/raid1/www/Hosts/bankrupt/TCRAP_Public/200331.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, March 31, 2020, Vol. 23, No. 65

                           Headlines



A U S T R A L I A

ASSET FINANCE: S&P Affirms 'B-' ICR on Planned Change in Ownership
CENCAT PTY: Second Creditors' Meeting Set for April 7
ENGINE ROOM: First Creditors' Meeting Set for April 7
KIKKI.K: To Close Stores; 440 Employees Stood Down
LOCKYER QUARRY: Second Creditors' Meeting Set for April 7

PEC AMSTEL: Second Creditors' Meeting Set for April 7
PEC PORTFOLIO: Second Creditors' Meeting Set for April 7
RED ENGINE: First Creditors' Meeting Set for April 7
SPEEDCAST INT'L: Identifies Hurdles as it Staves Off Collapse
TIGERLILY AUST: First Creditors' Meeting Set for April 1



C H I N A

CHINA GRAND: Moody's Alters Outlook on B1 CFR to Negative
SUZHOU BANK: Moody's Alters Outlook on Ba1 Deposit Rating to Neg.
XINJIANG GUANGHUI: Moody's Alters Outlook on B2 CFR to Negative
YIDA CHINA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion


I N D I A

BHAVANAM TEXTILES: CRISIL Moves B+ Ratings to Not Cooperating
DAGAR FARMS: CARE Lowers Rating on INR5.29cr LT Loan to 'D'
GANPATI STRUCTURES: CARE Cuts Rating on INR19cr LT Loan to B+
IL&FS EDUCATION: CARE Keeps D on INR200cr Debt in Not Cooperating
J. V STRIPS: CARE Lowers Rating on INR54cr LT Loan to 'D'

JINDAL STEELS: CRISIL Lowers Rating on INR58cr Loan to B+
K. D. INFRAENGICON: CARE Keeps 'D' Rating in Not Cooperating
K. SENTHIL: CRISIL Migrates B+ Ratings to Not Cooperating Category
KHURANA BLANKETS: CRISIL Withdraws B+ Rating on INR4.5cr Loan
KRISH AGRO: CARE Keeps 'D' Rating in Not Cooperating Category

LIBRA AUTO: CARE Lowers Rating on INR10cr LT Loan to 'D'
MAYAJUKTA TEA: CARE Assigns 'D' Rating to INR4.88cr LT Loan
MEET PRIVATE: CRISIL Lowers Rating on INR5cr Loan to B+
MOTHERSON SUMI: Moody's Assigns Ba1 CFR, On Review for Downgrade
NEW SAPNA: CARE Reaffirms 'D' Rating on INR5.50cr LT Loan

RBBR INFRASTRUCTURE: CARE Lowers Rating on INR11.25cr Loan to B+
RIGHILL ELECTRICS: CARE Lowers Rating on INR3.50cr Loan to D
SHREE MAA KALI: CARE Lowers Rating on INR9.50cr LT Loan to 'B-'
SHRIRAM TRANSPORT: Fitch Lowers LT Issuer Default Rating to BB
SUPREME MILLS: CARE Lowers Rating on INR5.75cr Loan to B+

TAPI PRESTRESSED: CRISIL Lowers Rating on INR30cr Loan to 'D'
TIRUPATI INDUSTRIES: CARE Lowers Rating on INR20cr Loan to B+
TOSHNIWAL ENTERPRISES: CRISIL Cuts Rating on INR29cr Loan to 'D'
VALLUVANAD HOSPITAL: CRISIL Withdraws D Rating on INR11cr Loan
VANI TRADING: CRISIL Lowers Ratings on INR6cr Loans to D

VEERAJ CONSTRUCTION: CRISIL Withdraws D Rating on INR12.5cr Loan
WESTIN RESINS: CARE Lowers Rating on INR18.96cr LT Loan to D


I N D O N E S I A

PT JASA MARGA: S&P Affirms BB+ LongTerm Issuer Credit Rating


N E W   Z E A L A N D

SMITHS CITY: Lender Grants Extension on NZD1.5MM Loan Repayment


P H I L I P P I N E S

PAYASIAN PTE: SEC Shuts Down Cryptocurrency Investment Operator
PHILIPPINES: May Go Into Recession, Central Bank Governor Says


S I N G A P O R E

HUAN HSIN: Needs More Time to Finalize Exit-Offer Proposal
IBC CAPITAL: Moody's Alters Outlook on B2 CFR to Negative


X X X X X X X X

[*] BOND PRICING: For the Week March 23, 2020 to March 27, 2020

                           - - - - -


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

ASSET FINANCE: S&P Affirms 'B-' ICR on Planned Change in Ownership
------------------------------------------------------------------
S&P Global Ratings affirmed its long-term and short-term issuer
credit ratings on New Zealand-based finance company Asset Finance
Ltd. (AFL) at 'B-/B'. The outlook is stable.

S&P said, "The affirmation reflects our view that the potential
acquisition of Blackstar Finance Ltd. (BFL) by Clare Investment
Management Group (CIM)--BFL is the majority shareholder of
AFL--will not materially affect our assessment of AFL's financial
strength, as the group credit profile of the wider CIM group is
similar to the financial strength of AFL's previous parent,
Blackstar Capital Group.

"The ratings reflect our expectation that AFL can withstand
moderate funding and liquidity stress over a period of 12 months
following the coronavirus outbreak. AFL has a strong cash balance
of almost 20% of total assets and a sound debenture maturity
profile, with about 75% of debentures later than 12 months. The
entity is strongly capitalized with a regulatory capital ratio of
15.7% as of Sept. 30, 2019. This provides some buffer to credit
losses resulting from a weakening in asset quality, which we expect
in the current operating environment.

"Although we do not view liquidity shortfalls to be likely over a
12-month period, we believe AFL faces increased funding and
liquidity challenges following the coronavirus outbreak. As a
result, we revised our assessment of AFL's stand-alone credit
profile (SACP) to 'b-' from 'b'. We expect asset quality will
decline as AFL services small to midsize borrowers that are
generally not serviced by the banking sector. These borrowers will
be directly affected by the coronavirus outbreak, which has led
authorities to restrict their operations. The inability of these
borrowers to repay loans will lead to higher nonperforming assets
for AFL, which will likely result in weaker cash flows and
increased liquidity strains for AFL. As such, we have removed the
positive peer notch previously associated with AFL.

"Our credit rating on AFL is marginally stronger than that of the
group, reflecting our view that AFL has mechanisms in place to
manage operations over the next 12 months, a period of heightened
stress.

"The stable on AFL reflects our expectation the finance company
will maintain its credit quality at the current rating level over a
12-month period. We expect capital to remain strong with a
forecasted risk-adjust capital ratio of greater than 15% over the
period, while AFL's high level of liquid assets relative to its
balance sheet will help it manage its operations over the year.
Further, AFL holds capital well in excess of its regulatory
minimums. As a result, a moderate decline in its regulatory capital
levels to manage impaired assets would not result in a lowering of
the rating on a stand-alone basis.

"We would lower our long- and short-term ratings on AFL within the
next 12 months if we formed a view the finance company had become
vulnerable to default, such that it was dependent on favorable
business, financial, and economic conditions to meet its financial
commitments. This may happen if there is a significant spike in
nonperforming assets, or AFL is unable to attract new investors to
its debentures, or to roll over existing debentures. This would
weaken AFL's liquidity and capital positions, in our view. We would
also lower our ratings on AFL if we believed the company's
financial commitments were unsustainable in the long term even if
it did not face a near-term (within 12 months) credit or payment
crisis.

"We believe upward rating prospects are limited in the next 12
months mainly because of the high financial leverage and limited
franchise strength of the CIM group. We also expect that AFL's
target lending segment involves higher credit risk."


CENCAT PTY: Second Creditors' Meeting Set for April 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cencat Pty.
Limited has been set for April 7, 2020, at 11:00 a.m. at the
offices of Amos Insolvency, 25/ 185 Airds Road, in Leumeah, 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 April 6, 2020, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Cencat Pty on March 3, 2020.


ENGINE ROOM: First Creditors' Meeting Set for April 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Engine Room
Productions Pty Ltd will be held on April 7, 2020, at 11:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants,
Suite 1, Level 15, at 9 Castlereagh Street, in Sydney, NSW.  

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Engine Room on
March 27, 2020.


KIKKI.K: To Close Stores; 440 Employees Stood Down
--------------------------------------------------
Eloise Keating at SmartCompany reports that stationery brand
Kikki.K has become the latest prominent retailer to temporarily
close its bricks-and-mortar stores, as Australia moves closer to
fully shutting down non-essential businesses and services in
response to the COVID-19 outbreak.

SmartCompany says the news comes almost three weeks since voluntary
administrators and receivers were appointed to the business, which
will continue to operate its online store.

In a statement on March 28, Kikki.K said its 59 stores across the
country have closed and about 440 employees have been stood down.

However, receiver Barry Wright from Cor Cordis confirmed the sale
process for the company is still underway, SmartCompany relays.

"Whilst the stores have temporarily closed due to COVID-19, we are
continuing with our efforts to sell the business as a going
concern, having had strong interest in the Kikki.K business to
date," SmartCompany quotes Mr. Wright as saying in the same
statement.

"Our online channels remain open for business, and we encourage all
the long term guests of Kikki.K to continue to support us during
this challenging period."

According to SmartCompany, Kikki.K has also temporarily closed its
stores in New Zealand and the UK, and the company says it is
closely monitoring the situation in Singapore and Hong Kong,
although its stores there continue to trade.

In an email to Kikki.K employees, seen by SmartCompany, co-founders
Kristina Karlsson and Paul Lacy said they will "continue to assess
the possibility of re-opening our stores in this ever-changing
situation".

"While social distancing and health hygiene measures for our store
teams and guests had been our focus to date, with the key aims of
preserving jobs and being available for our guests, we've taken the
decision that on balance now, the right course of action is to
close temporarily," the founders said.

"The economic and social health factors which have forced this
decision are outside of the control of Kikki.K."

Voluntary administrators and receivers were appointed to the
Kikki.K business on March 10, and within 24 hours, nine interested
buyers or partners had come forward, SmartCompany discloses. At the
same time, in-store sales jumped 94% and online sales grew by 400%,
according to emails seen by SmartCompany.

In their email to employees this week, Karlsson and Lacy reiterated
that "sales online have grown substantially in recent weeks".

"We expect most of our guests will simply switch from shopping in
stores to shopping with us online," they said.

According to SmartCompany, the retailer is currently running a
40%-off sale on all full-priced items, and Karlsson and Lacy said
the brand's online followers will soon have access to more free
content online, as well as Instagram Live events with Karlsson on
topics such as 'self-care in challenging times', 'gratitude as a
way to get through tough times', 'how to organise a productive home
workspace' and 'tips for supporting kids schooling from home'.

Kikki.K employees will also be given access to online sessions on
similar themes, they said.

"It's a profoundly challenging time, and the only way through is to
work together and look after each other the best we possibly can,"
the report quotes Ms. Karlsson as saying.

                            About Kikki.K

Kikki.K was founded by Karlsson and Lacy in Melbourne in 2001. It
operates 65 stores across Australia, the United Kingdom, New
Zealand, Singapore and Hong Kong.

The company employs 450 full-time equivalent employees and turns
over AUD70 million in annual revenue.

On March 10, the company said Jim Downey of J.P Downey & Co has
been appointed as voluntary administrator, while Barry Wright and
Bruno Secatore of Cor Cordis have also been appointed receivers of
the company, which is continuing to trade.


LOCKYER QUARRY: Second Creditors' Meeting Set for April 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lockyer Quarry
Pty Ltd has been set for April 7, 2020, at 11:00 a.m. at the
offices of Rodgers Reidy, Level 9, River Quarter, at 46 Edward
Street, in Brisbane, Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2020, at 11:00 a.m.

David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Lockyer Quarry on Feb. 14, 2020.


PEC AMSTEL: Second Creditors' Meeting Set for April 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of PEC Amstel
Nominees Pty Ltd has been set for April 7, 2020, at 11:00 a.m. via
teleconference.

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 April 6, 2020, at 4:00 p.m.

David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Amstel Nominees Pty Ltd on Feb. 14, 2020.


PEC PORTFOLIO: Second Creditors' Meeting Set for April 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of PEC Portfolio 1
Pty. Ltd. has been set for April 7, 2020, at 12:00 p.m. via
teleconference.

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 April 6, 2020, at 4:00 p.m.

David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Portfolio on March 2, 2020.



RED ENGINE: First Creditors' Meeting Set for April 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Engine
Strategy Content Creative Pty Ltd will be held on April 7, 2020, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, at 9 Castlereagh Street, in Sydney,
NSW.  

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Red Engine on March 27, 2020.



SPEEDCAST INT'L: Identifies Hurdles as it Staves Off Collapse
-------------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that debt-laden
satellite broadcaster Speedcast has identified the daunting hurdles
in front of it as the company attempts to stave off collapse after
revealing on March 30 it made an unaudited loss of US$459.8 million
(AUD748 million) last year including US$413.8 million worth of
write-downs.

The company, which had US$669 million worth of debt as of
December 31, reported that total liabilities exceeded total assets
by US$202.7 million as of that date, SMH discloses.

Without resolution of the liquidity and recapitalisation issues,
the company said "there exists a material uncertainty that the
group will be able to continue as a going concern". This includes
bridging finance to "allow Speedcast to continue operating and
progress its recapitalisation and restructuring to reduce the
overall leverage of the company," SMH relays.

It also includes negotiating terms of a forbearance agreement with
its lenders, the report says. The forbearance is in relation to
interest and amortisation payments due on March 31 and the breach
of any debt covenants as of last year. It is also negotiating with
suppliers for overdue payments.

According to the report, the board said it had prepared the
accounts on an ongoing basis on the assumption that Speedcast would
succeed with its forbearance agreement, required funding and
recapitalisation, but noted "there is no guarantee that all of
these initiatives will be achieved".

The company has stated previously that Moelis is advising it on
funding and recapitalisation alternatives given the fact that
current equity market conditions preclude a meaningful equity
raising, SMH relays.

SMH says the debt-laden company's shares remain suspended until
accounting firm PwC completes the audit of this result which has
been under board scrutiny since a profit downgrade last month which
triggered the resignation of its chief executive Pierre-Jean
Beylier.

Speedcast said last week the coronavirus had had a "substantial
impact" on one of its core markets - cruise liners - and as a
result, the company was "not yet able to provide a reliable outlook
for the performance of the business" for the current financial
year, which ends on December 31, SMH adds.

On March 30, the company said it was seeing virus-related impacts
across a range of customers and business segments, the report
relates.

