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

                     A S I A   P A C I F I C

          Tuesday, April 7, 2020, Vol. 23, No. 70

                           Headlines



A U S T R A L I A

BIOPTIV PTY: First Creditors' Meeting Set for April 16
CHARTHILL GROUP: Director Sentenced to 10 Years' Imprisonment
FLIGHT CENTRE: To Permanently Shut 428 Australian Stores
HARRIS SCARFE: Second Creditors' Meeting Set for April 9
MAYFAIR 101: Sued by ASIC Over Misleading/Deceptive Advertising

MORGMAR PTY: Second Creditors' Meeting Set for April 17
WILLOWSURF PTY: First Creditors' Meeting Set for April 16
[*] AUSTRALIA: Will Force Changes on Insolvent Trading Laws


C H I N A

CHINA AOYUAN: S&P Affirms 'B+' LongTerm ICR, Outlook Positive
LUCKIN COFFEE: Faces Delisting After Fabrication of Sales Data


H O N G   K O N G

LIONBRIDGE CAPITAL: Fitch Puts B+ LT IDR on Rating Watch Evolving


I N D I A

ABIR INFRASTRUCTURE: ICRA Keeps 'D' Debt Ratings in Not Cooperating
ADISHAKTI CARS: ICRA Withdraws B+ Rating on INR6.10cr LT Loan
AIR TRAVEL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
AMBATI SUBBANNA: ICRA Lowers Rating on INR8cr LT Loan to B+
ANNADATA RICE: ICRA Lowers Rating on INR5cr Cash Loan to D

ASCEND GREEN: ICRA Keeps B- on INR9.9cr Credit in Not Cooperating
BAGGA LINK: ICRA Reaffirms B+ Rating on INR9.40cr Cash Loan
BANKE BIHARI: ICRA Maintains B- Debt Ratings in Not Cooperating
BARUAPARA SK: ICRA Maintains 'B' Debt Ratings in Not Cooperating
CAPTRONIC SYSTEMS: ICRA Withdraws B- Rating on INR2cr Loan

CHOWDHRY RUBBER: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
COASTAL CONSOLIDATED: ICRA Cuts Rating on INR15cr Loan to 'D'
GAJANAN MANTE: ICRA Withdraws B+ Rating on INR5.9cr LT Loan
GAJANAND RICE: ICRA Maintains B+ Debt Ratings in Not Cooperating
HINDUSTAN FIBRE: ICRA Maintains B- Debt Ratings in Not Cooperating

LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan
LEMSTONE CERAMIC: ICRA Withdraws B+ Rating on INR17.5cr Loan
LIBERTY OIL: Ind-Ra Lowers Issuer Rating to 'B+', Not Cooperating
MAA GAURI POULTRY: ICRA Keeps B Debt Ratings in Not Cooperating
MANGALMURTI BIO-CHEM: ICRA Keeps 'B' in Not Cooperating Category

MIR STEEL: Insolvency Resolution Process Case Summary
NEW ERA: ICRA Assigns 'B+' Rating to INR15cr NCD
OSWAL INDUSTRIES: Insolvency Resolution Process Case Summary
PEARL ENGINEERING: ICRA Cuts Rating on INR10.89cr Loan to B+
PEARSON DRUMS: ICRA Keeps B+ Debt Ratings in Not Cooperating

QUALITY WOVEN: ICRA Lowers Rating on INR14cr LT Loan to B+
RMP BEARINGS: ICRA Lowers Rating on INR13cr Loan to B+
ROOPLAXMI INDUSTRIES: ICRA Keeps B- Debt Ratings in Not Cooperating
ROYALE MANOR: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SAIKRUPA COTGIN: ICRA Assigns 'C' Rating to INR15cr LT Loan

SAIKRUPA FIBRES: ICRA Assigns 'C' Rating to INR9cr LT Loan
SALASAR AGROPANEL: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
SCT PRIVATE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SIMHAPURI ENERGY: ICRA Keeps 'D' Debt Ratings in Not Cooperating
VIKAS SPOOL: ICRA Lowers Rating on INR19.16cr Term Loan to B+

VRV FOODS: Ind-Ra Affirms 'D' LongTerm Issuer Rating


M A L A Y S I A

SERBA DINAMIK: S&P Puts 'BB-' LT ICR on CreditWatch Negative


S I N G A P O R E

FLEX LIMITED: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+


X X X X X X X X

[*] BOND PRICING: For the Week March 30, 2020 to April 3, 2020
[*] Echoes of Asia Financial Crisis Haunt Region's Debt Market

                           - - - - -


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A U S T R A L I A
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BIOPTIV PTY: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bioptiv Pty
Ltd will be held on April 16, 2020, at 2:30 p.m. at the offices of
Hamilton Murphy, Level 1, at Mary Street, in Richmond, Victoria.  

Stephen Dixon of Hamilton Murphy was appointed as administrator of
Bioptiv Pty on April 2, 2020.


CHARTHILL GROUP: Director Sentenced to 10 Years' Imprisonment
-------------------------------------------------------------
Charterhill director George Nowak, on April 2, 2020, was sentenced
in the District Court of South Australia to ten years of
imprisonment with a non-parole period of six years and three
months.

Part way through his criminal trial, Mr. Nowak pleaded guilty to 17
counts of aggravated deception and one count of dishonest dealings
with documents. The offences relate to Mr. Nowak's conduct dealing
with members of self-managed superannuation funds (SMSFs). The
SMSFs were undertaking property purchases offered by companies of
which Mr. Nowak was a director, including EJ Property Developments
Pty Ltd.

The charges against Mr. Nowak concerned misappropriation of AUD1.2
million in SMSF monies. Mr. Nowak failed to hold the funds in a
designated account and did not apply funds towards the intended
property purchases in the period between December 2012 and December
2013.

In delivering the sentence, Judge Sophie David described the
offending as of the utmost seriousness. She noted that the fraud
had a significant impact on the victims' lives and was perpetuated
in order to fund a lavish lifestyle. Her honour emphasised the
importance of deterrence in imposing sentences in these matters.

Commissioner Danielle Press said, 'Mr. Nowak deliberately misled
his clients and used their funds for his own benefit. Mr. Nowak
dishonestly and deliberately breached his clients' trust. The
Court's sentence reflects the seriousness of this conduct and the
impact it had on Mr Nowak's clients.'

Following his conviction, Mr. Nowak is automatically disqualified
from managing a corporation for five years.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions after an investigation and referral of a prosecution
brief from ASIC.

The charges of aggravated deception contrary to section 139(a) of
the SA Criminal Law Consolidation Act 1935 each carry a maximum
penalty of fifteen years' imprisonment.

The charge of dishonest dealings with documents contrary to section
140 of the SA Criminal Law Consolidation Act 1935 carries a maximum
penalty of ten years' imprisonment.

Mr. Nowak was the founder of the Charterhill group of companies.
The following companies in the Charterhill Group have been placed
under external control:

  - Lending Solutions International Pty Ltd – liquidators
    appointed (Andrew Heard and Anthony Phillips of Heard
    Phillips);

  - Nova Real Estate Pty Ltd – external administrators
    appointed (Andrew Heard and Anthony Phillips of Heard
    Phillips);

  - EJ Property Developments Pty Ltd – receivers and managers
    appointed (Michael Basedow and Leigh Prior of Pitcher
    Partners);

  - Financial Wellness Pty Ltd – receivers and managers
    appointed (Michael Basedow and Leigh Prior of Pitcher
    Partners).

The Federal Court previously froze the assets and restrained the
travel of Mr. Nowak and his wife following an application by ASIC
in February 2014.

ASIC also banned Mr. Nowak from providing financial services in
March 2015 on the basis that he was an undischarged bankrupt.


FLIGHT CENTRE: To Permanently Shut 428 Australian Stores
--------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Flight
Centre will permanently shut 428 Australian stores by the end of
July in an attempt to radically slash costs while raising AUD900
million in fresh equity and debt to last it through the coronavirus
pandemic.

SMH relates that the ASX-listed travel group on April 6 announced a
AUD700 million capital raising, consisting of a AUD282 million
placement to institutional investors and a AUD419 million
1-for-1.75 entitlement offer for existing shareholders, both at
AUD7.20 a share.

According to SMH, the group said it had also negotiated AUD200
million in debt from its existing lenders, who had also agreed to
waive covenant testing for its existing facilities.

Flight Centre's shares, which have been in a trading halt for
almost three weeks, last traded at AUD9.91, the report notes. The
stock was sitting at AUD44 in early January, before the coronavirus
obliterated global travel demand, SMH says.

Macquarie and UBS are lead managers and are underwriting the
offer.

SMH says the pandemic has caused the virtual shutdown of the global
travel industry, and Flight Centre said on April 6 that its
transaction volumes fell to 20 to 30 per cent of its normal level
in March, and was implementing initiatives that would cut its
annual cost base by AUD1.9 billion.

It will shut half its leisure brand shopfronts worldwide, including
40 per cent in Australia, or about 428 of its 944 local stores by
the end of July. The company's store network also include the
Universal Traveller brand. It will shut 371 of the 593 stores it
has outside of Australia, SMH discloses.

SMH adds that Flight Centre had previously announced it would close
up to 100 underperforming local stores, and has temporarily stood
down 3,800 Australian sales and support staff.

According to the report, Flight Centre said it was trying to
renegotiate rent on its existing stores and was looking to sell its
Melbourne head office building.

Flight Centre said the raising and cost-cutting plan would give it
AUD2.3 billion of liquidity and a monthly cost base of around AUD65
million, less one-off implementation costs of around AUD210
million, SMH relays.

Flight Centre Travel Group Ltd operates as a retail travel agency
in Australia. The Company operates close to 1,200 outlets
throughout Australia and internationally including New Zealand,
Hong Kong, South Africa, Canada and the United Kingdom. The
Company's agencies and brands include Flight Centre, Travel
Associates and Student Flights.


HARRIS SCARFE: Second Creditors' Meeting Set for April 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Harris Scarfe
Financial Services Pty Ltd and DS OPCO Pty Ltd, formerly traded as
PSEA Dept. Stores Pty Ltd, has been set for April 9, 2020, at  
12:00 p.m. via Webinar facilities.   

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 8, 2020, at 4:00 p.m.

Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of Harris Scarfe on Dec. 11, 2019.


MAYFAIR 101: Sued by ASIC Over Misleading/Deceptive Advertising
---------------------------------------------------------------
Australian Securities and Investments Commission has commenced
proceedings in the Federal Court of Australia against companies in
the Mayfair 101 group, alleging that its advertisements, promoted
on Mayfair's websites and in online media, are misleading or
deceptive.

Mayfair Wealth Partners Pty Ltd, trading as Mayfair Platinum, and
Online Investments Pty Ltd, trading as Mayfair 101, promote two
debenture products to wholesale investors (Mayfair debenture
products):

     * M+ Fixed Income Notes, which are unsecured promissory notes

       issued by M101 Holdings Pty Ltd; and

     * M Core Fixed Income Notes, which are secured promissory
       notes issued by M101 Nominees Pty Ltd.

Mayfair Platinum and Mayfair 101 use sponsored link internet
advertising, through Google AdWords and Bing Ads, so the websites
for the Mayfair debenture products appear as sponsored links when
consumers search for "bank term deposit" or "term deposit" online.
Mayfair's promotional material also use words such as:

     * "term deposit alternative";
     * "term investment" and "fixed term";
     * "certainty" and "confidence"; and
     * "capital growth".

ASIC alleges that Mayfair Platinum and Mayfair 101 made statements
that were false, misleading or deceptive by representing that:

    * Mayfair debenture products are comparable to bank terms
      deposits, and have a similar risk profile to bank term
      deposits, when they are debentures with a significantly
      higher risk profile;

    * the principal investment will be repaid in full on maturity,

      when investors may not receive capital repayments on
      maturity or at all, and because Mayfair could elect to
      extend the time for repayment for an indefinite period;

    * Mayfair debenture products were specifically designed for
      people seeking "certainty and confidence in their
      investments", when investors may not receive interest and/or

      capital repayments, and could lose some, or all, of their
      investment; and

    * Mayfair debenture products provide capital growth
      opportunities, when they do not.

