENG ECO &      6.39   04/17/20       CNY      20.01
CHONGQING WANSHENG ECO &      6.95   08/25/21       CNY      40.53
CHONGQING WANSHENG ECO &      8.19   04/08/21       CNY      40.71
CHONGQING WANSHENG ECO &      8.19   04/08/21       CNY      43.90
CHONGQING WANSHENG ECO &      6.95   08/25/21       CNY      45.00
CHONGQING WANSHENG ECO DE     5.40   11/18/21       CNY      69.15
CHONGQING WANZHOU SANXIA      4.95   08/25/22       CNY      61.05
CHONGQING WANZHOU SANXIA      4.95   08/25/22       CNY      64.21
CHONGQING XIYONG MICRO-EL     6.58   07/25/21       CNY      41.19
CHONGQING XIYONG MICRO-EL     6.58   07/25/21       CNY      42.33
CHONGQING YONGCHUAN HUITO     7.28   05/30/21       CNY      41.27
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      61.71
CHONGQING YUNAN ASSET MAN     7.05   06/17/21       CNY      40.54
CHONGQING YUNAN ASSET MAN     7.05   06/17/21       CNY      40.77
CHONGQING YUZHONG STATE-O     7.25   02/26/21       CNY      40.70
CHONGQING YUZHONG STATE-O     7.25   02/26/21       CNY      40.75
CHUN'AN XINANJIANG DEVELO     6.10   03/11/22       CNY      61.51
CHUN'AN XINANJIANG DEVELO     6.10   03/11/22       CNY      64.55
CHUXIONG AUTONOMOUS DEVEL     6.60   03/29/20       CNY      19.80
CHUXIONG AUTONOMOUS DEVEL     6.60   03/29/20       CNY      20.04
CHUZHOU CITY CONSTRUCTION     6.40   08/22/21       CNY      41.17
CHUZHOU CITY CONSTRUCTION     6.17   11/30/21       CNY      61.42
CITIC GUOAN GROUP CORP        4.49   03/08/21       CNY      18.17
CITIC GUOAN GROUP CORP        4.23   12/15/20       CNY      18.25
CITIC GUOAN GROUP CORP        4.90   11/06/19       CNY      18.25
CITIC GUOAN GROUP CORP        5.80   12/15/19       CNY      18.25
CIXI CITY CONSTRUCTION IN     6.18   08/18/21       CNY      40.90
CIXI CITY CONSTRUCTION IN     6.18   08/18/21       CNY      48.80
DALI ECONOMIC DEVELOPMENT     8.30   12/11/20       CNY      20.60
DALI ECONOMIC DEVELOPMENT     8.30   12/11/20       CNY      20.61
DALI ECONOMIC DEVELOPMENT     7.90   03/04/21       CNY      40.00
DALI ECONOMIC DEVELOPMENT     7.90   03/04/21       CNY      40.71
DALI HAIDONG DEVELOPMENT      6.01   01/25/23       CNY      59.49
DALIAN PULANDIAN CONSTRUC     3.80   01/25/23       CNY      57.45
DALIAN PUWAN ENGINEERING      7.09   02/20/21       CNY      39.67
DALIAN RONGDA INVESTMENT      5.69   12/05/21       CNY      40.75
DALIAN RONGDA INVESTMENT      5.69   12/05/21       CNY      40.76
DALIAN RONGQIANG INVESTME     8.60   01/20/21       CNY      20.72
DALIAN RONGQIANG INVESTME     8.60   01/20/21       CNY      20.73
DALIAN RONGQIANG INVESTME     7.92   04/14/21       CNY      40.85
DALIAN RONGQIANG INVESTME     7.92   04/14/21       CNY      40.86
DANDONG PORT GROUP CO LTD     5.50   01/27/21       CNY      59.00
DANGTU COUNTY CONSTRUCTIO     5.38   08/10/22       CNY      61.38
DANGTU COUNTY CONSTRUCTIO     5.38   08/10/22       CNY      63.00
DANGYANG XINYUAN INVESTME     7.99   05/23/21       CNY      40.00
DANYANG HI-TECH INDUSTRY      6.40   04/24/22       CNY      60.00
DANYANG HI-TECH INDUSTRY      6.40   04/24/22       CNY      60.19
DANYANG INVESTMENT GROUP      6.90   10/23/20       CNY      20.15
DANYANG INVESTMENT GROUP      6.90   10/23/20       CNY      20.39
DANYANG INVESTMENT GROUP      3.99   01/25/23       CNY      59.20
DATONG ECONOMIC CONSTRUCT     4.49   10/22/22       CNY      60.31
DATONG ECONOMIC CONSTRUCT     4.49   10/22/22       CNY      60.50
DAWA COUNTY CITY CONSTRUC     6.29   06/12/22       CNY      59.33
DAWA COUNTY CITY CONSTRUC     6.29   06/12/22       CNY      62.50
DAYE ZHENHENG CITY DEVELO     7.95   11/27/20       CNY      20.55
DAYE ZHENHENG CITY DEVELO     7.95   11/27/20       CNY      20.65
DAYE ZHENHENG CITY DEVELO     7.30   03/03/21       CNY      40.68
DAYE ZHENHENG CITY DEVELO     7.30   03/03/21       CNY      43.53
DAZHOU DEVELOPMENT HOLDIN     6.55   01/14/22       CNY      40.00
DAZHOU DEVELOPMENT HOLDIN     6.55   01/14/22       CNY      41.32
DAZHOU DEVELOPMENT HOLDIN     5.10   11/27/22       CNY      60.00
DAZHOU DEVELOPMENT HOLDIN     5.10   11/27/22       CNY      60.81
DEHONGZHOU HONGKANG INVES     6.68   01/23/22       CNY      40.58
DEHONGZHOU HONGKANG INVES     6.68   01/23/22       CNY      40.65
DEYANG ECONOMIC DEVELOPME     7.90   04/28/21       CNY      40.68
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      61.86
DONGTAI UBAN CONSTRUCTION     8.65   01/13/21       CNY      20.45
DONGTAI UBAN CONSTRUCTION     8.65   01/13/21       CNY      20.72
DONGTAI UBAN CONSTRUCTION     7.58   04/23/21       CNY      40.78
DONGTAI UBAN CONSTRUCTION     7.58   04/23/21       CNY      48.48
DONGYING CITY URBAN ASSET     5.57   03/31/22       CNY      60.91
DONGYING CITY URBAN ASSET     5.57   03/31/22       CNY      61.58
DR PENG TELECOM & MEDIA G     6.00   06/16/22       CNY      47.16
DUJIANGYAN XINGYAN INVEST     6.10   03/12/22       CNY      58.59
DUJIANGYAN XINGYAN INVEST     6.10   03/12/22       CNY      60.00
DUNYUN STATE-OWNED ASSETS     6.60   12/28/22       CNY      59.95
EASTAR HOLDINGS GROUP CO      7.30   10/31/20       CNY      63.00
ENSHI URBAN CONSTRUCTION      7.50   06/03/21       CNY      41.08
ENSHI URBAN CONSTRUCTION      7.50   06/03/21       CNY      47.54
EZHOU CITY CONSTRUCTION I     6.68   09/19/21       CNY      40.49
EZHOU CITY CONSTRUCTION I     7.76   05/15/21       CNY      40.67
EZHOU CITY CONSTRUCTION I     6.68   09/19/21       CNY      41.00
EZHOU CITY CONSTRUCTION I     7.76   05/15/21       CNY      46.50
FANGCHENGGANG CITY GANGGO     8.09   04/16/21       CNY      40.86
FANGCHENGGANG CITY GANGGO     8.09   04/16/21       CNY      42.00
FENGCHENG CITY CONSTRUCTI     6.49   02/10/22       CNY      62.05
FENGCHENG CITY CONSTRUCTI     6.49   02/10/22       CNY      64.49
FENGCHENG CITY MODERN IND     5.76   12/17/22       CNY      60.00
FENGCHENG CITY MODERN IND     5.76   12/17/22       CNY      60.29
FENGXIAN URBAN INVESTMENT     4.23   07/13/21       CNY      55.26
FENGXIAN URBAN INVESTMENT     4.23   07/13/21       CNY      55.27
FENGXIAN URBAN INVESTMENT     6.48   03/20/22       CNY      60.00
FENGXIAN URBAN INVESTMENT     6.48   03/20/22       CNY      61.90
FUGU COUNTY STATE-OWNED A     8.69   12/16/20       CNY      20.69
FUGU COUNTY STATE-OWNED A     8.69   12/16/20       CNY      23.00
FUGUINIAO CO LTD              6.30   04/22/20       CNY      13.00
FUJIAN JINJIANG INDUSTRIA     7.08   06/27/21       CNY      41.00
FUJIAN JINJIANG INDUSTRIA     7.08   06/27/21       CNY      41.18
FUJIAN JINJIANG URBAN CON     6.35   04/26/20       CNY      20.10
FUJIAN JINJIANG URBAN CON     6.35   04/26/20       CNY      20.20
FUJIAN NANPING HIGHWAY CO     6.69   01/28/20       CNY      19.99
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      60.90
FUJIAN ZHANGLONG GROUP CO     4.99   08/07/22       CNY      60.00
FUJIAN ZHANGLONG GROUP CO     4.99   08/07/22       CNY      61.25
FUNING URBAN INVESTMENT D     7.19   08/15/21       CNY      40.93
FUNING URBAN INVESTMENT D     7.19   08/15/21       CNY      41.15
FUQING CITY STATE-OWNED A     6.66   03/01/21       CNY      40.52
FUQING CITY STATE-OWNED A     5.94   11/26/22       CNY      56.74
FUXIN INFRASTRUCTURE CONS     6.18   03/18/22       CNY      60.31
FUXIN INFRASTRUCTURE CONS     6.18   03/18/22       CNY      62.80
FUZHOU URBAN AND RURAL CO     5.48   01/26/22       CNY      41.07
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
GANSU PROVINCIAL STATE-OW     5.40   03/06/20       CNY      40.08
GANSU PROVINCIAL STATE-OW     5.40   03/06/20       CNY      40.20
GANZHOU CITY DEVELOPMENT      5.50   06/16/22       CNY      60.00
GANZHOU CITY DEVELOPMENT      5.50   06/16/22       CNY      61.32
GANZHOU DEVELOPMENT ZONE      7.40   02/19/20       CNY      25.05
GANZHOU DEVELOPMENT ZONE      7.40   02/19/20       CNY      32.60
GANZHOU DEVELOPMENT ZONE      7.43   02/19/21       CNY      39.00
GANZHOU DEVELOPMENT ZONE      7.43   02/19/21       CNY      40.79
GAOMI STATE-OWNED ASSETS      4.69   01/26/23       CNY      60.85
GAOYOU CITY CONSTRUCTION      5.48   09/15/22       CNY      60.00
GAOYOU CITY CONSTRUCTION      5.48   09/15/22       CNY      61.13
GOLMUD INVESTMENT HOLDING     8.70   12/30/20       CNY      20.30
GOLMUD INVESTMENT HOLDING     8.70   12/30/20       CNY      20.67
GOOCOO INVESTMENT CO LTD      8.00   02/01/21       CNY      50.00
GREENLAND HOLDING GROUP C     6.24   05/23/20       CNY      25.10
GREENLAND HOLDING GROUP C     6.24   05/23/20       CNY      25.15
GUANGAN DEVELOPMENT AND C     6.39   03/24/22       CNY      61.43
GUANGAN DEVELOPMENT AND C     6.39   03/24/22       CNY      64.00
GUANGAN ECONOMIC & TECHNO     7.10   09/22/21       CNY      40.68
GUANGAN ECONOMIC & TECHNO     7.10   09/22/21       CNY      40.68
GUANGXI BAISE DEVELOPMENT     7.27   06/20/21       CNY      39.50
GUANGXI BAISE DEVELOPMENT     7.27   06/20/21       CNY      40.65
GUANGXI LAIBIN INDUSTRIAL     5.97   11/26/21       CNY      40.00
GUANGXI LAIBIN INDUSTRIAL     5.97   11/26/21       CNY      40.93
GUANGXI LIUZHOU DONGCHENG     7.40   10/29/20       CNY      20.32
GUANGXI LIUZHOU DONGCHENG     7.40   10/29/20       CNY      21.00
GUANGXI QINZHOU LINHAI IN     7.68   02/20/21       CNY      40.56
GUANGXI QINZHOU LINHAI IN     7.68   02/20/21       CNY      44.77
GUANGXI URBAN CONSTRUCTIO     7.59   04/14/21       CNY      41.01
GUANGXI URBAN CONSTRUCTIO     7.59   04/14/21       CNY      43.00
GUANGYUAN INVESTMENT HOLD     7.30   04/22/21       CNY      40.88
GUANGYUAN YUANQU CONSTRUC     8.35   08/26/21       CNY      41.51
GUANGYUAN YUANQU CONSTRUC     8.35   08/26/21       CNY      47.00
GUANGZHOU HUANTOU NANSHA      6.38   11/18/24       CNY      73.99
GUANGZHOU HUANTOU NANSHA      6.38   11/18/24       CNY      74.00
GUANGZHOU METRO GROUP CO      6.45   04/02/24       CNY      70.00
GUANGZHOU METRO GROUP CO      6.05   06/03/24       CNY      73.60
GUANGZHOU METRO GROUP CO      6.05   06/03/24       CNY      73.71
GUANGZHOU METRO GROUP CO      6.45   04/02/24       CNY      74.02
GUILIN CITY INVESTMENT AN     6.90   06/13/21       CNY      40.00
GUILIN CITY INVESTMENT AN     6.90   06/13/21       CNY      40.46
GUILIN ECONOMIC CONSTRUCT     5.60   04/22/22       CNY      60.00
GUILIN ECONOMIC CONSTRUCT     5.60   04/22/22       CNY      61.22
GUIRENNIAO CO LTD             7.00   12/03/19       CNY      49.50
GUIYANG BAIYUN INDUSTRY D     7.30   03/27/22       CNY      60.78
GUIYANG BAIYUN INDUSTRY D     7.30   03/27/22       CNY      65.00
GUIYANG GUANSHANHU DISTRI     4.87   01/28/23       CNY      78.89
GUIYANG URBAN CONSTRUCTIO     5.23   12/02/22       CNY      54.00
GUIYANG URBAN CONSTRUCTIO     5.23   12/02/22       CNY      59.71
GUIYANG URBAN DEVELOPMENT     6.20   02/28/20       CNY      20.01
GUIZHOU EAST LAKE CITY CO     5.18   01/06/23       CNY      57.35
GUIZHOU EAST LAKE CITY CO     5.18   01/06/23       CNY      60.92
GUIZHOU FANJINGSHAN INVES     6.95   01/28/22       CNY      40.72
GUIZHOU FANJINGSHAN INVES     6.95   01/28/22       CNY      60.00
GUIZHOU GUIAN CONSTRUCTIO     4.17   10/28/22       CNY      60.29
GUIZHOU GUIAN CONSTRUCTIO     4.17   10/28/22       CNY      61.00
GUIZHOU HONGCAI INVESTMEN     6.00   06/07/23       CNY      73.03
GUIZHOU HONGCAI INVESTMEN     6.00   06/07/23       CNY      73.07
GUIZHOU RAILWAY INVESTMEN     7.20   03/27/22       CNY      61.50
GUIZHOU RAILWAY INVESTMEN     7.20   03/27/22       CNY      62.44
GUIZHOU RAILWAY INVESTMEN     7.50   04/23/24       CNY      74.70
GUIZHOU SHUICHENG CITY IN     4.98   11/22/23       CNY      67.65
HAIAN URBAN DEMOLITION &      5.08   11/27/22       CNY      60.88
HAIAN URBAN DEMOLITION &      5.08   11/27/22       CNY      61.50
HAICHENG URBAN JINCAI LAN     8.56   12/19/20       CNY      20.51
HAICHENG URBAN JINCAI LAN     8.17   04/16/21       CNY      40.72
HAIFENG MARINE INFRASTRUC     6.84   04/29/22       CNY      60.00
HAIFENG MARINE INFRASTRUC     6.84   04/29/22       CNY      61.65
HAIMEN CITY DEVELOPMENT G     6.22   04/03/22       CNY      61.63
HAIMEN CITY DEVELOPMENT G     6.22   04/03/22       CNY      62.20
HAINAN JINHAI PULP & PAPE     6.10   04/15/20       CNY      37.50
HAINAN JINHAI PULP & PAPE     6.10   04/15/20       CNY      40.16
HAINING ASSET MANAGEMENT      6.08   03/06/20       CNY      20.04
HAINING ASSET MANAGEMENT      6.08   03/06/20       CNY      20.35