Speedcast CEO Pierre-Jean Beylier resigned after delivering a
profit downgrade to the board which is now reviewing the FY19
result, the report says.

SMH relates that the company also said the Australian Securities
and Investments Commission had forced the company to restate its
previous year's revenue meaning the prior year's US$1.9 million net
profit is a US$6.8 million loss.

"Speedcast has agreed to change its accounting policy and restate
the FY18 comparatives in this financial report in line with ASIC's
interpretation," the company, as cited by SMH, said in a note to
its accounts.

"The restatement does not impact the total amount of revenue that
will be recognised by the company, and that the company will
receive under the contracts, but simply the timing of the
recognition of the revenue."

Shares have been suspended since January 31 when they last traded
at 79 cents, the report notes.

                          About Speedcast

Based in Australia, Speedcast International Limited --
https://www.speedcast.com/ -- provide satellite services. The
Company offers a range of products and services, such as network
service, value added services, equipment sales and wholesale Voice
over Internet Protocol (VoIP).

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2020, Moody's Investors Service downgraded to B3 from B2
Speedcast International Limited's corporate family and senior
secured term loan ratings.  The rating outlook remains negative.


TIGERLILY AUST: First Creditors' Meeting Set for April 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tigerlily
Aust Pty Ltd and TL Holdco Pty Ltd will be held on April 1, 2020,
at 2:30 p.m. via teleconference.

Scott David Harry Langdon and Jennifer Nettleton of KordaMentha
were appointed as administrators of Tigerlily Aust on March 22,
2020.





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

CHINA GRAND: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------
Moody's Investors Service has affirmed China Grand Automotive
Services Group Co., Ltd's B1 corporate family rating and the B1
senior unsecured debt ratings on the notes issued by China Grand
Automotive Services Limited and guaranteed by China Grand Auto.

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

RATINGS RATIONALE

"The negative outlook reflects its expectation that China Grand
Auto's operating performance in 2020 will be weaker than we had
previously expected due to the coronavirus outbreak, stretching its
metrics and raising refinancing risk," says Roy Zhang, a Moody's
Assistant Vice President and Analyst.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
China Grand Auto's exposure to retail and discretionary consumption
have left it vulnerable to shifts in market sentiment, given its
sensitivity to consumer demand.

"That said, the impact is partially mitigated by China Grand Auto's
large scale and highly diversified auto dealer network in China,
resilient business model, and strong banking relationships," adds
Zhang.

While new vehicle sales have started to recover as auto retailers
resume operation, Moody's expects slower economic growth and weaker
consumer confidence will affect auto demand in China. In the first
two months of 2020, the coronavirus outbreak and closure of retail
stores resulted in a 42% drop in China auto sales according to the
China Association of Automobile Manufacturers. This steep decline
follows an 8.2% drop in auto sales in 2019. Moody's expects China
Grand Auto's revenue will decline by 6.3% in 2020 due to lower
business volumes.

As the largest auto dealer in China by unit new car sales, China
Grand Auto has a diversified retail network across China and a
balanced brand exposure towards the high-end and luxury segments.
Moody's expects the company will benefit from industry
consolidation and be able to capture a good share of auto sales
once demand recovers in the second half of 2020 and 2021. The
company's credit profile also remained resilient through 2019, when
auto demand was weak in China.

Moreover, China Grand Auto's increasing profit contributions from
high-margin services and commission-based business have improved
operating stability. The company derived 67% of its gross profit
from these higher-margin segments in the first half of 2019.

To help preserve capital for debt repayment, Moody's expects China
Grand Auto will tighten its sales and administrative cost, reduce
dividend payments and slow its pace of expansion. The company
repaid its USD400 million perpetual securities in December 2019 and
USD300 million senior unsecured note in February 2020.

As a result, Moody's expects China Grand Auto's leverage, as
measured by total debt to EBITDA, to stay around 5.9x in the next
12-18 months.

China Grand Auto relies heavily on short-term debt, resulting in a
weak liquidity profile. At 30 June 2019, its restricted and
unrestricted cash pool of RMB20.3 billion was insufficient to cover
its short-term debt. Moody's expects that the company's financing
cost will rise as it refinances its existing debt at higher
interest rates.

Nevertheless, Moody's expects the company will be able to roll over
its debt or meet its debt obligations, given its profitable
operations, strong market position and inventory of branded cars.

The company has also demonstrated a track record of access to
diversified funding channels, including onshore debt instruments,
such as corporate bonds, medium-term notes, syndicated loans and
asset-backed securities.

In addition, its strategic relationships with auto makers and
highly liquid working capital provide it with a buffer against its
liquidity needs.

The senior unsecured bond rating on the proposed USD notes is
unaffected by subordination to claims at the operating company
level, because such claims are not material, based on Moody's
expectation that the majority of claims will remain at the holding
company level. Creditors of China Grand Auto also benefit from the
group's highly diversified business profile — with cash flow
generation across a large number of operating subsidiaries —
which mitigates structural subordination risk.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on China Grand Auto of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.

In terms of governance risk, China Grand Auto's ownership is
concentrated in Xinjiang Guanghui Industry Investment (Group) Co.,
Ltd. (B2 negative), which held a 32.73% stake in the company at 21
September 2019. This risk is somewhat mitigated by the fact that
China Grand Auto is a listed and regulated entity, with minimal
intercompany transactions with Xinjiang Guanghui.

Moody's could change the outlook to stable if China Grand Auto
maintains its business profile and access to diversified funding
sources, improves its liquidity profile, and sustains its leverage
below 6.0x.

On the other hand, Moody's could downgrade the ratings if China
Grand Auto's (1) business profile weakens; (2) revenue and/or
margins decline due to deteriorating market conditions or the
termination of contracts with vehicle suppliers; (3) liquidity
position or funding access weakens; or (4) interest coverage — as
measured by EBITDA/interest — falls below 2.5x, or its leverage
rises above 6.0x on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Established in 2006, China Grand Automotive Services Group Co., Ltd
is listed on the Shanghai Stock Exchange and was 32.64% owned by
the unlisted Xinjiang Guanghui Industry Investment (Group) Co.,
Ltd. (B2 negative) at 30 June 2019.


SUZHOU BANK: Moody's Alters Outlook on Ba1 Deposit Rating to Neg.
-----------------------------------------------------------------
Moody's Investors Service has changed its outlook to negative from
stable and affirmed the ratings of the following banks:

  - The Baa3 long-term foreign and local currency deposit ratings
    of Bank of Nanjing Co., Ltd.

  - The Baa2 long-term foreign and local currency deposit ratings
    of Bank of Ningbo Co., Ltd.

  - The Ba1 long-term foreign and local currency deposit ratings
    for Bank of Suzhou Co., Ltd.

  - The Baa2 long-term foreign and local currency deposit ratings
    of Guangzhou Rural Commercial Bank Co., Ltd.

  - The Baa3 long-term foreign and local currency deposit ratings
    for Shenzhen Rural Commercial Bank Corporation Limited

  - The Baa1 long-term foreign and local currency deposit ratings
    and local currency senior unsecured debt rating of Fubon Bank
    (China) Co., Ltd. (Fubon China)

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The China banking
sector has been affected by the shock through its exposure to
highly affected regions and industries. At the height of the
outbreak in late January and February, government restrictions and
consumer caution led to a drop in economic activity in the country.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety.

Although economic activity in China has resumed, the recovery is
tepid and is expected to remain so, adding to existing strain on
Chinese banks' operating environment following two months of slow
economic activity. The lifting of many of the restrictions intended
to reduce the spread of the virus should aid a rebound in the
second quarter as people return to work. However, the significant
supply chain disruptions in the first quarter and weak external
demand, particularly in the second quarter, will weigh on capacity
utilization.

Moody's expects the slow improvement in consumer demand will temper
the pace of recovery in the second half of the year. Fiscal easing
focused on increasing household spending will likely help lift
domestic demand in the second half of the year, but investment
growth, particularly in the private sector, will remain soft. At
the same time, Moody's expects further substantial fiscal policy
easing may be forthcoming after the next National People's Congress
meeting, and monetary and fiscal policy will support a steady
recovery for 2021.

The change in outlook to negative for the affected banks reflects
Moody's view that China's economic growth will slow in 2020 and
that the resultant risk of deterioration in the banks' credit
quality has heightened, pressuring the banks' baseline credit
assessments (BCAs).

Moody's expects credit profiles will weaken especially among banks
with less-diversified loan exposures and, for some, with weak
financial profiles relative to peer banks at the same BCA level.

Banks whose outlook has been changed to negative are those that
have portfolios that are more sensitive to economic downturns,
either due to their higher exposure to small and micro enterprises
or due to less-diversified portfolios with higher lending exposure
to the most affected sectors or regions. In addition, the regional
banks operate mainly in cities whose manufacturing and
trade-related sectors are vulnerable to a potential global
contraction in demand. As a result, these banks will face higher
asset quality and profitability pressures as the impact of
coronavirus outbreak on the economy continues and intensifies. Some
of these banks have also recorded relatively strong growth in
recent years, posing unseasoned risk to their loan portfolios and
pressuring capital ratios.

The government has announced various relief programs and fiscal and
monetary measures to support entities in the real economy,
including sectors and small and micro enterprises most affected by
the coronavirus outbreak.

These measures aim to reduce the economic shock by providing
liquidity, lowering operating expenses and financing costs,
alleviating imminent repayment pressure, boosting demand and
supporting factories' resumption of production activities. While
these measures will help delay the recognition of asset quality
deterioration and formation of non-performing loans (NPLs), their
effectiveness in curbing materially higher NPLs will depend on the
severity and duration of the outbreak and the implications of the
outbreak for the global economy.

Rating rationale for individual banks

Bank of Nanjing

Bank of Nanjing has considerable exposure to the manufacturing and
wholesale and retail sectors, which are meaningfully affected by
the coronavirus outbreak. The bank's exposure to small and micro
enterprises is also high, implying potential asset risk if the
economic slowdown is prolonged. The bank has allocated 80% of its
gross loans in Jiangsu province and 31% in Nanjing at the end of
June 2019.

While affirming its deposit ratings and BCA, Moody's continues to
factor in a high level of government support, resulting in a
two-notch uplift from the bank's ba2 BCA.

Bank of Ningbo

Bank of Ningbo has significant exposures to small and micro
enterprises and to the manufacturing and wholesale and retail
sectors. It has a relatively concentrated portfolio in Zhejiang
Province, which accounted for 63% of its loan book at the end of
June 2019. While the bank has managed the risk related to its small
and micro enterprises portfolio well historically, Zhejiang
Province is a manufacturing hub and the slowing global supply chain
will test small and micro enterprises in the region.

While affirming its deposit ratings and BCA, Moody's continues to
factor in a high level of government support, resulting in a
two-notch uplift from the bank's ba1 BCA.

Bank of Suzhou

Bank of Suzhou's asset quality is sensitive to economic downturns
and slowing global supply chains, due to its large exposure to
small and micro enterprises and the manufacturing sector, and its
relatively concentrated portfolio geographically in the city of
Suzhou, a manufacturing hub with many exported-oriented companies.
Loan prime rate reform will also pressure the bank's
profitability.

While affirming its deposit ratings and BCA, Moody's continues to
factor in a moderate level of government support, resulting in a
one-notch uplift from the bank's ba2 BCA.

Guangzhou Rural Commercial Bank

Guangzhou Rural Commercial Bank has a large exposure to small and
micro enterprises and weak profitability when compared to its rated
peers. It also has sizable exposures to wholesale and retail
sector, which are more vulnerable to the impact of the coronavirus
outbreak. It has a relatively concentrated portfolio in Guangzhou
city and Guangdong Province.

The bank's loan growth has also outpaced the industry average,
pressuring its asset quality and capital ratios. While affirming
the bank's deposit ratings and BCA, Moody's continues to factor in
a high level of government support, resulting in a two-notch uplift
from the bank's ba1 BCA.

Shenzhen Rural Commercial Bank

Shenzhen Rural Commercial Bank's loan growth has consistently
outpaced the industry average over the past 3 years, resulting in
unseasoned asset risk. The bank also has large exposures to small
and micro enterprises and sizable exposures to the wholesale and
retail and commercial real estate sectors, which are more
vulnerable to the impact of the coronavirus outbreak.

While affirming the bank's deposit ratings and BCA, Moody's
continues to factor in a moderate level of government support,
resulting in a one-notch uplift from the bank's ba1 BCA.

Fubon China

Fubon China's credit concentration in large borrowers is high
relative to its capital base. The bank's rapid loan growth in 2019
implies unseasoned risk and drags down its capital ratios. The bank
also faces expansion risk due to its rapid loan growth in Central
China, including Hubei Province, Hunan Province and Henan Province
since 2018.

While affirming its deposit ratings and BCA, Moody's continues to
factor in a very high level of support from Fubon Financial Holding
Co., Ltd. (Baa1 stable) and Taipei Fubon Commercial Bank Co Ltd (A2
stable, BCA baa2), resulting in four-notch uplift from the bank's
ba2 BCA.

Moody's does not have particular governance concerns for the
affected banks, and their governance practices follow those that
are stipulated in the act governing their respective entities.

WHAT COULD MOVE THE RATING UP/DOWN

Given the negative outlook on the affected banks' ratings, their
BCAs and deposit ratings are unlikely to be upgraded. However, the
outlook could change to stable if macro-economic conditions in
China improve and the affected banks maintain sound credit metrics
in line with their current ratings and assessments.

The banks' BCAs would face negative pressure should the operating
environment weaken materially, for example if China's economic
growth moderates further as the impact of the virus prolongs or if
corporate financial leverage increases significantly as a result of
loose monetary policies.

The banks' BCAs could also experience downward pressure if the
banks' (1) asset quality and profitability weaken materially; (2)
RWAs grow rapidly and lead to weaker capital positions; or (3)
liquidity conditions deteriorate.

For Bank of Nanjing, Bank of Ningbo, Bank of Suzhou, Guangzhou
Rural Commercial Bank and Shenzhen Rural Commercial Bank, there
could be downward pressure on their ratings should the Chinese
government's capability or willingness to support the banks
weaken.

For Fubon China, its rating could be downgraded if Fubon Financial
Holding and Taipei Fubon Commercial Bank's capacity to support the
bank weakens.

Affected ratings and assessment list:

Bank of Nanjing Co., Ltd.