ASIC is seeking injunctions to restrain the publication of
statements of this kind, and pecuniary penalties in relation to the
alleged false or misleading representations.

On March 11, 2020, Mayfair Platinum suspended payment of capital
redemptions to investors in the Mayfair debenture products due to
liquidity issues. In light of this, ASIC is also seeking an interim
injunction to restrain the defendants from promoting and issuing
the Mayfair debenture products while redemptions to existing
investors remain suspended. ASIC's application for an injunction
will be heard by the Federal Court on April 14, 2020 at 9:30 a.m.


MORGMAR PTY: Second Creditors' Meeting Set for April 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Morgmar Pty
Ltd, formerly trading as Forty Winks Chirnside Park, has been set
for April 17, 2020, at 10:00 a.m. and will be held virtually at the
offices of Dye & Co. Pty Ltd, 165 Camberwell Road, Hawthorn East
3123.

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 10, 2020, at 4:00 p.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of Morgmar Pty on March 5, 2020.


WILLOWSURF PTY: First Creditors' Meeting Set for April 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Willowsurf
Pty Ltd will be held on April 16, 2020, at 2:30 p.m. via telephone
conference facilities.

Jason Walter Bettles of Worrells Solvency & Forensic Accountants
was appointed as administrator of Willowsurf Pty on April 3, 2020.


[*] AUSTRALIA: Will Force Changes on Insolvent Trading Laws
-----------------------------------------------------------
Matthew Cranston at Australian Financial Review reports that the
Morrison government will place a moratorium on insolvent trading
laws to help businesses manage the sudden economic shock of the
coronavirus and stall an expected avalanche of business failures.

Key measures will include temporarily increasing the threshold at
which creditors can issue a demand on a company and/or initiate
bankruptcy proceedings, the report says.

According to AFR, the government will increase the threshold at
which a creditor can issue a statutory demand from as low as
AUD2,000 today to AUD20,000, while the threshold for the minimum
amount of debt required for a creditor to initiate bankruptcy
proceedings will increase from its current level of AUD5,000 to
AUD20,000. Both measures will last for six months.

AFR relates that the time companies have to respond to such demands
they receive will also be increased from 21 days to six months.

Furthermore, there will be relief for directors from personal
liability when the company is trading while insolvent.

AFR says directors will be temporarily relieved of their duty to
prevent insolvent trading for any debts incurred in the ordinary
course of the company's business. This change will also apply for
six months.

"Now is the time for more flexibility in insolvency and bankruptcy
laws to keep these businesses alive and to trade through this
period," the report quotes Treasurer Josh Frydenberg as saying.
Mr. Frydenberg described the relief to director's personal
liability as "vital to help companies get through this period".

According to AFR, Prime Minister Scott Morrison said the new rules
were to "make sure more and more Australians get through this to
the other side so they can bounce back strongly when it is over".

The changes will not come at any financial cost to the government's
budget position, AFR states.

Insolvency accountants and lawyers at MinterEllison, Norton Rose
Fulbright and PwC were among those calling for insolvent trading
laws to be relaxed during the coronavirus crisis to keep
cash-strapped firms alive, AFR notes.




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C H I N A
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CHINA AOYUAN: S&P Affirms 'B+' LongTerm ICR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on China Aoyuan Group Ltd. and its 'B' long-term issue rating on
the company's outstanding senior unsecured notes.

S&P said, "We affirmed the rating on Aoyuan because the company's
efforts to deleverage have stalled amid a slowdown in revenue
recognition and preparations for refinancing. But we expect Aoyuan
to make meaningful progress at deleveraging over the next 12 months
because of its controlled expansion appetite and strong revenue
growth. This view underpins our positive outlook on the rating.

"We expect the growth in Aoyuan's adjusted debt to slow down to 15%
in 2020, compared with 65% in 2019. This will lead to the ratio of
debt to EBITDA improving to 5.2x-5.4x in 2020 and 4.9x-5.1x in
2021. The company's gross debt was about Chinese renminbi (RMB) 96
billion as of end-2019. We estimate Aoyuan's gross debt has dropped
to about RMB92 billion as of the end of first quarter of 2020
because the company repaid some maturities with cash raised in
advance last year.

"Aoyuan's revenue growth in 2019 dipped below our expectation,
mainly due to a slowdown in delivery in the second half of the
year. As such, revenue grew by 63% compared with our base case of
75%-78%. This led the company's credit metrics to be weaker than we
anticipated, with a debt-to-EBITDA ratio of 6.5x in 2019, from 5.8x
in 2018.

"That said, we expect Aoyuan to maintain the momentum shown in 2018
and 2019 as it continues to reap the benefits of robust growth in
contracted sales since 2016. As of end-2019, the company has RMB170
billion in unrecognized revenue, and management expects to book
about half within 2020.

"We estimate that Aoyuan's contracted sales will grow by 12% in
2020 amid the COVID-19 outbreak, considerably slower than previous
years. The company has RMB220 billion in saleable resources, and we
therefore believe it can meet its target, which implies a 60%
sell-through rate. In 2019, Aoyuan's contracted sales reached
RMB118 billion, up 29% on 2018.

"In our view, Aoyuan can remain disciplined toward land spending,
which will help control debt growth. The company's land
reserves--excluding potential urban redevelopment projects--amount
to RMB459 billion. This is sufficient for about three years of
development and suggests no imminent need for replenishment. The
company's high exposure to the Greater Bay Area in southern China
will also support its growth.

"Aoyuan has a high proportion of short-term borrowings to total
debt. But we believe its liquidity is still adequate thanks to its
sizable unrestricted cash balance of RMB58 billion as of end-2019.
The company also refinanced RMB9 billion in maturities in the first
quarter of 2020. Aoyuan will face a total of RMB2.7 billion in
domestic corporate bonds puttable in the second half of 2020. But
the company has no offshore syndicated loans and senior notes
maturing for the rest of the year.

"Aoyuan's minority interest as a percentage of total equity remains
high even for sector peers, at 59%. We believe this is
understandable considering the company's business model. When it
acquires projects from other companies or individuals, the original
owners will likely stay as minority shareholders. Due to the
company's high consolidation ratio, most of its minority interests
will accumulate on its balance sheet until projects fully complete.
We expect the ratio to gradually decline, after Aoyuan's rapid
expansion phase over the past three years.

"The positive outlook on Aoyuan reflects our view that the company
will significantly deleverage over the next six to 12 months,
driven by steady sales and strong revenue growth with above-average
profitability. We also expect moderate debt growth, driven by the
company's disciplined debt-funded expansion.

"We may revise the outlook back to stable if Aoyuan's
debt-to-EBITDA ratio does not improve to close to 5.0x. This may
happen if the company fails to control debt growth during its
expansion, or there is revenue recognition slippage.

"We may raise the rating if Aoyuan meaningfully deleverages, such
that its debt-to-EBITDA declines to about 5.0x and shows signs of
further improvement."

Aoyuan is a China-based property developer focusing on the
development and sale of residential properties, with a strong
exposure to southern China. The company has expanded into other
regions, including eastern, central, and western China over the
years. The company also has real estate projects in Australia and
Canada.

Aoyuan was listed on the Hong Kong stock exchange in 2007.
Controlling shareholders Mr. Guo Zi Wen and Mr. Guo Zi Ning
together own 55% of Aoyuan as of end-2019.


LUCKIN COFFEE: Faces Delisting After Fabrication of Sales Data
--------------------------------------------------------------
Wang Zhuoqiong and Zhou Lanxu at China Daily report that Luckin
Coffee Inc, the so-called rival to Starbucks in China, has exposed
itself to the risks of delisting and even bankruptcy due to severe
fabrication of sales data, experts said.

China Daily relates that the Nasdaq-listed Chinese coffee chain saw
its share price crash more than 75 percent to $6.40 on April 2
after the company disclosed that its earnings results were
substantially inflated. It dropped nearly 15 percent more in the
first two hours of trading on April 3.

Liu Jian, chief operating officer and a director of the company,
and several employees reporting to him, had engaged in misconduct,
including fabricating transactions, a company statement said on
April 2, China Daily relays.

The aggregate sales associated with fabricated transactions amount
to around CNY2.2 billion (US$310 million) during the April to
December period last year, according to Luckin's preliminary
internal investigation, the statement said.

This represents three-quarters of the company's stated January to
September revenue, which stood at CNY2.9 billion and was 7.8 times
the same period of 2018, according to market tracker Wind Info. The
company said "investors should no longer rely upon" these numbers.

According to the report, the China Securities Regulatory
Commission, the country's top securities regulator, said on April 3
that it is deeply concerned about and strongly condemns Luckin's
financial fabrication.

"The consequences may be devastating for Luckin, more than merely
getting delisted," the report quotes Dong Dengxin, director of the
Finance and Securities Institute at the Wuhan University of Science
and Technology, as saying.

Mr. Dong said investors will probably bring a class action suit
against the company, which could lead to a massive amount of
compensation and bankrupt the firm, the report relays.

"It alerts Chinese firms, both listed at home and abroad, to the
bottom line of integrity," Dong said.

Besides civil compensation, Luckin may also face administrative and
criminal fines, while employees in charge of the fabrication could
be sent to prison, said He Haifeng, a counselor to the
Beijing-based Tiantong Law Firm, China Daily relays.

Luckin said it had suspended the employees involved, the report
adds.

Due to worries that prepaid coffees and coupons would no longer be
usable as a result of the company's crisis, consumers reportedly
have queued at some of Luckin's stores in big cities to buy coffee,
according to China Daily. Its mobile application and WeChat Mini
program have experienced downtime from over-ordering.

China Daily says stocks closely related to Luckin also suffered.
Hong Kong-listed CAR Inc, which used to employ Liu Jian and has the
same chairman of the board as Luckin, saw its share price more than
halved on April 3, the report notes.

He said the event may impair the reputation of Chinese firms listed
overseas and hinder Chinese companies from seeking IPOs overseas,
at least in the short term, China Daily adds.

Based in China, Luckin Coffee Inc. (NASDAQ: LK) --
https://www.luckincoffee.com/ --- has pioneered a technology-driven
retail network to provide coffee and other products of high
quality, high affordability, and high convenience to customers.
Empowered by big data analytics, AI, and proprietary technologies,
the Company pursues its mission to be part of everyone's everyday
life, starting with coffee.




=================
H O N G   K O N G
=================

LIONBRIDGE CAPITAL: Fitch Puts B+ LT IDR on Rating Watch Evolving
-----------------------------------------------------------------
Fitch Ratings has placed Lionbridge Capital Co., Limited's
Long-Term Issuer Default Rating of 'B+' on Rating Watch Evolving.
Fitch has also placed the 'B' rating with a Recovery Rating of
'RR5' on the USD160 million 9.75% senior unsecured note due 2020
issued by New Lion Bridge Co., Ltd. and guaranteed by Lionbridge on
Rating Watch Evolving.

KEY RATING DRIVERS

The Rating Watch Evolving captures the uncertainty over the impact
of the significant slowdown in economic activity resulting from the
coronavirus outbreak and the possible benefits of CCB Trust Co.,
Ltd's planned purchase of a 30% stake, making it Lionbridge's
largest shareholder and improving the company's access to funding.

Fitch has materially lowered its GDP growth forecast globally,
including China's, in light of the COVID-19 pandemic. Fitch expects
this to have a negative impact on Lionbridge's asset quality, which
will in turn weaken profitability and Fitch's assessment of
leverage. These factors would potentially weigh on funding access,
which to date has remained available for Lionbridge.

Asset quality will weaken, in its view, but has remained resilient
to date, supporting the company's access to funding from
asset-backed securities in 1Q20, despite the volatility of global
financial markets amid the COVID-19 pandemic. Its analysis shows
that Lionbridge can withstand its impaired ratio rising up to 5%,
slower business growth and softening profitability at current
rating levels, while maintaining the leverage below 7x. The
potential for impaired assets rising above this level would lead to
Fitch lowering its leverage expectation for the company.