HAINING CITY DEVELOPMENT      5.58   10/22/21       CNY      40.86
HAINING CITY JIANSHAN DIS     6.90   11/04/20       CNY      20.45
HAINING CITY JIANSHAN DIS     6.90   11/04/20       CNY      21.42
HAIXI STATE DEVELOPMENT I     8.60   01/02/21       CNY      20.00
HAIXI STATE DEVELOPMENT I     8.60   01/02/21       CNY      20.62
HAIYAN COUNTY STATE-OWNED     7.00   09/04/20       CNY      20.32
HAIYAN COUNTY STATE-OWNED     7.00   09/04/20       CNY      20.70
HANDAN CONSTRUCTION & INV     5.48   05/27/22       CNY      61.32
HANDAN CONSTRUCTION & INV     5.48   05/27/22       CNY      67.20
HANGZHOU CANAL COMPREHENS     6.00   04/02/20       CNY      20.05
HANGZHOU CANAL COMPREHENS     6.00   04/02/20       CNY      20.20
HANGZHOU FUYANG CITY CONS     7.20   03/19/21       CNY      40.79
HANGZHOU FUYANG CITY CONS     7.20   03/19/21       CNY      40.81
HANGZHOU FUYANG DEVELOPME     7.70   04/28/21       CNY      41.03
HANGZHOU FUYANG DEVELOPME     7.70   04/28/21       CNY      49.00
HANGZHOU FUYANG DEVELOPME     4.76   01/27/23       CNY      60.55
HANGZHOU GONGSHU DISTRICT     6.90   07/21/21       CNY      40.40
HANGZHOU GONGSHU DISTRICT     6.90   07/21/21       CNY      41.31
HANGZHOU HIGH-TECH INDUST     6.45   01/28/20       CNY      20.01
HANGZHOU HIGH-TECH INDUST     6.45   01/28/20       CNY      20.25
HANGZHOU METRO GROUP CO L     5.97   09/17/24       CNY      73.86
HANGZHOU METRO GROUP CO L     5.97   09/17/24       CNY      73.91
HANGZHOU XIAOSHAN ECO&TEC     6.90   05/13/21       CNY      41.10
HANGZHOU YUHANG CITY CONS     7.00   03/03/21       CNY      40.83
HANGZHOU YUHANG CITY CONS     7.00   03/03/21       CNY      40.90
HANGZHOU YUHANG ECONOMIC      7.45   03/03/21       CNY      40.77
HANGZHOU YUHANG ECONOMIC      7.45   03/03/21       CNY      40.85
HANGZHOU YUHANG INNOVATIO     6.50   03/18/20       CNY      20.07
HANGZHOU YUHANG INNOVATIO     6.50   03/18/20       CNY      20.32
HANGZHOU YUHANG TRANSPORT     7.19   04/18/21       CNY      41.11
HANGZHOU YUHANG TRANSPORT     7.19   04/18/21       CNY      41.85
HANJIANG STATE-OWNED-ASSE     7.30   11/11/20       CNY      20.47
HANJIANG STATE-OWNED-ASSE     7.30   11/11/20       CNY      26.60
HAWTAI MOTOR GROUP LTD        7.20   04/14/21       CNY      60.00
HAWTAI MOTOR GROUP LTD        6.10   10/26/21       CNY      74.00
HEBEI ZHONGYUE CITY CONST     4.10   11/16/21       CNY      59.67
HEBEI ZHONGYUE CITY CONST     4.10   11/16/21       CNY      59.84
HEBI INVESTMENTS GROUP CO     7.88   08/01/21       CNY      40.99
HEBI INVESTMENTS GROUP CO     7.88   08/01/21       CNY      41.27
HECHI CITY CONSTRUCTION I     5.58   11/13/22       CNY      60.06
HECHI CITY CONSTRUCTION I     5.58   11/13/22       CNY      62.42
HEFEI CONSTRUCTION INVEST     7.20   04/29/24       CNY      74.67
HEFEI GAOXIN DEVELOPMENT      6.90   03/12/20       CNY      40.12
HEFEI INDUSTRIAL INVESTME     6.30   03/20/20       CNY      20.06
HEFEI INDUSTRIAL INVESTME     6.30   03/20/20       CNY      21.12
HEILONGJIANG HECHENG CONS     5.60   11/11/21       CNY      40.00
HEILONGJIANG HECHENG CONS     5.60   11/11/21       CNY      40.12
HEILONGJIANG HECHENG CONS     7.05   06/21/22       CNY      43.35
HEILONGJIANG HECHENG CONS     7.05   06/21/22       CNY      45.72
HEILONGJIANG POST-DISASTE     7.06   11/20/20       CNY       6.38
HEILONGJIANG POST-DISASTE     7.06   11/20/20       CNY       6.68
HEILONGJIANG POST-DISASTE     7.10   11/19/20       CNY      18.55
HEILONGJIANG POST-DISASTE     7.10   11/19/20       CNY      25.58
HEISHAN TONGHE ASSET MANA     6.79   09/18/22       CNY      59.28
HEISHAN TONGHE ASSET MANA     6.79   09/18/22       CNY      60.49
HENGYANG BAISHAZHOU DEVEL     6.87   08/22/21       CNY      40.07
HENGYANG BAISHAZHOU DEVEL     6.87   08/22/21       CNY      44.50
HENGYANG COMMUNICATION IN     4.28   01/21/23       CNY      60.00
HENGYANG COMMUNICATION IN     4.28   01/21/23       CNY      80.32
HENGYANG HONGXIANG STATE-     6.20   06/19/20       CNY      20.00
HENGYANG HONGXIANG STATE-     6.20   06/19/20       CNY      20.12
HENGYANG XIANGJIANG WATER     7.40   04/23/21       CNY      40.98
HENGYANG XIANGJIANG WATER     7.40   04/23/21       CNY      41.10
HEYUAN CITY RUNYE INVESTM     6.20   12/03/21       CNY      41.14
HEYUAN CITY RUNYE INVESTM     6.20   12/03/21       CNY      45.88
HEZE INVESTMENT DEVELOPME     7.14   03/24/21       CNY      40.82
HEZE INVESTMENT DEVELOPME     7.14   03/24/21       CNY      40.95
HEZHOU URBAN CONSTRUCTION     8.16   05/16/21       CNY      41.00
HEZHOU URBAN CONSTRUCTION     8.16   05/16/21       CNY      41.32
HNA GROUP CO LTD              5.99   11/27/22       CNY      69.02
HONGHEZHOU ROAD DEVELOPME     6.27   05/06/20       CNY      20.10
HUACHEN ENERGY CO LTD         6.63   05/18/20       USD      49.00
HUAIAN CITY URBAN ASSET O     5.70   04/23/22       CNY      61.37
HUAIAN CITY URBAN ASSET O     5.70   04/23/22       CNY      61.79
HUAI'AN DEVELOPMENT HOLDI     7.30   03/10/21       CNY      40.79
HUAI'AN DEVELOPMENT HOLDI     7.30   03/10/21       CNY      47.84
HUAI'AN NEW CITY INVESTME     7.45   03/04/21       CNY      40.00
HUAI'AN NEW CITY INVESTME     7.45   03/04/21       CNY      40.55
HUAI'AN NEW CITY INVESTME     6.95   07/28/21       CNY      41.16
HUAI'AN NEW CITY INVESTME     6.95   07/28/21       CNY      47.50
HUAIHUA CITY INDUSTRIAL P     7.70   10/29/20       CNY      20.26
HUAIHUA ECONOMIC DEVELOPM     6.80   03/26/22       CNY      60.00
HUAIHUA ECONOMIC DEVELOPM     6.80   03/26/22       CNY      60.38
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     8.60   12/25/20       CNY      20.87
HUANGGANG CITY CONSTRUCTI     7.45   03/04/21       CNY      40.70
HUANGGANG CITY CONSTRUCTI     7.45   03/04/21       CNY      40.81
HUANGGANG CITY CONSTRUCTI     4.08   01/18/23       CNY      59.50
HUANGGANG CITY CONSTRUCTI     4.08   01/18/23       CNY      60.44
HUANGSHAN CHENGTOU GROUP      5.95   05/06/22       CNY      60.65
HUANGSHAN CHENGTOU GROUP      5.95   05/06/22       CNY      61.50
HUANGSHI CIHU HIGH-TECH D     8.70   12/05/20       CNY      20.52
HUANGSHI CIHU HIGH-TECH D     9.30   01/21/21       CNY      20.94
HUANGSHI URBAN CONSTRUCTI     5.99   04/29/22       CNY      60.00
HUANGSHI URBAN CONSTRUCTI     5.99   04/29/22       CNY      61.67
HUBEI PROVINCE CHANGJIANG     6.15   04/03/22       CNY      61.61
HUBEI PROVINCE CHANGJIANG     6.15   04/03/22       CNY      62.40
HUBEI QUANZHOU YANGTZE CO     6.50   04/02/20       CNY      40.08
HUBEI QUANZHOU YANGTZE CO     6.50   04/02/20       CNY      40.11
HULUDAO INVESTMENT GROUP      7.05   10/18/20       CNY      20.38
HULUDAO INVESTMENT GROUP      7.05   10/18/20       CNY      20.52
HULUDAO INVESTMENT GROUP      7.50   10/18/23       CNY      62.49
HULUNBEIER INVESTMENT CO      6.31   04/30/22       CNY      60.00
HULUNBEIER INVESTMENT CO      6.31   04/30/22       CNY      61.14
HUNAN CHANGDE DEYUAN INVE     6.50   06/16/21       CNY      40.91
HUNAN CHANGDE DEYUAN INVE     6.50   06/16/21       CNY      42.25
HUNAN CHUZHISHENG HOLDING     5.60   12/18/22       CNY      61.48
HUNAN CHUZHISHENG HOLDING     5.60   12/18/22       CNY      61.49
HUNAN LOUDI ECONOMIC & TE     6.36   03/13/22       CNY      57.78
HUNAN LOUDI ECONOMIC & TE     6.36   03/13/22       CNY      67.00
HUNAN SHAODONG ECO-INDUST     6.50   01/11/23       CNY      59.93
HUNAN SHAODONG ECO-INDUST     6.50   01/11/23       CNY      61.90
HUNAN TIER GROUP CO LTD       8.00   12/23/20       CNY      20.67
HUNAN TIER GROUP CO LTD       8.00   12/23/20       CNY      22.72
HUNAN TIER GROUP CO LTD       7.10   03/03/21       CNY      40.87
HUNAN XIANGJIANG NEW AREA     7.36   03/17/21       CNY      40.00
HUNAN XIANGJIANG NEW AREA     7.36   03/17/21       CNY      40.84
HUNNAN JINYANG INVESTMENT     5.70   11/27/21       CNY      38.60
HUNNAN JINYANG INVESTMENT     5.70   11/27/21       CNY      39.60
HUNNAN JINYANG INVESTMENT     4.37   01/19/23       CNY      59.97
HUNNAN JINYANG INVESTMENT     4.37   01/19/23       CNY      60.00
HUZHOU URBAN CONSTRUCTION     6.48   08/28/21       CNY      40.92
HUZHOU URBAN CONSTRUCTION     6.48   08/28/21       CNY      42.38
HUZHOU WUXING NANTAIHU CO     8.79   01/16/21       CNY      20.64
HUZHOU XISAISHAN DEVELOPM     7.80   04/29/21       CNY      40.00
HUZHOU XISAISHAN DEVELOPM     7.80   04/29/21       CNY      41.07
INNER MONGOLIA JINLONG IN     7.30   11/19/22       CNY      59.50
INNER MONGOLIA JINLONG IN     7.30   11/19/22       CNY      60.23
INNER MONGOLIA KE'ERQIN U     6.45   04/30/22       CNY      59.00
INNER MONGOLIA KE'ERQIN U     6.50   03/11/22       CNY      59.10
INNER MONGOLIA KE'ERQIN U     6.45   04/30/22       CNY      60.00
INNER MONGOLIA KE'ERQIN U     6.50   03/11/22       CNY      60.00
INNER MONGOLIA SHENGXIANG     8.18   08/21/21       CNY      40.86
INNER MONGOLIA SHENGXIANG     8.18   08/21/21       CNY      44.00
INNER MONGOLIA ZHUNGEER S     6.54   12/31/21       CNY      41.35
INNER MONGOLIA ZHUNGEER S     6.54   12/31/21       CNY      42.10
JIAN CITY JINGANGSHAN DEV     7.99   06/03/21       CNY      40.87
JIAN CITY JINGANGSHAN DEV     7.99   06/03/21       CNY      40.98
JIAN CITY JINGANGSHAN DEV     4.87   01/27/23       CNY      58.55
JIANAN INVESTMENT HOLDING     6.85   05/23/21       CNY      41.05
JIANAN INVESTMENT HOLDING     6.85   05/23/21       CNY      46.50
JIANGDONG HOLDING GROUP C     7.14   04/24/21       CNY      40.85
JIANGDONG HOLDING GROUP C     7.14   04/24/21       CNY      41.00
JIANGMEN BINJIANG CONSTRU     6.60   02/28/20       CNY      20.04
JIANGMEN BINJIANG CONSTRU     6.60   02/28/20       CNY      20.25
JIANGMEN NEW HI-TECH INDU     7.39   11/04/20       CNY      20.34
JIANGMEN NEW HI-TECH INDU     7.39   11/04/20       CNY      20.61
JIANGMEN NEW HI-TECH INDU     6.03   04/22/22       CNY      61.53
JIANGMEN NEW HI-TECH INDU     6.03   04/22/22       CNY      61.77
JIANGSU HAIZHOUWAN DEVELO     5.37   03/29/23       CNY      59.50
JIANGSU HENGYUAN INVESTME     8.60   01/09/21       CNY      20.83
JIANGSU HENGYUAN INVESTME     8.60   01/09/21       CNY      29.30
JIANGSU HENGYUAN INVESTME     4.63   01/08/23       CNY      60.00
JIANGSU HENGYUAN INVESTME     4.63   01/08/23       CNY      60.30
JIANGSU HUAJING ASSETS MA     6.00   05/16/20       CNY      20.12
JIANGSU HUAJING ASSETS MA     6.00   05/16/20       CNY      20.12
JIANGSU JINGUAN INVESTMEN     7.90   04/08/21       CNY      40.80
JIANGSU JINGUAN INVESTMEN     7.90   04/08/21       CNY      40.82
JIANGSU JINTAN GUOFA INTE     6.85   05/30/21       CNY      40.00
JIANGSU JINTAN GUOFA INTE     6.85   05/30/21       CNY      40.90
JIANGSU JURONG FUDI BIO-T     7.70   03/21/21       CNY      71.61
JIANGSU JURONG FUDI BIO-T     7.70   03/21/21       CNY      71.64
JIANGSU NANTONG NO2 CONST     8.10   07/10/21       CNY      40.02
JIANGSU NEWHEADLINE DEVEL     7.00   08/27/20       CNY      25.32
JIANGSU NEWHEADLINE DEVEL     7.00   08/27/20       CNY      29.90
JIANGSU RUNCHENG ASSET OP     7.88   04/16/21       CNY      41.07
JIANGSU RUNCHENG ASSET OP     7.88   04/16/21       CNY      48.80
JIANGSU RUNQI WANGUO INDU     4.14   10/21/21       CNY      58.00
JIANGSU RUNQI WANGUO INDU     4.14   10/21/21       CNY      59.89
JIANGSU SUHAI INVESTMENT      7.28   05/29/21       CNY      40.76
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      41.14
JIANGSU WANGTAO INVESTMEN     6.82   09/15/20       CNY      25.39
JIANGSU WANGTAO INVESTMEN     6.82   09/15/20       CNY      26.10
JIANGSU WUZHONG ECONOMIC      5.49   11/19/21       CNY      40.32
JIANGSU WUZHONG ECONOMIC      5.49   11/19/21       CNY      40.89
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      60.49
JIANGSU YANGKOU PORT CONS     6.23   04/10/22       CNY      67.50
JIANGSU YIXING ECONOMIC D     7.69   04/18/21       CNY      41.03
JIANGSU YIXING ECONOMIC D     7.69   04/18/21       CNY      50.19
JIANGSU ZHUFU INDUSTRIAL      4.93   12/29/20       CNY      40.28
JIANGXI HEJI INVESTMENT C     5.09   12/17/22       CNY      60.00
JIANGXI HEJI INVESTMENT C     5.09   12/17/22       CNY      60.73
JIANGXI HUIHENG PROPERTY      4.43   08/30/21       CNY      69.12
JIANGXI HUIHENG PROPERTY      4.43   08/30/21       CNY      69.57
JIANGXI PINGXIANG CHANGSH     8.18   05/22/21       CNY      40.88
JIANGXI PINGXIANG CHANGSH     8.18   05/22/21       CNY      49.34