  - Affirmed Baa3 long-term foreign and local currency deposit
    ratings, outlook changed to negative from stable

  - Affirmed P-3 short-term foreign and local currency deposit
    ratings

  - Affirmed Baa3(cr)/P-3(cr) long term/ short-term Counterparty
    Risk Assessment

  - Affirmed Baa3/P-3 long-term/short-term local/foreign currency
    Counterparty Risk Ratings

  - Affirmed ba2 BCA and Adjusted BCA

  - Outlook changed to negative from stable

Bank of Ningbo Co., Ltd.

  - Affirmed ba1 BCA

  - Affirmed ba1 Adjusted BCA

  - Affirmed Baa2 long-term foreign and local currency deposit
    ratings, outlook changed to negative from stable

  - Affirmed P-2 short-term foreign and local currency deposit
    ratings

  - Affirmed Baa2(cr)/P-2(cr) long term/ short-term Counterparty
    Risk Assessment

  - Affirmed Baa2/P-2 long term/ short-term foreign and local
    currency Counterparty Risk Ratings

  - Outlook changed to negative from stable

Bank of Suzhou Co., Ltd.

  - Affirmed ba2 BCA

  - Affirmed ba2 Adjusted BCA

  - Affirmed Ba1 long-term foreign and local currency deposit
    ratings, outlook changed to negative from stable

  - Affirmed Ba1 long-term foreign and local currency issuer
    ratings, outlook changed to negative from stable

  - Affirmed NP short-term foreign and local currency deposit
    and issuer ratings

  - Affirmed Baa3(cr)/P-3(cr) long term/ short-term
    Counterparty Risk Assessment

  - Affirmed Baa3/P-3 long term/ short-term foreign and local
    currency Counterparty Risk Ratings

  - Outlook changed to negative from stable

Guangzhou Rural Commercial Bank Co., Ltd.

  - Affirmed ba1 BCA

  - Affirmed ba1 Adjusted BCA

  - Affirmed Baa2 long-term foreign and local currency
    deposit ratings, outlook changed to negative from stable

  - Affirmed P-2 short-term foreign and local currency
    deposit ratings

  - Affirmed Baa2(cr)/P-2(cr) long term/ short-term
    Counterparty Risk Assessment

  - Affirmed Baa2/P-2 long term/ short-term foreign and local
    currency Counterparty Risk Ratings

  - Outlook changed to negative from stable

Shenzhen Rural Commercial Bank Corporation Limited

  - Affirmed ba1 BCA

  - Affirmed ba1 Adjusted BCA

  - Affirmed Baa3 long-term foreign and local currency
    deposit ratings, outlook changed to negative from stable

  - Affirmed P-3 short-term foreign and local currency
    deposit ratings

  - Affirmed Baa2(cr)/P-2(cr) long term/ short-term
    Counterparty Risk Assessment

  - Affirmed Baa2/P-2 long term/ short-term foreign and local
    currency Counterparty Risk Ratings

  - Outlook changed to negative from stable

Fubon Bank (China) Co., Ltd.

  - Affirmed Baa1 for long-term local and foreign currency
    deposit ratings, outlook changed to negative from stable

  - Affirmed P-2 for short-term local and foreign currency
    deposit ratings

  - Affirmed Baa1 for long-term local currency senior
    unsecured debt, outlook changed to negative from stable

  - Affirmed Baa1 for long-term local and foreign currency  
    Issuer Rating, outlook changed to negative from stable

  - Affirmed A3/P-2 for long-term/short-term local and
     foreign currency Counterparty Risk Ratings

  - Affirmed A3(cr)/P-2(cr) for long-term/short-term
    Counterparty risk assessment

  - Affirmed baa1 for Adjusted BCA

  - Affirmed ba2 for BCA

  - Outlook changed to negative from stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

BANK PROFILES

Bank of Nanjing is a city commercial bank headquartered in Nanjing,
Jiangsu Province. The bank reported total assets of RMB1,348
billion as of 30 June 2019.

Bank of Ningbo is a city commercial bank headquartered in Ningbo,
Zhejiang Province. The bank reported total assets of RMB1,205
billion as of 30 June 2019.

Bank of Suzhou is a city commercial bank headquartered in Suzhou,
Jiangsu Province. It reported total assets of RMB341 billion as of
the end of June 2019.

Guangzhou Rural Commercial Bank is a rural commercial bank
headquartered in Guangzhou city, Guangdong Province. It reported
total assets of RMB853 billion as of the end of June 2019.

Shenzhen Rural Commercial Bank is a rural commercial bank
headquartered in Shenzhen with reported assets totaled RMB316.9
billion at the end of 2018.

Fubon China is headquartered in Shanghai. It reported total assets
of RMB71 billion as of the end of 2018.


XINJIANG GUANGHUI: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Xinjiang Guanghui Industry
Investment Co., Ltd.'s B2 corporate family rating and B3 senior
unsecured debt ratings.

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

RATINGS RATIONALE

"The negative outlook reflects its view that Guanghui Group's
operating performance in 2020 will likely be weaker than expected,
given the increasing refinancing risks stemming from the
deteriorating global economic outlook," says Roy Zhang, a Moody's
Assistant Vice President and Analyst.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
Guanghui Group's exposure to retail and discretionary consumption
have left it vulnerable to shifts in market sentiment, especially
given its sensitivity to consumer demand.

"That said, the impact is partially mitigated by Guanghui Group's
large operating scale, strong market position in China's auto
dealer industry, and track record of successfully refinancing its
debt, as reflected by its B2 rating," adds Zhang.

Guanghui Group's revenue increased to RMB189 billion in 2018,
growing by an average rate of 22% over the past three years.
Meanwhile, its leverage -- as measured by adjusted total debt to
EBITDA -- decreased to 6.0x at the end of 2018 from a peak of 9.9x
at the end of 2016. These strong results were supported by the
company's leadership position in the domestic auto dealer industry,
and by its diversified business operations in energy and property.

Guanghui Group is the largest shareholder in China Grand Automotive
Services Grp Co., Ltd (CGA, B1 negative), the leading auto dealer
in China (A1 stable) in terms of unit sales, with a large network,
strong geographic coverage, and a diversified brand offering. Its
33%-owned auto dealer business accounted for 88% of its
consolidated revenue in 2018.

Moody's expects Guanghui Group's leverage ratio will increase from
6.0x at 31 December 2018 to 7.0x-7.1x in the next 12 to 18 months,
due to the weak operating environment.

Founded in 1989, the company is one of the largest privately-owned
enterprise in Xinjiang province. Over the past three decades, it
has been through several economic cycles while meeting its debt
obligations.

Guanghui Group's liquidity profile is weak due to its high reliance
on short-term debt, which amounted to around RMB66.6 billion at the
end of June 2019 and well exceeded its cash holdings -- including
pledged deposits -- of RMB31.5 billion.

However, the company has a good track record of refinancing its
debt, and also demonstrated good funding access in 2019 when
overall funding conditions were not favorable for privately-owned
enterprises in China.

In March, Guanghui Group exchanged about US$58 million of existing
notes into new US$ notes due in 2021.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

In terms of environmental and social risks, some of Guanghui
Group's businesses, such as its oil and gas, coal mining and
chemical businesses, are exposed to high risks associated with
tightening emission standards and health and safety measures.
However, such risks are partially mitigated by the company's track
record of operational continuity and business diversification.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Guanghui Group of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

In terms of corporate governance factors, Guanghui Group is a
private company, and its corporate governance and transparency are
weaker than those of publicly listed companies. The company's share
ownership is concentrated in Ms. Sun Guangxin, who holds a 50.06%
stake in the company as of the end of 2018. Such risk is partially
mitigated by the presence of China Evergrande Group (B1 stable) as
the second largest shareholder, with a 40.97% stake as of the same
date.

The B3 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of Guanghui Group's claims are
at its operating subsidiaries and have priority over its senior
unsecured claims at the holding company in a bankruptcy scenario.

The outlook could be revised back to stable if Guanghui Group: (1)
maintains its business profile; (2) improves its liquidity; and (3)
refinances its short-term debt.

On the other hand, Moody's could downgrade the ratings if (1)
Guanghui Group reduces its ownership in, or control over, CGA; (2)
CGA's credit profile weakens materially; or (3) Guanghui Group's
liquidity or credit metrics further deteriorate, such that its
adjusted debt/EBITDA exceeds 8.0x and its EBITDA/interest falls
below 1.0x-1.5x on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments, namely auto
dealerships, energy and real estate. At the end of June 2019, the
company held a 33% stake in China's largest auto dealer by revenue,
China Grand Automotive Services Co., Ltd.

Founded in 1989, the unlisted Xinjiang Guanghui was 50.06% owned by
the Mr. SUN Guangxin at the end of 2018. Mr. Sun is the chairman,
founder and controlling shareholder.


YIDA CHINA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion
------------------------------------------------------------------
On March 27, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Yida China Holdings Ltd. to 'SD' from 'CC'. At the
same time, S&P lowered its long-term issue rating on the
China-based company's senior unsecured notes to 'D' from 'C'.

S&P said, "We lowered the ratings on Yida following the completion
of the debt exchange of its 6.95% senior notes due April 2020 for
new senior notes due March 2022. The company issued about US$225
million in new notes, representing approximately 75% of the total
outstanding principal amount of the original notes.

"We view the transaction as a distressed exchange tantamount to a
default because Yida has insufficient internal resources and
limited funding options to repay the maturing notes in whole
without the debt exchange. We expect the company to repay the
remaining US$53 million with internal funds.

"We will review Yida's credit profile soon and could raise the
ratings after we reassess the company's liquidity and financial
performance expectation." Yida will likely continue to see
exceptionally weak liquidity and face repayment risks, in
particular for its Chinese renminbi (RMB) 800 million domestic
corporate bond due in September 2020.

Yida is a business park developer in China. It also develops
residential properties in integrated community projects. Yida
listed on the Hong Kong stock exchange in 2014. China Minsheng
Investment Group Corp. Ltd. became its controlling shareholder in
late 2016.

Yida holds a total land bank of 9.8 million square meters gross
floor area as of end-June 2019, 70% of which is located in Dalian.
Yida owns six business parks and manages 24 parks on behalf of
other owners in China.




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

BHAVANAM TEXTILES: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhavanam
Textiles India Private Limited (BTIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Proposed Long Term      0.79    CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan               1.63    CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BTIPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 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 BTIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BTIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

BTIPL, incorporated in February 2013, manufactures cotton yarn with
installed capacity of 13,644 spindles. The Guntur (Andhra Pradesh)
based company is promoted by Mr Bhavanam Rama Koti Reddy and Ms
Bhavanam Adi Lakshmi.


DAGAR FARMS: CARE Lowers Rating on INR5.29cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dagar Farms (DF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.29       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Stable
                                   Issuer not cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of DF
takes into account ongoing delays in the servicing of debt
obligation.

Ongoing delays in the servicing of debt obligation: There have been
ongoing delays in the servicing of debt obligation.

Haryana-based Dagar Farm (DF) was established in 2015 as a
proprietorship concern by Mr. Sandeep Dagar. DF is engaged in
poultry farming business which involves growing of 1 day chick into
egg laying birds and then their eggs are incubated till the chicks
grow. The processing facility of the firm is located at Jhajjar,
Haryana with a breeding capacity of 3,00,000 layer birds per batch
as on December 31, 2017.


GANPATI STRUCTURES: CARE Cuts Rating on INR19cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ganpati Structures Private Limited (GSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      19.00       CARE B+; Stable; "Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GSPL to monitor the
rating(s) vide e-mail communications dated November 13, 2019,
December 23, 2019, January 22, 2020 and March 3, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, GSPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
GSPL's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised on account of continuous low
profitability margins, leveraged capital structure and weak debt
coverage indicators. Further, the rating is also constrained due to
strecthed liquidity position and its susceptibility to fluctuation
in raw material prices and highly fragmented industry leading to
high competition.

The rating, however, continue derives comfort from vast experience
of promoters in steel industry and improvement in scale of
operation in FY19 (FY refers to the period from April 1 to
March 31).

Detailed description of the key rating drivers

At the time of last rating on April 15, 2019, the following were
the rating strengths and weaknesses. (Updated for the information
available from ROC).

Key Rating Weaknesses

* Low profitability margins:  The profitability margins of the
company has declined and stood low marked by PBILDT and PAT margin
of 3.09% and 0.30% respectively in FY19. PBILDT margin has dipped
by 666 bps in FY19 over FY18 owing to higher cost of material
consumed as well as higher trading cost. PAT margin also declined
by 48 bps in FY19 over FY18 owing to decline in PBILDT margin.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure stood leveraged marked by overall gearing of
2.17 times as on March 31, 2019 however improved from 2.62 times as
on March 31, 2018 mainly due accretion of profit to reserves and
scheduled repayment of term loan during the year. Further, the debt
coverage indicators stood weak marked by Total debt to GCA of 15.01
times as on March 31, 2019 improved from 15.76 times as on March
31, 2018 mainly due to proportionately higher increase in total
debt than GCA level. Interest coverage stood moderate at 1.68 times
in FY19 (1.67 times in FY18).

* Stretched liquidity position:  The liquidity position of company
stood stretched marked by almost full utilization of its working
capital bank borrowings. Further, the operating cycle of the
company has improved from 147 days in FY18 to 55 days in FY19
mainly on account of declined in average collection period and
average inventory holding period. The current ratio stood moderate
at 1.06 times as on March 31, 2019 and below unity quick ratio at
0.19 times as on March 31, 2019.

* Susceptibility to fluctuation in raw material prices:  The
primary raw materials required for manufacturing of TMT (Thermo
Mechanically Treated Steel) bars are steel, coke,iron ore and
limes. Any adverse fluctuation in these raw materials prices is
likely to impact the profit margins of GSPL. Furthermore, the
market for raw material is seller dominated which restricts the
bargaining power of the buyers. GSPL's profit margins would remain
susceptible to changes in the raw material prices as existing
orders are executed at predetermined price while price revision is
made for new orders' according to fluctuation in raw material
price.

* Highly fragmented industry leading to high competition:  GSPL is
exposed to high fragmentation in the steel industry, which has
numerous players at the bottom of the value chain due to low entry
barriers, low capital and technology requirements. Further, the low
lead time for setting up a new plant and the lack of product
differentiation reduce the entry barriers for new entrants
resulting in overcapacity in the industry.

Key Rating Strengths

* Vast experience of promoter in steel industry:  GSPL has been
promoted and is being managed by three directors Mr. Amit Joshi,
Mr. Omprakash Joshi and Mr. Ashokkumar Joshi and all the directors
have vast experience in steel industry. All the promoters holds on
an average more than two decades of experience in the steel
industry.

* Improvement in scale of operation in FY19:  During FY19, Total
Operating Income (TOI) has improved significantly by 2.78 times as
against FY18 owing to higher sales.