The introduction of CCB Trust, which is majority-owned by China
Construction Bank Corporation (A/Stable), as the largest
shareholder will, in Fitch's view, strengthen Lionbridge's funding
access. The acquisition is pending the Chinese regulator's
approval. The transaction will not bring fresh capital into
Lionbridge, but CCB Trust has already provided the company with
CNY5 billion in credit facilities and plans to support its offshore
debt financing following the completion of the transaction, which
Fitch believes will open up access to other unsecured bank lines,
reducing Lionbridge's reliance on secured funding markets.

The rating also reflects the company's niche truck-leasing
franchise and an adequate risk-management framework.

ESG - Management Strategy: Lionbridge has an ESG Relevance Score of
4 for management strategy due to the risks associated with the
company's ability to manage its evolving business model towards
commercial-vehicle financing. Management strategy, in conjunction
with other factors, is relevant to the ratings as mismanagement of
its underwriting and asset quality would lead to downward rating
pressure.

RATING SENSITIVITIES

Fitch expects to resolve the Rating Watch when CCB Trust's share
purchase is completed and there is clarity around the nature of
funding support from CCB Trust to Lionbridge.

Lionbridge's IDR is likely to stay at the existing level once the
CCB Trust transaction is completed and there is evidence of
provision of unsecured funding in support of its daily operations.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - If Lionbridge's funding and liquidity, as well as its franchise
and market position, benefit from the presence of CCB Trust over
the medium term.

  - A stabilisation of the operating environment and a reduction in
leverage to 6x would also support upgrade momentum.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - If the transaction is not completed, or if Fitch believes CCB
Trust's ownership does not benefit Lionbridge's credit profile, the
IDR would be placed on Negative Outlook or Rating Watch Negative.
This would reflect its expectations of the impact of the current
environment on asset quality, profitability and leverage. The
current leverage trigger of above 7x for a downgrade would be
lowered if there is a material deterioration in asset quality and
profitability. Signs of reduced funding market access or increased
reliance on secured funding would also weigh on the ratings.

The rating on the notes issued by New Lion Bridge and guaranteed by
Lionbridge is sensitive to a change in Lionbridge's IDR and the
Recovery Rating depends on the balance sheet structures of both
Lionbridge and its operating subsidiary, Lionbridge China, as well
as Lionbridge China's asset quality. Any worsening of the
structural subordination that causes the bond's recovery rate to
drop to or below 10% will trigger a downgrade in the bond rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Lionbridge has an ESG Relevance Score of '4' for Management
Strategy, driven by the risks over the operational implementation
of its strategy which, in conjunction with other factors, is
relevant to the ratings.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).




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

ABIR INFRASTRUCTURE: ICRA Keeps 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR336.36 crore bank facilities of
Abir Infrastructure Private Limited continue to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based       147.81      [ICRA]D ISSUER NOT COOPERATING;
   Facilities                   Rating continue to remain in
                                'Issuer Not Cooperating' category

   Non-fund-Based   186.05      [ICRA]D ISSUER NOT COOPERATING;
   Facilities                   Rating continue to remain in
                                'Issuer Not Cooperating' category

   Unallocated        2.50      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continue to remain in
                                'Issuer Not Cooperating' category

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

Abir Infrastructure Private Limited (AIPL) is a private limited
company, promoted by Mr. K. Gnyandeep and Mr. Y. Y. Butchi Babu in
2005. The company is engaged in the construction activities
primarily related to hydro power and thermal power projects.


ADISHAKTI CARS: ICRA Withdraws B+ Rating on INR6.10cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Adishakti Cars Private Limited (ACPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–Fund       6.10       [ICRA]B+(Stable) ISSUER NOT
   Based Limit                     COOPERATING; Withdrawn
   (Cash Credit)        
                                   
   Long-term-           1.40       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

Rationale

The Long-term rating is withdrawn in accordance with ICRA's policy
on withdrawal and suspension, as desired by Adishakti Cars Private
Limited and based on the no objection certificate provided by its
banker. ICRA does not have any information to suggest that the
credit risk has changed since the time the rating was last
reviewed.

Key rating drivers and their description

The key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Liquidity position: Liquidity position has not been captured as the
rated instruments are being withdrawn.

Rating sensitivities: Rating sensitivities have not been captured
as the rated instruments are being withdrawn

Adishakti Cars Private Limited (ACPL) was set up in 2008 at
Shimoga, Karnataka as a 3-S (sales, service and spares) dealership
of Tata Motors Limited (TML) passenger cars. The company currently
operates from three places – Shimoga, Davangere and Sagara in
Karnataka and offers complete solution, i.e. sales, service,
spares, accessories and finance for TML passenger car customers
under single roof. ACPL is a part of Shakti Group of Companies
which comprises of Shakti Enterprises, authorised stockist for Hero
Honda spare parts, Shakti Automart, authorised distributor for
Maruti Suzuki genuine spares in Karnataka and Shakti Cars Private
Limited, authorised dealer of Toyota Cars in Shimoga, Karnataka.


AIR TRAVEL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Air Travel
Bureau Private Limited's (erstwhile Air Travel Bureau Ltd; ATB)
Long-Term Issuer Rating to 'IND BB+' from 'IND BBB' and has
simultaneously placed the rating on Rating Watch Evolving (RWE).

The instrument-wise rating actions are:

-- INR1.0 bil. (increased from INR800 mil.) Fund-based working
     capital limits downgraded; placed on RWE rating with IND
     BB+/RWE/IND A4+/RWE rating; and

-- INR100 mil. (reduced from INR300 mil.) Non-fund-based working
     capital limits downgraded; placed on RWE with IND A4+/RWE
     rating.

Analytical Approach: To arrive at the ratings, Ind-Ra has factored
in the support provided to ATB by its parent, Yatra Online Private
Limited (YOPL), due to the strong legal, operational and strategic
linkages between the entities. The ratings also derive comfort from
the unconditional and irrevocable corporate guarantee provided by
YOPL to ATB along with the financial support in the form of
inter-corporate deposits that can be arranged at a short notice.

The downgrade reflects the likelihood of ATB's revenue and EBITDA
declining in FY20 and the early FY21. The RWE reflects the
uncertainty regarding the adverse impact of the COVID-19 outbreak
on the travel industry and the favorable effect of ATB's impending
merger with YOPL on ATB's business and credit profile. The COVID-19
outbreak has led to restrictive measures on travel, globally, and
caused a decline in demand for personal and corporate travel;
furthermore, there is no clarity regarding the severity and
longevity of the outbreak. The merger with YOPL is likely to be
completed by September 2020. YOPL has a stronger credit profile
than ATB with revenue of INR9,358.58 million in FY19, cash reserves
of INR2161.01 million; moreover, its ultimate parent company, Yatra
Online Inc, has an impending merger agreement with Ebix Inc., which
supplies software and e-commerce solutions to the insurance
industry.  

KEY RATING DRIVERS

ATB's revenue is likely to plummet in FY20 on account of lower
spending on travel by its customers, due to the overall slowdown in
the corporate sector (accounts for 65% of the company's revenue),
and the recent travel restrictions imposed due to the outbreak of
COVID-19. ATB achieved a top-line of INR569.32 million during
9MFY20. In FY19, the company's revenue had marginally increased by
0.36% to INR1,123 million (FY18: INR1,119 million) on account of an
increase in the commission earned during the period. Previously,
the diversified exposure to various corporate sectors had mitigated
the risk of a downturn in any one segment; however, the prevailing
travel restrictions caused by spread of COVID-19 is likely to dent
the revenue significantly.

Furthermore, ATB's EBITDA margins are likely to fall in FY20, as
the decline in revenue would lead to lower absorption of fixed
costs. The EBITDA margin was 10.80% during 9MFY20. In FY19, ATB's
EBITDA margin deteriorated to a modest 12.4% (FY18: 17.1%), mainly
on account of increase in the provision for doubtful debts to INR72
million (FY18: INR33 million). The return on capital employed stood
at 9% in FY19 (FY18: 14%).

The ratings factor in ATB's modest credit metrics. In FY19, ATB's
credit metrics deteriorated mainly due to a decrease in the
absolute EBITDA to INR139 million in FY19 (FY18: INR191 million)
and an increase in external borrowings, and the resultant rise in
interest obligations. The gross interest coverage (operating
EBITDAR/gross interest expense + rents) was 1.35x in FY19 (FY18:
1.96x) and the net financial leverage was 5.84x (0.23x). ATB does
not have any long-term debt maturities. Any shortfalls in interest
obligations will be met through inter corporate deposits from its
parent, YOPL.

Liquidity Indicator - Stretched: ATB registered almost full
utilization of the fund-based limits over the 12 months ended
February 2020. The cash flow from operations turned negative at
INR981million in FY19 (FY18: INR1005 million), primarily owing to
an increased in working capital requirements. In FY19, the cash and
cash equivalents stood at INR98 million (FY18: INR393 million).
However, ATB can arrange inter corporate deposit to the extent of
INR240 million from its parent entity Yatra Online Private Limited.


The rating continues to be supported by the promoters' experience
of more than four decades in the tourism industry.

RATING SENSITIVITIES

The RWE indicates that rating may be upgraded, affirmed or
downgraded. Ind-Ra expects to resolve the RWE within six months
after it receives greater clarity regarding the impact of COVID-19
on the business of ATB, the outcome of the merger between ATB and
YOPL, and the support available from YOPL.

COMPANY PROFILE

ATB provides business travel services to direct corporate
customers, offering an integrated service portfolio covering total
travel solutions, value-added services and optimal management of
corporate travel budgets.


AMBATI SUBBANNA: ICRA Lowers Rating on INR8cr LT Loan to B+
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ambati Subbanna & Company Oil Firm, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      8.00        [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating is downgraded because of lack of adequate information
regarding Ambati Subbanna & Company Oil Firm performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Ambati Subbanna & Company Oil Firm, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Ambati Subbanna & Company Oil Firm was established in the year 1910
with the objective of manufacturing and marketing edible oils like
sesame oil, ground nut oil, rice bran oil etc. The firm operates
its sesame seed crushing unit in Samarlakota in East Godavari
district in Andhra Pradesh with an installed capacity of 5250 MTPA.
The firm sells its products under brand names such as A.S.Brand,
Mansion and Pooja which have been established in the market over
the years. The firm has depots in Secunderabad, Tenali and
Vijayawada to facilitate the distribution of its products across
the states of Andhra Pradesh and Telangana.


ANNADATA RICE: ICRA Lowers Rating on INR5cr Cash Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Annadata Rice Mill (ARM), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        5.00        [ICRA]D ISSUER NOT COOPERATING;
   Limit–Cash                    Rating downgraded from [ICRA]BB
   Credit                        (Stable) and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Unallocated       5.00        [ICRA]D/[ICRA]D ISSUER NOT
   Limits                        COOPERATING; Rating downgraded
                                 from [ICRA]BB (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects the delay in debt-servicing. The
rating is based on limited information on the entity's performance
since the time it was last rated in December 6, 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

As part of its process and in accordance with its rating agreement
with Annadata Rice Mill, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Credit challenges:

There has been delays in debt as mentioned in Publicly available
sources.

Liquidity position: Poor

Annadata Rice Mill liquidity profile is weak as reflected by
irregularities in debt servicing by entity.

Established in 2007 as a partnership firm, Annadata Rice Mill (ARM)
has been promoted by Mr. Sekh Jakir Ali and Mr. Mirza Amanat Ali.
The firm mills govind bhog rice and has an installed milling
capacity of 8,400 metric tonnes per annum (MTPA) in the Burdwan
district of West Bengal.


ASCEND GREEN: ICRA Keeps B- on INR9.9cr Credit in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR9.90 crore bank facilities of
Ascend Green Homes (AGH) continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based        9.90        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continue
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Ascend Green Homes (AGH) is a partnership firm founded in September
2011 by Mr. IVRK Varma. The firm is engaged in the business of
executing civil contractual works for private entities and
government departments in Andhra Pradesh as a sub-contractor.