JIANGXI PROVINCE SITONG R     8.20   04/18/21       CNY      40.76
JIANGYIN GAOXIN DISTRICT      6.60   02/27/20       CNY      20.03
JIANGYIN LINGANG NEW CITY     7.10   11/07/20       CNY      20.26
JIANGYIN LINGANG NEW CITY     7.10   11/07/20       CNY      21.00
JIANGYOU HONGFEI INVESTME     6.55   09/02/22       CNY      59.46
JIANGYOU HONGFEI INVESTME     6.55   09/02/22       CNY      60.30
JIANHU COUNTY DEVELOPMENT     7.29   09/25/21       CNY      40.67
JIANHU COUNTY DEVELOPMENT     7.29   09/25/21       CNY      42.75
JIANHU URBAN CONSTRUCTION     6.50   02/22/20       CNY      20.01
JIANHU URBAN CONSTRUCTION     6.50   02/22/20       CNY      21.50
JIANHU URBAN CONSTRUCTION     6.30   06/01/22       CNY      59.29
JIANHU URBAN CONSTRUCTION     6.30   06/01/22       CNY      62.86
JIANHU URBAN CONSTRUCTION     3.28   10/13/21       CNY      68.88
JIANHU URBAN CONSTRUCTION     3.28   10/13/21       CNY      71.00
JIAXING ECONOMIC&TECHNOLO     7.89   03/05/21       CNY      40.91
JIAXING ECONOMIC&TECHNOLO     7.89   03/05/21       CNY      41.13
JIAXING NANHU INVESTMENT      7.45   02/26/21       CNY      40.95
JIAXING NANHU INVESTMENT      7.45   02/26/21       CNY      41.80
JIAYU COUNTY URBAN TOWN C     5.70   01/19/23       CNY      61.42
JIAYU COUNTY URBAN TOWN C     5.70   01/19/23       CNY      61.43
JIAYUGUAN CITY INFRASTRUC     7.83   09/23/21       CNY      40.00
JIAYUGUAN CITY INFRASTRUC     7.83   09/23/21       CNY      40.69
JIEYANGSHI CHENGSHI TOUZI     6.55   08/27/21       CNY      40.89
JIEYANGSHI CHENGSHI TOUZI     6.55   08/27/21       CNY      40.95
JILIN CITY CONSTRUCTION H     6.34   02/26/20       CNY      19.99
JILIN CITY CONSTRUCTION H     6.34   02/26/20       CNY      20.00
JILIN CITY CONSTRUCTION H     3.80   01/27/23       CNY      59.95
JILIN NORTHEAST SOCK INDU     6.80   12/19/21       CNY      69.88
JILIN RAILWAY INVESTMENT      7.18   03/04/21       CNY      40.22
JINAN CITY CONSTRUCTION I     6.80   03/20/21       CNY      40.78
JINAN CITY CONSTRUCTION I     6.80   03/20/21       CNY      40.90
JINAN CITY LICHENG DISTRI     5.00   06/23/22       CNY      60.10
JINAN CITY LICHENG DISTRI     5.00   06/23/22       CNY      60.11
JINAN HI-TECH HOLDING GRO     6.38   06/19/21       CNY      40.80
JINAN HI-TECH HOLDING GRO     6.38   06/19/21       CNY      40.93
JINCHANG CONSTRUCTION INV     6.79   12/21/22       CNY      60.00
JINCHANG CONSTRUCTION INV     6.79   12/21/22       CNY      60.12
JINCHENG STATE-OWNED CAPI     4.99   11/11/21       CNY      40.50
JINCHENG STATE-OWNED CAPI     4.99   11/11/21       CNY      40.62
JINGDE TAOCI CULTURAL TOU     5.38   11/27/22       CNY      59.56
JINGDE TAOCI CULTURAL TOU     5.38   11/27/22       CNY      60.00
JINGDEZHEN STATE-OWNED AS     6.59   06/25/20       CNY      20.20
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      40.34
JINGJIANG HARBOUR GROUP C     7.30   08/05/21       CNY      40.69
JINGJIANG HARBOUR GROUP C     7.30   08/05/21       CNY      48.68
JINGMEN CITY CONSTRUCTION     7.00   10/17/20       CNY      18.57
JINGMEN CITY CONSTRUCTION     7.00   10/17/20       CNY      20.50
JINGMEN CITY CONSTRUCTION     6.85   07/09/22       CNY      46.60
JINGMEN HIGH-TECH DEVELOP     5.48   08/11/22       CNY      59.80
JINGMEN HIGH-TECH DEVELOP     5.48   08/11/22       CNY      61.04
JINGZHOU DEVELOPMENT ZONE     8.20   12/09/20       CNY      20.52
JINGZHOU DEVELOPMENT ZONE     8.20   12/09/20       CNY      21.80
JINHU COUNTY STATE-OWNED      7.75   08/25/21       CNY      41.33
JINHU COUNTY STATE-OWNED      7.75   08/25/21       CNY      41.38
JINING CITY SHIZHONG DIST     6.39   01/29/22       CNY      61.41
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      61.56
JINZHONG CITY PUBLIC INFR     6.50   03/18/20       CNY      20.05
JINZHONG CITY PUBLIC INFR     6.50   03/18/20       CNY      20.07
JINZHOU CITY INVESTMENT C     8.50   12/27/20       CNY      20.60
JINZHOU CITY INVESTMENT C     8.50   12/27/20       CNY      20.68
JINZHOU CITY INVESTMENT C     6.44   08/18/21       CNY      40.50
JINZHOU CITY INVESTMENT C     6.44   08/18/21       CNY      44.91
JINZHOU HUAXING INVESTMEN     9.10   01/21/21       CNY      20.72
JINZHOU HUAXING INVESTMEN     8.38   02/25/21       CNY      40.64
JINZHOU HUAXING INVESTMEN     8.38   02/25/21       CNY      45.00
JISHOU HUATAI STATE OWNED     7.18   02/09/22       CNY      60.67
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      61.37
JIUJIANG LAND INVESTMENT      6.20   03/23/22       CNY      60.36
JIUJIANG LAND INVESTMENT      6.20   03/23/22       CNY      61.63
JIUJIANG STATE-OWNED ASSE     6.68   03/07/20       CNY      20.07
JIUJIANG STATE-OWNED ASSE     6.68   03/07/20       CNY      20.15
JIUQUAN ECONOMIC DEVELOPM     7.40   02/26/21       CNY      40.74
JIXI STATE OWN ASSET MANA     6.87   01/19/22       CNY      40.66
JIXI STATE OWN ASSET MANA     6.87   01/19/22       CNY      40.85
KAIFENG NEW DISTRICT INFR     6.35   03/23/22       CNY      59.91
KAIFENG NEW DISTRICT INFR     6.35   03/23/22       CNY      60.53
KAIFU CITY DEVELOPMENT CO     4.20   01/21/23       CNY      57.50
KAIFU CITY DEVELOPMENT CO     4.20   01/21/23       CNY      59.90
KAILI GUIZHOU TOWN CONSTR     5.29   12/17/22       CNY      58.77
KAILI GUIZHOU TOWN CONSTR     5.29   12/17/22       CNY      60.00
KANGMEI PHARMACEUTICAL CO     5.20   07/17/22       CNY      18.63
KANGMEI PHARMACEUTICAL CO     5.47   09/15/22       CNY      20.29
KANGMEI PHARMACEUTICAL CO     6.10   03/28/21       CNY      21.20
KANGMEI PHARMACEUTICAL CO     5.29   08/16/22       CNY      21.25
KANGMEI PHARMACEUTICAL CO     7.00   06/21/21       CNY      21.25
KANGMEI PHARMACEUTICAL CO     6.80   06/28/21       CNY      21.25
KANGMEI PHARMACEUTICAL CO     5.50   04/20/21       CNY      21.82
KANGMEI PHARMACEUTICAL CO     5.33   01/27/22       CNY      36.69
KANGMEI PHARMACEUTICAL CO     6.28   03/20/21       CNY      40.00
KASHGAR SHENKA INVESTMENT     7.08   07/07/20       CNY      24.75
KASHGAR SHENKA INVESTMENT     7.08   07/07/20       CNY      25.18
KASHI URBAN CONSTRUCTION      5.80   07/20/22       CNY      60.00
KASHI URBAN CONSTRUCTION      5.80   07/20/22       CNY      61.38
KUERLE CITY CONSTRUCTION      6.99   05/20/20       CNY      25.21
KUERLE CITY CONSTRUCTION      6.99   05/20/20       CNY      25.22
KUNMING DIANCHI INVESTMEN     6.50   02/01/20       CNY      20.00
KUNMING DIANCHI INVESTMEN     6.50   02/01/20       CNY      20.16
KUNMING DONGJUN REAL ESTA     4.50   11/02/21       CNY      49.15
KUNSHAN COMMUNICATION DEV     6.95   05/22/21       CNY      40.95
KUNSHAN COMMUNICATION DEV     6.95   05/22/21       CNY      45.45
KUNSHAN HIGH TECHNOLOGY G     7.10   03/26/21       CNY      40.81
LAIWU CITY ECONOMIC DEVEL     7.08   02/28/21       CNY      40.81
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      40.20
LAOHEKOU CITY CONSTRUCTIO     6.75   08/12/22       CNY      60.95
LAOHEKOU CITY CONSTRUCTIO     6.75   08/12/22       CNY      61.05
LEIYANG CITY AND RURAL CO     7.80   04/10/22       CNY      62.36
LEIYANG CITY AND RURAL CO     7.80   04/10/22       CNY      62.38
LEQING CITY STATE OWNED I     5.99   10/20/21       CNY      41.18
LESHAN STATE-OWNED ASSET      5.68   10/22/21       CNY      40.97
LESHAN STATE-OWNED ASSET      5.68   10/22/21       CNY      45.60
LIANYUNGANG TRANSPORT GRO     5.47   11/17/21       CNY      40.65
LIANYUNGANG TRANSPORT GRO     5.47   11/17/21       CNY      45.00
LIAONING COASTAL ECONOMIC     8.90   04/01/21       CNY       7.27
LIAONING COASTAL ECONOMIC     8.90   04/01/21       CNY      11.49
LILING HIGH-TECH INDUSTRI     4.93   01/19/23       CNY      59.13
LILING HIGH-TECH INDUSTRI     4.93   01/19/23       CNY      59.33
LINCANG STATE-OWNED ASSET     6.58   04/11/20       CNY      20.00
LINCANG STATE-OWNED ASSET     6.58   04/11/20       CNY      20.03
LINFEN CITY INVESTMENT GR     6.20   05/23/20       CNY      20.00
LINFEN CITY INVESTMENT GR     6.20   05/23/20       CNY      20.14
LINFEN YAODU DISTRICT INV     6.99   09/27/20       CNY      20.00
LINFEN YAODU DISTRICT INV     6.99   09/27/20       CNY      20.27
LINFEN YAODU DISTRICT INV     7.19   03/13/22       CNY      60.37
LINFEN YAODU DISTRICT INV     7.19   03/13/22       CNY      60.70
LINHAI CITY INFRASTRUCTUR     6.30   03/21/20       CNY      20.07
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      25.16
LISHUI CITY CONSTRUCTION      5.67   08/13/22       CNY      60.00
LISHUI CITY CONSTRUCTION      5.67   08/13/22       CNY      61.62
LISHUI CITY CONSTRUCTION      6.00   05/23/20       CNY      20.10
LISHUI CITY CONSTRUCTION      6.00   05/23/20       CNY      20.17
LIUPANSHUI AFFORDABLE HOU     5.08   01/29/23       CNY      78.54
LIUPANSHUI DEVELOPMENT IN     3.74   01/20/23       CNY      58.90
LIUPANSHUI DEVELOPMENT IN     3.74   01/20/23       CNY      60.12
LIUYANG MODERN MANUFACTUR     4.72   01/19/23       CNY      60.33
LIUYANG MODERN MANUFACTUR     4.72   01/19/23       CNY      79.30
LIUYANG NEW INDUSTRIAL CI     4.43   10/23/22       CNY      60.23
LIUYANG NEW INDUSTRIAL CI     4.43   10/23/22       CNY      60.30
LIUYANG URBAN CONSTRUCTIO     6.98   08/22/21       CNY      41.20
LIUYANG URBAN CONSTRUCTIO     6.98   08/22/21       CNY      41.43
LIUZHOU CITY INVESTMENT C     7.18   12/31/22       CNY      46.00
LIUZHOU CITY INVESTMENT C     7.18   12/31/22       CNY      47.28
LIUZHOU LONGJIAN INVESTME     8.28   04/30/24       CNY      74.28
LIYANG CITY CONSTRUCTION      6.20   03/08/20       CNY      20.05
LIYANG CITY CONSTRUCTION      6.20   03/08/20       CNY      20.10
LIYANG KUNLUN URBAN CONST     5.90   10/24/21       CNY      38.00
LIYANG KUNLUN URBAN CONST     5.90   10/24/21       CNY      40.85
LONGHAI STATE-OWNED ASSET     6.58   08/15/21       CNY      40.91
LOUDI CITY CONSTRUCTION I     7.95   04/15/21       CNY      40.79
LOUDI CITY CONSTRUCTION I     7.95   04/15/21       CNY      50.31
LOUDI TIDU INVESTMENT DEV     7.18   08/27/21       CNY      41.11
LOUDI TIDU INVESTMENT DEV     4.83   01/20/23       CNY      59.92
LOUDI TIDU INVESTMENT DEV     4.83   01/20/23       CNY      60.42
LU'AN CITY CONSTRUCTION I     5.20   09/25/20       CNY      50.52
LUJIANG CITY CONSTRUCTION     6.70   04/16/22       CNY      60.00
LUJIANG CITY CONSTRUCTION     6.70   04/16/22       CNY      60.88
LUOHE CITY CONSTRUCTION I     5.25   09/11/20       CNY      40.38
LUOYANG CITY DEVELOPMENT      4.47   12/02/22       CNY      60.00
LUOYANG CITY DEVELOPMENT      4.47   12/02/22       CNY      60.87
LUZHOU XINGYANG INVESTMEN     4.87   01/28/23       CNY      58.78
MA'ANSHAN CIHU HIGH TECHN     6.85   09/09/21       CNY      41.22
MA'ANSHAN CIHU HIGH TECHN     6.85   09/09/21       CNY      43.00
MAANSHAN ECONOMIC TECHNOL     6.49   03/06/22       CNY      60.66
MAANSHAN ECONOMIC TECHNOL     6.49   03/06/22       CNY      64.99
MAANSHAN HUASHAN DISTRICT     6.07   04/20/22       CNY      61.16
MAANSHAN HUASHAN DISTRICT     6.07   04/20/22       CNY      61.83
MEISHAN CITY ASSET OPERAT     7.84   02/26/21       CNY      40.89
MEISHAN HONGDA CONSTRUCTI     6.56   06/19/20       CNY      20.15
MEISHAN HONGDA CONSTRUCTI     6.56   06/19/20       CNY      20.18
MEIZHOU CITY XIN JIN YE D     6.02   04/22/22       CNY      61.57
MEIZHOU CITY XIN JIN YE D     6.02   04/22/22       CNY      65.32
MEIZHOU KANGDA HIGHWAY CO     6.95   09/10/20       CNY      20.33
MEIZHOU KANGDA HIGHWAY CO     6.95   09/10/20       CNY      20.40
MEIZHOU MEI COUNTY DISTRI     5.00   12/30/22       CNY      60.00
MEIZHOU MEI COUNTY DISTRI     5.00   12/30/22       CNY      60.29
MUDANJIANG AREA URBAN DEV     6.48   06/30/22       CNY      60.62
MUDANJIANG AREA URBAN DEV     6.48   06/30/22       CNY      65.00
MUDANJIANG CITY INVESTMEN     5.34   10/27/23       CNY      74.90
MUDANJIANG STATE-OWNED AS     7.70   04/14/21       CNY      40.60
MUDANJIANG STATE-OWNED AS     7.70   04/14/21       CNY      40.61
NANCHANG CITY CONSTRUCTIO     6.19   02/20/20       CNY      20.02
NANCHANG CITY CONSTRUCTIO     6.19   02/20/20       CNY      20.05
NANCHANG MUNICIPAL PUBLIC     5.88   02/25/20       CNY      20.00
NANCHANG MUNICIPAL PUBLIC     5.88   02/25/20       CNY      20.02
NANCHANG WATER CONSERVANC     6.28   06/21/20       CNY      20.16
NANCHANG WATER CONSERVANC     6.28   06/21/20       CNY      20.45
NANCHONG AIRPORT INVESTME     6.80   01/26/22       CNY      41.02