Indore (Madhya Pradesh) based Ganpati Structures Private Limited
(GSPL) was incorporated as a private limited company in June 24,
1996 by three directors Mr. Amit Joshi, Mr. Omprakash Joshi and Mr.
Ashokkumar Joshi. GSPL is engaged into manufacturing of structural
units like TMT(Thermo Mechanically Treated Steel) Bars, MS(Mild
Steel) Bars, MS Angles, MS flat Bars, MS Rod. The manufacturing
unit of the company is located near Indore, Madhya Pradesh, which
has an installed capacity of 250 Tonne per day as on March 31,
2018. It has an associate concerns named Ganpati Structures Private
Limited-Trading, Ganpati Steel Suppliers and Sadhanand Alloys LLP
which was engaged into same line of industry.


IL&FS EDUCATION: CARE Keeps D on INR200cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Education and Technology Services Limited (IFLS) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Commercial Paper      200.00     CARE D Issuer not cooperating;
   (CP) Issue                       Based on best available
                                    Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IFLS to monitor the rating
vide email communications dated March 11, 2020, March 9, 2020,
March 4, 2020, February 28, 2020, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on IL&FS Education and Technology Services Limited's
facilities will now be denoted as CARE D ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating assigned to the commercial paper of
IL&FS Education & Technology Services Limited (IETS) takes into
account the default on the CP redemption of INR100cr due on
Nov. 20, 2018 due to the tight liquidity position of the company
and significant deterioration in the financial strength of the
promoter company IL&FS Limited.

Detailed description of the key rating drivers

Credit Risk Assessment

Key Rating Weaknesses

* Delay in servicing of debt obligations:  The company has
defaulted in the redemption of Commercial Paper of INR100cr due on
Nov 20, 2018. The default is mainly due to tight liquidity position
and deterioration in the financial strength of the promoter company
IL&FS Limited.

* Significant deterioration in the financial flexibility of parent
company IL&FS Limited:
There has been significant deterioration in the financial risk
profile in the holding company IL&FS Limited rated CARE D (equity
ownership of 68.93% in IETS) mainly due to the delay in infusion of
equity capital & monetization of certain identified assets and
securing funding line from promoter entities as a liquidity
measure. Although, IL&FS Limited has past track record of selling
assets and raising equity, but these inflows have been inadequate
to meet the further funding commitments to the group companies
leading to an increase in the gearing levels over a period of time.
With relatively high leverage, it would largely have to depend on
strategic sale in various projects/group companies to support
various group entities going forward. IETS derived significant
financial and management support from IL&FS Ltd and the available
sanctioned credit lines from IL&FS Ltd. amounting to INR 200 cr
were available as a liquidity support at all times. The
deteriorated credit risk profile of the parent has adversely
impacted the support available to IETS from IL&FS Limited including
the timely availability of the credit lines amounting to INR 200 cr
from IL&FS Ltd.

* Long gestation period in projects to achieve cash break-even:
IETS has to incur upfront expenditure on the hardware while setting
up any ICT project and the collections are spread over a period of
5 years. Therefore, due to upfront expenditure and staggered
collections, the company has minimum cash breakeven of 2.5 years in
an ICT project. Also due to the delay in the collections from state
governments, the breakeven further extends to approx. 3 years and
the company has to depend on bank finance, suppliers credit etc.
for its fund requirements. Presently, majority of ICT projects
started during the period of FY13 and FY14 and have achieved their
break-even during FY17. Therefore, these projects are expected to
generate cash surpluses during their remaining life (i.e.
collections are expected to be higher than expenses remaining to be
incurred). Going forward, it becomes imperative for the company to
generate positive operating cash flow to service its debt
obligation.

* High receivable leading to high working capital requirement:
Since the counterparties are state governments, IETS experiences
high collection period along with large portion of accrued but not
due revenue, thereby resulting in higher working capital
requirement.

* High competition from regional players:  IETS faces high
competition in its ICT business from established as well as
regional players. Therefore with the increasing competition, it
becomes important for IETS to maintain its delivery performance
standards and keep pricing of its products in line with the
competition.

Key Rating Strengths

* Track record in securing and executing tender based projects from
State Governments:  IETS business comprises education services
vertical, sale of K-Yan and ICT business. Over period of time,
there has been shift from the ICT business to K-Yan, thereby
improving the revenue mix for the company. All of the ICT projects
and some of the K-Yan projects are secured by the company through a
tender based process. IETS has successfully won tenders from
various state governments viz. Gujarat, Maharashtra, Bihar, Odisha,
West Bengal, Himachal Pradesh, Arunachal Pradesh etc. and has
demonstrated a successful track record of implementing the same
over the past five years. As on April 24, 2018 the company has an
order book of INR 703 cr comprising of ICT and other government
business.

* Strong order book position with a Diversified product profile and
patented product:  The company has a diversified product profile
which comprises of the ICT projects, K-yan, K-class (IT enabled
classrooms), Schools & Infrastructure management, training services
etc. Besides, skills projects and cluster development projects are
also undertaken through wholly owned subsidiaries of IETS. IETS has
a total order book position as on April 24, 2018 of INR703 crores
to be executed in the next 1 to 3 years. Analytical approach:
Consolidated – For analytical purpose, financial of IL&FS Skills
Development Corporation (ISDC), IL&FS Clusters Development
Initiative Limited (ICDIL) & IL&FS Education & Technology Services
Limited are consolidated. ISDC and ICDIL are wholly owned
subsidiaries of IETS.

IL&FS Education & Technology Services Ltd (IETS) is engaged in the
business of providing education technology and training services in
public private partnership (PPP) mode. The company was set up in
1997 and is the social infrastructure development arm of
Infrastructure Leasing & Financial Services Limited (IL&FS, CARE
D). IETS provides solutions in education and training to
educational institutions, state governments and private corporate
with a focus on nurturing human capital. The company works in key
areas of education, skill development, and cluster development. The
skill development and cluster development are undertaken in two
separate wholly owned subsidiaries of IETS namely IL&FS Skills
Development Corporation and IL&FS Clusters Development Initiative
Limited.

IETS reported a total operating income of INR806 crore in FY18
(refers to the period April 1 to March 31) and earned a PBILDT and
PAT at INR158 crore and INR30 crore respectively as compared to
PBILDT and PAT of INR162 crore and INR 41 crore respectively on
total operating income of INR662 crore during FY17.


J. V STRIPS: CARE Lowers Rating on INR54cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of J. V
Strips Ltd (JVSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       54         CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE C; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Long/Short Term      10         CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Revised from CARE C; Stable;
                                   ISSUER NOT COOPERATING/
                                   CARE A4; ISSUER NOT COOPERATING
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JVSL to monitor the ratings
vide e-mails communications/letters dated Oct. 31, 2019, Nov. 29,
2019, Dec. 31, 2019, Feb. 3, 2020, March 17, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information and NDS for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Hence, based on the information from public sources
regarding the delay in timely repayment of its debt obligations,
CARE has downgraded its ratings on the bank facilities of JVSL to
'CARE D/CARE D Issuer Not Cooperating' from 'CARE C/CARE A4 Issuer
Not Cooperating'.

The ratings on J.V Strips Ltd's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
  
JVSL is incorporated in1995 by Mr. Jai Bhagwan Bindal who has
experience of more than 36 years in the steel industry. The company
is engaged in the manufacturing of Cold Rolled (CR) steel strips
and coils. The manufacturing facility of the company was located at
Jhajjar, Haryana.


JINDAL STEELS: CRISIL Lowers Rating on INR58cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Jindal Steels
(Bangalore) (JSB) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            58        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing       2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with JSB for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 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 JSB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JSB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of JSB revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Setup in 1983 and based in Bangalore, JSB is a partnership concern
managed by Mr. Sushil Kumar Jindal and his family. The firm is
engaged in trading of TMT bars, channels, angles, joists, and
beams. JSB deals in products manufactured by Rashtriya Ispat Nigam
Ltd and Steel Authority of India Ltd in Karnataka.


K. D. INFRAENGICON: CARE Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. D.
Infraengicon Private Limited (KDIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       3.15       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Long/Short term      4.00       CARE D; ISSUER NOT COOPERATING;

   Bank Facilities                 Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KDIPL to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
January 14, 2020, February 8, 2020, March 2, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on KDIPL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2019 the following were the
rating weaknesses and strength.

Key Rating Weaknesses

* Delays in debt servicing: There are on-going delay in debt
servicing of the company.

Jharkhand based K.D. Infraengicon Private Limited (KDIPL) was
initially incorporated as MD. Quiyamuddin Khan Engineers Private
Limited on August 03, 2010. Subsequently the name of the company
has been changed to its current name (KDIPL) on May 15, 2017. Since
its inception, KDIPL has been engaged in civil construction
business in the segments like construction of road, bridges etc.
The company procures orders through tender and executes orders
floated by the various Govt. entities.


K. SENTHIL: CRISIL Migrates B+ Ratings to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K. Senthil
Kumar HUF (KSKH) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     2.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with KSKH for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 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 KSKH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSKH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in 1996, Namakkal, Tamil Nadu-based KSK, a proprietorship
firm of Mr K Senthil Kumar, is engaged in manufacturing eggs from
layer chicken.


KHURANA BLANKETS: CRISIL Withdraws B+ Rating on INR4.5cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Khurana
Blankets Private Limited (KBPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Long Term Loan        4.65       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Proposed Long Term    3.35       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with KBPL for obtaining
information through letters and emails dated March 3, 2020 and
March 9, 2020 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 KBPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for KBPL 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, CRISIL
has migrated the ratings on the bank facilities of KBPL to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of KBPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.  

Incorporated in 2013 and promoted by Mr. Ashwini Kumar and Mr
Sandeep Kumar, KBPL was engaged in the blanket trading business
from 2013 to November 2015. The company currently set up its unit
in Panipat to manufacture polar and mink blankets.


KRISH AGRO: CARE Keeps 'D' Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krish Agro
Farms Private Limited (KAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      12.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KAPL to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
December 20, 2019, March 7, 2020, March 14, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on KAPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on January 3, 2020 the following were
the rating weaknesses and strength.

Key Rating Weaknesses

Delays in debt servicing: There are delays in the debt servicing of
the company.

Kolkata-based Krish Agro Farms Private Limited (KAPL) was
incorporated in August 2013 for setting up a rice milling and
processing plant. The company was promoted by Mr Chandra Jeet Shaw,
Mrs Chitra Rekha Shaw and Mr Ravi Jaiswal. The company is into
milling and processing of non-basmati rice and it has started
commercial operations from November 27, 2015 onwards. The milling
unit of KAPL is located at Hooghly, West Bengal with processing
capacity of 100,000 Metric Ton Per Annum (MTPA). KAPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across West Bengal.


LIBRA AUTO: CARE Lowers Rating on INR10cr LT Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Libra Auto Car Company Limited (LACL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE C; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2019, placed the
rating of LACL under the 'issuer non-cooperating' category as LACL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of publically available
information of delay in debt servicing.

Key Rating Weaknesses

* Ongoing delay in debt servicing:  As per publically available
information, there are delays in debt servicing.

LACL was incorporated in 2005 and promoted by Mr Pavit Pal Singh,
Mr Kesar Singh and Mr Gurinderjit Singh. LACL is an authorized
dealer of entire range of passenger vehicles (PV) of Maruti Suzuki
India Limited (MSIL). LACL operates a 3S facility (Sales, Spares,
Service) coupled with sale and purchase of pre-owned cars (True
Value) and has its showroom located on Jalandhar Bypass, Ludhiana,
Punjab.


MAYAJUKTA TEA: CARE Assigns 'D' Rating to INR4.88cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mayajukta Tea Estate Private Limited (MTEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           4.88       CARE D Assigned

   Short-term Bank
   Facilities           0.20       CARE D Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of MTEPL are primarily
constrained by the on-going delay in debt servicing of the
company.

Key Rating Sensitivities

Positive factors

  * Track record of timely servicing of debt obligations for at
least 90 days.

  * Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of the key rating drivers

* On-going delay in debt servicing: There is on-going delay in term
loan servicing of the company owing to inadequate cash accruals
from operations and weak liquidity position. The liquidity of the
company remained weak mainly due to its stretched inventory period
during last three years.

Liquidity Indicator

Liquidity: Poor - Poor liquidity marked by inadequate accruals as
compared to its repayment obligations, highly utilized bank limits
and low cash balance of INR0.10 crore as on March 31, 2019. This
could constrain the ability of the entity to repay its debt
obligations on a timely basis.

Mayajukta Tea Estate Private Limited (MTEPL) was incorporated in
2005 and later on it was taken over by Mr. Sambit Dutta and Mrs.
Kakoli Dutta with effort from November 2015. The company has been
engaged in bought tea leaves processing. The processing facility of
the company is located in Jalpaiguri with a processing capacity of
1.20 lakh kgs per month. The company has its owned blending and
packaging unit and it markets its finished product (i.e. CTC tea)
under its various brand names like Mayajukta, Mayajukta Gold etc.


MEET PRIVATE: CRISIL Lowers Rating on INR5cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Meet Private
Limited (MPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB+/Negative/CRISIL A4+ Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           5.0       CRISIL B+/Stable (ISSUER NOT
   Discounting                      COOPERATING; Revised from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

   Overdraft              0.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

   Packing Credit         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     2.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

CRISIL has been consistently following up with MPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 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 MPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

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

Set up by Mr. Uttam Singh Handa in 1980, MPL is currently managed
by his son Mr Jagat Singh Handa. It manufactures finished leather
and leather products such as jackets and coats, and accessories
such as bags and belts at its two units in Okhla Industrial Area,
New Delhi.


MOTHERSON SUMI: Moody's Assigns Ba1 CFR, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Motherson Sumi Systems Limited and has withdrawn the
company's Baa3 issuer rating.

At the same time, Moody's has placed the Ba1 CFR under review for
further downgrade. The outlook has been revised to rating under
review from negative.

RATINGS RATIONALE

"The rapid and widening spread of the coronavirus outbreak is
creating a severe and extensive credit shock for Motherson," says
Kaustubh Chaubal, a Moody's Vice President and Senior Credit
Officer. "The review for downgrade of the Ba1 CFR will focus on the
impact from the outbreak on manufacturing operations, consumer
demand, and on any government support and countermeasures taken by
Motherson."

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto parts
supplier sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment.

More specifically, the weaknesses in Motherson's credit profile,
including its exposure to final consumer demand for automobiles,
has left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Motherson remains vulnerable
to the outbreak continuing to spread.

Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety. Its action
reflects the impact on Motherson of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

"The downgrade is driven by Motherson's already weak positioning in
the Baa3 rating category before the current market stress, with
financial metrics below its expectation for a Baa3 rating," adds
Chaubal.