BAGGA LINK: ICRA Reaffirms B+ Rating on INR9.40cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Bagga
Link Motors Limited (BLML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan            4.26       [ICRA]B+ (Stable); reaffirmed

   Fund based-
   Cash Credit          9.40       [ICRA]B+ (Stable); reaffirmed

   Unallocated/
   Long term            4.29       [ICRA]B+ (Stable); reaffirmed

   Short Term-
   Fund Based          29.10       [ICRA]A4; reaffirmed

   Short Term–
   Non-fund based       2.00       [ICRA]A4; reaffirmed

Rationale

The ratings reaffirmation continues to derive comfort from the
established market presence and reputed brand name of BLML as one
of the first authorised dealers of Maruti Suzuki India Limited
(MSIL) in the Delhi-NCR region. The ratings continue to consider
the strong brand recognition of its principal – MSIL – in
India, and the continued market leadership of the same as the
largest domestic passenger vehicle (PV) manufacturer.

The ratings, however, continue to be constrained by the company's
subdued operating performance in the last two years. The trend
continued in the current year, as reflected by the declining sales
volumes. Nonetheless, ICRA favourably notes the increasing
proportion of revenues from the sales of spares, accessories and
service charges, which command relatively higher margins. This
supports the company's profitability amid declining overall
revenues. The ratings also take into account BLML's average
financial risk profile characterised by high gearing levels,
constrained liquidity position, and modest debt coverage
indicators. Further, the ratings continue to consider the intense
competition in the PV market and the company's weak bargaining
power in the automobile dealership business, wherein pricing
policies are decided by the principal original equipment
manufacturer (OEM). Further, with four showrooms in Delhi, it
remains exposed to event risks specific to the geography.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that BLML will continue to benefit from the extensive experience of
its promoters and established market position of MSIL in India.

Key rating drivers and their description

Credit strengths

Long track record in automobile dealership business: The company
enjoys a strong market position as an authorized dealer of PVs for
MSIL in Delhi. BLML has been an authorised dealer of MSIL's PVs
since 1995 and is one of the first MSIL dealers in Delhi.

Strong brand recognition of MSIL in domestic PV industry: The
strong brand recognition of MSIL in India and its continued market
leadership as the largest domestic PV manufacturer in the country
augurs well for BLML.

Credit challenges

Sluggish demand outlook situation for PV segment in near term: The
automobile segment has witnessed a steep decline in demand in
FY2020 with the Indian PV industry recording a 16.4% YoY decrease
in sales volumes for 9M FY2020. Accordingly, BLML's operating
performance has remained weak in 9M FY2020. The company's car sales
volumes have declined by 12.7% YoY in 9M FY2020 compared to the
corresponding year-ago period. The significant decline in sales
volumes in the PV segment can be attributed to the subdued consumer
sentiments and prevalent adverse economic scenario, apart from
other region-specific issues. The demand outlook for the PV segment
is expected to continue being sluggish in the near future.

Average financial risk profile: The company's financial profile
remains average, as is evident from its leveraged capital
structure, given the substantial dependence on external borrowings
to fund the working capital requirements. In addition, its
liquidity position remains stretched as reflected by a lower
cushion on undrawn working capital limits and heavy repayment
obligations going forward. In addition, the coverage indicators
have remained average with interest coverage of 1.25 times and
TD/OPBDITA of 6.33 times in 9M FY2020.

Susceptibility to supplier and geographical-concentration risks
mitigated by market leadership status of MSIL: BLML's operations
are mainly concentrated in Delhi, which exposes it to
geographical-concentration risk as new dealerships of MSIL or other
auto players may impact the overall sales.  Furthermore, the entire
revenue of the company is derived from a single OEM, i.e. MSIL.
This leads to limited bargaining power and dependency on the growth
plans of the principal.

Thin profit margins owing to dealership nature of operations and
intense competition from other automobile dealers: As is inherent
in the automobile-dealership business, with the commission
structure decided by the principal, the profit margins remain thin
for BLML. In addition, intense competition in the Delhi/NCR region
owing to the presence of other MSIL dealers and other OEMs exerts
pressures on the sales volumes and margins of the company.

Exposure to adverse event risk specific to the area: The company's
showrooms are located in various parts of Delhi, which exposes it
to regulatory risks and adverse event risk specific to the
mentioned region. With high concentration of sales in the Delhi
region, any weakening of the region's economy or any regulatory
change is likely to adversely impact BLML's revenues. The company's
Vasant Kunj outlet has remained closed since FY2019 due to the
sealing drive in Delhi, putting further pressure on the company's
volumes and profitability.

Liquidity position: Stretched

BLML's liquidity position is stretched. The company has limited
cushion in the form of undrawn working capital limits as evident
from the near-full utilisation of its limits. In addition, the
company has high debt obligations over the next three years, which
are likely to stretch the liquidity position.

Rating sensitivities

Positive triggers: ICRA could upgrade the rating if there is
recovery in demand which results in improved turnover and sustained
growth in accruals along with better working capital management,
thereby improving liquidity and an improvement in the overall
credit metrics.

Negative triggers: Negative pressure on BLML's rating could arise
if there is any sustained decline of revenues or profitability or
increase in inventory levels impacts liquidity position and debt
metrics. Negative pressure could also arise from any adverse
performance of its principal OEM - MSIL - affecting scale and
profitability of the company.

Bagga Link Motors Limited (BLML) commenced its operations as a
partnership firm (Bagga Link Road Service Station) in 1962 as a
service station for cars of all makes. Subsequently, it received
the dealership of MSIL vehicles in 1995. In the same year, a
private limited company was incorporated named Bagga Link Motors
Limited, which took over the dealership business of Bagga Link Road
Service Station. BLML is one of the oldest MSIL dealers in Delhi.
It sells vehicles, spares and also provides after-sales support. At
present, the company has four showrooms and five workshops in
Delhi.


BANKE BIHARI: ICRA Maintains B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Shri Banke Bihari Polyfab Pvt Ltd (SBBP) continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–         5.00        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category
      
   Non-Fund Based      0.35        [ICRA]B- (Stable) ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated limit   4.65        [ICRA]B-(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

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

Shri Banke Bihari Polyfab Private Limited (SBBP), incorporated in
2008, began operations from April 2010 as a manufacturer of High
Density Polyethylene (HDPE) woven sacks and cement bags. At
present, the company has an installed production capacity of 3,100
MTPA for HDPE woven fabric at its manufacturing facility at
Burdwan, West Bengal. The company also trades in various
commodities based on market opportunities. In FY2015, SBBP also
started trading in Polypropylene (PP) granules.


BARUAPARA SK: ICRA Maintains 'B' Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of
Baruapara Sk Tea Factory Pvt. Ltd (BSKTFPL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA] B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based–Term     7.35       [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Loan Rating
                                  continues to remain under
                                  the 'Issuer Not Cooperating'
                                  category

   Fund Based-Cash     3.00       [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Loan Rating
                                  continues to remain under
                                  the 'Issuer Not Cooperating'
                                  category

   Fund Based–Stand     0.25      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; by Line of Credit
                                  Rating continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

   Non Fund Based       0.40      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; facility Rating
                                  continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in April 2011, BSKTFPL set up a CTC tea manufacturing
facility in August 2013, and at present has an annual capacity of
21.0 lakh kg of made tea. The company's manufacturing facility is
located at Dooars, West Bengal.  The company does not have its own
plantation facilities and depends entirely on bought leaf for its
production. The company procures green leaf from small growers
located near its production facilities.


CAPTRONIC SYSTEMS: ICRA Withdraws B- Rating on INR2cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Captronic Systems Private Limited (CSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund
   Based Facilities     2.00      [ICRA]B- (Stable); Withdrawn

   Short Term-
   Non-Fund Based
   facilities           8.00      [ICRA]A4; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no objection certificate provided by its banker.

Key Rating Drivers

Key rating drivers has not been captured as the rated instruments
are being withdrawn.

Liquidity Position:

Liquidity position has not been captured as the rated instruments
are being withdrawn.

Rating Sensitivities

Rating sensitivities have not been captured as the rated
instruments are being withdrawn.

Captronic Systems Private Limited (CSPL) is primarily involved in
the design and development of custom-automated test equipment, data
acquisition and control systems. The company is also a system
integrator for application development in aerospace, defence,
automotive, manufacturing, and power sector solutions. It provides
offshore outsourcing services for software development and
validation testing. It is an ISO 9001 and CSIA Level 1 certified
company.


CHOWDHRY RUBBER: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Chowdhry Rubber
and Chemical Private Limited's (CRCPL) Long-Term Issuer Rating of
'IND B+ (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR175 mil. Fund-based limits* maintained in the non-
     cooperating category and withdrawn; and

-- INR95 mil. Non-fund based limits^ maintained in the non-
     cooperating category and withdrawn.

*Maintained fund based limit at IND B+ (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) before being withdrawn         

^Maintained non-fund based at IND A4(ISSUER NOT COOPERATING)
before being withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category as
CRCPL did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Established in 1952, CRCPL is engaged in the trading of industrial
chemicals such as zinc oxide, titanium dioxide, synthetic rubber
chemical, calcium carbonate, etc.


COASTAL CONSOLIDATED: ICRA Cuts Rating on INR15cr Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Coastal Consolidated Structures Pvt. Ltd (CCSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–          15.00       [ICRA]D; Revised from
   Fund-based/CC                   [ICRA]B(Stable) and removed
                                   from Issuer not cooperating
                                   category

   Long-term/          11.59       [ICRA]D; Revised from
   Short-term–                     [ICRA]B(Stable)/[ICRA]A4 and
   Non-fund Based                  Removed from Issuer not  
                                   cooperating category

   Long-term/          10.41       [ICRA]D/[ICRA]D; Revised from
   Short-term–                     [ICRA]B(Stable)/[ICRA]A4 and
   Unallocated                     Removed from Issuer not
                                   cooperating category

Rationale

The rating downgrade follows overutilisation of the working capital
limits for more than 30 days continuously in the recent past owing
to poor liquidity position, a result of high debtor and inventory
levels. The ratings are also constrained by high execution risk of
the order book, given the nascent stage of works and slow pace of
order execution and modest scale of operation with operating income
of INR21.8 crore in FY2019. Further, the rating also considers the
weak financial risk profile of the company with Total Debt to
OPBDITA of 2.74 times and interest coverage of 1.95 times in
FY2019, owing to high debt levels. The rating, however, favourably
factors in the extensive experience of the promoters spanning over
two decades in the civil construction industry.

Going forward, the company's ability to improve its liquidity
position and service its debt obligations in a timely manner will
be the key rating sensitivities.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in the construction industry
spanning over two decades - CCSPL was established by Mr. M V Ranga
Prasad in 1996 to execute civil works. The company has more than
two decades of experience in executing civil works and specialises
in marine structures like break water construction, jetties,
slipways and in various civil and structural work such as
excavation, dredging, road and port work.

Credit challenges

Overutilisation of working capital limits due to tight liquidity
position – The working capital limits were overutilised
continuously for more than 30 days in the recent past owing to high
working capital intensity. CCSPL's working capital intensity is
high at 84.5% in FY2019, owing to high debtors on the back of
delayed payments from clients and high inventory. The company has
around INR14.5 crore of receivables outstanding for more than three
years, primarily from MARG Ltd. and Bharati Defence and
Infrastructure Limited (formerly Bharati Shipyard Limited).
Further, the company is receiving the payments from its current
customers in two to three months.

Modest execution progress of current order book; high execution
risk with slow-moving orders - The execution progress of the
current order book is modest with nascent stage of work progress
and slow pace of order execution. The company has an outstanding
order book of INR161.2 crore (7.6 times of operating income of
FY2019) as on December 31, 2019 wherein 96% of the orders were in a
nascent stage of execution (less than 20% execution).

Small scale of operations and weak financial risk profile – The
scale of operation continues to be modest with operating income of
INR21.8 crore in FY2019. Despite a sizeable order book, the slow
pace of order execution acts as a hindrance to its top line growth
and the operating income is expected to remain small in the near
term. The financial risk profile of the company is weak with Total
Debt to OPBDITA of 2.74 times and interest coverage of 1.95 times
in FY2019 owing to high debt levels.