NANCHONG AIRPORT INVESTME     6.80   01/26/22       CNY      60.75
NANCHONG ECONOMIC DEVELOP     8.28   04/21/21       CNY      41.02
NANCHONG ECONOMIC DEVELOP     8.28   04/21/21       CNY      51.20
NANJING HEXI NEW TOWN ASS     3.20   07/22/21       CNY      69.48
NANJING JIANYE SCIENCE &      7.00   08/26/25       CNY      70.41
NANJING LISHUI ECONOMIC A     6.27   09/22/21       CNY      41.14
NANJING LISHUI ECONOMIC A     6.27   09/22/21       CNY      41.29
NANJING LISHUI URBAN CONS     5.80   05/29/20       CNY      20.07
NANJING LISHUI URBAN CONS     5.80   05/29/20       CNY      20.25
NANJING STATE OWNED ASSET     5.40   03/06/20       CNY      20.02
NANJING STATE OWNED ASSET     5.40   03/06/20       CNY      20.06
NANJING STATE OWNED ASSET     5.60   03/06/23       CNY      61.70
NANJING STATE OWNED ASSET     5.60   03/06/23       CNY      62.03
NANJING TANGSHAN CONSTRUC     6.80   06/30/21       CNY      40.88
NANJING TANGSHAN CONSTRUC     6.80   06/30/21       CNY      46.80
NANNING LVGANG CONSTRUCTI     7.30   06/27/21       CNY      40.73
NANNING LVGANG CONSTRUCTI     7.30   06/27/21       CNY      44.80
NANPING CITY WUYI NEW DIS     6.70   08/06/20       CNY      20.29
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      60.75
NANTONG CHONGCHUAN URBAN      7.15   04/18/21       CNY      41.08
NANTONG CHONGCHUAN URBAN      7.15   04/18/21       CNY      45.40
NANTONG CITY GANGZHA DIST     3.80   09/06/21       CNY      69.93
NANTONG CITY GANGZHA DIST     3.80   09/06/21       CNY      70.06
NANTONG ECONOMIC & TECHNO     5.80   05/17/20       CNY      20.09
NANTONG ECONOMIC & TECHNO     5.80   05/17/20       CNY      20.25
NANTONG HIGH TECHNOLOGY D     5.00   10/19/22       CNY      61.06
NANTONG HIGH TECHNOLOGY D     5.00   10/19/22       CNY      61.52
NANTONG SUTONG SCIENCE &      6.20   03/18/22       CNY      60.00
NANTONG SUTONG SCIENCE &      6.20   03/18/22       CNY      60.94
NANYANG INVESTMENT GROUP      7.05   10/24/20       CNY      20.47
NANYANG INVESTMENT GROUP      7.05   10/24/20       CNY      20.50
NEIJIANG INVESTMENT HOLDI     7.99   04/24/21       CNY      40.77
NEIJIANG INVESTMENT HOLDI     7.99   04/24/21       CNY      48.53
NEIJINAG CONSTRUCTION ENG     5.03   12/25/22       CNY      56.36
NEIJINAG CONSTRUCTION ENG     5.03   12/25/22       CNY      59.48
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      41.10
NINGBO CITY HAISHU GUANGJ     7.75   03/06/21       CNY      46.30
NINGBO CITY ZHENHAI INVES     5.85   12/04/21       CNY      40.93
NINGBO CITY ZHENHAI INVES     5.85   12/04/21       CNY      40.98
NINGBO ECONOMIC & TECHNIC     7.09   04/21/21       CNY      40.89
NINGBO ECONOMIC & TECHNIC     7.09   04/21/21       CNY      49.00
NINGBO MEISHAN ISLAND DEV     6.27   03/23/22       CNY      61.57
NINGBO MEISHAN ISLAND DEV     6.27   03/23/22       CNY      68.29
NINGBO YINCHENG GROUP CO      6.50   03/18/20       CNY      20.05
NINGBO YINCHENG GROUP CO      6.50   03/18/20       CNY      20.06
NINGGUO CITY STATE OWNED      8.70   04/28/21       CNY      41.26
NINGGUO CITY STATE OWNED      8.70   04/28/21       CNY      41.50
NINGHAI COUNTY URBAN INVE     8.00   01/02/21       CNY      20.82
NINGHAI COUNTY URBAN INVE     8.00   01/02/21       CNY      25.00
NINGHAI COUNTY URBAN INVE     7.99   04/16/21       CNY      40.60
NINGHAI COUNTY URBAN INVE     7.99   04/16/21       CNY      41.23
NINGXIANG CITY CONSTRUCTI     6.70   01/20/22       CNY      40.20
NINGXIANG CITY CONSTRUCTI     6.70   01/20/22       CNY      41.60
NINGXIANG ECONOMIC TECHNO     8.20   04/16/21       CNY      40.75
NINGXIANG ECONOMIC TECHNO     3.87   01/27/23       CNY      60.41
OCEANWIDE HOLDINGS CO LTD     7.50   12/21/20       CNY      74.62
PANJIN CITY SHUANGTAIZI D     7.25   01/22/22       CNY      40.76
PANJIN CITY SHUANGTAIZI D     7.25   01/22/22       CNY      40.96
PANJIN CITY SHUANGTAIZI D     6.48   10/23/22       CNY      59.61
PANJIN CITY SHUANGTAIZI D     6.48   10/23/22       CNY      60.91
PANSHAN COUNTY STATE-OWNE     7.48   01/21/22       CNY      41.50
PANSHAN COUNTY STATE-OWNE     7.48   01/21/22       CNY      41.52
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      40.80
PANZHIHUA STATE OWNED ASS     8.18   03/13/22       CNY      61.10
PANZHIHUA STATE OWNED ASS     8.18   03/13/22       CNY      62.27
PEIXIAN CITY INVESTMENT D     5.20   11/10/22       CNY      60.00
PEIXIAN CITY INVESTMENT D     5.20   11/10/22       CNY      60.40
PEKING UNIVERSITY FOUNDER     5.80   01/28/22       CNY      39.86
PEKING UNIVERSITY FOUNDER     6.10   08/22/21       CNY      43.02
PEKING UNIVERSITY FOUNDER     6.20   05/31/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.50   11/16/23       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.30   03/04/24       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.30   09/12/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.15   07/23/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     4.80   07/26/21       CNY      51.63
PEKING UNIVERSITY FOUNDER     5.99   11/02/21       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.68   08/09/23       CNY      51.63
PINGHU ECONOMIC DEVELOPME     7.99   04/17/21       CNY      40.50
PINGHU ECONOMIC DEVELOPME     7.99   04/17/21       CNY      41.09
PINGLIANG CHENGXIANG CONS     7.10   09/17/20       CNY      20.10
PINGLIANG CHENGXIANG CONS     7.10   09/17/20       CNY      20.24
PINGLIANG CULTURAL & TOUR     6.85   11/30/22       CNY      55.50
PINGLIANG CULTURAL & TOUR     6.85   11/30/22       CNY      59.72
PINGTAN COMPOSITE EXPERIM     6.58   03/15/20       CNY      20.06
PINGTAN COMPOSITE EXPERIM     6.58   03/15/20       CNY      20.06
PINGTAN COMPREHENSIVE PIL     3.92   01/29/23       CNY      60.13
PINGXIANG HUIFENG INVESTM     6.60   01/26/22       CNY      40.27
PINGXIANG HUIFENG INVESTM     6.60   01/26/22       CNY      60.00
PINGYANG STATE-OWNED ASSE     4.97   01/08/23       CNY      59.44
PINGYANG STATE-OWNED ASSE     4.97   01/08/23       CNY      60.00
PIZHOU CITY HENGRUN INVES     6.46   12/05/21       CNY      41.30
PIZHOU CITY HENGRUN INVES     6.46   12/05/21       CNY      42.46
PIZHOU ECONOMIC DEVELOPME     5.00   10/29/22       CNY      58.88
PIZHOU ECONOMIC DEVELOPME     5.00   10/29/22       CNY      60.00
PIZHOU RUNCAI ASSET MANAG     5.90   12/18/20       CNY      50.47
PUTIAN HIGH TECHNOLOGY IN     5.90   05/03/22       CNY      74.93
PUYANG INVESTMENT GROUP C     8.00   12/11/20       CNY      20.00
PUYANG INVESTMENT GROUP C     8.00   12/11/20       CNY      20.48
QIANAN URBAN CONSTRUCTION     8.88   01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTION     8.88   01/23/21       CNY      20.63
QIANAN URBAN CONSTRUCTION     7.19   08/11/21       CNY      40.00
QIANAN URBAN CONSTRUCTION     7.19   08/11/21       CNY      40.66
QIANAN XINGYUAN WATER IND     6.25   04/22/22       CNY      61.22
QIANAN XINGYUAN WATER IND     6.25   04/22/22       CNY      66.90
QIANDONGNAN TRANSPORTATIO     5.79   12/21/22       CNY      56.88
QIANDONGNAN TRANSPORTATIO     5.79   12/21/22       CNY      64.54
QIANDONGNANZHOU KAIHONG A     5.30   09/22/26       CNY      74.67
QIANJIANG URBAN CONSTRUCT     8.38   04/22/21       CNY      41.00
QIANJIANG URBAN CONSTRUCT     8.38   04/22/21       CNY      41.24
QIANJIANG URBAN CONSTRUCT     5.19   12/21/22       CNY      60.00
QIANJIANG URBAN CONSTRUCT     5.19   12/21/22       CNY      60.73
QIANNANZHOU INVESTMENT CO     6.43   03/09/22       CNY      59.43
QIDONG STATE-OWNED ASSET      7.30   11/20/22       CNY      46.50
QIDONG STATE-OWNED ASSET      7.30   11/20/22       CNY      47.64
QIDONG URBAN CONSTRUCTION     7.90   04/28/21       CNY      40.80
QIDONG URBAN CONSTRUCTION     8.20   04/04/21       CNY      41.00
QIDONG URBAN CONSTRUCTION     7.90   04/28/21       CNY      41.20
QIDONG URBAN CONSTRUCTION     8.20   04/04/21       CNY      41.25
QINGDAO CONSON DEVELOPMEN     6.40   12/12/22       CNY      47.13
QINGDAO CONSON DEVELOPMEN     6.40   12/12/22       CNY      47.20
QINGDAO HICREAT DEVELOPME     6.88   04/25/21       CNY      40.86
QINGDAO HICREAT DEVELOPME     6.88   04/25/21       CNY      41.13
QINGDAO JIAOZHOU BAY DEVE     6.33   09/18/21       CNY      41.09
QINGDAO JIAOZHOU BAY DEVE     6.33   09/18/21       CNY      41.56
QINGDAO JIMO CITY TOURISM     5.47   11/17/21       CNY      40.79
QINGDAO JIMO CITY TOURISM     5.47   11/17/21       CNY      41.00
QINGDAO LAIXI CITY ASSET      7.50   03/06/21       CNY      39.93
QINGDAO LAIXI CITY ASSET      7.50   03/06/21       CNY      48.79
QINGHAI PROVINCIAL INVEST     6.40   07/10/21       USD      32.33
QINGHAI PROVINCIAL INVEST     7.88   03/22/21       USD      35.19
QINGHAI PROVINCIAL INVEST     7.25   02/22/20       USD      53.60
QINGHAI STATE-OWNED ASSET     5.40   05/21/23       CNY      58.90
QINGYANG CITY ECONOMIC DE     7.98   04/16/21       CNY      40.98
QINGYANG CITY ECONOMIC DE     7.98   04/16/21       CNY      41.00
QINGYUAN TRANSPORTATION D     8.20   12/19/20       CNY      20.60
QINGYUAN TRANSPORTATION D     8.20   12/19/20       CNY      20.73
QINGZHOU HONGYUAN PUBLIC      7.59   05/29/21       CNY      40.70
QINGZHOU HONGYUAN PUBLIC      7.59   05/29/21       CNY      47.50
QINHUANGDAO DEVELOPMENT Z     8.00   12/17/20       CNY      20.00
QINHUANGDAO DEVELOPMENT Z     8.00   12/17/20       CNY      20.49
QINHUANGDAO DEVELOPMENT Z     8.45   04/18/21       CNY      40.92
QINHUANGDAO DEVELOPMENT Z     8.45   04/18/21       CNY      41.28
QINZHOU BINHAI NEW CITY A     7.00   08/27/20       CNY      20.17
QINZHOU BINHAI NEW CITY A     7.00   08/27/20       CNY      20.30
QINZHOU BINHAI NEW CITY Z     6.99   07/07/21       CNY      40.00
QINZHOU BINHAI NEW CITY Z     6.99   07/07/21       CNY      40.42
QIONGLAI CITY CONSTRUCTIO     6.98   03/25/22       CNY      60.94
QIONGLAI CITY CONSTRUCTIO     6.98   03/25/22       CNY      64.90
QUJING CITY QILIN DISTRIC     5.37   11/26/22       CNY      58.82
QUJING CITY QILIN DISTRIC     5.37   11/26/22       CNY      61.95
QUJING DEVELOPMENT INVEST     7.48   04/28/21       CNY      40.80
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      40.75
QUZHOU STATE OWNED ASSET      7.20   04/21/21       CNY      41.01
QUZHOU STATE OWNED ASSET      7.20   04/21/21       CNY      43.42
RENHUAI CITY DEVELOPMENT      8.09   05/16/21       CNY      41.15
RENHUAI CITY DEVELOPMENT      8.09   05/16/21       CNY      41.17
RENQIU CONSTRUCTION INVES     5.68   11/18/22       CNY      58.22
RENQIU CONSTRUCTION INVES     5.68   11/18/22       CNY      61.21
RENSHOU DEVELOPMENT OF IN     6.42   12/22/22       CNY      60.00
RENSHOU DEVELOPMENT OF IN     6.42   12/22/22       CNY      61.29
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      20.12
RIZHAO CITY CONSTRUCTION      5.80   06/06/20       CNY      20.15
RIZHAO CITY CONSTRUCTION      3.98   12/07/22       CNY      59.00
RIZHAO CITY CONSTRUCTION      3.98   12/07/22       CNY      60.35
RUCHENG COUNTY HYDROPOWER     6.65   04/25/20       CNY      40.23
RUDONG COUNTY DONGTAI SOC     6.99   06/20/21       CNY      40.95
RUDONG COUNTY DONGTAI SOC     6.99   06/20/21       CNY      45.90
RUDONG COUNTY JINXIN TRAF     8.08   03/03/21       CNY      40.79
RUDONG COUNTY JINXIN TRAF     8.08   03/03/21       CNY      44.03
RUDONG COUNTY KAITAI CITY     4.57   01/08/23       CNY      60.61
RUGAO COMMUNICATIONS CONS     6.70   02/01/20       CNY      20.00
RUGAO COMMUNICATIONS CONS     6.70   02/01/20       CNY      20.81
RUGAO ECONOMIC & TRADE DE     8.30   01/22/21       CNY      20.90
RUGAO YANJIANG DEVELOPMEN     8.60   01/24/21       CNY      20.83
RUGAO YANJIANG DEVELOPMEN     8.60   01/24/21       CNY      42.43
RUIAN STATE OWNED ASSET I     4.56   01/27/23       CNY      60.78
RUZHOU CITY XINYUAN INVES     6.30   09/16/21       CNY      49.51
RUZHOU CITY XINYUAN INVES     6.30   09/16/21       CNY      53.30
SANMEN COUNTY STATE-OWNED     6.85   10/29/21       CNY      40.00
SANMEN COUNTY STATE-OWNED     6.85   10/29/21       CNY      40.94
SANMEN COUNTY STATE-OWNED     6.80   03/18/22       CNY      60.00
SANMEN COUNTY STATE-OWNED     6.80   03/18/22       CNY      61.01
SHAANXI ANKANG HIGH TECH      8.78   09/17/21       CNY      41.74
SHAANXI ANKANG HIGH TECH      8.78   09/17/21       CNY      47.00
SHAANXI PROVINCIAL EXPRES     5.99   06/18/20       CNY      60.54