Moody's estimates Motherson's consolidated adjusted debt/EBITDA and
adjusted EBITA margin to be close to its downgrade triggers of 3.0x
and 5% respectively.

Given that auto parts suppliers has been one of the sectors most
significantly affected by the shock as described above, Motherson's
Ba1 CFR is on review for further downgrade.

The review for downgrade will consider (i) the outbreak's impact on
the manufacturing operations of Motherson. A number of automotive
original equipment manufacturers and auto parts suppliers have
already temporarily closed facilities in order to ensure the safety
of their employees and Moody's expects that such closures could
become more extensive and extenuated. The review will assess the
impact from facility closures and global automotive production
declines Motherson is experiencing and will experience in the
coming quarters.

The review will also consider (ii) the lingering impact of
diminished consumer demand on automotive production, resulting from
consumer concerns surrounding the coronavirus outbreak, and
government policies restricting consumer movement over coming
quarters; (iii) the impact of government measures to support
corporates and consumers in Motherson's main markets, and (iv) the
impact of any countermeasures taken by Motherson.

The review will aggregate these effects in conjunction with
Motherson's liquidity profile. The level of cash, availability
under liquidity facilities, financial maintenance covenant
pressure, and the pressure of refinancing debt maturities coming
due over the next 12-24 months will be major considerations in
Moody's review of liquidity profiles.

Moody's expects to conclude the review within 90 days.

Given the current market situation Moody's does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically, adjusted
debt/EBITDA would have to drop back sustainably below 3.0x, with
sustainable positive free cash flow generation.

Moody's could downgrade the rating if Motherson fails to return to
meaningful operating profit generation in the second half of 2020
allowing it to reduce the cash burn.

Moody's could also downgrade the rating in case of a prolonged and
deeper slump in demand than currently anticipated, leading to
further balance sheet deterioration and a longer path to restoring
credit metrics in line with a Ba1 credit rating (EBITA margins of
at least 5.0%; debt/EBITDA not exceeding 3.5x on a sustained
basis).

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Headquartered in Delhi, Motherson Sumi Systems Limited is the
flagship entity of the Samvardhana Motherson Group (SMG) with
global operations.

The company was formed in 1986 through a technical and financial
collaboration with Sumitomo Wiring Systems, Japan (unrated, a
wholly owned subsidiary of Sumitomo Electric Industries, Ltd. (A1
negative)).

As of December 31, 2019, Sumitomo Wiring held a 25.1% stake in
Motherson, while the founding Sehgal family held a direct 2.9%
stake and an indirect 30.2% stake through their investment vehicle
Samvardhana Motherson International Limited.


NEW SAPNA: CARE Reaffirms 'D' Rating on INR5.50cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of New
Sapna Granite Industries (NSGI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.50       CARE D Reaffirmed
   facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NSGI continues to
remain constrained on account of on-going irregularity in its debt
servicing due to its poor liquidity position.

Detailed description of key rating drivers

Key Rating Weaknesses

* On-going irregularities in debt servicing:  NSGI has exhibited
on-going irregularity in servicing its term loan principal and
interest obligations, while the cash credit account is also
over-drawn for more than 30 days as on February, 2020 owing to poor
liquidity position of the firm.

Liquidity Analysis: Poor

The liquidity position of NSGI remained poor as marked by elongated
operating cycle of 194 days in FY18 (251 days in FY17). Current
ratio remained at 1.25 times as on March 31, 2018 as compared to
1.27 times as on March 2017. The cash credit account remained
overdrawn for more than 30 days for the past twelve months period
ended February, 2020. Cash and Bank balance remained low at INR0.05
crore as on March 31, 2018, while cash flow from operations
remained at INR 2.16 crore during FY18. The firm is unable to
service its debt obligations.

Godhra-based NSGI established in 2011 is a proprietorship firm
engaged in cutting and polishing of raw granite stones. The
installed capacity of the plant is processing 6,00,000 square feet
of stone per annum as on March 31, 2018. The proprietor has an
experience of over a decade in stone cutting and polishing. He was
earlier engaged in cutting and polishing of marble, granite and
kota stone through a firm named Sapna Kota Stone. The granite
stones are sold to traders and real estate builders in and around
Gujarat, Rajasthan and Maharashtra.


RBBR INFRASTRUCTURE: CARE Lowers Rating on INR11.25cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RBBR
Infrastructure Private Limited (RIPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.25       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable Based on
                                   best available information

   Short-term Bank      1.75       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of RIPL to monitor the
rating(s) vide e-mail communications dated May, 2019 to March 12,
2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on RBBR
Infrastructure Private Limited bank facilities will now be denoted
as CARE B+; Stable; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

The rating assigned to the bank facilities of RBBR Infrastructure
Private Limited continues to be tempered by small scale of
operations, working capital intensive nature of operations,
declining profitability margins, leverage capital structure and
weak debt coverage indicators, fragmented industry with competition
from established players in the market. The rating however
continues to draw its strength from extensive experience of the
promoters in the concrete, minerals, dental products and real
estate industry coupled with state of art manufacturing facility,
stable outlook of the concrete sector.

Key Rating Weaknesses

* Small scale of operations:  The scale of operations stood small
at INR19.55 crore in FY19 as compared to INR16.32 crore in FY18.

* Working capital intensive nature of business operations:  The
operating cycle stood elongated at 271 days in FY19 as compared to
222 days in FY18.

* Declining profitability margins:  The PBILDT margin declined and
stood at 18.73% in FY19 as compared to 24.86% in FY18 due to
increase in the material costs. Further, the PAT margin stood
negative at 4.04% in FY19 as compared to 2.33% in FY18 due to
decrease in PBILDT in absolute terms.

* Leverage capital structure and weak debt coverage indicators:
The overall gearing deteriorated and stood at 5.90x in FY19 as
compared to 0.76x in FY18 on account of increase in the total debt
levels. However, the TD/GCA and interest coverage stood at 15.39x
and 1.80x in FY19 as compared to 6.07x and 2.17x in FY18 on account
of decrease in the cash accruals on back of decrease in net worth.

* Fragmented industry with competition from established players in
the market:  Although the RCC products manufacturing market has
high entry barriers, it has several organized and unorganized
players, distributed across the country, there is increasing threat
from big players dominating the industry.  Their reputable brand
names and strong financials seem to cast a strong competition for
others who wish to penetrate the market.

Key Rating Strengths

* Extensive experience of the promoters in the concrete, minerals,
dental products and real estate industry coupled with state of art
manufacturing facility:  RIPL is a family owned business. The
promoters have extensive experience of 10 years, in the fields of
RCC product manufacturing, mineral industry and real estate
sector.

* Stable outlook of the concrete sector:  Overall market conditions
will remain stable for Indian cement manufacturers, considering a
gradual economic growth forecast across cement end-markets, with
real estate and infrastructure helping sustain volumes. Indian
cement manufacturers benefit from their ability to pass any raw
material price shock and manage operating efficiency to sustain
their EBITDA margins. The outlook, however, is constrained by the
possible impact of the ban on sand mining that would affect the
construction and house building activities. Moreover, an increase
in input cost could limit cement realizations and EBITDA per ton.
Further, the cement industry would benefit from the recent budget,
as it is more focused on various infrastructure and housing
projects.

RBBR Infrastructure Private Limited (RIPL) was incorporated on
March 28, 1996, by the promoters of Daga Group- a group with
interests in mining, mineral processing, dental products and real
estate. RIPL is engaged in the manufacturing of concrete products
such as RCC (Reinforced Cement Concrete) pipes, pre-cast manholes,
chambers, box culverts, slabs, tanks, staircases, etc under the
brand name of READYCRETETM. Its manufacturing facility is located
at Hosur, Tamil Nadu .The company procures its raw materials from
across Southern India and has a reputed clientele located across
Andhra Pradesh, Karnataka, Kerala and Tamil Nadu.


RIGHILL ELECTRICS: CARE Lowers Rating on INR3.50cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Righill Electrics Private Limited (REPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.50       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B-; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

   Short term Bank      1.50       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; Issuer
                                   Not Cooperating on the basis of

                                   Best available information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from REPL to monitor the
rating(s) vide e-mail communications/letters dated March 11, 2020,
March 12, 2020 and March 13, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, REPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. REPL's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of overdrawing of more
than 30 days owing to poor liquidity position.

Detailed description of the key rating drivers:

At the time of last rating on April 22, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available from banker interaction).

Key Rating Weakness

* Overdrawing owing to poor liquidity position:  As per banker
interaction, there is overdrawing of more than 30 days owing to
poor liquidity position.

REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications including oil field equipment. It also manufactures
parts and assemblies like Electronic Control Modules; printed
circuit boards (PCBs), plugs and sockets connectors etc. It
specialises in designing and manufacturing of controls and electric
parts for oil rigs. The major revenue is derived from the sale of
rig equipment, and thus the revenues largely depend on the rigging
activity and in turn the crude oil prices. It also provides
services pertaining to repairs and maintenance and provides annual
maintenance contracts (AMC) for its customers. REPL has installed
rigs in India as well as outside India for various large players
such as ONGC, OIL India, BHEL.

National drilling Company, ESSAR, John energy Limited etc. The
company has an employee base of 54 engineers who provide on-site
services to its customers. The manufacturing facility of the
company is located in Bhopal, Madhya Pradesh.


SHREE MAA KALI: CARE Lowers Rating on INR9.50cr LT Loan to 'B-'
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Maa Kali Polymers (SMKP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.50       CARE B-; Stable; ISSUER NOT CO-
   Facilities                      OPERATING; Revised from CARE B;

                                   Stable based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SMKP to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
December 25, 2019, February 25, 2020 and February 29, 2020 and
numerous phone calls However, despite CARE's repeated requests, the
entity has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SMKP's bank facilities will
now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The revision in the rating takes into account the non-availability
of adequate information and the banker could not be contacted due
to non-cooperation by the entity.

Detailed description of the key rating drivers

At the time of last rating on April 11, 2019, the following were
the rating weaknesses and strength.

Key Rating Weaknesses

Project risk: The firm is currently setting up a plant for
manufacturing of leon bags with an installed capacity of 800 kgs
per day with an aggregate project cost of INR15.77 crore to be
financed by term loans of INR7.50 crore, partner's capital of
INR4.95 crore and unsecured loans from partners of INR3.32 crore.
The plant will be spread over an area of 8 bighas and the same will
be equipped with state of the art technology. The financial closure
for the debt portion of the project is yet to be tied –up and
therefore project funding risk exits. However, the firm has already
spent around INR4.50 crore (28.54% of total project cost) on the
aforesaid project funded by partners' contribution till February
28, 2019. Since the project is into nascent stage of implementation
project implementation risk also exits. Moreover, the commercial
operation of the firm is estimated to start from November 2019.

Partnership nature of constitution: Shree Maa Kali Polymers (SMKP)
being a partnership firm, is exposed to inherent risk of withdrawal
of capital by the Partners, restricted access to funding and risk
of dissolution on account of poor succession planning. Furthermore,
Partnership firms have restricted access to external borrowing as
credit worthiness of Partner would be the key factors affecting
credit decision for the lenders Exposure to volatility in raw
material prices: The primary raw materials required by SMKP are PP
resins, the prices of which are highly volatile. Further, the firm
does not have any long term contracts with the domestic suppliers
for the purchase of raw materials. Hence, the profitability margins
of the company could get adversely affected with any sudden spurt
in the raw material prices.

Highly competitive and fragmented nature of the industry: The
plastic and polymers industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
small size of the company limits the scope for margin expansion.

Key Rating Strengths

Experienced partners and strategic location of the plant: Key
promoter, Mr. Rajesh Kumar Agarwal (aged about 46 years), has two
decade of experience in trading of Leon Bag through his
proprietorship firm. He will look after the overall management of
the firm. He will be supported by Mr. Ashwani Prasad (aged about 31
years) who also has around a decade of business experience looks
after the day to day operations of the firm along with other
partners with a team of experienced professionals who have rich
experience in the similar line of business.

Diversified use and favourable end user industry: Polypropylene
(PP) has high tensile strength and plastic woven sacks are much
cleaner both in use and production and resist fungal attack. Air
permeable sacks made from PP are suitable for the packaging of
diversified products like cement, fertiliser, other chemical
products, food grains, oil seeds, sugar, salt etc. Due to numerous
advantages of PP woven sacks over jute sacks, these are finding
more and more applications in packaging of a wide range of products
of various industries.

Shree Maa Kali Polymers (SMKP), established on November 15, 2017,
was promoted by Mr. Rajesh Kumar Agarwal, Mr. Rahul Agarwal, Mr.
Ashwani Prasad and Mr. Devank Agarwal for setting up a
manufacturing plant for Polypropylene Woven Sacks.

The firm is currently setting up a plant for manufacturing of PP
Woven Sacks with an installed capacity of 800 kgs per day with an
aggregate project cost of INR17.77 crore to be financed by 4.95
crore from partners' capital and 3.32 crore from unsecured loans by
the partners contribution and lance by term loan of 7.50 crore and
working capital of 2.00 crore. The financial closure for the debt
portion of the project is yet to be tied –up. However, the firm
has already spent around INR4.50 crore on the aforesaid project
funded by partners' funds till February 28, 2019. The commercial
operation of the firm is estimated to start from November 2019.


SHRIRAM TRANSPORT: Fitch Lowers LT Issuer Default Rating to BB
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
of Shriram Transport Finance Company Limited and Muthoot Finance
Limited to 'BB' from 'BB+'. It has also downgraded the Long-Term
IDR of India Infoline Finance Limited to 'B+' from 'BB-'. All their
ratings have been placed on Rating Watch Negative. Fitch has also
placed the 'BB-' Long-Term IDR of Manappuram Finance Limited on
RWN.

The rating actions reflect increasing macro-economic challenges for
the Indian non-bank financial institution (NBFI) sector. These
include the growing effects from measures to contain the COVID-19
pandemic, which will compound the tightening in funding conditions
for NBFIs in recent weeks. The RBI's recent liquidity and
regulatory support measures should help to improve the funding
environment in the near term, but it also underlines the severity
of the situation and Fitch sees continued uncertainty in the coming
months nonetheless.

Fitch also expects the constraints on business activity to lead to
operational disruptions that will directly affect asset quality.
This comes on top of existing weak asset quality across banks and
some NBFIs, and under-capitalisation in the banking system, which
are likely to continue to hamper the growth and funding of the NBFI
sector. Fitch recently revised down India's GDP growth forecast for
the fiscal year ending March 2021 (FY21) to 5.1%, from 5.6%
previously, and the risks are skewed to the downside as the
authorities attempt to contain the virus.