Liquidity position: Poor

CCSPL's liquidity is poor, given the high working capital intensity
due to high debtors and inventory levels. The high receivables are
due to the delayed and stuck payments from clients which led to
overutilisation of working capital limits for more than 30 days
continuously in the recent past.

Rating sensitivities

Positive triggers -- ICRA could upgrade CCSPL's rating if there is
no over utilisation of the cash credit limit on a sustained basis.

Coastal Consolidated Structures Pvt. Ltd (CCSPL), based out of
Vijayawada, Andhra Pradesh, was established in 1996 by Mr. M V
Ranga Prasad and undertakes civil work like excavation, dredging,
road and ports work. The company also specialises in marine
structures like break water construction, jetties, slipways etc.
CCSPL's operations are overseen by its Managing Director Mr. M V
Ranga Prasad, who is a mechanical engineer and has been involved in
the construction industry for the past three decades.


GAJANAN MANTE: ICRA Withdraws B+ Rating on INR5.9cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable); NDS
NON COOPERATION to the INR5.90 crore bank facilities of Gajanan
Mante And Sadanand Patil (GMSP) on the basis of client's request
and loan closure letter received from the banker.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Fund      5.90      [ICRA]B+ (Stable); ISSUER NOT
   based–Term Loan                COOPERATING; withdrawn

Key rating drivers

Key Rating drivers have not been captured as the rated instrument
is being withdrawn.

Liquidity Position:

Liquidity position has not been captured as the rated instrument is
being withdrawn.

Incorporated in year 2016, Gajanan Mante and Sadanand Patil is an
association of person (AOP) which was formed to carry out the
construction of the residential real estate project, Lake City at
Pali, in Raigad district of Maharashtra. The sales activity for the
project is being undertaken by two proprietorship firms of the
promoters, Mr. Gajanan Uttamrao Mante and Mr. Sadanand Laxmanrao
Patil. The AOP and the two-proprietorship firm are a part of the
Pune based Apratim group which has developed over ~6, 00,000 square
feet of area since 2004-05. The Lake City project is located near
Khopoli in Raigad District of Maharashtra. It comprises of a mix of
1 BHK (Bedroom, Hall Kitchen), 2 BHK and 3 BHK

bungalows totaling to 215 units and 42 commercial units to be
executed in three phases at a project cost of around INR68.00
crore. The first phase involves construction of 92, 1 BHK units at
total project cost of INR15.48 crore.


GAJANAND RICE: ICRA Maintains B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the bank facilities for INR18.17 crore of
Gajanand Rice Mill continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–         8.00        [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated        10.17        [ICRA]B+ (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1982, Gajanand Rice Mill (GRM) is involved in the
processing, milling and polishing of non-basmati rice. The firm
produces polished rice, rice bran and broken rice. Its
manufacturing facility of is located at Bavla, Ahmedabad, with an
installed capacity of processing paddy at 6 tonne per hour. The
processing and milling unit of the firm is spread across an area of
17,300 square yards. The firm is currently owned and managed by Mr.
Ashwin Thakkar and Mr. Chinubhai Thakkar along with four other
partners.


HINDUSTAN FIBRE: ICRA Maintains B- Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR14.00 crore bank facilities of
Hindustan Fibre Glass Works (HFGW) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based–         0.40       [ICRA]B- (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Fund Based–         8.60       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Non-fund based–     5.00       [ICRA]B- (Stable) ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

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

HFGW was founded in 1984 as a partnership firm by Mr. Govindbhai
Patel and Mr. Shankar Patel at Kolkata. Later in 1998, the firm
started its new unit at Vadodara, Gujarat. HFGW is engaged in
interior furnishing work for railway coaches. The firm manufactures
all types of fibre-reinforced polymer (FRP) products—such as
paneling, gear case, door paneling, modular toilet and partition
frames, seats and components, and driver's cabin, among others -
which are fitted to railway coaches. The firm, being an approved
vendor, participates in tenders floated by various railway
departments.


LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Lasa Cera
Pvt. Ltd. (LCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based
   Cash Credit          4.00      [ICRA]B+(Stable); Reaffirmed

   Fund-based
   Term Loan            6.24      [ICRA]B+(Stable); Reaffirmed

   Non-fund Based
   Bank Guarantee       3.00      [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of ratings remains constrained by the company's
weak financial risk profile, characterised by small-scale
operations, moderate profitability, leveraged capital structure and
weak debt protection metrics. The ratings also factor in the
intense competition in the ceramic industry and the exposure of
LCPL's profitability to volatility in raw material and fuel prices.
The ratings further take into account the exposure of the company's
operations and cash flows to the cyclicality in the real-estate
industry, which is the main end-user sector.
The ratings, however, favourably factor in the extensive experience
of the promoters in the ceramic industry and the proximity to raw
material sources, by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that LCPL will continue to benefit from the extensive experience of
its promoters in the ceramic industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in ceramic industry:
Incorporated in 2014, LCPL is managed by directors who have
extensive experience in the ceramic industry by virtue of their
association with other entities involved in the ceramic business.

* Location-specific advantage:  The company benefits from the low
transportation cost and the easy access to quality raw materials as
well as power and fuel sources by virtue of the plant's strategic
location in the Morbi region of Gujarat, which is considered to be
the ceramic hub of India.

Credit challenges

* Weak financial risk profile:  LCPL's operating income increased
by 13% to INR18.74 crore in FY2019 from INR16.65 crore in FY2018,
though the operations remained small. The operating profitability
moderated to 10.86% in FY2019 (compared to 12.44% in FY2018) with
decline in realisations owing to stiff competition and increase in
power and fuel cost due to the National Green Tribunal's ban on
coal gasifier. The overall debt level remained high, at INR6.43
crore in FY2019, though it moderated from INR7.66 crore in FY2017
with scheduled repayment of term loan and low working capital
utilisation. Accordingly, the capital structure remained leveraged,
with gearing of 1.68 times compared to 2.16 times in FY2018. The
debt coverage indicators also remained weak, with Total
Debt/OPBDITA of 3.16 times and DSCR of 1.19 times in FY2019.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices:   The company's profitability remains
exposed to fluctuations in raw materials (body clay, feldspar and
glazed frit) as well as power and fuel (coal and PNG) prices. Raw
materials and fuel are the two major components that determine the
cost competitiveness in the ceramic industry. The firm has little
control over the prices of key inputs and thus its margins are
exposed to raw material and fuel price fluctuations since it has
limited ability to pass on any upward movement in prices to its
customers.

* Intense competition and cyclicality in real estate industry:  The
ceramic tile manufacturing industry is highly competitive because
of low-entry barriers. The presence of both organised as well as
numerous unorganised players in Gujarat limits the company's
pricing flexibility and the bargaining power with customers,
thereby putting pressure on its revenues and margins. Further, the
real estate industry is the major end user of ceramic tiles, and
hence the company's profitability and cash flows are highly
vulnerable to the cyclicality in the real estate industry.

Liquidity position: Stretched LCPL's liquidity is stretched because
of high impending term debt repayments against cash accruals and
working capital intensive nature of operations, which has resulted
in stretched creditors position. However, the company has adequate
cushion in working capital limits (average utilisation of around
~29% in the period - April 2019 to December 2019) which will
support the liquidity going forward. Additionally, infusion of
equity/unsecured loans from promoters will remain crucial in case
of any cash-flow mismatches.

Rating sensitivities

Positive triggers -- ICRA could upgrade LCPL's rating if sustained
increase in revenues and profitability leads to
higher-than-expected cash accruals, and better working capital
management strengthens the overall financial risk profile.

Negative triggers -- Negative pressure on LCPL's rating could arise
if any decline in revenues and profitability leads to
lower-than-expected cash accruals, or if any major debt-funded
capital expenditure, or stretch in the working capital cycle,
further weakens the company's capital structure and liquidity
profile.

Incorporated in 2014, Lasa Cera Pvt. Ltd. (LCPL) manufactures
ceramic digital wall tiles of sizes – 12"x12" and 18"x12". The
manufacturing facility of the company is located in Morbi, Gujarat
and has an installed capacity of manufacturing 18 lakh boxes of
tiles per annum. LCPL is promoted by the Manvar family, which has
extensive experience in the ceramic industry. In FY2019, the
company reported a net profit of INR0.26 crore on an operating
income of INR18.74 crore compared to a net profit of INR0.04 crore
on an operating income of INR16.65 crore in the previous year.


LEMSTONE CERAMIC: ICRA Withdraws B+ Rating on INR17.5cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Lemstone Ceramic LLP (LCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      7.25        [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Withdrawn

   Long Term-Fund     17.50        [ICRA]B+ (Stable) ISSUER NOT
   Based TL                        COOPERATING; Withdrawn

   Short Term-Non-     3.40        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Withdrawn

   Short Term–        (1.00)       [ICRA]B+ (Stable) ISSUER NOT
   Interchangeable                 COOPERATING; Withdrawn

Rationale

The long-term and short-term ratings assigned to Lemstone Ceramic
Llp have been withdrawn at the request of the company, based on the
no-objection certificate provided by its banker. ICRA is
withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Established in August 2015, Lemstone Ceramic LLP (LCL) commenced
commercial operations from April 2016 and is engaged in manufacture
of nano polished vitrified tiles from its plant located in the
ceramic belt of Morbi, Gujarat. The firm’s facility is equipped
with machinery which can manufacture vitrified tiles in two sizes
600 X 600 mm, 800 X 800 mm and 1200 X 1200 mm, however the company
currently manufactures only 600X600 mm of tiles. The unit is
promoted by Mr. Jayesh Rangpariya along with his relatives and
friends having significant experience in the ceramic industry
through associate concerns namely Lucaso Ceramic Private Limited,
Lemon Ceramic Private Limited, Lexona Ceramic, Livanto Ceramic
Private Limited and Laffans Ceramic Private Limited.


LIBERTY OIL: Ind-Ra Lowers Issuer Rating to 'B+', Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Liberty Oil
Mills Limited's (LOML) Long-Term Issuer Rating to 'IND B+' from
'IND BB+'. The agency has simultaneously migrated the rating to the
non-cooperating category. The Outlook is Negative. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' /
Negative on the agency's website.

The instrument-wise rating actions are:

-- INR7.120 bil. Non-fund-based working capital facility
     downgraded and migrated to non-cooperating category with IND
     A4 (ISSUER NOT COOPERATING) rating; and

-- INR1.30 bil. Fund-based working capital facility downgraded
     and migrated to non-cooperating category with IND B+ /
     Negative (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: Issuer did not cooperate; based on the best available
information.

KEY RATING DRIVERS

The downgrade reflects LOML's sub-par financial transparency and
weak corporate governance in terms of not providing timely business
and financial updates to Ind-Ra to monitor and review credit
ratings on a continuous basis. Furthermore, the company's Outlook
has been Negative since July 2019, indicating poor liquidity and
cash flow mismatches in the operations.

The ratings have been migrated to the non-cooperating category as
LOML did not participate in the surveillance exercise and has not
provided information about audited financial statements, bank
utilization levels and interim numbers for FY20. The company has
not been submitting to the agency the Securities and Exchange Board
of India-mandated monthly no-default statements for over three
months now.

COMPANY PROFILE

LOML is a part of the Liberty group of companies. The company is
engaged in the refining and trading of edible oils. It also
manufactures clarified butter, interesterified vegetable oils and
fats, and bakery products. The company has a total annual capacity
of over 650,000 metric tons, with six processing facilities in
Shahapur, Thane. LOML has an established presence in western India
and management with an experience of over two decades in the edible
oil business.


MAA GAURI POULTRY: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Maa Gauri Poultry Private Limited to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.90        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continued
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based-         4.10        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continued
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2006, Maa Gauri Poultry Private Limited (MGPPL) is
family managed company engaged in the production of table eggs and
trading in wheat, paddy, rice, animal feed and poultry feed. The
company is based out of Nagpur and sells the eggs to nearby
distributors and traders. The promoter family has been in the
poultry business since 1996.


MANGALMURTI BIO-CHEM: ICRA Keeps 'B' in Not Cooperating Category
----------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Mangalmurti Bio-Chem Private Limited to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING."