SHAANXI XIXIAN NEW AREA F     6.85   08/15/21       CNY      40.71
SHAANXI XIXIAN NEW AREA F     6.85   08/15/21       CNY      45.50
SHAANXI XIXIAN NEW AREA J     6.89   01/05/22       CNY      40.86
SHAANXI XIXIAN NEW AREA J     6.89   01/05/22       CNY      43.10
SHAANXI XIXIAN NEW AREA Q     5.15   11/27/22       CNY      60.60
SHAANXI XIXIAN NEW AREA Q     5.15   11/27/22       CNY      60.82
SHANDONG BORUN INDUSTRIAL     6.50   11/02/21       CNY      65.96
SHANDONG BOXING COUNTY XI     8.00   12/22/21       CNY      41.82
SHANDONG BOXING COUNTY XI     8.00   12/22/21       CNY      42.41
SHANDONG CENTURY SUNSHINE     8.19   07/21/21       CNY      41.49
SHANDONG CENTURY SUNSHINE     8.19   07/21/21       CNY      41.50
SHANDONG FUYU CHEMICAL CO     7.70   09/18/22       CNY      70.00
SHANDONG GAOCHUANG CONSTR     6.05   06/18/22       CNY      61.39
SHANDONG GAOCHUANG CONSTR     6.05   06/18/22       CNY      62.45
SHANDONG HONGHE HOLDINGS      8.50   06/23/21       CNY      41.45
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 RENCHENG RONGXIN     7.30   10/18/20       CNY      20.31
SHANDONG RENCHENG RONGXIN     7.30   10/18/20       CNY      23.40
SHANDONG RUYI TECHNOLOGY      7.90   09/18/23       CNY      53.08
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      20.04
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      60.52
SHANDONG WANTONG PETROLEU     7.97   11/29/21       CNY      33.95
SHANDONG WEISHANHU MINING     6.15   03/13/20       CNY      39.85
SHANDONG WEISHANHU MINING     6.15   03/13/20       CNY      40.02
SHANGHAI BUND GROUP DEVEL     6.35   04/24/20       CNY      18.50
SHANGHAI BUND GROUP DEVEL     6.35   04/24/20       CNY      20.10
SHANGHAI CAOHEJING HI-TEC     7.24   04/09/21       CNY      40.79
SHANGHAI CAOHEJING HI-TEC     7.24   04/09/21       CNY      40.80
SHANGHAI CHONGMING CONSTR     6.40   06/13/20       CNY      25.22
SHANGHAI FENGXIAN NANQIAO     6.25   03/05/20       CNY      20.05
SHANGHAI FENGXIAN NANQIAO     6.25   03/05/20       CNY      20.05
SHANGHAI JIADING ROAD CON     6.80   04/23/21       CNY      40.94
SHANGHAI JIADING ROAD CON     6.80   04/23/21       CNY      41.30
SHANGHAI LAKE DIANSHAN NE     5.95   01/30/21       CNY      25.53
SHANGHAI LAKE DIANSHAN NE     5.95   01/30/21       CNY      50.50
SHANGHAI MINHANG URBAN CO     5.63   04/20/22       CNY      60.79
SHANGHAI MINHANG URBAN CO     5.63   04/20/22       CNY      62.26
SHANGHAI MUNICIPAL INVEST     4.80   11/05/24       CNY      71.80
SHANGHAI MUNICIPAL INVEST     4.80   11/05/24       CNY      71.96
SHANGHAI NANHUI URBAN CON     6.04   08/20/21       CNY      40.97
SHANGHAI PUTAILAI NEW ENE     5.30   05/18/20       CNY      66.67
SHANGHAI URBAN CONSTRUCTI     3.50   01/06/23       CNY      59.62
SHANGHAI URBAN CONSTRUCTI     3.50   01/06/23       CNY      60.05
SHANGHAI YONGYE ENTERPRIS     6.84   05/21/20       CNY      25.25
SHANGLUO CITY CONSTRUCTIO     7.05   09/09/20       CNY      20.40
SHANGLUO CITY CONSTRUCTIO     7.05   09/09/20       CNY      25.40
SHANGRAO CITY STATE-OWNED     4.65   01/29/23       CNY      61.05
SHANTOU CITY CONSTRUCTION     8.57   03/23/22       CNY      47.29
SHAOWU URBAN CONSTRUCTION     5.88   09/11/22       CNY      59.93
SHAOWU URBAN CONSTRUCTION     5.88   09/11/22       CNY      63.39
SHAOXING CHENGZHONGCUN RE     6.09   04/27/22       CNY      60.00
SHAOXING CHENGZHONGCUN RE     6.09   04/27/22       CNY      61.41
SHAOXING CITY INVESTMENT      5.75   04/17/22       CNY      61.57
SHAOXING CITY INVESTMENT      5.75   04/17/22       CNY      68.00
SHAOXING CITY KEQIAO DIST     6.40   08/20/21       CNY      41.12
SHAOXING COUNTY KEYAN CON     6.28   03/24/22       CNY      60.00
SHAOXING COUNTY KEYAN CON     6.28   03/24/22       CNY      61.70
SHAOXING JINGHU NEW DISTR     6.13   04/30/22       CNY      61.20
SHAOXING JINGHU NEW DISTR     6.13   04/30/22       CNY      61.63
SHAOXING KEQIAO ECONOMIC      7.00   12/10/21       CNY      40.00
SHAOXING KEQIAO ECONOMIC      7.00   12/10/21       CNY      41.59
SHAOXING PAOJIANG INDUSTR     6.98   05/29/21       CNY      40.80
SHAOXING PAOJIANG INDUSTR     6.98   05/29/21       CNY      43.90
SHAOXING SHANGYU HANGZHOU     6.95   10/11/20       CNY      20.33
SHAOXING SHANGYU HANGZHOU     6.95   10/11/20       CNY      20.55
SHAOXING SHANGYU URBAN CO     6.80   08/07/21       CNY      41.28
SHAOYANG CITY CONSTRUCTIO     8.58   01/17/21       CNY      20.73
SHAOYANG CITY CONSTRUCTIO     8.58   01/17/21       CNY      21.00
SHENGZHOU INVESTMENT HOLD     7.60   07/17/21       CNY      41.44
SHENGZHOU INVESTMENT HOLD     7.60   07/17/21       CNY      41.57
SHENMU CITY STATE-OWNED A     7.28   06/23/21       CNY      40.89
SHENMU CITY STATE-OWNED A     7.28   06/23/21       CNY      41.30
SHENYANG DADONG STATE-OWN     6.05   03/20/22       CNY      60.00
SHENYANG DADONG STATE-OWN     6.05   03/20/22       CNY      61.13
SHENYANG ECONOMIC AFFORDA     7.17   04/29/22       CNY      60.73
SHENYANG ECONOMIC AFFORDA     7.17   04/29/22       CNY      61.26
SHENYANG SUJIATUN DISTRIC     6.40   06/20/20       CNY      20.00
SHENYANG SUJIATUN DISTRIC     6.40   06/20/20       CNY      20.11
SHENYANG TIEXI STATE-OWNE     6.00   01/14/22       CNY      41.00
SHENYANG TIEXI STATE-OWNE     6.00   01/14/22       CNY      47.50
SHENZHEN METRO GROUP CO L     5.40   03/25/23       CNY      61.60
SHENZHEN METRO GROUP CO L     5.40   03/25/23       CNY      61.75
SHENZHEN METRO GROUP CO L     6.75   01/24/24       CNY      64.51
SHENZHEN METRO GROUP CO L     6.75   01/24/24       CNY      74.35
SHIJIAZHUANG HUTUO NEW DI     5.28   12/24/25       CNY      62.50
SHIJIAZHUANG HUTUO NEW DI     5.28   12/24/25       CNY      74.16
SHIJIAZHUANG REAL ESTATE      5.65   05/15/20       CNY      20.11
SHIJIAZHUANG REAL ESTATE      5.65   05/15/20       CNY      20.13
SHIJIAZHUANG STATE-OWNED      5.75   04/09/22       CNY      61.35
SHIJIAZHUANG STATE-OWNED      5.75   04/09/22       CNY      67.20
SHIJIAZHUANG URBAN CONSTR     6.55   03/09/21       CNY      71.38
SHISHI CITY CONSTRUCTION      6.10   05/04/22       CNY      61.35
SHISHI CITY CONSTRUCTION      6.10   05/04/22       CNY      61.84
SHIYAN CITY INFRASTRUCTUR     6.88   10/11/20       CNY      20.39
SHIYAN CITY INFRASTRUCTUR     6.88   10/11/20       CNY      20.68
SHIYAN CITY INFRASTRUCTUR     6.58   08/20/21       CNY      40.00
SHIYAN CITY INFRASTRUCTUR     6.58   08/20/21       CNY      41.27
SHOUGUANG CITY CONSTRUCTI     7.10   10/18/20       CNY      20.27
SHOUGUANG CITY CONSTRUCTI     7.10   10/18/20       CNY      22.87
SHUYANG JINGYUAN ASSET OP     7.39   04/14/21       CNY      40.00
SHUYANG JINGYUAN ASSET OP     7.39   04/14/21       CNY      40.82
SHUYANG JINGYUAN ASSET OP     5.49   09/11/22       CNY      60.95
SHUYANG JINGYUAN ASSET OP     5.49   09/11/22       CNY      66.00
SICHUAN CHENGDU ABA DEVEL     7.18   09/12/20       CNY      19.90
SICHUAN CHENGDU ABA DEVEL     7.18   09/12/20       CNY      20.30
SICHUAN COAL INDUSTRY GRO     7.70   01/09/18       CNY      45.00
SICHUAN NAXING INDUSTRIAL     7.17   09/11/21       CNY      40.00
SICHUAN NAXING INDUSTRIAL     7.17   09/11/21       CNY      40.99
SICHUAN TIANYIN INDUSTRIA     6.79   03/25/22       CNY      61.27
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      61.40
SIHUI STATE OWNED ASSETS      4.59   01/14/23       CNY      59.56
SIHUI STATE OWNED ASSETS      4.59   01/14/23       CNY      60.68
SIYANG COUNTY MINKANG RUR     4.94   01/21/23       CNY      58.68
SIYANG COUNTY MINKANG RUR     4.94   01/21/23       CNY      80.16
SLENDER WEST LAKE TOURISM     6.80   06/25/21       CNY      40.00
SLENDER WEST LAKE TOURISM     6.80   06/25/21       CNY      41.05
SONGYUAN URBAN DEVELOPMEN     5.79   12/04/21       CNY      39.86
SONGYUAN URBAN DEVELOPMEN     5.79   12/04/21       CNY      40.20
SUINING CITY HEDONG DEVEL     8.36   04/17/21       CNY      40.86
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      40.62
SUINING COUNTY RUNQI INVE     5.42   11/20/22       CNY      59.39
SUINING COUNTY RUNQI INVE     5.42   11/20/22       CNY      60.00
SUINING DEVELOPMENT INVES     6.62   04/25/20       CNY      20.11
SUINING DEVELOPMENT INVES     6.62   04/25/20       CNY      20.20
SUINING FUYUAN INDUSTRY C     6.39   03/17/22       CNY      59.71
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      40.20
SUIZHOU CITY URBAN CONSTR     7.18   09/02/21       CNY      41.20
SUIZHOU CITY URBAN CONSTR     7.18   09/02/21       CNY      41.22
SUIZHOU DEVELOPMENT INVES     8.50   12/20/20       CNY      20.79
SUIZHOU DEVELOPMENT INVES     8.50   12/20/20       CNY      21.83
SUIZHOU DEVELOPMENT INVES     8.40   04/30/21       CNY      41.20
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      40.14
SUQIAN CITY CONSTRUCTION      6.88   10/29/20       CNY      20.39
SUQIAN CITY CONSTRUCTION      6.88   10/29/20       CNY      20.48
SUZHOU CITY CONSTRUCTION      6.40   04/17/20       CNY      20.09
SUZHOU CITY CONSTRUCTION      6.40   04/17/20       CNY      24.80
SUZHOU FENHU INVESTMENT G     7.49   02/28/21       CNY      40.70
SUZHOU FENHU INVESTMENT G     7.49   02/28/21       CNY      40.83
SUZHOU NEW DISTRICT ECONO     6.20   07/22/21       CNY      40.87
SUZHOU NEW DISTRICT ECONO     6.20   07/22/21       CNY      41.00
SUZHOU WUJIANG COMMUNICAT     6.80   10/31/20       CNY      25.54
SUZHOU WUJIANG DISTRICT I     5.25   07/08/22       CNY      60.80
SUZHOU WUJIANG DISTRICT I     5.25   07/08/22       CNY      61.15
SUZHOU XIANGCHENG URBAN C     6.95   03/19/21       CNY      40.90
SUZHOU XIANGCHENG URBAN C     6.95   03/19/21       CNY      42.60
TAICANG ASSETS MANAGEMENT     7.00   02/27/21       CNY      40.57
TAICANG ASSETS MANAGEMENT     7.00   02/27/21       CNY      40.70
TAICANG SCIENCE EDUCATION     5.54   08/28/22       CNY      61.40
TAICANG SCIENCE EDUCATION     5.54   08/28/22       CNY      64.65
TAIXING CITY CHENGXING ST     8.30   12/12/20       CNY      20.60
TAIXING CITY CHENGXING ST     8.30   12/12/20       CNY      21.30
TAIXING CITY HONGQIAO YUA     5.03   10/29/22       CNY      60.67
TAIXING CITY HONGQIAO YUA     5.03   10/29/22       CNY      63.87
TAIYUAN ECONOMIC TECHNOLO     7.43   04/24/21       CNY      40.00
TAIYUAN ECONOMIC TECHNOLO     7.43   04/24/21       CNY      40.97
TAIYUAN HIGH-SPEED RAILWA     6.50   10/30/20       CNY      25.50
TAIYUAN HIGH-SPEED RAILWA     5.18   09/06/20       CNY      40.41
TAIYUAN STATE-OWNED INVES     7.20   03/19/21       CNY      40.93
TAIYUAN STATE-OWNED INVES     7.20   03/19/21       CNY      46.50
TAIZHOU CITY CONSTRUCTION     6.92   10/16/23       CNY      63.50
TAIZHOU CITY CONSTRUCTION     6.92   10/16/23       CNY      63.80
TAIZHOU CITY JIANGYAN DIS     8.50   04/23/20       CNY      25.10
TAIZHOU CITY JIANGYAN DIS     8.50   04/23/20       CNY      25.31
TAIZHOU CITY JIANGYAN URB     7.10   09/03/20       CNY      20.32
TAIZHOU CITY JIANGYAN URB     7.10   09/03/20       CNY      20.60
TAIZHOU CITY NEW BINJIANG     7.60   03/05/21       CNY      40.74
TAIZHOU CITY NEW BINJIANG     7.60   03/05/21       CNY      41.00
TAIZHOU HAILING CITY DEVE     4.60   12/14/22       CNY      60.00
TAIZHOU HAILING CITY DEVE     4.60   12/14/22       CNY      60.10
TAIZHOU JIAOJIANG STATE O     7.46   09/13/20       CNY      25.53
TAIZHOU JIAOJIANG STATE O     7.46   09/13/20       CNY      26.00
TAIZHOU JIAOJIANG STATE O     6.18   07/06/22       CNY      61.73
TAIZHOU JIAOJIANG STATE O     6.18   07/06/22       CNY      64.00
TAIZHOU TRAFFIC INDUSTRY      6.15   03/11/20       CNY      20.04
TAIZHOU TRAFFIC INDUSTRY      6.15   03/11/20       CNY      20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50   10/15/20       CNY      20.25
TANGSHAN CAOFEIDIAN DEVEL     7.50   10/15/20       CNY      20.26
TIANJIN BAOXING INDUSTRY      7.10   10/17/20       CNY      19.70
TIANJIN BAOXING INDUSTRY      7.10   10/17/20       CNY      20.33
TIANJIN BEICHEN DISTRICT      7.00   04/21/21       CNY      40.38
TIANJIN BEICHEN DISTRICT      7.00   04/21/21       CNY      47.15
TIANJIN BEICHEN TECHNOLOG     6.87   08/20/21       CNY      40.26
TIANJIN BEICHEN TECHNOLOG     6.87   08/20/21       CNY      47.00
TIANJIN BINHAI NEW AREA C     5.19   03/13/20       CNY      20.03
TIANJIN BINHAI NEW AREA C     5.19   03/13/20       CNY      20.25
TIANJIN BINHAI NEW AREA C     6.10   11/23/21       CNY      43.90