KEY RATING DRIVERS

IDRS

The weaker economic outlook and uncertain funding conditions
negatively affect its assessment of the sector's operating
environment, growth and asset-quality prospects. The support
measures announced by the RBI on March 27 should help address some
near-term pressures on reported asset-quality metrics and market
liquidity, but will not materially change the anticipated
deterioration in underlying borrower repayment capacity. Fitch also
expects debt markets to remain risk averse, while banks are likely
to be selective when providing fresh funds to the NBFI sector.

The RWN on the ratings reflects sustained uncertainty in the near
term, partly stemming from the authorities' measures to contain the
spread of COVID-19. All four entities have retained funding market
access despite market dislocation in recent weeks, but any evidence
of increased refinancing risk, weaker funding access, or an
outsized deterioration in asset quality could lead to further
rating downside for the four NBFIs.

IIFL

The downgrade and RWN reflect its expectation of increased pressure
on IIFL's asset quality, which will weigh on its funding and
liquidity. SME loans, developer financing and capital market
finance, which Fitch perceives to be of higher risk in current
conditions, make up 40%-45% of IIFL's loan portfolio. Another 7% of
loans were extended to microfinance at end-December 2019, which may
also be more vulnerable in a downturn as borrowers are typically
less financially resilient.

Fitch believe that IIFL's exposure to these risker loan segments
renders it more susceptible to shifts in market confidence, and in
the current environment outweighs the relative resilience of its
home loans and gold loans, which make up close to half of the loan
book.

IIFL's IDR also reflects its moderate franchise in India's NBFI
sector and experienced management team, as well as its appetite for
high growth and tolerance for elevated leverage.

Fitch believe IIFL's funding and liquidity access remains weaker
than that of other Fitch-rated peers and more vulnerable in times
of heightened risk aversion. This is despite the funding mix
remaining stable and adequately balanced at present. The liquidity
position and contingent liquidity coverage remained broadly stable
at end-February 2020 with net positive liquidity gaps and adequate
contingent liquidity coverage of upcoming liabilities. However, the
company continues to be more reliant on loan assignments and
securitisation to fund its portfolio, and existing liquidity
buffers can be eroded if the sector's funding strains are
prolonged.

MFIN

MFIN's ratings reflect its moderate franchise in the niche of
gold-backed financing, and its history of low credit losses and
satisfactory leverage. These are counterbalanced by elevated
key-person risk, a track record of shortcomings in governance and
operational management, and growing risk appetite as the company
pursues higher growth in non-gold backed financing segments, which
are relatively new to MFIN.

The RWN takes into account potential earnings reduction as the
unfavorable operating environment slows portfolio growth,
particularly in gold loans (currently 66% of the total portfolio),
which amortise at a faster pace due to the product's short tenor.
The asset quality of other segments is also likely to deteriorate
as borrower earnings are affected by slower domestic economic
activity, while collections and recoveries may also be disrupted.

MFL

The downgrade and RWN reflect the weakening operating environment
and the related operational challenges. Slower economic activity
will dampen MFL's business growth prospects, while its branch-led
distribution model for gold-backed loans, which form 89% of MFL's
total loans, will be affected by disruptions from measures to
contain the pandemic. Fitch expects delinquencies to rise as
borrower earnings are affected by the slower economic growth, while
recoveries of the gold collateral backing the loans may be delayed
as auctions may be affected in the near term.

MFL's ratings nonetheless remain at the higher end of rated peers,
reflecting the strength of its established franchise in niche
gold-backed financing, its history of low credit losses,
satisfactory leverage and adequate liquidity coverage. These are
counterbalanced by high exposure to operational risks in the
business and MFL's concentration in gold loans.

STFC

The downgrade and RWN on STFC's ratings largely stems from the
deterioration in the operating environment for India NBFIs. STFC's
portfolio will face increased asset-quality risks as the commercial
vehicle portfolio is more exposed to business activity in India
that will be hampered by the measures taken to tackle the
coronavirus.

Fitch expects delays in loan collections and asset recoveries if
current restrictions on business activity are prolonged. This would
place pressure on near-term on asset quality, credit costs and
profitability. This comes as STFC already has the highest NPL ratio
of Fitch's rated portfolio at 8.7% at end-December 2019, with
credit costs accounting for a significant 38%-58% of pre-provision
profit. However, STFC's credit costs have been much lower than NPLs
and remained between 2.2%-3.8% of average loans over FY17-3QFY19.

STFC's ratings remain at the higher end of rated peers' as it has a
dominant position in used commercial-vehicle financing, experienced
management, and an established track record in managing collections
and recoveries while maintaining satisfactory earnings through past
credit cycles.

MTN PROGRAMMES, SENIOR SECURED DEBT, AND RECOVERY RATINGS

The ratings on the MTN programmes and foreign-currency senior debt
of the entities are at the same level as their Long-Term
Foreign-Currency IDRs, while the rupee-denominated senior debt of
STFC is rated at same level as its Long-Term Local-Currency IDR in
accordance with Fitch's rating criteria.

Most of India NBFIs' debt is secured and Fitch believes that
non-payment of NBFIs' senior secured debt would best reflect
uncured failure of the entity. NBFIs can issue unsecured debt in
the overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as their primary
financial obligations.

Fitch has assigned a Recovery Rating of 'RR4' to IIFL's senior
secured debt rated at 'B+', in accordance with Fitch's criteria for
entities with a Long-Term IDR of 'B+' or below, reflecting
'Average' recovery prospects in the event of a default.

RATING SENSITIVITIES

IDRS

Fitch will re-assess the Rating Watch Negative on the ratings when
the impact of measures to contain the coronavirus in India and
steps to address recent funding market constraints become clearer.
A prolonged period of disruption to economic activity, signs of
increased funding strain or an excessive deterioration in asset
quality could lead to lower ratings for the entities, while an
improvement in funding conditions and reduced asset quality risks
would ease the pressure on the ratings.

IIFL

A deterioration in asset quality, signs of more constrained funding
access, narrowed or negative liquidity gaps or reduced liquidity
buffers would lead to negative rating action. Leverage increasing
beyond 7x (December 2019: 5.1x) would also add to pressure on the
ratings.

The ratings may be upgraded when there is greater evidence that
IIFL is able to maintain and improve its funding and liquidity
profile without over-reliance on asset sales and securitisation,
even as current market constraints continue. This is provided that
the company demonstrates reasonably steady collections on its
developer financing, SME and microfinance portfolios throughout the
period.

MFIN

The IDR would be under pressure from business disruptions or
curtailed funding access due to adverse governance or operational
events or heightened risks from deterioration in the economic
environment. The rating would also be sensitive to a rising risk
appetite due to aggressive growth in non-gold lending segments and
a rise in leverage to beyond 5x (September 2019: 3.7x).

Fitch believes that the ratings have limited upside potential in
the near term. The ability of the company to address the potential
regulatory and governance risks and manage the evolving business
risks will be important before an upgrade can be considered.

MFL

The IDR may be downgraded if operational risk losses exceed Fitch's
expectations, if asset quality or the price of gold collateral
deteriorates sharply, or if liquidity coverage or funding access
were to weaken. The rating may also be downgraded if leverage were
to increase and debt/tangible equity were to exceed 4.5x for a
prolonged period (September 2019: 2.8x), or if aggressive expansion
in new lending segments leads Fitch to significantly weaken its
assessment of MFL's risk appetite and future asset quality.

An upgrade of MFL's Long-Term IDR would hinge on an improvement in
the operating environment - including a strengthening in the
domestic financial system, which is unlikely in the near term -
together with a steady record of expansion in its franchise beyond
the niche gold loan market. The latter is also only likely in the
medium to longer term, if at all, as the company appears focused on
its core niche markets in which it performs generally well.

STFC

Negative action on the IDR may result if the funding and liquidity
profile were to weaken. A rise in non-performing assets leading to
higher credit costs and impaired profitability could also weigh on
the rating, especially if it leads to a lower leverage tolerance,
given STFC's riskier business profile. Leverage consistently
greater than 5.5x (September 2019: 5.3x) would weigh on the IDR.

An upgrade of STFC's Long-Term IDR would depend on a material
strengthening in the operating environment, including the domestic
financial system - which is unlikely in the near term - assuming
other rating factors are also expected to be sustained at levels
commensurate with a higher rating.

MTN PROGRAMMES, SENIOR SECURED DEBT, AND RECOVERY RATINGS

The ratings on the MTN programmes and senior secured debt would
move in tandem with the entities' respective Long-Term IDRs. IIFL's
Recovery Ratings would be sensitive to Fitch's assessment of likely
recoveries on its senior secured notes.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


SUPREME MILLS: CARE Lowers Rating on INR5.75cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Supreme Mills India Private Limited (SMIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.75       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SMIPL to monitor the rating
vide e-mail communications dated January 2020 to February, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Supreme Mills India Private
Limited's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Supreme Mills India
Private Limited continues to be tempered by small scale of
operation, working capital intensive nature of operations and
highly fragmented industry and volatility associated with raw
material prices. The rating also factors in growth in total
operating income, satisfactory PBILDT margin and thin PAT margin.
The rating continues to derive strength from experienced promoters
in the textile industry.

Key Rating Weaknesses

* Small scale of operation:  The scale of operation stood small
marked by TOI of INR 19.74 crore in FY19 and tangible net worth
base of INR3.36 crore as on March 31, 2019.

* Moderately leveraged capital structure and weak debt coverage
indicators:  The overall gearing stood moderately leveraged at
1.88x as of March 31 2019 as against 1.55x as of March 31 2018. The
total debt/GCA has marginally declined from 9.39x in FY18 to 9.71x
in FY19.The interest coverage ratio marginally improved from 2.01x
in FY18 to 2.03x in FY19.

* Working capital intensive nature of operations:  The operating
cycle of SMIPL stood elongated at 97 days in FY19 as compared to 90
days in FY18 majorly due to nominal increase average inventory
period days in FY19. Average collection and creditor days stood at
around 60 and 30 days during FY19.

* Highly fragmented industry and competitive business segment due
to presence of numerous players:  The company is into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized companies that compete with each
other along with several large enterprises.

Key Rating Strengths

* Experience of the promoters in textile industry:  The managing
director, Mr. G. Arulmozhi has experience of about three decades in
the textile industry. Prior to establishing SMIPL, he was engaged
in trading of textile machinery through his association with
Premier Associates which was established in 1998. Prior to
establishing Premier Associates, he was working with Super Sales
Engineering for about 12 years. Ms. Sujini, has 17 years of
experience in this field through her association with SMIPL since
its inception in 2000.

* Financial performance marked by growth in operating income along
with satisfactory PBILDT margin and thin PAT margin:  The total
operating income in FY19 improved and stood at INR 19.74 crore as
against INR 18.53 crore in FY18.The PBILDT margin improved from
6.40% in FY18 to 7.31% in FY19. The PAT margin stood stable at
0.97% in FY19 as against 0.99% in FY18.

Supreme Mills India Private Limited (SMIPL) was incorporated on
November 13, 2000 by Mr. G. Arulmozhi and Ms. A. Sujini in
Coimbatore, Tamil Nadu. The company is engaged in manufacturing of
cotton yarn which finds its application primarily in manufacturing
bed sheets and towels.


TAPI PRESTRESSED: CRISIL Lowers Rating on INR30cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tapi
Prestressed Products Limited (TPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           30         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of credit      24         CRISIL D (Downgraded from
   & Bank Guarantee                 'CRISIL A4')

   Proposed Letter        5.5       CRISIL D (Downgraded from
   of Credit & Bank                 'CRISIL A4')
   Guarantee              
                                   
The downgrade reflects the recent instances of delay in servicing
interest obligations on its cash credit facility leading to account
remaining in overdue position for over 30 consecutive days.

Key Rating Drivers & Detailed Description

Delays in servicing term loan obligations: There has been delays in
interest servicing on cash credit facility availed from one bank
and account has been in overdue for over 30 days.

Weaknesses:

* Moderate scale operations and exposure to risk related to its
tender based business: TPPL has a moderate scale of operations as
indicated by revenue of about INR87.2 crores as on March 31, 2019.
The scale of operations remains susceptible to order execution and
timely completion of projects.

* Large working capital requirement: Gross current assets were high
at 507 days as on March 31, 2019, driven by debtors and inventory
of 378 and 181 days, respectively.

* Weak financial risk profile: Despite moderate networth, the
financial risk profile remains constrained because of subdued debt
protection metrics and stretched liquidity.
  
Strength:

* Extensive experience of the promoters in the civil construction
business: Benefits from the promoters' experience of more than
three decades should continue to support business risk profile.

Liquidity Poor

Liquidity is weak as indicated by instances of delay in interest
repayments for cc facility over 30 days.

Rating Sensitivity factors

Upward factors

  * Track record of timely debt servicing for at least 90 days

  * Improvement in operating performance and working capital cycle

Set up as a closely held public limited company in 1986 by Mr M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.


TIRUPATI INDUSTRIES: CARE Lowers Rating on INR20cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Industries (TI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      20.00       CARE B+; Stable ISSUER NOT
   Facilities                      COOPERATING Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TI to monitor the rating
vide e-mail communications dated January 2, 2020, February 10,
2020, February 13, 2020, February 25, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on TI's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised on account of non-availability of
update on financial as well as operational information regarding
FY19 and 9MFY20.

Detailed description of the key rating drivers

At the time of last rating on March 11, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Fluctuating TOI with thin profitability margins:  The scale of
operation of TI had a fluctuating trend over the last three
financial years ended FY18. The total operating income (TOI)
declined by 15.63% on y-o-y basis and stood at INR183.45 crore in
FY18 as compare to INR217.43 on account of lower sales realization
of pulses mainly due to decline in pulses prices in Indian market.
Profitability margins of the firm stood thin mainly on account of
limited value addition along with its presence in the highly
fragmented and competitive industry leading to pressure on
profitability. PBILDT margin improved over the last three years;
though the same stood moderate at around 3.60% in FY18 as against
3.13% in FY17 on account of marginally lower raw material consumed
cost. Furthermore, PAT margin stood thin and increased from 0.42%
in FY17 to 0.96% in FY18 mainly due to profit on sale of land and
building. As per provisional results for 9MFY19, the firm has
reported a TOI of INR140.88 crore and PBILDT of INR6.42 crore.