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

   Long Term-Fund      3.99        [ICRA]B(Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Mangalmurti Bio-Chem Private Limited (MBCPL) was established in
2011 and commenced commercial production of granulated NPK
(Nitrogen, Phosphorus, and Potassium) mixture fertilizers in
October 2012. MBCPL is engaged in the manufacture of predominantly
three grades of granulated NPK mixture fertilizers, viz., 20:10:10,
20:05:20 and 20:20:00 and soil nutrient-12:32:06 (denoting
respective proportions of Calcium, Magnesium and Sulphur). The
promoters of the company have nearly a decade's experience in the
manufacture of fertilizers. The manufacturing facility of the
company is located at Mangrol, Surat (Gujarat) and is equipped with
an installed capacity of 18,000 metric tons per annum (MTPA).


MIR STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: MIR Steel Rolling Mills Private Limited
        G.M. Complex, NH-1, Kadlabal
        Pampore, Pulwama
        Jammu & Kashmir 192122

Insolvency Commencement Date: March 20, 2020

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Neeraj Bhatia

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

Last date for
submission of claims:    April 4, 2020


NEW ERA: ICRA Assigns 'B+' Rating to INR15cr NCD
------------------------------------------------
ICRA has assigned rating to the bank facilities of New Era Dwellers
and Constructions Private Limited (NEDCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     15.00       [ICRA]B+(Stable); assigned
   Debenture
   Programme            

Rationale

The rating assigned to NEDCPL is constrained by the project
execution risk, primarily time and cost overrun, pertaining to the
revised proposed structure. ICRA considers the significant market
risks associated with the project, given the current lacklustre
demand and over supply of under-construction and developed
commercial units in Mumbai. The rating also takes into account the
possible hindrance in project execution due to pending receipt of
residual regulatory approvals, besides the high funding risk as the
company is yet to tie-up debt for the construction of the remaining
structure. ICRA notes that the current term loan repayment
obligations are being primarily met by promoters' contribution.
With the project expected to be completed by December 2023, NEDCPL
will continue to be highly dependent on its promoters and other
group companies for meeting its current and future repayment
obligations along with project execution cost during the interim
period till the advance inflows start coming in as expected from
June 2021 onwards. The rating, however, favourably factors in the
experienced management of the company, having executed several
residential and commercial projects in the Mumbai region.

The rating also takes into account the favourable location of the
project at Malad, Mumbai, in proximity to key commercial and
residential areas with adequate infrastructure. Going forward,
NEDCPL's ability to receive the regulatory approvals along with
scheduled execution of the project without any cost overruns needs
to be seen. Further, achievement of expected bookings and
collections, along with adequate promoters' contribution would be
critical to generate sufficient cash flow to meet the residual
project cost and repayment obligations. The Stable outlook on the
[ICRA]B+ rating reflects ICRA's opinion that the company will
continue to benefit from its experienced management and long track
record of operations of Mayfair group.

Key rating drivers and their description

Credit strengths

Strong track record of the Mayfair Group in execution of real
estate projects - NEDCPL is a part of the Mayfair Group of
companies, which develops residential as well as commercial real
estate projects in the Mumbai region. The Group was established in
1964 by the Late Arvind M. Shah and the Late Vasumati Arvind Shah.
Mr. Nayan Shah joined the Mayfair Group in October 1982 and took
over the reins in December 1993. The company is currently managed
by Mr. Nayan Shah and his wife, Mrs. Anuradha Shah. Mr. Shah has
remained the president of the Maharashtra Chamber of Housing
Society and provides business development, brand management and
consortium building expertise to the Group.

The Mayfair Group has executed several residential and commercial
projects in the Mumbai Metropolitan Region, including Mulund
Darshan, Mayfair Virar Gardens, Mayfair Meridian, Mayfair
Vishwaraja, etc. The Group has delivered more than 50 housing
projects and handed over more than 3.61 million square feet of
residential and commercial units. The company's track record of
delivering properties on time to its customers has remained
strong.

Favourable location of the current commercial project to aid
marketability – The current project is located at S.V. Road,
Malad (West), Mumbai, targeting business owners as well as
professionals. S.V. Road is well connected by roads and railways to
the rest of Mumbai. The upcoming project is at a distance of 1.1 km
from Malad railway station and around 5.1 km from the Western
Express Highway, which connects Malad to the greater Mumbai region.
Moreover, the micro-market's adequate infrastructure is likely to
drive buyers to this area.

Credit challenges

Early stage of proposed extension of structure leads to project
execution risk - 'Mayfair Arcade', the company's upcoming project,
incurred ~51% of its total estimated project cost till February
2020. The construction of the project had started in 2011 under the
Development Control Regulations (DCR) 1991 for a structure of two
basement levels, a ground floor and two floors spread over two
phases. Phase I comprised the construction of a part of the
basements and plinth area, while Phase II comprised part of the
ground, first and second floors. The construction was completed in
2014. Thereafter, in February 2014, the new DCR was introduced with
a fungible compensatory floor space index (FSI), increasing the
commercial premises from 20% to 35% of the available FSI.
Accordingly, the new Development Control and Promotion Regulation
(DCPR) 2034 was implemented by the Municipal Corporation of Greater
Mumbai (MCGM) in November 2018. Subsequently, the Mayfair Group
implemented DCPR 2034 and revised the project plan. The company has
already completed constructing the second floor at the existing
plot of land. The proposed extension includes the construction of
16 additional floors above this structure. The approved carpet area
under the earlier approved plan was 27,825 sq. ft., which was
revised to 77,926 sq. ft. under the latest plan. Since the company
is yet to start construction of the proposed structure, it remains
exposed to execution risks.

High vulnerability of the project to residual regulatory risk - The
company has received occupation certificate for construction up to
the second floor for the project. It has also received the fire no
objection certificate (NOC), the traffic NOC and concessional
approval for the new amended plans. However, it is awaiting receipt
of intimation of the disapproval and commencement certificate for
the amended plans, resulting in high regulatory risk for the
project.

High funding risk since financial closure for the project is yet to
be achieved, limited advances inflow since 100% inventory
pertaining to the constructed portion is unsold - For the
construction of the first and second phases of the project, the
company has availed bank funding with a scheduled repayment by
September 2022. The company is yet to tie-up the debt for the
construction of the remaining structure. This results in high
funding risk for the project on which the future project execution
depends. The funding risk is further accentuated as the constructed
portion has not yet been launched for sale, as a result no advance
payment has flowed in either. ICRA notes that besides promoters'
funding, the future advance inflow will be critical to meet the
project requirements as well as repayments on the new construction
finance loan, which is likely to be availed in September 2020.
Further, successful placement of NCD will also be critical to repay
the interest bearing unsecured loans in March 2020.

High dependence on promoters' funding to meet existing debt
repayments and project execution - Of the total project cost of
INR209.37 crore, the company had incurred INR106.13 crore (51%) as
on end February 2020, funded by bank loan of INR31.0 crore (15%)
and promoters' contribution of INR75.13 crore (36%). The repayment
on the existing debt commenced from August 2018, and in the absence
of any bookings or sale of completed units, the repayment
obligation of the existing term loan was met by promoters'
contribution. With the current expected project completion date of
December 2023 along with the ongoing repayment obligations, NEDCPL
remains highly dependent on its promoters and other group companies
for meeting all its repayment obligations along with project
execution in the interim.

Exposure to market risks amid current slowdown in the real-estate
sector - Due to the early stage of project execution, the market
risk for the project remains high amid stiff competition from
several completed and ongoing projects in the vicinity. Further,
considering the current weak demand for commercial space in Mumbai,
the ability of the company to reach high bookings, especially for
the higher floors with a single unit size of more than 3,500 sq.
ft., remains critical.

Liquidity position: Stretched

NEDCPL's liquidity remains stretched. The debt level of the company
remained elevated at INR31.00 crore as on end February 2020, with
significant interest and debt repayment obligations falling due in
the coming years. In the past, due to changes in the project plan
and the project stretching for a period of more than eight years,
there was significant escalation in interest costs. The current
term loan is being repaid through promoters' contribution (via
escrow mechanism). Further, the company is expected to avail debt
in the form of NCD and construction finance in FY2020 and FY2021
respectively which will give rise to long-term repayment
liability.

Generation of adequate sales and collections would be critical
considering a change in the scope of the project with a scheduled
completion date of Q3 FY2024. ICRA, however, draws comfort from the
considerable funding support of the promoters and group companies
in the form of equity share capital and unsecured loan to meet the
funding requirements of the project. Upstreaming the available
surplus from these Group companies is expected to support NEDCPL's
cash flows over the near-to-medium term. Timely refinancing and
maintaining an optimum level of collection from bookings will
remain a key rating monitorable. Rating sensitivities

Positive triggers: ICRA could upgrade NEDCPL's rating on timely
receipt of residual regulatory approvals along with timely
execution of the project to achieve better than expected sales
velocity and collections.

Negative triggers: Negative pressure on NEDCPL's rating could arise
if there is any delay in receipt of regulatory approvals for the
project or any delay in refinancing the project loans as per
expected terms. Further lack of adequate and timely support from
Group companies/ promoters for repayment of existing bank loans
will also remain a key rating sensitivity.

Incorporated in March 2004, New Era Dwellers and Constructions
Private Limited is a part is a part of the Mayfair Group of
companies, which develops residential as well as commercial real
estate projects in the Mumbai region. The Group was established in
1964 by the Late Arvind M. Shah and the Late Vasumati Arvind Shah.
The company is managed by Mr. Nayan Shah and his wife, Mrs.
Anuradha Shah. Since 1993. The company's registered office is in
Andheri, Mumbai. It primarily focuses on developing commercial real
estate projects in Mumbai. At present, the company is developing a
commercial complex, 'Mayfair Arcade', in Malad (West), on a
29,595-sq. ft. plot. The project is yet to be launched. The
structure comprises 2 basements + G + 18 floors with a total of 107
units. The project has a leasable area of 4,600 sq. ft. and total
saleable area of 77,926 sq. ft. The total cost of the project
stands at INR209.37 crore, of which ~Rs. 106.13 crore (~51%) was
already incurred till February 2020 for the construction upto two
floors, funded by a term loan of INR31.0 crore and the balance
through promoters' contribution. The project is scheduled to be
completed by December 2023.


OSWAL INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Oswal Industries Private Limited
        Ground Floor, 4532/12
        Jai Mata Market, Tri Nagar
        New Delhi 110035

Insolvency Commencement Date: January 16, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sunil Prakash Sharma

Interim Resolution
Professional:            Sunil Prakash Sharma
                         Lower Ground Floor, E-25
                         Lajpat Nagar-3
                         New Delhi 24
                         E-mail: adv.sunilprakash@gmail.com

                            - and -

                         Lower Ground Floor, J-12
                         Jangpura Extension
                         New Delhi 14
                         Tel: 011-41716695
                         E-mail: irpsunil.oswalindustries@
                                 gmail.com

Last date for
submission of claims:    March 31, 2020


PEARL ENGINEERING: ICRA Cuts Rating on INR10.89cr Loan to B+
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Pearl
Engineering Co. (PEC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund      8.00        [ICRA]B+ (Stable) ISSUER NOT
   based–Cash                      COOPERATING; Rating
downgraded
   Credit                          from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term fund      3.61        [ICRA]B+ (Stable) ISSUER NOT
   based–Term Loan                 COOPERATING; Rating downgraded

                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term          10.89        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short-term non     17.50        [ICRA]A4 ISSUER NOT
   fund-based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings downgrade is because of lack of adequate information
regarding Pearl Engineering Co. Ltd performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Pearl Engineering Co, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Pearl engineering Co. (PEC) was established in 1982 and is into
manufacturing & exporters of Electrical Stampings for Motors and
Fans like Traction Motor & Rotor Lamination, Stator & Rotor
Lamination, Electric Motor Parts, Stator & Rotor Stack, and
Progressive Stamping. The company has a manufacturing capacity of
about 2000 M.T. of Stampings per month.


PEARSON DRUMS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the for the INR25.40 crore bank facilities of Pearson
Drums & Barrels Pvt Ltd (PDBPL) continue to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING."