TIANJIN DONGFANG CAIXIN I     5.19   01/29/22       CNY      40.44
TIANJIN DONGFANG CAIXIN I     5.19   01/29/22       CNY      59.59
TIANJIN DONGLI CITY INFRA     6.05   06/19/20       CNY      19.96
TIANJIN DONGLI CITY INFRA     4.28   12/02/22       CNY      59.10
TIANJIN ECONOMIC TECHNOLO     6.50   12/03/22       CNY      46.30
TIANJIN ECONOMIC TECHNOLO     6.50   12/03/22       CNY      46.54
TIANJIN GUANGCHENG INVEST     7.45   07/24/21       CNY      40.71
TIANJIN GUANGCHENG INVEST     7.45   07/24/21       CNY      49.00
TIANJIN GUANGCHENG INVEST     6.97   02/22/23       CNY      59.44
TIANJIN HARBOR CONSTRUCTI     8.80   01/24/21       CNY      41.76
TIANJIN HARBOR CONSTRUCTI     6.29   10/21/21       CNY      70.11
TIANJIN HARBOR CONSTRUCTI     8.00   04/01/21       CNY      70.93
TIANJIN HI-TECH INDUSTRY      6.65   09/12/21       CNY      40.59
TIANJIN HOPETONE CO LTD       7.50   07/25/21       CNY      47.57
TIANJIN HUANCHENG URBAN I     7.20   03/21/21       CNY      40.35
TIANJIN HUANCHENG URBAN I     7.20   03/21/21       CNY      40.73
TIANJIN HUANCHENG URBAN I     5.75   04/27/22       CNY      60.33
TIANJIN HUANCHENG URBAN I     5.75   04/27/22       CNY      61.70
TIANJIN INFRASTRUCTURE CO     5.70   02/26/23       CNY      61.27
TIANJIN INFRASTRUCTURE CO     5.70   02/26/23       CNY      61.69
TIANJIN JINNAN CITY CONST     6.50   06/03/21       CNY      40.57
TIANJIN LINGANG INVESTMEN     7.75   02/26/21       CNY      40.69
TIANJIN LINGANG INVESTMEN     7.75   02/26/21       CNY      41.00
TIANJIN NINGHE DISTRICT X     7.00   05/30/21       CNY      40.65
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      39.30
TIANJIN REAL ESTATE TRUST     8.59   03/13/21       CNY      40.94
TIANJIN RESIDENTIAL CONST     8.00   12/19/20       CNY      20.12
TIANJIN TEDA INVESTMENT H     6.89   04/27/20       CNY      19.99
TIANJIN WATER INVESTMENT      8.40   01/15/21       CNY      25.85
TIANJIN WATER INVESTMENT      6.60   07/28/21       CNY      38.70
TIANJIN WATER INVESTMENT      6.60   07/28/21       CNY      41.80
TIANJIN WUQING STATE-OWNE     8.00   12/17/20       CNY      20.74
TIANJIN WUQING STATE-OWNE     8.00   12/17/20       CNY      20.76
TIANJIN WUQING STATE-OWNE     7.18   03/19/21       CNY      40.81
TIANJIN WUQING STATE-OWNE     7.18   03/19/21       CNY      40.89
TIANJIN WUQING STATE-OWNE     4.15   11/17/22       CNY      59.40
TIANJIN WUQING STATE-OWNE     4.15   11/17/22       CNY      60.33
TIANMEN CITY CONSTRUCTION     8.20   08/28/21       CNY      41.46
TIANMEN CITY CONSTRUCTION     8.20   08/28/21       CNY      45.16
TIANRUI GROUP CEMENT CO L     5.95   09/25/20       CNY      50.00
TONGCHENG CITY CONSTRUCTI     5.47   11/09/22       CNY      60.00
TONGCHENG CITY CONSTRUCTI     5.47   11/09/22       CNY      60.25
TONGLING CONSTRUCTION INV     6.98   08/26/20       CNY      20.33
TONGLING DAJIANG INVESTME     6.50   01/19/22       CNY      41.09
TONGLING DAJIANG INVESTME     6.50   01/19/22       CNY      48.00
TONGLU STATE-OWNED ASSET      8.09   04/18/21       CNY      40.98
TONGLU STATE-OWNED ASSET      8.09   04/18/21       CNY      41.14
TONGXIANG CITY CONSTRUCTI     6.10   05/16/20       CNY      20.10
TULUFAN DISTRICT STATE-OW     6.20   03/19/22       CNY      61.37
TULUFAN DISTRICT STATE-OW     6.20   03/19/22       CNY      61.38
TUNGHSU GROUP CO LTD          6.55   03/13/22       CNY      45.00
URUMQI ECO&TECH DEVELOPME     6.40   04/13/22       CNY      60.00
URUMQI ECO&TECH DEVELOPME     6.40   04/13/22       CNY      61.71
URUMQI GAOXIN INVESTMENT      6.18   03/05/20       CNY      20.05
URUMQI GAOXIN INVESTMENT      6.18   03/05/20       CNY      20.07
WANGCHENG ECONOMIC DEVELO     6.57   01/22/22       CNY      42.23
WANGCHENG ECONOMIC DEVELO     6.57   01/22/22       CNY      48.81
WEICHI HOLDING GROUP CO L     5.40   12/21/20       CNY      59.66
WEIFANG BINHAI INVESTMENT     6.16   04/16/21       CNY      40.76
WEIHAI LANCHUANG CONSTRUC     4.80   12/17/22       CNY      59.39
WEIHAI LANCHUANG CONSTRUC     4.80   12/17/22       CNY      60.08
WEINAN CITY INVESTMENT GR     6.09   03/11/22       CNY      60.00
WEINAN CITY INVESTMENT GR     6.09   03/11/22       CNY      61.33
WENZHOU CITY CONSTRUCTION     4.05   01/25/23       CNY      60.32
WENZHOU HIGH-TECH INDUSTR     7.30   05/30/21       CNY      41.02
WENZHOU HIGH-TECH INDUSTR     7.95   03/21/21       CNY      41.13
WENZHOU LUCHENG CITY DEVE     5.58   11/03/21       CNY      40.82
WENZHOU LUCHENG CITY DEVE     5.58   11/03/21       CNY      43.00
WINTIME ENERGY CO LTD         7.50   11/16/20       CNY      43.63
WINTIME ENERGY CO LTD         7.70   11/15/20       CNY      43.63
WINTIME ENERGY CO LTD         7.50   04/04/21       CNY      43.63
WINTIME ENERGY CO LTD         7.30   08/06/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   07/05/18       CNY      43.63
WINTIME ENERGY CO LTD         7.90   12/22/20       CNY      43.63
WINTIME ENERGY CO LTD         7.00   08/25/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   04/26/19       CNY      43.63
WINTIME ENERGY CO LTD         7.50   12/06/20       CNY      43.63
WINTIME ENERGY CO LTD         7.90   03/29/21       CNY      43.63
WINTIME ENERGY CO LTD         6.78   10/23/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   03/19/19       CNY      43.63
WINTIME ENERGY CO LTD         7.00   12/15/18       CNY      43.63
WUHAI CITY CONSTRUCTION I     8.19   04/21/21       CNY      41.00
WUHAN CHEDU CORP LTD          7.18   02/27/21       CNY      40.84
WUHAN CHEDU CORP LTD          7.18   02/27/21       CNY      40.96
WUHAN CITY HUANPI DISTRIC     6.43   09/17/21       CNY      41.23
WUHAN CITY HUANPI DISTRIC     6.43   09/17/21       CNY      43.02
WUHAN JIANGXIA URBAN CONS     8.99   01/20/21       CNY      21.03
WUHAN METRO GROUP CO LTD      5.70   02/04/20       CNY      20.00
WUHAN METRO GROUP CO LTD      5.70   02/04/20       CNY      20.00
WUHAN METRO GROUP CO LTD      5.25   04/14/22       CNY      61.17
WUHAN URBAN CONSTRUCTION      5.60   03/08/20       CNY      20.03
WUHU COUNTY CONSTRUCTION      6.60   12/08/21       CNY      41.44
WUHU COUNTY CONSTRUCTION      6.60   12/08/21       CNY      46.35
WUHU JINGHU CONSTRUCTION      6.68   05/16/20       CNY      20.14
WUHU JIUJIANG CONSTRUCTIO     8.49   04/14/21       CNY      40.00
WUHU JIUJIANG CONSTRUCTIO     8.49   04/14/21       CNY      41.27
WUHU XINMA INVESTMENT CO      4.87   11/04/22       CNY      58.90
WUHU XINMA INVESTMENT CO      4.87   11/04/22       CNY      61.03
WUHU YIJU INVESTMENT GROU     6.45   08/11/21       CNY      41.20
WUHU YIJU INVESTMENT GROU     6.45   08/11/21       CNY      41.45
WUWEI CITY ECONOMY DEVELO     8.20   12/09/20       CNY      20.38
WUWEI CITY ECONOMY DEVELO     8.20   12/09/20       CNY      22.53
WUWEI CITY ECONOMY DEVELO     8.20   04/24/21       CNY      40.60
WUWEI CITY ECONOMY DEVELO     8.20   04/24/21       CNY      40.69
WUXI HUNING METRO HUISHAN     4.38   06/08/21       CNY      70.00
WUXI HUNING METRO HUISHAN     4.38   06/08/21       CNY      70.31
WUXI MUNICIPAL DEVELOPMEN     6.10   10/11/20       CNY      20.30
WUXI MUNICIPAL DEVELOPMEN     6.10   10/11/20       CNY      20.36
WUXI XIDONG NEW TOWN CONS     6.65   01/28/20       CNY      20.00
WUXI XIDONG NEW TOWN CONS     6.65   01/28/20       CNY      20.00
WUYANG CONSTRUCTION GROUP     7.80   09/11/20       CNY      32.48
WUZHONG URBAN RURAL CONST     7.18   10/12/20       CNY      20.25
WUZHONG URBAN RURAL CONST     7.18   10/12/20       CNY      20.25
XIAMEN TORCH GROUP CO LTD     7.49   04/21/21       CNY      40.84
XIAMEN TORCH GROUP CO LTD     7.49   04/21/21       CNY      44.88
XIAMEN XINGLIN CONSTRUCTI     6.60   02/22/20       CNY      20.03
XIAMEN XINGLIN CONSTRUCTI     6.60   02/22/20       CNY      21.80
XIAN FENGDONG DEVELOPMENT     4.67   01/08/23       CNY      59.72
XIAN FENGDONG DEVELOPMENT     4.67   01/08/23       CNY      59.76
XI'AN INTERNATIONAL HORTI     6.20   10/21/21       CNY      40.41
XI'AN INTERNATIONAL HORTI     6.20   10/21/21       CNY      41.46
XI'AN INTERNATIONAL INLAN     7.90   09/23/21       CNY      42.28
XIAN QUJIANG DAMING PALAC     6.39   03/21/20       CNY      50.16
XIANGSHUI GUANJIANG HOLDI     4.98   12/24/22       CNY      60.37
XIANGSHUI GUANJIANG HOLDI     4.98   12/24/22       CNY      63.20
XIANGTAN CITY CONSTRUCTIO     7.60   04/02/22       CNY      49.50
XIANGTAN CITY CONSTRUCTIO     7.80   03/12/22       CNY      53.60
XIANGTAN CITY CONSTRUCTIO     7.80   01/30/22       CNY      55.10
XIANGTAN HI-TECH GROUP CO     8.16   02/25/21       CNY      40.40
XIANGTAN HI-TECH GROUP CO     8.16   02/25/21       CNY      48.99
XIANGTAN JIUHUA ECONOMIC      7.15   10/15/20       CNY      19.56
XIANGTAN JIUHUA ECONOMIC      7.15   10/15/20       CNY      19.85
XIANGTAN JIUHUA ECONOMIC      6.59   01/21/22       CNY      38.21
XIANGTAN LIANGXING SOCIET     7.89   04/23/21       CNY      40.68
XIANGTAN WANLOU XINCHENG      6.90   01/14/22       CNY      35.49
XIANGTAN WANLOU XINCHENG      6.90   01/14/22       CNY      39.59
XIANGTAN ZHENXIANG STATE-     6.60   08/07/20       CNY      20.11
XIANGTAN ZHENXIANG STATE-     6.60   08/07/20       CNY      20.18
XIANGYANG HIGH TECH STATE     7.00   05/29/21       CNY      40.86
XIANGYANG HIGH TECH STATE     7.00   05/29/21       CNY      43.38
XIANGYANG STATE-OWNED CAP     4.62   01/25/23       CNY      60.33
XIANNING HIGH-TECH INVEST     5.80   06/05/20       CNY      20.11
XIANNING HIGH-TECH INVEST     5.80   06/05/20       CNY      20.24
XIANNING HIGH-TECH INVEST     6.29   02/10/22       CNY      61.07
XIANNING HIGH-TECH INVEST     6.29   02/10/22       CNY      65.00
XIANTAO CITY CONSTRUCTION     8.15   02/24/21       CNY      41.00
XIANTAO CITY CONSTRUCTION     8.15   02/24/21       CNY      41.80
XIAOGAN GAOCHUANG INVESTM     7.43   06/23/21       CNY      41.16
XIAOGAN GAOCHUANG INVESTM     6.87   09/22/21       CNY      41.28
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      40.50
XIAOGAN URBAN CONSTRUCTIO     6.89   05/29/21       CNY      41.14
XINGAN LEAGUE URBAN DEVEL     6.18   12/21/22       CNY      43.78
XINGAN LEAGUE URBAN DEVEL     6.18   12/21/22       CNY      43.79
XINGHUA CITY ECONOMIC DEV     5.28   06/13/22       CNY      74.81
XINGHUA URBAN CONSTRUCTIO     7.36   07/15/20       CNY      25.00
XINGHUA URBAN CONSTRUCTIO     7.36   07/15/20       CNY      25.21
XINGYI XINHENG URBAN CONS     5.40   12/16/22       CNY      57.83
XINGYI XINHENG URBAN CONS     5.40   12/16/22       CNY      60.00
XINING ECONOMIC DEVELOPME     5.90   06/04/20       CNY      20.00
XINING ECONOMIC DEVELOPME     5.90   06/04/20       CNY      20.01
XINJIANG KAIDI INVESTMENT     7.80   04/22/21       CNY      40.74
XINJIANG RUNSHENG INVESTM     7.15   07/10/20       CNY      25.19
XINJIANG RUNSHENG INVESTM     7.15   07/10/20       CNY      25.38
XINJIANG WUJIAQU CAIJIAHU     7.50   05/21/21       CNY      40.64
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      61.33
XINXIANG INVESTMENT GROUP     5.85   04/15/20       CNY      20.07
XINXIANG INVESTMENT GROUP     5.85   04/15/20       CNY      20.12
XINYANG HONGCHANG PIPE GA     6.49   06/20/20       CNY      72.87
XINYANG HUAXIN INVESTMENT     7.55   04/15/21       CNY      40.50
XINYANG HUAXIN INVESTMENT     7.55   04/15/21       CNY      46.30
XINYI CITY INVESTMENT & D     7.39   10/15/20       CNY      20.20
XINYI CITY INVESTMENT & D     7.39   10/15/20       CNY      20.46
XINYI CITY INVESTMENT & D     4.30   01/19/23       CNY      59.76
XINYI CITY INVESTMENT & D     4.30   01/19/23       CNY      60.00
XINYI URBAN TRANSPORTATIO     6.14   02/06/22       CNY      61.27
XINYI URBAN TRANSPORTATIO     6.14   02/06/22       CNY      61.53
XINYU CHENGDONG CONSTRUCT     8.48   05/27/21       CNY      40.91
XINYU CHENGDONG CONSTRUCT     8.48   05/27/21       CNY      47.00
XINYU CITY SHANTYTOWN ZON     6.42   12/09/20       CNY      40.55
XINYU CITY YUSHUI DISTRIC     7.70   06/24/22       CNY      61.47
XINYU CITY YUSHUI DISTRIC     7.70   06/24/22       CNY      63.63
XINZHENG NEW DISTRICT DEV     6.40   01/29/21       CNY      50.54
XINZHOU ASSET MANAGEMENT      8.50   12/18/20       CNY      20.00
XINZHOU ASSET MANAGEMENT      8.50   12/18/20       CNY      20.74
XINZHOU ASSET MANAGEMENT      7.90   02/21/21       CNY      40.90
XINZHOU ASSET MANAGEMENT      7.90   02/21/21       CNY      43.41