* Leveraged capital structure and moderate debt coverage
indicators:  Overall gearing stood leveraged at 3.94 times as on
March 31, 2018 which improved from 4.60 times as on March 31, 2017
on account of decline in unsecured loans. However, on excluding
unsecured loans from total debt, the adjusted overall gearing stood
moderate around 1.43 times as on March 31, 2018 deteriorated from
0.96 times as on March 31, 2017. The debt coverage indicators stood
moderate with PBILDT interest coverage of 1.32 times in FY18 which
moderated from 1.38 times in FY17 on account of higher interest
charges. Furthermore, total debt to GCA remained weak though
improved and stood around 20.71 times as on March 31, 2018 as
against 32.09 times as on March 31, 2017 mainly due to increase in
GCA due to profit on sale of asset.

* Proprietorship nature of constitution:  TI's constitution as a
Proprietorship firm restricts its overall financial flexibility.
There is also the inherent risk of withdrawal of capital and
dissolution of the firm in case of death/ insolvency of promoters.
Any significant withdrawals from the capital account will affect
its capital structure. However, proprietor has envisaged shifting
the current business of TI in newly formed Tirupati Mahima
Industries LLP from FY20. As confirmed by the banker, TI has been
taken over by the Tirupati Mahima Industries LLP. Presence in
highly competitive and fragmented agro-processing industry along
with exposure to commodity price fluctuation risk: The competitive
nature of agro-product processing industry due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector translate into
inherently thin profitability margins. Further being an
agricultural commodity, the pricing and distribution of pulses are
exposed to climatic and agriculture-related risks as well as
government policies.

Key Rating Strengths

* Experienced partners with long track record of operations:  Mr
Jugal Kishore Dangayach, has more than four decades in experience
of agro commodity business with 3 decades of experience being with
this entity. Mr. Jugal Kishore Dangayach is actively involved in
managing the overall affairs of the company. Further, the directors
are assisted by a team of managerial personnel having relevant
experience in their respective fields. The firm is also benefitted
on account of operational synergy as other group entity i.e. TPPL
is also in the same line of business and both the entities enter
into purchase and sales transaction with each other as per the
requirements.

* Proximity to raw material sources along with established
relationship with suppliers and dealers:  TI's processing unit is
located at Jaipur, Rajasthan, which is among the top five crop
producing regions of India which makes it easier for the firm to
access its primary raw material. TI meets majority of its raw
material requirement from Rajasthan as well as Madhya Pradesh. Over
the years, TI has established healthy relationship with the brokers
and agents for procurement of raw material and sale of the finished
products as well as it's by products. The top 10 customers
constituted around 12%-13% of TOI during past three financial year
ended FY18 depicting low customer concentration.

Established in 1987 as a proprietorship entity of Mr Jugal Kishore
Dangayach, Tirupati Industries (TI) is engaged in processing of
variety of pulses, besan and churi (by-product). TI has its
processing unit located at VKI area, Jaipur with combined installed
capacity of 1,63,200 tons per annum (TPA) as on March 31, 2018. TI
procures the raw material primarily from domestic market through
various brokers and agents. The entity's sales are largely in
Rajasthan and nearby states through agents and distributor network.
TI has a sister concern namely Tiruapti Pulses Private Limited
(TPPL) which is engaged in similar business of processing of
pulses.


TOSHNIWAL ENTERPRISES: CRISIL Cuts Rating on INR29cr Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded the ratings of Toshniwal Enterprises Controls
Ltd (TECL) to 'CRISIL D/ CRISIL D Issuer Not Cooperating' from
'CRISIL BB/Stable/ CRISIL A4+ Issuer Not Cooperating'.  The
downgrade reflects delay in repayment of debt by the company.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           29         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       1.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         1.7       CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              4.8       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TECL for obtaining
information through letters and emails dated August 31, 2019, and
February 6, 2020, 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 ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best-available or limited
or dated information on the 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 the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
'Scenario 1' outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL
A4+ Issuer Not Cooperating'.

The downgrade reflects delay in repayment of debt by the company.

Incorporated in 1991, TECL provides telecommunication testing, and
measurement products and services. Operations are being managed by
Mr Rajesh Toshniwal. Service offerings include radio frequency
optimisation, electromagnetic field (EMF) testing, network
benchmarking, installation and de-installation of BTS (base
transceiver station), frequency planning, drive testing and
optimization and others. TECL is also an authorized distributor for
testing and measurement devices of various telecommunication
companies.


VALLUVANAD HOSPITAL: CRISIL Withdraws D Rating on INR11cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Valluvanad Hospital Complex Limited (VHCL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.
                  Amount
   Facilities   (INR Crore)     Ratings
   ----------   -----------     -------
   Term Loan          11        CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

CRISIL has been consistently following up with VHCL for obtaining
information through letters and emails dated February 27, 2020 and
March 3, 2020 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 VHCL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for VHCL 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, CRISIL
has migrated the ratings on the bank facilities of VHCL to 'CRISIL
D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of VHCL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 1989 and promoted by Mr M Ramakrishnan, VHCL
operates the 250-bed super-speciality Valluvanad Hospital in
Palakkad, Kerala.


VANI TRADING: CRISIL Lowers Ratings on INR6cr Loans to D
--------------------------------------------------------
CRISIL has downgraded the ratings of Sri Vani Trading and Co. (SVT)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.  The downgrade reflects
delays by SVT in servicing of debt obligation.

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

   Foreign Letter      5        CRISIL D (ISSUER NOT COOPERATING;
   of Credit                    Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SVT for obtaining
information through letters and emails dated May 31, 2018, August
31, 2019, February 6, 2020 and November 22, 2018 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 SVT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVT, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

The downgrade reflects delays by SVT in servicing of debt
obligation.

Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber.


VEERAJ CONSTRUCTION: CRISIL Withdraws D Rating on INR12.5cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Veeraj
Construction (VC) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     12.5      CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Cash Credit         4.5      CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

CRISIL has been consistently following up with VC for obtaining
information through letters and emails dated March 3, 2020 and
March 9, 2020 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 VC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for VC 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, CRISIL
has migrated the ratings on the bank facilities of VC to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of VC on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

VC established in 2009, promoted by Sanjay Kotecha and Vandana
Kotecha, is having class 1 registration, and undertakes civil
construction work for irrigation department in Maharashtra. Firm is
located at Nashik, Maharashtra.


WESTIN RESINS: CARE Lowers Rating on INR18.96cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Westin Resins and Polymers Private Limited (WRPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      18.96       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short-term Bank      5.00       CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of WRPPL
takes into consideration the delays in debt servicing marked by
continuous overdrawals for more than thirty days observed in the
cash credit facility. The ratings further continue to be
constrained on account of modest and fluctuating scale of
operations, moderate profit margins, moderately leveraged capital
structure and weak debt coverage indicators. The ratings also
continued to be tempered on account of working capital intensive
nature of operations, supplier concentration risk and presence in
highly fragmented industry.  The ratings however, continue to
derive strength from experienced promoters, operational synergy
with group companies coupled with reputed and established client
base.

Rating Sensitivities

Positive Factors

* Timely repayment of the debt obligations with regularization of
the working capital limits

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing marked by continuous overdrawals
in cash credit account:  As per the bank statement received for
cash credit account for the period March 1, 2019 to February 29,
2020 of Bank of Maharashtra, there were frequent overdrawals in the
cash credit account and some of them were consecutive for more than
30 days during the past 6 months ending February 2020 due to
stretched liquidity position of the company.

* Modest and fluctuating scale of operations:  The overall scale of
operations remained fluctuating with total operating income stood
in the range of INR85.60 crore to INR89.72 crore during FY17-FY19.
Moreover, the same has decreased by 6.99% (from INR89.72 crore in
FY18 to INR83.45 crore in FY19) which is primarily on account of
lower demand from its existing customers. Furthermore, during
11MFY20 (refers to the period April 1, 2019 to February 29, 2020),
the company achieved a turnover of INR75.39 crore (vis-à-vis
INR57.92 crore during 9MFY19).  Due to modest scale of operations,
the tangible networth of the company also remained modest at
INR16.73 crore as on March 31, 2019.

* Moderate and fluctuating profit margin:  During FY19, PBILDT
margin stood moderate in the range of 7.58% to 7.88% in FY17-FY19
and the same remained fluctuating due to fluctuating in the raw
material prices during the years. The PAT margin has also remained
moderate in the range of 1.80% to 1.95% during the said periods.

* Moderately leveraged capital structure and weak debt coverage
indicators:  During FY19, the capital structure of the company
continues to remained moderately leveraged marked by overall
gearing of 1.47x as on March 31, 2019 (vis-a-vis 1.86x as on March
31, 2018). However, the same has marginally improved primarily on
account of repayment of various long-term loans during the year
along with increase in the tangible networth base due to accretion
of profits. However, despite decrease in debt levels, the debt
coverage indicators deteriorated marked by interest coverage of
1.65x for FY19 (vis-a-vis 1.90x for FY18) owing to increase in the
interest cost. Further total debt/GCA marginally deteriorated and
stood at 11.84x in FY19 (vis-a-vis 11.67x in FY18) due to decrease
in the GCA level during the year.

* Working capital intensive nature of operations:  The overall
operations of the company remained working capital intensive in
nature due to high amount of funds blocked in debtors and moderate
portion in inventory which led to moderately weak liquidity
position. The company is restricted to lower bargaining power with
its reputed clientele and in order to sustain business relations
needs to offer a high credit period. As a result of the same the
company stretched credit period to its suppliers. Moreover the
utilization of working capital limits remained full with frequent
overdrawals in the same.

* Supplier concentration risk:  During FY19, top five suppliers of
WRPL constituted 57.49% of total purchases (vis-àvis 51.13% in
FY18), out of which top three suppliers namely Crest Chemicals
constituted 27.81%, Supreme Petrochem Ltd. constituted 13.25% and
Ketul Chem Pvt. Ltd. constituted 7.64% indicating supplier
concentration risk. However, comfort can be taken owing to
long-term relationship maintained with the company.

* Presence in highly competitive and fragmented industry:  WRPPL
operates in highly competitive industry marked by the presence of
organized as well as unorganized sector. Further, the chemical
industries are also marked by the presence of various laws and
regulations pertaining to the chemical sector thereby deriving
critical in terms of leading competition. Thus the ability of the
company to strictly follow the laws and continuously adapt to
changes in the market can have an impact on the profitability
margin of the company.

Key rating Strengths

* Experienced promoters:  WRPPL is promoted by the Sawant family
with Mr. Babaji Sawant the founder and Managing Director of the
company. He has a total work experience of nearly 3 decades in the
Fibre glass, plastic and polyester resin industry and being
associated with group companies Associated Polytech Industries
Private Limited (APIPL) since 1998 and Raj Pigment Products (RPP)
since 2010.

* Operational synergy with Group Company coupled with reputed and
established client base:  WRPPL has operational synergies with its
two group companies (namely Associated Polytech Industries Private
Limited (APIPL) and Raj Pigment Products (RPP)). APIPL is engaged
in Distribution of Fibre glass, Rexine, Polyester resins, Cobalt,
Catalyst and Pigments and RPP is engaged in manufacturing of
polyester and epoxy coloring pigments. With vast experience and
Group Company's established presence in the industry, they have
developed strong business relations with reputed clientele and
receive repeat orders.

Liquidity: Poor

The liquidity position remained poor marked by lower accruals as
compared to repayment obligations. The working capital limits fully
utilized during past 12 months ended February 2020 with frequent
overdrawals in the same. The cash & bank balance stood modest at
INR0.34 crore as on March 31, 2019. This has constrained the
ability of the company to repay its debt obligations on a timely
basis.

Incorporated in 2010 by the Sawant family, Westin Resins and
Polymers Private Limited (WRPPL) is engaged into manufacturing of
saturated and unsaturated polyester resins from its manufacturing
facility located in the Thane, Maharashtra. The facility is spread
over 7 acres of land and has an installed capacity of manufacturing
12000 Metric Tons (MT) of saturated and unsaturated resins per
annum. Products of the company find use as raw materials in
chemical industry, marine, automobile industry and manufacturing of
optical fibre. The company operates out of Mumbai but has an
established customer base in Maharashtra, Gujarat, Karnataka and
Tamil Nadu.




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

PT JASA MARGA: S&P Affirms BB+ LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on PT Jasa Marga (Persero) Tbk. (JM) and the 'BB+' long-term
issue rating on the Indonesia-based toll-road developer and
operator's senior unsecured notes.

S&P said, "We affirmed the ratings on JM because we continue to
believe that the company will benefit from extraordinary support
from the Indonesian government, if needed. This is supported by the
company's dominance in Indonesia's toll-road sector and the
government's focus on expanding the country's road infrastructure.

"At the same time, we revised downward our assessment of JM's
stand-alone credit profile (SACP) to 'b' from 'b+'. This is because
we expect continuing pressure on the company's financial profile
and ability to withstand lower cash flows from government-imposed
travel restrictions. Even in the absence of a complete lockdown,
JM's toll traffic has reduced by 10%-15% over the past one to two
weeks. Moreover, the magnitude, length, and impact of COVID-19 are
still unclear given that Indonesia is still in the early stages of
the outbreak. Based on the experience in China and Europe, a total
lockdown can result in a 40%-75% fall in traffic, depending on the
traffic mix.

"We foresee a trough in JM's financial profile in 2020 and 2021. We
believe the company's financial profile does not have sufficient
cushion to fund its interest obligations in the event of a sharp
fall in traffic. Even without a prolonged reduction in traffic, we
had estimated funds from operations (FFO) cash interest coverage of
1.1x in 2020 and 1.2x in 2021. We expect a sharp increase in the
company's debt and associated interest costs upon commissioning of
new toll roads.

"We have also revised our assessment of JM's liquidity to less than
adequate from adequate due to the company's high funding needs for
refinancing and contractor pre-financing payments (essentially
capex). JM's upcoming debt maturities (representing about 10% of
the total group debt) and lump sum contractor pre-financing
payments post completion of toll roads put its liquidity under
pressure.

"We view JM's announcement of a plan to buy back shares of up to
Indonesian rupiah (IDR) 500 billion as credit negative. This is
because it is happening at a time when market funding conditions
are challenging and the company's need for preserving liquidity is
increasingly important.

"We continue to view that JM, as an important majority
government-owned company, has good relationships with, and access
to, local banks. We expect the company to be able to maintain its
funding access to domestic banks as it has done in the past.
However, we see risks in the company's access to capital markets
during the current global market volatility.

"The stable outlook over the next six to 12 months reflects our
expectation that JM will maintain its strategic role in developing
Indonesia's road infrastructure and continue to benefit from its
close relationship with the government. The stable outlook also
reflects the outlook on the sovereign credit rating on Indonesia.
We also expect JM to maintain good access to banks and have
sufficient facilities to meet its upcoming obligations."