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limit–     16.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund based Limit–      1.96      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based Limit–      2.40      [ICRA]A4 ISSUER NOT
   Stand by Line of                 COOPERATING; Rating continues
   Credit                           to remain under 'Issuer Not
                                    Cooperating' category

   Non-Fund Based         3.50      [ICRA]A4 ISSUER NOT
   Limit–Bank                       COOPERATING; Rating
continues
   Guarantee                        to remain under 'Issuer Not
                                    Cooperating' category

   Non-Fund Based         1.50      [ICRA]A4 ISSUER NOT
   Limit–Letter of                  COOPERATING; Rating
continues
   Credit                           to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated Limit      0.04      [ICRA]B+ (Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating continues to remain
                                    under 'Issuer Not
                                    Cooperating' category

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

Established in 1991, PDBPL was initially engaged in the trading of
steel drums. Subsequently in 1993 and 1999, the company set up
manufacturing facilities in Kolkata and Mumbai respectively to
manufacture steel barrels and engineering goods including clamps,
barrier fences, rubber support inserts, and other related
accessories. The annual installed capacities of drums at the
Kolkata and Mumbai units are 4,86,000 and 6,00,000 pieces
respectively.


QUALITY WOVEN: ICRA Lowers Rating on INR14cr LT Loan to B+
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Quality Woven Sacks Private Limited (QWSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          14.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                  COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Long Term/          10.85      [ICRA]B+(Stable)/A4 ISSUER NOT
   Short Term-                    COOPERATING; Long Term Rating
   Unallocated                    downgraded from [ICRA]BB-
                                  (Stable) and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

Rationale

The ratings downgrade is because of lack of adequate information
regarding QWSPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Quality Woven Sacks Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

QWSPL was incorporated in Reba (MP) in 2007 by the Ganga Group,
primarily to cater the needs of Maihar Cements Satna (MP) plant.
The company manufactures polypropylene (PP) bags for the MP-based
cement industry. QWSPL has a manufacturing capacity of 8000 metric
tonnes per annum (MTPA). Ganga Group is a collaboration of the
Chaudhary and Tulsyan families. The group is engaged in various
businesses: polywoven sacks through the entities RPPL, Ganga Bag
Udyog Private Limited, Neel Kamal Polytex Industries Private
Limited and Quality Woven Sacks Private Limited, paper through the
entities Ganga Papers India Limited and Ganga Pulp & Papers Private
Limited, and sponge iron and billet manufacturing through Shanti
Gopal Concast Limited.


RMP BEARINGS: ICRA Lowers Rating on INR13cr Loan to B+
------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of RMP
Bearings Limited (RBL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan            1.12      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Cash Credit         13.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Inland LC            0.10      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Rationale
The rating downgrade is because of lack of adequate information
regarding RBL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Rmp Bearings Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 1978, RMP Bearings Limited (RBL) is involved in
manufacturing bearings, yokes and races with its plant located at
Ranpur in Ahmedabad district of Gujarat. The company caters mainly
to automobile sector as well as textile machinery segment and
manufactures products based on specific requirements of OEMs. The
company also has presence in retail segment in both domestic and
export markets.


ROOPLAXMI INDUSTRIES: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR7.90 crore bank facilities of
Rooplaxmi Industries India Private Limited (RIIPL) continues to
remain under The 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–          2.90       [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund Based-          5.00       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in June 2011, RIIPL is engaged in manufacturing
ingots. The manufacturing facility is located at Raipur in
Chhattisgarh, with an annual production capacity of 30,000 metric
tonnes (MT) of MS ingots.


ROYALE MANOR: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Royale Manor
Hotels and Industries Limited's (Royale Manor) Long-Term Issuer
Rating of 'IND BB+' to the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR80 mil. Fund-based working capital limit* migrated to the
     non-cooperating category and withdrawn.

* Migrated to 'IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER
NOT COOPERATING)' before withdrawn

KEY RATING DRIVERS

Royale Manor did not participate in the rating exercise despite
continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Royale Manor is listed on the Bombay Stock Exchange. It operates a
91-room five-star hotel in Ahmedabad (The Ummed Ahmedabad) and is
primarily engaged in the hospitality business.  


SAIKRUPA COTGIN: ICRA Assigns 'C' Rating to INR15cr LT Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Saikrupa Cotgin
Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund
   based limit         15.00      [ICRA]C; Assigned

   Unallocated
   Amount              35.00      [ICRA]C/[ICRA]A4; Assigned

Rationale

The assigned ratings on the bank facilities of SCPL are constrained
by the company's weak credit history with delays in debt servicing
in the month of August 2019. However, ICRA notes that the company
has been regular in debt servicing since September 2019. SCPL's
financial profile has remained weak, characterised by low net cash
accruals, weak coverage indicators and high working capital
intensity. The ratings further remain constrained by the
vulnerability of the company's profitability to fluctuations in raw
material prices (raw cotton), considering the inherently low
value-added ginning business and the stiff competition in the
cotton ginning industry. Further, it is also exposed to regulatory
risks with regard to the minimum support price (MSP), which is set
by the Government.

The ratings, however, favorably factor in the extensive experience
of the promoters in the cotton ginning industry and the proximity
of the company's manufacturing unit to raw material sources.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the cotton ginning business:
The operations of the company are managed by Mr. Sunil Katkade,
who has over a decade's experience in the cotton ginning industry,
which has resulted in established relationship with customer base.

* Strategic location of the plant in the cotton producing belt of
India giving it easy access to raw cotton:  The manufacturing unit
of SCPL is based in Yavatmal district (Maharashtra), an area of
high cotton acreage and quality cotton crop. The company benefits
from low transportation cost and easy access to quality raw
material (raw cotton) because of its proximity to sources.

Credit challenges

* Delays in debt servicing track record; however, the account has
been regular in the recent past:  As confirmed by the bank, the
company had delayed in interest payments on its working capital
limits during the month of August 2019, due to its stretched
liquidity position. However, the debt servicing has been regular in
the six-month period ended February 2020.

* Weak financial profile characterised by low profitability, weak
coverage indicators and high working capital intensity:  The
operating profit margins (OPM) have remained weak over the past
fiscals with majority of revenues being generated from the low
value-added ginning business, while the net profit margin (NPM) was
subdued further by high interest cost. The OPM and NPM stood at
3.84% and 1.29%, respectively, in FY2019. Low profitability and
high debt levels resulted in weak coverage indicators with the
Total Debt/OPBDITA of 4.45 times and NCA/Total Debt of 11% in
FY2019. The working capital intensity also remained stretched at
22% in FY2019 due to high inventory holding, although it improved
from 31% in FY2018.

* Profitability susceptible to volatile raw material prices due to
agro-climatic conditions and regulatory changes:  The agro-climatic
conditions and regulatory environment have a direct bearing on
SCPL's capacity utilisation and profitability. Regulations like MSP
and export bans closely influence the price dynamics of cotton.

* Highly fragmented industry structure due to a large number of
processors and traders; low-entry barriers result in intense
competition: The cotton ginning and cottonseed crushing industry is
fragmented, given the low entry barriers and limited complexity of
work involved. The company faces stiff competition from numerous
players operating in the cotton growing regions of Maharashtra,
which impacts its pricing power. Moreover, the value addition in
the ginning and yarn trading business is low, which coupled with
strong competition and the commoditised nature of its products,
limits its ability to achieve high profit margins.

Liquidity position: Poor

The liquidity profile of the company has remained poor as evident
from SCPL's instances of delays in debt servicing. The liquidity
position continues to remain poor due to weak cash accruals and
highly working capital intensive nature of operations emanating
from its high inventory and receivables. Further, the average
utilisation of the working capital limits was full during the
12-month period ended February 2020, with a few instances of
over-utilisations.

Rating sensitivities

Positive triggers -- An upward movement in rating could take place
in case of an improvement in the company's liquidity position on a
sustained basis.

Negative triggers -- Negative pressure on the rating could arise if
there is any further weakening of liquidity resulting in delay in
debt servicing.

Saikrupa Cotgin Private Limited was incorporated in 2009. It is
entirely a family owned company engaged in ginning and pressing raw
cotton. The company also crushes cottonseed for extracting
cottonseed oil and cottonseed cake. The factory, located at Wani in
Yavatmal district of Maharashtra, is equipped with an annual
installed production capacity of 97,500 metric tonne (MT) of cotton
bales and 8,000 MT of cottonseeds. Its annual production capacity
for cottonseed oil and cakes are 5,054 MT and 34,830 MT,
respectively. SCPL procures raw cotton from local farmers and sells
the cotton bales and seeds to end-users like spinning mills and
local ginners, through brokers.

SCPL recorded a net profit of INR1.60 crore on an operating income
(OI) of INR123.74 crore in FY2019 and a net profit (excluding
depreciation and including tax) of INR0.68 crore on an OI of
INR89.91 crore for the 10-month period ended January 31, 2020
(provisional numbers).


SAIKRUPA FIBRES: ICRA Assigns 'C' Rating to INR9cr LT Loan
----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Saikrupa Fibres
Private Limited (SFPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund
   based limit          9.00      [ICRA]C; Assigned

   Unallocated
   Amount              16.00      [ICRA]C/[ICRA]A4; Assigned

Rationale

The assigned ratings on the bank facilities of SFPL are constrained
by the company's weak credit history with a track record of delays
in debt servicing in the six-month period ended November 2019.
However, ICRA notes that the company has been regular in debt
servicing since December 2019. The financial profile of the company
has remained weak, characterised by low net cash accruals, weak
coverage indicators and high working capital intensity. The ratings
further remain constrained by the vulnerability of SFPL's
profitability to fluctuations in raw material prices (raw cotton),
considering the inherently low value-added ginning business and the
stiff competition in the cotton ginning industry. Further, it is
also exposed to regulatory risks with regard to the minimum support
price (MSP), which is set by the Government.

The ratings, however, favorably factor in the extensive experience
of the promoters in the cotton ginning industry and the proximity
of the company's manufacturing unit to raw material sources.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in the cotton ginning business -
The operations of the company are managed by Mr. Satish Baghdare,
who has over a decade's experience in the cotton ginning industry.
The same has resulted in established relationships with its
customer base.

Strategic location of SFPL's plant in a cotton producing belt,
offering it easy access to raw cotton - The manufacturing unit of
SFPL is based in Yavatmal district of Maharashtra, an area of high
cotton acreage and quality cotton crop. The company benefits from
low transportation cost and easy access to quality raw material
(raw cotton) because of its proximity to sources.

Credit challenges
Delays in debt servicing track record; however, the account has
been regular in the recent past - As confirmed by the bank, the
company had delayed in interest payments on its working capital
limits during the six-month period ended November 2019, due to its
stretched liquidity position. However, the debt servicing has been
regular during the three-month period ended February 2020.

Weak financial profile characterised by low profitability, weak
coverage indicators and high working capital intensity - The
operating profit margins (OPM) have remained weak over the past
fiscals with majority of revenues being generated from the low
value-added ginning business, while the net profit margin (NPM) was
subdued further by high interest cost. The OPM and NPM stood at
5.30% and 1.68%, respectively, in FY2019. Low profitability and
high debt levels resulted in weak coverage indicators with the
Total Debt/OPBDITA of 3.53 times and NCA/Total Debt of 13% in
FY2019. The working capital intensity also remained stretched at
25% in FY2019 due to high inventory holding, although it improved
from 37% in FY2018.

Profitability susceptible to volatile raw material prices due to
agro-climatic conditions and regulatory changes – The
agro-climatic conditions and regulatory environment have a direct
bearing on SFPL's capacity utilisation and profitability.
Regulations like minimum support price (MSP) and export bans
closely influence the price dynamics of cotton.

Highly fragmented industry structure due to a large number of
processors and traders; low-entry barriers result in intense
competition - The cotton ginning and cottonseed crushing industry
is fragmented, given the low entry barriers and limited complexity
of work involved. The company faces stiff competition from numerous
players operating in the cotton growing regions of Maharashtra,
which impacts its pricing power. Moreover, the value addition in
the ginning is low, which coupled with strong competition and the
commoditised nature of its products, limits its ability to achieve
high profit margins.