XIWANG GROUP CO LTD           7.80   12/03/22       CNY      49.94
XUANCHENG CITY ECONOMY DE     7.95   09/22/21       CNY      41.47
XUANCHENG CITY ECONOMY DE     7.95   09/22/21       CNY      46.00
XUANCHENG STATE-OWNED ASS     7.95   03/27/21       CNY      41.16
XUANCHENG STATE-OWNED ASS     7.95   03/27/21       CNY      46.00
XUZHOU BOCHANT DEVELOPMEN     5.69   07/28/21       CNY      66.24
XUZHOU CITY TONGSHAN DIST     6.60   08/08/20       CNY      20.28
XUZHOU CITY TONGSHAN DIST     6.60   08/08/20       CNY      20.66
XUZHOU CITY TONGSHAN DIST     5.23   09/18/22       CNY      61.22
XUZHOU CITY TONGSHAN DIST     5.23   09/18/22       CNY      67.38
XUZHOU ECONOMIC TECHNOLOG     7.35   04/21/21       CNY      40.90
XUZHOU ECONOMIC TECHNOLOG     7.35   04/21/21       CNY      41.15
XUZHOU HI-TECH INDUSTRIAL     7.86   04/22/21       CNY      41.05
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      41.18
XUZHOU XINSHENG INVESTMEN     5.13   08/12/22       CNY      61.02
XUZHOU XINSHENG INVESTMEN     5.13   08/12/22       CNY      64.46
YA'AN DEVELOPMENT INVESTM     7.00   09/13/20       CNY      20.37
YA'AN DEVELOPMENT INVESTM     7.00   09/13/20       CNY      20.39
YANCHENG CITY DAFENG DIST     8.50   12/30/20       CNY      20.82
YANCHENG CITY DAFENG DIST     8.50   12/30/20       CNY      20.90
YANCHENG CITY DAFENG DIST     8.70   01/24/21       CNY      20.91
YANCHENG CITY DAFENG DIST     8.70   01/24/21       CNY      41.65
YANCHENG CITY TINGHU DIST     7.95   11/15/20       CNY      18.30
YANCHENG CITY TINGHU DIST     7.95   11/15/20       CNY      20.32
YANCHENG HIGH-TECH ZONE I     3.90   12/14/22       CNY      59.30
YANCHENG HIGH-TECH ZONE I     3.90   12/14/22       CNY      60.06
YANCHENG ORIENTAL INVESTM     6.48   09/15/21       CNY      40.30
YANCHENG ORIENTAL INVESTM     6.48   09/15/21       CNY      40.96
YANCHENG SOUTH DISTRICT D     6.70   07/30/21       CNY      40.65
YANCHENG SOUTH DISTRICT D     6.70   07/30/21       CNY      41.16
YANGJIANG HENGCAI CITY IN     6.85   09/09/20       CNY      20.35
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      61.61
YANGZHOU CHEMICAL INDUSTR     8.58   01/24/21       CNY      20.46
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      71.84
YANGZHOU HANJIANG CONSTRU     6.20   03/12/20       CNY      20.04
YANGZHOU HANJIANG CONSTRU     5.88   06/15/22       CNY      61.73
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      25.32
YICHANG HIGH-TECH INVESTM     4.80   12/15/22       CNY      60.00
YICHANG HIGH-TECH INVESTM     4.80   12/15/22       CNY      61.21
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      60.91
YIHUA ENTERPRISE GROUP CO     5.99   11/26/20       CNY      30.00
YIHUA ENTERPRISE GROUP CO     6.80   03/15/21       CNY      47.99
YIHUA ENTERPRISE GROUP CO     6.50   05/02/22       CNY      49.58
YIHUA ENTERPRISE GROUP CO     5.80   07/26/20       CNY      53.74
YIHUA ENTERPRISE GROUP CO     7.00   04/29/22       CNY      54.00
YIHUA LIFESTYLE TECHNOLOG     6.88   07/16/20       CNY      48.03
YILI KAZAKH AUTONOMOUS PR     7.68   02/28/21       CNY      40.97
YILI KAZAKH AUTONOMOUS PR     7.68   02/28/21       CNY      41.07
YINCHUAN URBAN CONSTRUCTI     6.88   05/12/21       CNY      40.80
YINCHUAN URBAN CONSTRUCTI     6.88   05/12/21       CNY      40.89
YINGKOU COASTAL DEVELOPME     6.45   01/26/22       CNY      59.38
YINGKOU COASTAL DEVELOPME     6.45   01/26/22       CNY      60.29
YINGKOU LAOBIAN CITY CONS     5.63   12/16/22       CNY      59.88
YINGKOU LAOBIAN CITY CONS     5.63   12/16/22       CNY      60.00
YINGTAN INVESTMENT CO         7.50   12/12/22       CNY      47.46
YINGTAN INVESTMENT CO         7.50   12/12/22       CNY      47.47
YINGTAN INVESTMENT CO         3.63   08/12/21       CNY      69.90
YINGTAN LONGGANG ASSET OP     6.75   07/31/22       CNY      58.91
YINGTAN LONGGANG ASSET OP     6.75   07/31/22       CNY      61.18
YINING CITY STATE OWNED A     8.90   01/23/21       CNY      29.95
YINING CITY STATE OWNED A     8.90   01/23/21       CNY      40.96
YINING CITY STATE OWNED A     5.37   09/24/22       CNY      60.99
YIWU CITY CONSTRUCTION IN     4.31   12/07/22       CNY      60.40
YIWU CITY CONSTRUCTION IN     4.31   12/07/22       CNY      60.46
YIWU URBAN & RURAL NEW CO     4.25   11/24/21       CNY      49.87
YIXING CITY CONSTRUCTION      6.16   03/30/22       CNY      60.00
YIXING CITY CONSTRUCTION      6.16   03/30/22       CNY      61.65
YIXING TUOYE INDUSTRIAL C     7.60   05/28/21       CNY      41.06
YIXING TUOYE INDUSTRIAL C     7.60   05/28/21       CNY      43.50
YIYANG ADVANCED INDUSTRY      7.00   03/30/22       CNY      60.69
YIYANG ADVANCED INDUSTRY      7.00   03/30/22       CNY      68.00
YONG ZHOU CITY CONSTRUCTI     7.30   10/23/20       CNY      20.52
YONGJIA INVESTMENT GROUP      6.50   11/12/21       CNY      40.00
YONGJIA INVESTMENT GROUP      6.50   11/12/21       CNY      40.71
YONGZHOU ECONOMIC CONSTRU     3.55   01/14/23       CNY      58.66
YONGZHOU ECONOMIC CONSTRU     3.55   01/14/23       CNY      59.02
YUEYANG CITY DONGTING NEW     6.15   03/20/22       CNY      60.43
YUEYANG CITY DONGTING NEW     6.15   03/20/22       CNY      60.69
YUEYANG HUILIN INVESTMENT     5.50   11/03/21       CNY      40.00
YUEYANG HUILIN INVESTMENT     5.50   11/03/21       CNY      40.13
YUEYANG URBAN CONSTRUCTIO     6.05   07/12/20       CNY      20.17
YUHUAN CITY COMMUNICATION     5.65   11/03/21       CNY      40.95
YUHUAN CITY COMMUNICATION     5.65   11/03/21       CNY      44.50
YUHUAN CITY COMMUNICATION     6.18   03/20/22       CNY      61.41
YUHUAN CITY COMMUNICATION     6.18   03/20/22       CNY      64.47
YUNNAN METROPOLITAN CONST     6.77   05/23/21       CNY      40.39
YUYAO CITY CONSTRUCTION I     7.09   05/19/21       CNY      41.00
YUYAO CITY CONSTRUCTION I     7.09   05/19/21       CNY      41.25
YUYAO ECONOMIC DEVELOPMEN     6.75   03/04/20       CNY      20.00
YUYAO ECONOMIC DEVELOPMEN     6.75   03/04/20       CNY      20.04
YUZHOU GENERAL INVESTMENT     4.68   01/19/23       CNY      60.00
YUZHOU GENERAL INVESTMENT     4.68   01/19/23       CNY      60.36
ZHANGJIAGANG FREE TRADE Z     7.10   08/23/20       CNY      20.25
ZHANGJIAGANG FREE TRADE Z     7.10   08/23/20       CNY      26.04
ZHANGJIAGANG JINCHENG INV     6.88   04/28/21       CNY      40.80
ZHANGJIAGANG JINCHENG INV     6.88   04/28/21       CNY      40.86
ZHANGJIAJIE ECONOMIC DEVE     7.80   04/17/21       CNY      40.97
ZHANGYE CITY INVESTMENT G     6.92   09/22/21       CNY      40.90
ZHANGYE CITY INVESTMENT G     6.92   09/22/21       CNY      40.91
ZHANGZHOU CITY CONSTRUCTI     6.60   03/26/20       CNY      20.04
ZHANGZHOU ECONOMIC DEVELO     6.17   04/27/22       CNY      60.00
ZHANGZHOU ECONOMIC DEVELO     6.17   04/27/22       CNY      61.63
ZHANGZHOU JIULONGJIANG GR     6.48   06/20/21       CNY      40.90
ZHANGZHOU JIULONGJIANG GR     6.48   06/20/21       CNY      41.13
ZHANJIANG INFRASTRUCTURE      6.93   10/21/20       CNY      20.40
ZHANJIANG INFRASTRUCTURE      6.93   10/21/20       CNY      20.55
ZHAOQING GAOYAO DISTRICT      6.68   04/14/22       CNY      60.00
ZHAOQING GAOYAO DISTRICT      6.68   04/14/22       CNY      61.41
ZHEJIANG BINHAI NEW CITY      4.65   12/23/22       CNY      60.00
ZHEJIANG BINHAI NEW CITY      4.65   12/23/22       CNY      61.02
ZHEJIANG CHANGXING VIA OP     7.99   03/03/21       CNY      40.66
ZHEJIANG CHANGXING VIA OP     7.99   03/03/21       CNY      50.00
ZHEJIANG GUOXING INVESTME     6.94   08/01/21       CNY      41.20
ZHEJIANG GUOXING INVESTME     6.94   08/01/21       CNY      48.50
ZHEJIANG OUHAI CONSTRUCTI     4.83   01/21/23       CNY      60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45   04/23/22       CNY      60.00
ZHEJIANG OUHAI CONSTRUCTI     4.83   01/21/23       CNY      60.31
ZHEJIANG OUHAI CONSTRUCTI     6.45   04/23/22       CNY      61.22
ZHEJIANG PROVINCE DEQING      6.40   02/22/20       CNY      20.02
ZHEJIANG PROVINCE DEQING      6.40   02/22/20       CNY      20.23
ZHEJIANG PROVINCE XINCHAN     6.60   04/24/20       CNY      20.09
ZHEJIANG PROVINCE XINCHAN     6.60   04/24/20       CNY      22.90
ZHEJIANG PROVINCE XINCHAN     5.88   10/30/21       CNY      41.06
ZHEJIANG PROVINCE XINCHAN     5.88   10/30/21       CNY      41.16
ZHEJIANG PROVINCE XINCHAN     6.95   12/31/21       CNY      41.68
ZHEJIANG PROVINCE XINCHAN     6.95   12/31/21       CNY      41.87
ZHENGZHOU JINGKAI INVESTM     5.48   07/31/22       CNY      60.00
ZHENGZHOU JINGKAI INVESTM     5.48   07/31/22       CNY      61.54
ZHENGZHOU MOUZHONG DEVELO     7.48   12/11/21       CNY      41.60
ZHENGZHOU MOUZHONG DEVELO     7.48   12/11/21       CNY      46.20
ZHENGZHOU PUBLIC HOUSING      5.98   07/17/20       CNY      20.13
ZHENGZHOU PUBLIC HOUSING      5.98   07/17/20       CNY      20.23
ZHENJIANG CITY CONSTRUCTI     7.90   12/18/20       CNY      20.61
ZHENJIANG CITY CONSTRUCTI     8.20   01/13/21       CNY      20.76
ZHENJIANG CITY CONSTRUCTI     8.20   01/13/21       CNY      28.49
ZHENJIANG CITY CONSTRUCTI     7.90   12/18/20       CNY      28.50
ZHENJIANG CULTURAL TOURIS     6.60   01/30/20       CNY      20.00
ZHENJIANG CULTURAL TOURIS     6.60   01/30/20       CNY      20.00
ZHENJIANG DANTU DISTRICT      5.89   11/03/21       CNY      39.60
ZHENJIANG DANTU DISTRICT      5.89   11/03/21       CNY      40.19
ZHENJIANG NEW AREA URBAN      8.99   01/16/21       CNY      20.67
ZHENJIANG NEW AREA URBAN      8.35   02/26/21       CNY      40.64
ZHIJIANG STATE-OWNED ASSE     4.78   01/11/23       CNY      60.00
ZHIJIANG STATE-OWNED ASSE     4.78   01/11/23       CNY      60.37
ZHONGGUANCUN DEVELOPMENT      4.20   08/12/22       CNY      60.40
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      40.00
ZHONGSHAN TRANSPORTATION      5.25   11/26/21       CNY      40.36
ZHONGTIAN FINANCIAL GROUP     7.00   10/15/20       CNY      49.43
ZHOUKOU INVESTMENT GROUP      7.49   04/21/21       CNY      40.56
ZHOUSHAN DINGHAI STATE-OW     7.25   08/31/20       CNY      25.40
ZHOUSHAN DINGHAI STATE-OW     7.25   08/31/20       CNY      26.65
ZHOUSHAN DINGHAI STATE-OW     7.13   08/04/21       CNY      41.29
ZHOUSHAN DINGHAI STATE-OW     7.13   08/04/21       CNY      41.40
ZHOUSHAN ISLANDS NEW DIST     6.98   10/22/22       CNY      57.63
ZHOUSHAN ISLANDS NEW DIST     6.98   10/22/22       CNY      58.44
ZHOUSHAN PUTUO DISTRICT S     7.18   06/20/22       CNY      57.27
ZHUHAI HUIHUA INFRASTRUCT     7.15   09/17/20       CNY      20.34
ZHUHAI HUIHUA INFRASTRUCT     7.15   09/17/20       CNY      21.15
ZHUJI CITY YUEDU INVESTME     8.20   12/12/20       CNY      20.77
ZHUJI CITY YUEDU INVESTME     8.20   12/12/20       CNY      24.50
ZHUJI CITY YUEDU INVESTME     6.38   04/07/22       CNY      61.50
ZHUJI CITY YUEDU INVESTME     6.38   04/07/22       CNY      61.67
ZHUZHOU CITY CONSTRUCTION     6.95   10/16/20       CNY      20.52
ZHUZHOU CITY CONSTRUCTION     6.95   10/16/20       CNY      20.55
ZHUZHOU CITY CONSTRUCTION     8.36   11/10/21       CNY      43.75
ZHUZHOU GECKOR GROUP CO L     6.95   08/11/21       CNY      40.86
ZHUZHOU GECKOR GROUP CO L     6.95   08/11/21       CNY      40.92
ZHUZHOU GECKOR GROUP CO L     6.38   04/17/22       CNY      60.00
ZHUZHOU GECKOR GROUP CO L     6.38   04/17/22       CNY      61.08
ZHUZHOU REAL ESTATE GROUP     6.25   03/25/22       CNY      61.36
ZHUZHOU REAL ESTATE GROUP     6.25   03/25/22       CNY      68.53
ZHUZHOU XIANGJIANG SCENIC     5.39   11/25/22       CNY      60.57
ZHUZHOU XIANGJIANG SCENIC     5.39   11/25/22       CNY      60.61
ZIBO BANYANG CITY URBAN A     5.50   09/09/22       CNY      60.00
ZIBO BANYANG CITY URBAN A     5.50   09/09/22       CNY      60.33
ZIYANG WATER INVESTMENT C     7.40   10/21/20       CNY      20.52
ZIYANG WATER INVESTMENT C     7.40   10/21/20       CNY      20.60
ZIZHONG COUNTY XINGZI INV     5.97   01/18/23       CNY      59.68
ZIZHONG COUNTY XINGZI INV     5.97   01/18/23       CNY      78.26
ZJ HZ QINGSHAN LAKE SCIEN     7.90   04/23/21       CNY      41.20
ZJ HZ QINGSHAN LAKE SCIEN     7.90   04/23/21       CNY      44.00
ZUNYI ECONOMIC DEVELOPMEN     4.87   01/22/23       CNY      59.11
ZUNYI ECONOMIC DEVELOPMEN     4.87   01/22/23       CNY      60.00
ZUNYI ROAD & BRIDGE CONST     6.10   04/27/23       CNY      63.20
ZUNYI ROAD & BRIDGE CONST     6.10   04/27/23       CNY      72.96