S&P may lower the rating on JM if:

-- S&P revises downward our assessment of JM's 'b' SACP by one
notch to 'b-';

-- S&P lowers the sovereign credit rating on Indonesia; or

-- S&P believes government support for JM could significantly
weaken.

S&P can revise downward its assessment of the SACP if:

-- The company's liquidity deteriorates due to heightened
refinance risk or weakening banking relationship and access to
funding; or

-- JM's FFO cash interest coverage remains below 1.2x for a
sustained period beyond 2021, with no prospects of recovery. This
could happen if cash flows are weaker than S&P expects as a result
of a reduction in toll traffic on a prolonged basis. Unanticipated
significant delays in project execution, delays or increases in
land receivables, delays in toll tariff adjustments, a less
supportive regulatory framework, or a material weakening of a
construction contractor or toll road equity partner could also lead
to such deterioration.

S&P said, "We are unlikely to upgrade JM in the next six to 12
months, given the pressure on the company's cash flows due to weak
operating conditions, and less than adequate liquidity.

"However, we could raise the rating on JM if we upgrade Indonesia
while our view of the company's link and role with the government
and of JM's 'b' SACP remains unchanged.

"Over the longer term, we may upgrade JM if we revise upward the
company's 'b' SACP by two notches to 'bb-'." This could happen if
JM improves its liquidity profile and is able to achieve FFO cash
interest coverage of above 1.5x on a sustained basis, despite high
capex in the next two years. This could happen because of the
following: (1) stronger operating cash flows than S&P expects; or
2) higher non-debt funding than S&P anticipates; and (3)
disciplined and well executed capital spending.

S&P said, "We assess JM's liquidity as less than adequate because
we anticipate the company's liquidity sources will be less than
1.2x liquidity uses over the 12 months ending March 31, 2021. This
level offers scant protection against unexpected adverse
developments, such as if EBITDA declines by 10% from our forecast,
exacerbated by volatile market conditions following the outbreak of
the COVID-19 pandemic."

Principal liquidity sources include:

-- Cash and short-term investments of IDR1.5 trillion as of Feb.
29, 2020.

-- Cash flow from operations of IDR0.5 trillion over the 12 months
ending March 31, 2021.

-- IDR13 trillion already raised from banks to make contractor
financing payments.

-- Undrawn committed credit lines of about IDR3.8 trillion at the
holding company level.

-- Undrawn committed credit lines of about IDR15.8 trillion
secured for contractor pre-financing payments. All the facilities
mature beyond March 31, 2021.

Principal liquidity uses include:

-- IDR-denominated bonds of IDR1 trillion and senior unsecured
Komodo bonds of IDR4 trillion maturing in October 2020 and December
2020, respectively.

-- Committed capex, consisting almost entirely of
contractor-pre-financing payments, of IDR26 trillion (including
IDR13 trillion paid through bank lines) over the 12 months ending
March 31, 2021.

-- S&P's base-case assumption of about IDR0.2 trillion shareholder
dividend payouts and around IDR0.1 trillion share buybacks over the
same period.




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

SMITHS CITY: Lender Grants Extension on NZD1.5MM Loan Repayment
---------------------------------------------------------------
Radio New Zealand reports that Smiths City has reached an agreement
with ASB Bank to delay a NZD1.5 million dollar repayment of a loan
due today, March 31.

It also said it is starting talks with potential investors to
support the business, RNZ says.

According to RNZ, the company said Covid-19 has caused an
unforeseen and unprecedented shock to the business, and forced the
closure of its stores and online business

It said the repayment delay, which is part of its NZD65 million
borrowing will give it time to line up investors.

RNZ relates that Smiths City said it believes it has enough capital
to cover its debts as they fall due, but said its current capital
structure is not sustainable given the outlook and it must secure
more funding.

It is working with PWC to develop a strategy for addressing its
capital structure, and is negotiating new deals with landlords,
cancelled or deferred spending, and cut directors' pay by 20
percent, the report relays.

Almost all its 465 employees have been stood down on 80 percent of
their wages, adds RNZ.

Smiths City Group Limited -- https://www.smithscity.co.nz/ --
engages in retail trading and consumer finance businesses in New
Zealand. It is involved in the retailing of heating solutions,
consumer electronic products, kitchen appliances, indoor and
outdoor furniture, bedding, lawnmowers, cycles, and camping
equipment to middle to lower income household.




=====================
P H I L I P P I N E S
=====================

PAYASIAN PTE: SEC Shuts Down Cryptocurrency Investment Operator
---------------------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Securities and Exchange Commission (SEC) has ordered the shut down
of cryptocurrency investment operator Payasian Pte. Ltd. Corp. for
supposedly running the Paya platform without a license.

In a statement over the weekend, the corporate regulator said it
issued a cease and desist order to Payasian on March 20, including
anyone representing it such as partners, operators, directors,
officers, salesmen agents, representatives, promoters and
subsidiaries, BusinessWorld relays.

According to BusinessWorld, the order commands Payasian to
"immediately cease and desist under pain of contempt from further
engaging in, promoting and facilitating selling and/or offering for
sale securities in the form of investment contracts and/or other
activities/transactions." It also restricts Payasian from
transactions with funds in its depository banks.

BusinessWorld relates that the SEC said while Payasian is
registered as a corporation, it does not have the secondary license
needed to sell or offer securities.

BusinessWorld says Payasian allegedly operates an investment scheme
by inviting the public to put their money in the company in
exchange of getting passive and active income, through Paya tokens
and recruitment bonuses. The SEC said this is considered offering
and selling "securities in the form of investment contracts."

The Securities Regulation Code (SRC) requires that companies
selling securities obtain from the SEC a separate license to do so,
and to register the securities before distribution.

"Without the registration statement duly filed with and approved by
this Commission, Payasian's act of selling/offering 'Sharer
Packages' which are securities in the form of investment contracts
constitutes a clear violation of (the SRC). This warrants and
justifies the immediate issuance of a cease and desist order," the
SEC said, quoting the cease and desist order, BusinessWorld
relays.

The SEC said Payasian offers "Sharer Packages" priced as low as
PHP8,145 for 1,040 Paya tokens, equivalent to a maximum commission
of PHP500 a day. An individual may invest up to PHP5.8 million to
buy 740,749 Paya tokens, in exchange for getting a maximum
commission of PHP10,000 a day, BusinessWorld notes.

In November 2019, the SEC has already issued an advisory against
investing in Payasian, saying then that its operators claim to be
connected to a certain Payasian Solutions Pte. Ltd. located in
Singapore, recalls BusinessWorld.

The known website of Payasian was no longer accessible as of March
29, adds BusinessWorld.


PHILIPPINES: May Go Into Recession, Central Bank Governor Says
--------------------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Philippine economy could go into recession this year, central bank
Governor Benjamin E. Diokno said on March 29, as the coronavirus
pandemic brings everything to a standstill.

"We're looking at negative to maybe 1% [growth] given this
development," he told the ABS-CBN News Channel, BusinessWorld
relays.

The global economy has now entered a recession - a period of
economic decline where output falls for two successive quarters -
that could be as bad or worse than the 2009 downturn, International
Monetary Fund (IMF) Managing Director Kristalina Georgieva said on
March 27, BusinessWorld reports.

Countries needed to boost spending as a safeguard against
bankruptcies and possible market debt defaults, she told a news
briefing.

"It is now clear that we have entered a recession as bad or worse
than in 2009," BusinessWorld quotes Ms. Georgieva as saying. "This
is a very big crisis and it's not going to be sorted out without a
very massive deployment of resources."

"Seems about right, but still to be collectively agreed by the
economic team," Socioeconomic Planning Secretary Ernesto M. Pernia
said in a mobile phone message, referring to Mr. Diokno's growth
estimate.

According to BusinessWorld, Mr. Diokno said the economy might still
grow by 3% in the first quarter because the Luzon-wide quarantine
took effect in the last two weeks of March.

"The second quarter will probably be negative, the third quarter,
maybe around negative also and then we start picking up by the
fourth quarter," the Bangko Sentral ng Pilipinas chief said.

Earlier, the National Economic and Development Authority said
economic growth might be -0.6% to 4.3% this year.  The government
had originally targeted growth of 6.5-7.5% this year from 5.9% last
year, BusinessWorld discloses.

BusinessWorld says the central bank has cut its benchmark rate by
50 basis points (bps) and eased rules for banks.  It is also buying
P300 billion in government securities.

The Monetary Board also cut the reserve requirement ratio for
universal and commercial lenders by 200 bps to 12% effective
today.

The policy-setting body has authorized Mr. Diokno to slash the
ratio by as much as 400 bps this year amid the pandemic.

Before the outbreak, Mr. Diokno pledged to bring down the ratio to
a single digit by the end of his term in 2023. That could happen
sooner given the situation, he said.

"If necessary, we are willing to cut it to 10%," BusinessWorld
quotes Mr. Diokno as saying.




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

HUAN HSIN: Needs More Time to Finalize Exit-Offer Proposal
----------------------------------------------------------
Claudia Tan at The Business Times reports that electronics contract
manufacturer Huan Hsin Holdings, told by the Singapore Exchange
(SGX) to delist in December 2018, said in its FY2019 financial
statement on March 27 that it requires "more time to finalise the
exit offer proposal".

The basis for the SGX's call was Huan Hsin's repeated failure to
meet listing requirements for profitability and market value, but
it has yet to submit a reasonable cash exit, BT says.

According to BT, Huan Hsin widened its loss to SGD11.7 million for
the year ended Dec. 31, 2019, compared to a loss of SGD2.4 million
a year ago.

It recorded a 29 per cent decrease in revenue to SGD11.2 million
from SGD15.7 million in FY2018 on the back of weaker demand for
telecommunications and electronic products, the report discloses.

Loss per share shrank further to 2.94 Singapore cent from a loss
per share 0.62 Singapore cents in the preceding year.

As at Dec. 31, 2019, the group's current assets were SGD7.5 million
and current liabilities, SGD50.2 million, and "posts a
going-concern issue," noted the group in its financial statement,
BT relays.

"Management remains confident and is committed to the process of
corporate restructuring to streamline operations and disposing
non-performing assets to lower costs and reduce borrowings," it
said.

Shares in the company are suspended, the report notes.

Singapore-based Huan Hsin Holdings Ltd, an investment holding
company, operates as an integrated contract manufacturer of
telecommunications and electronic products.


IBC CAPITAL: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service has affirmed IBC Capital Limited's B2
corporate family rating.

At the same time, Moody's has affirmed the B2 senior secured rating
on the $610 million first lien term loan due in September 2023 and
the B3 rating on the $155 million second lien term loan due in
September 2024. These loans are issued by Goodpack as the Parent
Borrower and IBC Capital US LLC as the US Co-borrower, and
substantially guaranteed by all subsidiaries.

Moody's has also revised the outlook on these ratings to negative
from stable.

RATINGS RATIONALE

"The negative outlook reflects its expectation for a weakening in
Goodpack's operating performance through 2020 amid ongoing
challenges in the global tire industry," says Stephanie Cheong, a
Moody's Analyst.

"The spread of the coronavirus has led to weaker consumer sentiment
and a scale back in tire production across the world, both of which
will lead to reduced demand for Goodpack's solutions," adds
Cheong.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Despite Goodpack's
leading position in the niche logistics market for natural and
synthetic rubber, it is exposed to the automotive industry as well
as global trade activity, both of which will be significantly
affected by the shock given their sensitivity to demand and
sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Goodpack of the
breadth and severity of the shock, and the deterioration in credit
quality it has triggered, which will take time to recover.

Goodpack has limited headroom under its B2 ratings. Moody's
estimates Goodpack's leverage -- as measured by adjusted
debt/EBITDA -- will be around 6.6x-6.9x over the next 12 months,
which is considered high for its current rating. Any deviation from
this expectation would increase the likelihood of a downgrade.

While Moody's expects the company's operating performance and
financial metrics to recover once virus-related disruptions ease,
the timing and pace of recovery is highly uncertain.

"Nevertheless, the ratings affirmations reflect its expectation
that the company will continue to maintain adequate liquidity over
the next 12 months, with its cash and committed revolving credit
availability remaining above $40 million at all times," adds
Cheong.

As December 31, 2019, Goodpack had a cash balance of $45.9 million
(including pledged cash of $8.5 million) with $38.4 million
available under its revolver.

Goodpack's $195 million credit line, which is separated into a $95
million revolving credit facility and a $100 million standalone
letter of credit facility, will be due in March 2021. Moody's
expects Goodpack to fully refinance this credit line in a timely
manner, at least six months ahead of its maturity. Failing which,
the ratings will face immediate downgrade pressure.

In terms of environmental, social and governance factors, Moody's
has considered governance risk arising from Goodpack's concentrated
ownership and its aggressive financial policy as demonstrated by
its tolerance for elevated leverage following the leveraged buy-out
by KKR.

Moody's expects Goodpack to maintain its leading position in the
niche logistics market for natural and synthetic rubber, and
preserve its high profitability with its adjusted EBITDA margin
staying above 45%.

That said, these positives are balanced against the company's high
leverage and the ongoing challenges in the automotive industry,
which are exacerbated by the impact of the coronavirus on end
market demand and supply chain disruptions.

Given the negative outlook, Moody's is unlikely to upgrade
Goodpack's ratings over the next 12-18 months. The outlook could be
stabilized if Goodpack demonstrates an ability to reduce its
financial leverage, such that its adjusted debt/EBITDA falls below
6.5x and EBITA/interest exceeds 1.5x on a sustained basis, while
maintaining a good liquidity profile.

Moody's could downgrade the ratings if there is a loss or a
meaningful decline in volumes from a major customer/s, or if the
company is unlikely to be able to refinance its $195 million credit
line well ahead of its maturity in March 2021. In this regard, it
would expect that in the current highly volatile market and
operating environment that Goodpack would have a credible plan and
high likelihood of refinancing this major maturity by no later than
the end of 2Q 2020.

Credit metrics indicative of downward ratings pressure include its
financial leverage exceeding 6.5x and EBITA/interest falling below
1.5x over a prolonged period.

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

IBC Capital Limited, operating as Goodpack, acquired Goodpack in
September 2014 for $1.4 billion. IBC Capital Limited is an indirect
wholly owned subsidiary of a fund affiliated and advised by
Kohlberg Kravis Roberts & Co L.P.

Goodpack, headquartered in Singapore, owns a fleet of 3.9 million
intermediate bulk containers used for the packaging, transportation
and storage of cargo; primarily natural rubber and synthetic
rubber.




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

[*] BOND PRICING: For the Week March 23, 2020 to March 27, 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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