Liquidity position: Poor The liquidity profile of the company has
remained poor as evident from SFPL's track record of delays in debt
servicing. The liquidity position continues to remain poor due to
weak cash accruals and highly working capital intensive nature of
operations emanating from high inventory and receivables. Further,
the average utilisation of the working capital limits was full
during the 12-month period ended February 2020, with a few
instances of over-utilisations.

Rating sensitivities

Positive triggers - An upward movement in rating could be triggered
in case of an improvement in the company's liquidity position on a
sustained basis.

Negative triggers - Negative pressure on the rating could arise if
there is any further weakening of liquidity resulting in delay in
debt servicing.

Saikrupa Fibres Private Limited was incorporated in 2011. It is an
entirely family owned company engaged in ginning and pressing raw
cotton. The factory, located at Wani in Yavatmal district of
Maharashtra, is equipped with an annual installed manufacturing
capacity of 97,500 MT of cotton bales and 10,980 MT of cotton
seeds. SFPL procures raw cotton from local farmers and sells cotton
bales and seeds to end-users like spinning mills and local ginners,
through brokers.

SFPL recorded a net profit of INR0.89 crore on an operating income
(OI) of INR53.08 crore in FY2019 and a net profit (excluding
depreciation, but including tax) of INR0.40 crore on an OI of
INR34.57 crore for the ten-month period ended January 31, 2020
(provisional numbers).


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Term loan due on April 2021 downgraded with IND BB
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Based on the best-available
information

KEY RATING DRIVERS

The downgrade reflects the breach of Ind-Ra's negative rating
guideline for EBITDA margin and credit metrics. The standalone
financials of SAPL's deteriorated as the entity's EBITDA margin
contracted to 5.73% in FY19 (FY18: 9.66%) due to an increase in the
cost of raw materials. The company's credit metrics, too,
deteriorated in FY19 with interest coverage (operating EBITDA/gross
interest expense) at 1.13 (FY18: 1.50x) and net financial leverage
(total adjusted net debt/operating EBITDA) at 11.83x (8.01x).
The ratings also factor in the company's small scale of operation,
as indicated by revenue of INR584.54 million in FY19 (FY18:
INR548.58 million).

SAPL did not participate in the surveillance exercise and has not
provided information about bank utilization, future plans and
performance of its group companies, among others.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margin, leading to
deterioration in the overall credit metrics, will be negative for
the ratings.

Positive: A substantial improvement in the revenue and operating
profitability, leading to an improvement in the overall credit
metrics, will be positive for ratings.

COMPANY PROFILE

Incorporated in 2009, SAPL manufactures particle boards and
pre-laminated particle boards from wood waste and sawdust. It has a
particleboard manufacturing unit at Gandhidham, Gujarat with a
monthly manufacturing capacity of 80,000 boards. The company is
promoted by Vikas Agarwal, Nipun Kedia, Shreenarayan Agarwal, and
Vishal Agarwal.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

SCTPL was incorporated as System Controls & Transformers Private
Limited on June 26, 1979. On March 21, 2016, the company was
renamed SCT Private Limited. The company manufactures current and
potential transformers at its facility in Ghaziabad (Uttar
Pradesh). The site has an annual production capacity of 3,000
transformers.


SIMHAPURI ENERGY: ICRA Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said ratings for the INR2206.81 crore bank facilities of
Simhapuri Energy Limited (erstwhile Simhapuri Energy Pvt. Ltd.)
continue to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based        2,173.01     [ICRA]D ISSUER NOT COOPERATING;
   Facilities                     Rating continue to remain in
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated         33.80      [ICRA]D ISSUER NOT COOPERATING;
   Limits                         Rating continue to remain in
                                  'Issuer Not Cooperating'
                                  Category

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

Simhapuri Energy Limited (erstwhile Simhapuri Energy Pvt. Ltd.)
(SEL), owned subsidiary of Hyderabad based Madhucon Group, is
established in 2005 to develop, construct, operate and distribute
power from coal-based power projects in India. It has 600 MW
operational thermal power capacity plant.


VIKAS SPOOL: ICRA Lowers Rating on INR19.16cr Term Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Vikas
Spool Private Limited (VSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based          8.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to 'Issuer Not
                                  Cooperating' category

   Fund-based         19.16       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to 'Issuer Not
                                  Cooperating' category

   Non-Fund Based      2.84       [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and moved to
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The ratings downgrade is because of lack of adequate information
regarding VSPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated
entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Vikas Spool Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

VSPL was initially established in the year 1985 as a proprietorship
firm for trading in spools. The firm began commercial manufacturing
of spools in the year 1992. It converted into a private limited
company in March 2005. The company is engaged into manufacturing of
plastic spools of different and varied quality which find usage
majorly in wire industry covering copper wire and strips, stainless
steel wire, aluminium wire & strips, welding wire, special purpose
wires and cables and yarn industry. The manufacturing facility of
the company is located at Bahadurgarh, Haryana in 10000 sq m area
with around 30 injection moulding machines and 5 extruder machines
having an annual installed capacity of 60 lakh kg per annum.


VRV FOODS: Ind-Ra Affirms 'D' LongTerm Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed VRV Foods
Limited's (VRVFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR30.5 mil. Fund-based working capital limit (long-term)
     affirmed with IND D rating;

-- INR70.6 mil. Working capital term loan (long-term) due on
     March 2022 affirmed with IND D rating; and

-- INR140 mil. Non-fund-based limits (short-term) affirmed with
     IND D rating.

KEY RATING DRIVERS

The ratings reflect VRVFL's continuous instances of delays in term
loan repayments for the 12-months ended in January 2020.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1992, VRVFL is engaged in the bottling of Indian
made foreign liquor and trading of edible oils.




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

SERBA DINAMIK: S&P Puts 'BB-' LT ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings, on April 3, 2020, placed its 'BB-' long-term
issuer credit rating on Serba Dinamik on CreditWatch with negative
implications. S&P also placed its 'BB-' long-term issue ratings on
the outstanding U.S. dollar-denominated senior unsecured sukuk
trust certificates the company guarantees on CreditWatch with
negative implications.

Lower hydrocarbon prices and the COVID-19 pandemic may have
negative repercussions on Serba Dinamik's current operations and
working capital cycle. The recent slump in hydrocarbon prices will
result in lower earnings and cash flows for most of the company's
customers. S&P said, "To that extent, we expect some of Serba
Dinamik's customers to request for an extension on payment terms,
assuming for the time being that all clients will eventually pay
their dues. This implies greater uncertainty surrounding working
capital movement than we initially expected as Serba Dinamik
executes on its current contractual obligations." Similarly,
varying degrees of controls on movement across the company's
operating jurisdictions will likely result in longer project
execution and hence delivery of its engineering, procurement,
construction and commissioning (EPCC) projects. This will put
further pressure on working capital.

Volatile market conditions may disrupt Serba Dinamik's growth
trajectory. A key support to the company's creditworthiness has
been its vigorous expansion. Serba Dinamik may face headwinds in
securing or renewing contracts amid unsupportive economic
conditions. This would in turn lower the company's earnings and
cash flow visibility.

Liquidity could evaporate if lenders' appetite reduces. Serba
Dinamik has demonstrated its ability to tap various sources of
funding, including domestic and international sukuk, or local
equity markets. Increasing working capital requirements will likely
increase the company's funding needs. In addition, Serba Dinamik's
flexibility to spend (or not) on its asset ownership model, at a
time when funding may become less abundant or economical, will be
tested.

The CreditWatch placement reflects S&P's view that the recent slump
in oil prices amid the COVID-19 outbreak could undermine Serba
Dinamik's earnings, accelerate the company's working capital
requirements, and erode its liquidity and access to funding.

The CreditWatch placement reflects a one-in-two likelihood of a
downgrade within the next three months if lower hydrocarbon prices
increase Serba Dinamik's working capital requirements, and the
company's conversion of profits into cash flows remains sustainably
weak. A resolution also hinges on further clarity on Serba
Dinamik's liquidity and debt management strategy, and growth
aspirations, given the lack of visibility on the operating
performance.




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

FLEX LIMITED: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Flex Limited to B+ from BB-.

Flex Limited is a Singaporean-domiciled multinational technological
manufacturer. It is the third largest global electronics
manufacturing services, original design manufacturer company by
revenue, behind only Pegatron for what concerns original equipment
manufacturers.




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

[*] BOND PRICING: For the Week March 30, 2020 to April 3, 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


[*] Echoes of Asia Financial Crisis Haunt Region's Debt Market
--------------------------------------------------------------
Denise Wee at Bloomberg News reports that as the coronavirus
outbreak roils credit markets around the world, Asia is under
particular threat.

According to Bloomberg, the region has led the world in economic
growth for years as debt helped fuel frenetic construction of
airports, bridges and apartment towers for millions of people
moving into cities. That model is now running up against an
unprecedented spike in borrowing costs, as investors who piled into
the region's riskiest debt at a record pace grow anxious.

"It's all coming home to roost," Bloomberg quotes Charles
Macgregor, head of Asia at Lucror Analytics, an independent
research firm based in Singapore that focuses on high-yield credit,
as saying. "Some companies will take advantage of the crisis to
restructure their debt."

Bloomberg says bondholders are now racing to dump their positions
after snapping up a world-beating 140% jump in junk-rated Asian
dollar issues in 2019. Spreads on junk bonds have soared to around
the highest on record, according to data going back to 2010, new
issuance has slowed to a trickle and analysts at Goldman Sachs
Group Inc. are predicting defaults will rise, Bloomberg relates.

According to Bloomberg, the swing from boom to bust has been swift
even by the standards of today's manic global markets. Weakening
Asian currencies put additional strain on companies that borrowed
in dollars, the report says. The depth and breadth of the pain will
depend on the path of the outbreak and government efforts to
prevent economic depression, but some businesses are running out of
time. About 40% of the $11.4 trillion in bonds issued by Asian
companies will mature before the end of 2021, including about $23
billion of stressed dollar notes coming due this year.

Bloomberg notes that money managers once seduced by high yields
have lost their appetite for risk. Since February 20, investors
have withdrawn over $34 billion from corporate bond funds,
according to the Institute of International Finance.

The current situation echoes the 1997 Asian Financial Crisis, when
companies took on unprecedented levels of dollar-denominated debt,
said Xavier Jean, senior director for corporate ratings at S&P
Global Ratings, Bloomberg relays.

Bloomberg says the pandemic is forcing companies to draw down
credit lines and even brings fears of a protracted malaise that has
some flavor of a depression. In an early warning sign of pain in
Asia, Singapore's economy contracted the most in a decade in the
first quarter, the report discloses. The credit market turmoil adds
to risks for a region that again surpassed other areas with a 5.3%
economic growth rate last year, but is now particularly vulnerable
as travel bans and lockdowns crimp exports.

While domestic bond markets in Asia have become more robust and
banking systems healthier, the corporate sector is still wobbly,
Bloomberg states. In Indonesia and Thailand in particular,
currencies have lost at least 7% against the dollar this year.

Raymond Chia, head of credit research for Asia excluding Japan at
Schroder Investment Management, said firms are larger compared with
the Asian financial crisis, but weaker as a lot of debt has built
up, Bloomberg relays.

Indonesia's corporate debt is the most precarious, according to
Bloomberg. The currency is down a region-worst 14% this year, and
the local bond market is less robust than its neighbors'. In the
past month, S&P has either downgraded or changed outlooks to
negative for six Indonesian companies with $3.2 billion in total
debt outstanding, Bloomberg notes.

Oil and gas explorer PT Medco Energi Internasional Tbk is among
them, with a credit profile that only gets weaker the longer the
oil price war goes on.

In the region, China "is the elephant in the room," said Alicia
Garcia Herrero, chief Asia-Pacific economist at Natixis SA, relays
Bloomberg. China accounts for about one-quarter of the world's
total corporate debt, and among stressed debtors, it's an even
bigger player: a report last year suggested some 40% of the world's
riskiest debt was owed by Chinese corporate, Bloomberg notes.



                           *********


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.



                *** End of Transmission ***