  HONG KONG
  ---------

DR PENG HOLDING HONGKONG      5.05   06/01/20       USD      63.01
HNA GROUP INTERNATIONAL C     6.25   10/05/21       USD      65.00


  INDONESIA
  ---------

BERAU COAL ENERGY TBK PT      7.25   03/13/17       USD      42.79
BERAU COAL ENERGY TBK PT      7.25   03/13/17       USD      42.79
DAVOMAS INTERNATIONAL FIN    11.00   12/08/14       USD       0.10
DAVOMAS INTERNATIONAL FIN    11.00   05/09/11       USD       0.10
DAVOMAS INTERNATIONAL FIN    11.00   12/08/14       USD       0.10
DAVOMAS INTERNATIONAL FIN    11.00   05/09/11       USD       0.10
DELTA MERLIN DUNIA TEKSTI     8.63   03/12/24       USD       9.21
DELTA MERLIN DUNIA TEKSTI     8.63   03/12/24       USD      12.92


  INDIA
  -----

3I INFOTECH LTD               2.50   03/31/25       USD       7.77
ACME FAZILKA POWER PVT LT     0.01   09/07/46       INR      11.18
AMPSOLAR SOLUTION PVT LTD     0.01   11/03/37       INR      22.63
AMPSOLAR SOLUTION PVT LTD     0.01   10/27/37       INR      22.67
APG HABITAT PVT LTD           1.00   09/09/28       INR      54.20
APG INTELLI HOMES PVT LTD     1.25   02/04/35       INR      31.58
APG INTELLI HOMES PVT LTD     1.25   02/04/35       INR      39.85
AUTOMOTIVE EXCHANGE PVT L     4.00   10/11/30       INR      59.07
AUTOMOTIVE EXCHANGE PVT L     4.00   06/01/30       INR      59.11
BENGAL AEROTROPOLIS PROJE     5.00   12/01/30       INR      67.56
BENGAL AEROTROPOLIS PROJE     5.00   12/01/29       INR      69.37
BENGAL AEROTROPOLIS PROJE     5.00   12/01/28       INR      71.40
BENGAL AEROTROPOLIS PROJE     5.00   12/01/27       INR      73.70
BOTHE WINDFARM DEVELOPMEN    10.00   11/28/32       INR      67.98
BRITANNIA INDUSTRIES LTD      8.00   08/28/22       INR      29.98
CREIXENT SPECIAL STEELS L     0.01   08/28/25       INR      59.78
CUMULUS TRADING CO PVT LT     0.01   05/21/32       INR      33.89
CUMULUS TRADING CO PVT LT     0.01   12/29/29       INR      41.34
CUMULUS TRADING CO PVT LT     0.01   01/23/30       INR      55.93
DAYAKARA SOLAR POWER PVT      0.10   04/05/26       INR      58.37
DEWAN HOUSING FINANCE COR     8.50   04/18/23       INR      19.02
DLF CYBER CITY DEVELOPERS     0.01   11/19/24       INR      69.22
EDELWEISS ASSET RECONSTRU     2.00   07/22/29       INR      51.50
EDELWEISS ASSET RECONSTRU     2.00   01/15/29       INR      53.19
EDELWEISS ASSET RECONSTRU     2.00   10/07/28       INR      54.15
EDELWEISS ASSET RECONSTRU     2.00   11/20/27       INR      57.39
EDELWEISS ASSET RECONSTRU     2.00   03/28/27       INR      59.58
GREEN URJA PVT LTD            0.01   02/14/30       INR      42.64
GTL INFRASTRUCTURE LTD        6.73   10/26/22       USD       4.00
HINDUSTAN CONSTRUCTION CO     0.01   01/05/27       INR      52.17
HITODI INFRASTRUCTURE LTD     0.01   06/30/27       INR      48.64
JAIPRAKASH ASSOCIATES LTD     5.75   09/08/17       USD      55.13
JAIPRAKASH POWER VENTURES     7.00   05/15/17       USD       2.18
JCT LTD                       2.50   04/08/11       USD      25.75
JSM CORP PVT LTD              0.01   08/31/36       INR      24.46
JTPM ATSALI LTD               0.01   08/29/48       INR       9.97
KANAKADURGA FINANCE LTD       0.01   04/15/36       INR      23.13
KVK ENERGY & INFRASTRUCTU     0.01   01/25/24       INR      70.50
MARIS POWER SUPPLY CO PVT     2.00   04/18/28       INR      61.67
MYTRAH AADHYA POWER PVT L     0.01   07/05/35       INR      27.51
MYTRAH ADVAITH POWER PVT      0.01   07/13/36       INR      25.12
MYTRAH AKSHAYA ENERGY PVT     0.01   07/13/36       INR      25.12
ORIGAMI CELLULO PVT LTD       0.01   11/14/36       INR      24.22
PRAKASH INDUSTRIES LTD        5.25   04/30/15       USD      22.63
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/33       INR      40.08
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/32       INR      42.76
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/31       INR      45.72
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/30       INR      48.92
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/29       INR      52.39
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/28       INR      56.12
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/27       INR      60.16
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/26       INR      64.53
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/25       INR      69.24
PUNJAB INFRASTRUCTURE DEV     0.40   10/15/24       INR      74.27
PYRAMID SAIMIRA THEATRE L     1.75   07/04/12       USD       0.26
R L FINE CHEM PVT LTD         0.10   08/19/36       INR      24.88
REDKITE CAPITAL PVT LTD       2.50   03/30/29       INR      61.39
REDKITE CAPITAL PVT LTD       2.50   01/15/28       INR      64.96
REI AGRO LTD                  5.50   11/13/14       USD       0.34
REI AGRO LTD                  5.50   11/13/14       USD       0.34
RELIANCE COMMUNICATIONS L     6.50   11/06/20       USD      11.68
SURBHI INVESTMENTS & TRAD     2.50   10/21/28       INR      62.50
SUZLON ENERGY LTD             5.75   07/16/19       USD      30.00
SUZLON ENERGY LTD             5.75   07/16/19       USD      30.00
SVOGL OIL GAS & ENERGY LT     5.00   08/17/15       USD       0.61
TN URJA PVT LTD               0.10   02/22/36       INR      27.35
VIDEOCON INDUSTRIES LTD       2.80   12/31/20       USD      30.22
WATSUN INFRABUILD PVT LTD     4.00   10/16/37       INR      53.85
WS T&D LTD                    0.10   03/24/29       INR      46.31


  JAPAN
  -----

AVANSTRATE INC                0.10   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      47.58
INDUSTRIAL BANK OF KOREA      3.84   03/10/45       KRW      37.37
KIBO ABS SPECIALTY CO LTD     5.00   02/26/21       KRW      63.69
KIBO ABS SPECIALTY CO LTD     5.00   02/28/22       KRW      69.51
KIBO ABS SPECIALTY CO LTD     5.00   02/24/22       KRW      70.33
KIBO ABS SPECIALTY CO LTD     5.00   08/28/21       KRW      71.12
KIBO ABS SPECIALTY CO LTD     5.00   09/11/20       KRW      73.43
LOTTE CARD CO LTD             3.95   06/28/49       KRW      63.57
POSCO ENERGY CO LTD           5.21   08/29/43       KRW      66.93
SAMPYO CEMENT CO LTD          8.10   04/12/15       KRW      70.00
SAMPYO CEMENT CO LTD          8.30   04/20/14       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          8.10   06/26/15       KRW      70.00
SILLAJEN INC                  1.00   03/21/24       KRW      47.47
SINBO SECURITIZATION SPEC     5.00   12/21/20       KRW      61.97
SINBO SECURITIZATION SPEC     5.00   03/21/21       KRW      64.13
SINBO SECURITIZATION SPEC     5.00   07/26/21       KRW      65.41
SINBO SECURITIZATION SPEC     5.00   01/26/22       KRW      65.71
SINBO SECURITIZATION SPEC     5.00   01/25/22       KRW      65.72
SINBO SECURITIZATION SPEC     5.00   08/31/21       KRW      66.27
SINBO SECURITIZATION SPEC     5.00   02/23/22       KRW      66.98
SINBO SECURITIZATION SPEC     5.00   07/26/22       KRW      67.48
SINBO SECURITIZATION SPEC     5.00   01/25/23       KRW      67.94
SINBO SECURITIZATION SPEC     5.00   08/31/22       KRW      68.37
SINBO SECURITIZATION SPEC     5.00   02/28/22       KRW      69.50
SINBO SECURITIZATION SPEC     5.00   03/20/23       KRW      69.74
SINBO SECURITIZATION SPEC     5.00   02/28/23       KRW      69.87
SINBO SECURITIZATION SPEC     5.00   12/27/21       KRW      70.19
SINBO SECURITIZATION SPEC     5.00   06/29/21       KRW      71.34
SINBO SECURITIZATION SPEC     5.00   06/29/22       KRW      71.70
SINBO SECURITIZATION SPEC     5.00   09/28/22       KRW      71.78
SINBO SECURITIZATION SPEC     5.00   09/27/21       KRW      73.84
SINBO SECURITIZATION SPEC     5.00   06/23/20       KRW      73.97
SINBO SECURITIZATION SPEC     5.00   08/25/21       KRW      74.10
SINBO SECURITIZATION SPEC     5.00   07/27/21       KRW      74.32
SINBO SECURITIZATION SPEC     5.00   03/15/20       KRW      74.55


  MALAYSIA
  --------

AEON CREDIT SERVICE M BHD     3.50   09/15/20       MYR       1.15
ASIAN PAC HOLDINGS BHD        3.00   05/25/22       MYR       0.66
BERJAYA CORP BHD              2.00   05/29/26       MYR       0.13
BERJAYA CORP BHD              5.00   04/22/22       MYR       0.30
ELK-DESA RESOURCES BHD        3.25   04/14/22       MYR       1.34
HIAP TECK VENTURE BHD         5.00   06/23/21       MYR       0.22
HUME INDUSTRIES BHD           5.00   05/29/24       MYR       1.85
MALAYAN FLOUR MILLS BHD       5.00   01/24/24       MYR       1.22
PMB TECHNOLOGY BHD            3.00   07/12/23       MYR       3.03
REDTONE INTERNATIONAL BHD     2.75   03/04/20       MYR       0.18
SENAI-DESARU EXPRESSWAY B     1.35   06/30/31       MYR      68.85
SENAI-DESARU EXPRESSWAY B     1.35   12/31/30       MYR      69.98
SENAI-DESARU EXPRESSWAY B     1.35   06/28/30       MYR      71.14
SENAI-DESARU EXPRESSWAY B     1.35   12/31/29       MYR      72.31
SENAI-DESARU EXPRESSWAY B     1.35   12/29/28       MYR      74.90
VIZIONE HOLDINGS BHD          3.00   08/08/21       MYR       0.07


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z     4.80   09/27/21       NZD       1.27


  PHILIPPINES
  -----------

BAYAN TELECOMMUNICATIONS     15.00   07/15/06       USD      22.75


  SINGAPORE
  ---------

ASL MARINE HOLDINGS LTD       3.00   10/01/26       SGD      51.38
ASL MARINE HOLDINGS LTD       3.00   03/28/25       SGD      51.38
BAKRIE TELECOM PTE LTD       11.50   05/07/15       USD       0.56
BAKRIE TELECOM PTE LTD       11.50   05/07/15       USD       0.56
BERAU CAPITAL RESOURCES P    12.50   07/08/15       USD      43.20
BERAU CAPITAL RESOURCES P    12.50   07/08/15       USD      43.20
BLD INVESTMENTS PTE LTD       8.63   03/23/15       USD       4.88
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
ENERCOAL RESOURCES PTE LT     9.25   08/05/14       USD      45.29
ETERNA CAPITAL PTE LTD        8.00   12/11/22       USD      56.83
EZION HOLDINGS LTD            0.25   11/20/27       SGD      74.09
EZRA HOLDINGS LTD             4.88   04/24/18       SGD       5.00
GEO COAL INTERNATIONAL PT     8.00   10/04/22       USD      63.30
GEO COAL INTERNATIONAL PT     8.00   10/04/22       USD      63.95
HYFLUX LTD                    4.25   09/07/18       SGD      38.63
HYFLUX LTD                    4.20   08/29/19       SGD      38.63
HYFLUX LTD                    4.60   09/23/19       SGD      38.63
INDO INFRASTRUCTURE GROUP     2.00   07/30/10       USD       1.00
INNOVATE CAPITAL PTE LTD      6.00   12/11/24       USD      35.38
ITNL OFFSHORE PTE LTD         7.50   01/18/21       CNY      29.50
MICLYN EXPRESS OFFSHORE P     8.75   11/25/18       USD      22.75
NT RIG HOLDCO PTE LTD         7.50   12/20/21       USD      59.90
ORO NEGRO DRILLING PTE LT     7.50   01/24/19       USD       1.33
PACIFIC RADIANCE LTD          4.30   03/31/20       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           7.75   09/18/17       CNY       7.75
SWIBER HOLDINGS LTD           7.13   04/18/17       SGD       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


  VIETNAM
  -------

VIETNAM GOVERNMENT BOND       3.80   01/16/50       VND      74.66


                           *********


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 2020.  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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